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Hi, I’m Brad Feld, a managing director at the Foundry Group who lives in Boulder, Colorado. I invest in software and Internet companies around the US, run marathons and read a lot.

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Deconstructing The Mentor Manifesto

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Last night we had the Techstars Boulder Mentor Kickoff dinner. It’s an annual tradition at Techstars – we have a dinner for all mentors before we start the program. It’s a meet and greet for all mentors in the upcoming program, a great way to reconnect with friends, an intro to the companies in the upcoming program, and a reminder (and celebration) of the role of a mentor in Techstars.

Nicole Glaros, the Techstars Boulder managing director, held a great kickoff event at the Bohemian Biergarten. I ate too much Spätzle (man – that stuff has a lot of calories in it) but otherwise had an awesome time. I was especially gratified to see a number of new mentors for this year’s program. One of our goals with Techstars is to continuously expand the network, and bringing in and engaging new mentors in each program is a key part of that.

Given the new mentors, Nicole spent a few minutes going through the Techstars Mentor Manifesto. It reminded me of the importance of clearly defining what a mentor is and how a mentor can optimally interact with a startup, especially a very early stage one or one consisting of first time entrepreneurs.

Over the next six weeks I’m going to write 18 posts – going much deeper on each of the 18 items on the mentor manifesto. When we started Techstars, the word “mentor” was rarely used, typically referred to a single “mentor” that person had, and often connoted a very one-up / one-down type of “guidance relationship.” For those of you in legal or investment banking professions, the equivalent word was often “rabbi” – it was someone who looked after you, covered your ass, gave you advice, and helped you on your career.

We meant “mentor” in a different way. We’ve learned an enormous amount about what does and doesn’t work. What’s helpful or harmful. And how a mentor can get the most out of their side of the relationship. Today, it’s trendy to be a “mentor” especially to a startup. Unlike before, when mentor meant something very precise and narrow, it now is referred to a wide range of relationships and interactions.

Hopefully the next 18 posts, and the Techstars Mentor Manifesto, will help make the definition of mentors and the implementation of mentorship, at least in the context of high growth startups, precise in a new and ever more powerful way.

The CEO Whisperer

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I saw a great job title this morning when I was looking someone up on LinkedIn. It was “CTO Whisperer.”

As I’m getting deeper into meditation. I hear the word “teacher” a lot. I’d never thought much about it before, but it’s used in a similar way to how we use the word “mentor” at Techstars. When we started to use the word mentor in 2007, it required defining. Now mentor is getting overused by the broad entrepreneurial landscape. I have no idea whether teacher is overused as well, but the parallel got me thinking about the idea of a CEO Whisperer.

I’ve always been fascinated by the idea of The Horse Whisperer or a Dog Whisperer. A person who has a special, magic skill that certain animals respond to. A unique ability to calm and teach. A style about them that is unique, loving, and kind, even in difficult circumstances.

As I was mulling this over, my friend Jerry Colonna popped into my mind. While Jerry is referred to as a CEO coach, he most certainly is a CEO Whisperer. And for those who don’t know Jerry’s past, he was an extremely successful venture capitalist, founding Flatiron Partners with Fred Wilson in the mid-1990s before retiring from venture capital in the early 2000′s.

I count Jerry as a very close friend. As a mentor. As a teacher. And, with all great mentor / teacher relationships, we learn from each other. Which led me back to the idea of a CEO Whisperer.

In the 1990′s, Jerry and I worked together on several investments and were on a few boards together. Our styles were very complementary – we both had a soft touch and were supportive of the CEO, but had different things we could help with. I know that my involvement on these boards deeply shaped my role and approach as a board member and investor, as I thought Jerry was the best board member I’d ever worked with at that point in time.

I’ve met – and worked with – a few other people who I’d consider CEO Whisperers, but none compare to Jerry. And when I think about how I want to be viewed by the CEOs I work with, the idea of mentor and teacher immediately comes to the forefront of my mind.

The world of entrepreneurship needs more CEO Whisperers. Thanks Jerry for leading the way. On multiple fronts.

Two Root Causes of My Recent Depression

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I’ve talked openly about the five month long depressive episode I went through earlier this year.  If you missed it, I encourage you to read my article last month in Inc. Magazine titled Entrepreneurial Life Shouldn’t Be This Way–Should It? Depression is a fact of life for some entrepreneurs.

My depression lifted near the end of May and I’ve been feeling normal for the past few months. On July 1st I wrote a post titled Regroup SuccessfulI changed a lot of tactical things in my life in Q2 – some of them likely helped me get to a place where my depression lifted. And, once I was confident that the depression had lifted (about 45 days ago), I started trying to figure out some of the root causes of my depression.

I’ve told the story of how I ended up depressed a number of times. In the telling of it, I searched for triggers – and found many. My 50 mile run in April 2012 that left me emotional unbalanced for six weeks. A bike accident in early September that really beat me up, and was inches from being much more serious. Six weeks of intense work and travel on the heals of the bike accident that left me physically and emotionally depleted, when what I should have done was cancelled everything and retreated to Boulder to recover. A marathon in mid-October that I had no business running, followed by two more weeks of intense work and travel. The sudden death of our dog Kenai at age 12. A kidney stone that resulted in surgery, followed by a two week vacation mostly in a total post-surgical haze. Complete exhaustion at the end of the year – a physical level of fatigue that I hadn’t yet felt in my life. There are more, but by January I was depressed, even though I didn’t really acknowledge it fully until the end of February.

The triggers, and the tactical changes I made, all impacted me at one level. But once the depression had lifted, I felt like I could dig another level and try to understand the root cause. With the help of Amy and a few friends, I’ve made progress on this and figured out two of the root causes of a depressive episode that snuck up on me after a decade of not struggling with depression.

The first is the 80/20 rule. When running Feld Technologies in my 20s, I remember reading a book about consulting that said a great consultant spent 20% of their time on “overhead” and 80% of their time on substantive work for their clients. I always tried to keep the 80/20 rule in mind – as long as I was only spending 20% of my time on bullshit, nonsense, things I wasn’t interested in, and repetitive stuff that I didn’t really have to do, I was fine. However, this time around, I’d somehow gotten the ratios flipped – I was spending only 20% of my time on the stimulating stuff and 80% of my time on stuff I viewed as unimportant. Much of it fell into the repetitive category, rather than the bullshit category, but nonetheless I was only stimulated by about 20% of the stuff I was doing. This led to a deep boredom that I didn’t realize, because I was so incredibly busy, and tired, from the scope and amount of stuff I was doing. While the 20/80 problem was the start, the real root cause was the boredom, which I simply didn’t realize and wasn’t acknowledging.

The other was a fundamental disconnect between how I was thinking about learning and teaching. I’ve discussed my deep intrinsic motivation which comes from learning. At age 47, I continue to learn a lot, but I also spend a lot of my time teaching. The ratio between the two shifted aggressively at the end of 2012 with the release of my book Startup Communities: Building an Entrepreneurial Ecosystem in Your City. I spent a lot of time teaching my theory of startup communities to many people I didn’t previously know in lots of different places. I expected that I’d continue learning a lot about Startup Communities during this period, but I found that I had no time to reflect on anything, as all of my available time was consumed doing my regular work. So – between teaching and working, I had almost no time for learning.

I had an intense insight a few weeks ago when a friend told me that as one gets older, the line between learning and teaching blurs. This is consistent with how I think about mentoring, where the greatest mentor – mentee relationship is a peer relationship, where both the mentor and mentee learn from and teach each other. With this insight, I realized I needed to stop separating learning from teaching in my motivational construct – that they were inextricably linked.

Each of these – the flip in the 80/20 rule that led to a deep boredom combined with the separation of learning and teaching – were both root causes of my recent depression. As I reflect on where I’m at in mid-August, I’m neither bored nor struggling with the learning/teaching dichotomy. Once again, I’m incredibly stimulated by what I’m spending my time on. And I’m both learning and teaching, and not spending any energy separating the two.

While I expect I’ll discover more root causes as I keep chewing on what I just went through in the first half of the year, I’m hopeful that explanation of how I’ve unpacked all of this helps anyone out there struggling with depression, or that is close to someone who is struggling with depression. It’s incredibly hard to get to the root causes when you are depressed, but moments of clarity arise at unexpected times.

The TechStars Mentor Manifesto

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When David Cohen and I first talked about TechStars in 2006, the concept of a “mentor” was front and center. Early on, we defined TechStars as a “mentorship-driven seed stage investment program” and have held deeply to that concept from the beginning. Today, the vast majority of accelerators use a mentorship model, which is something we are really proud of and thinks serves entrepreneurs everywhere extremely well.

When I was in Cambridge, England at the end of July for the Springboard Demo Day, Jon Bradford (the Springboard Managing Director) talked elloquently about how mentorship was a key part of the program. Springboard is a member of the TechStars Network and subsequently uses the same mentorship model that TechStars uses. During the day I got to meet a bunch of Springboard mentors – they were superb and also incredibly enthusiastic about the Springboard program that Jon had created. Jon then took me for a meeting at 10 Downing Street and on the way suggested that David and I write up a “Mentor Manifesto.” I thought it was a great idea, suggested it to David, who published his Mentor Manifesto yesterday. It follows:

  • Be socratic.
  • Expect nothing in return (you’ll be delighted with what you do get back).
  • Be authentic / practice what you preach.
  • Be direct. Tell the truth, however hard.
  • Listen too.
  • The best mentor relationships eventually become two-way.
  • Be responsive.
  • Adopt at least one company every single year. Experience counts.
  • Clearly separate opinion from fact.
  • Hold information in confidence.
  • Clearly commit to mentor or do not. Either is fine.
  • Know what you don’t know. Say I don’t know when you don’t know. “I don’t know” is preferable to bravado.
  • Guide, don’t control. Teams must make their own decisions. Guide but never tell them what to do. Understand that it’s their company, not yours.
  • Accept and communicate with other mentors that get involved.
  • Be optimistic.
  • Provide specific actionable advice, don’t be vague.
  • Be challenging/robust but never destructive.
  • Have empathy. Remember that startups are hard.

If you’ve read Do More Faster: TechStars Lessons To Accelerate Your Startup, you’ll recognize many of these. David’s added a few more concepts and synthesized / evolved a few. In typical TechStars fashion, view this as an evolving manifesto – comments are welcome (and encouraged!)

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