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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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Who Would You Miss The Most If You Weren’t Here

Comments (22)

This morning’s question during my Headspace meditation session was “Who or what would you miss the most if you weren’t here.”

Over the last few months, my meditation practice has been spotty. Something indeterminate happened and I just fell out of the routine. I’ve been told by my meditating friends that this happens often and not to worry about it, but rather just to start practicing again when you feel like it.

I’m feeling very maxed out right now. I know there’s some cliche about VCs taking it easy in August but that never seems to be my reality. For the past 45 days I’ve pretty much been saying “no” or “I don’t have any time” to anything new that has come up. I don’t really see that changing – I feel full – so this morning I sat down to meditate for 20 minutes.

As I sat down and got comfortable, I realized how incredibly tense I was. Not just physically tense, but mentally and emotionally tense. I carry a lot of tension in my shoulders and when there was a big pop, it was more than physical. I settled into the meditation session and a few minutes in was confronted with the question “Who or what would you miss the most if you weren’t here.”

Amy and Brooks immediately came to my mind. Bing bing bing – I got the right answer. But I know it’s not about that so I just let the thought float away.

Robin Williams came into my mind. I was sad that he was in such distress that he took his own life.

A friend who is going through a divorce surfaced. The pain from my first marriage and divorce jolted through me.

Amy and Brooks came to my mind. I held them there for a few moments.

A work issue that is front of mind intruded. I observed that I was having the thought and let it float away.

Amy and Brooks again.

I felt the tension leaving my shoulders. I sat a little deeper. I listened to what Andy from Headspace was saying, but I didn’t really hear it.

I tried on the feeling of what it would be like to not be here. I wasn’t hear, but was somewhere else, observing here. That became really uncomfortable, so I let it go.

Amy and Brooks.

As I finished the session and stretched, I felt everything soften. My shoulders are less tight. My gaze is softer. I’m clear about who I would miss the most and am going to go spend a little time with them before the day starts in earnest.

Who would you miss the most if you weren’t here?

CEO Invite to Sixth U.S./Canada Forum on Mental Health and Productivity

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I recently talked to Larissa Herda, the CEO of TW Telecom (in the process of being acquired by Level 3). Larissa reached out to me through an employee who knows me because of my own struggles with depression. Larissa is another example of a leader / CEO who has been open about depression, especially in the workplace, and we had a great conversation.

Larissa is hosting the Sixth U.S./Canada Forum on Mental Health and Productivity at her offices in Denver on 9/26. The topic this year is Making Suicide Prevention a Health and Safety Priority. The participants will largely be business leaders and CEOs.

While I won’t be able to attend because I’ll be in LA, I told Larissa that I’d invite the CEOs from the Foundry Group portfolio as well as my extended network. I know from conversations and our friend “social media” that many of you were impacted by Robin Williams’ recent suicide. And I’ve had excellent conversations about my own depression with a number of you, and a few of you were extraordinary helpful during this time for me.

If you are a CEO and this is something you are interested in participating in, send me an email and I’ll hook you up.

Negative Maintenance

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I had a fun email exchange with an investor I’ve worked with for almost 20 years in response to something a CEO send out from a board we are both on. I said “fucking awesome.” He said “that’s an understatement.” I said “CEO is such a delight.” He said “CEO is negative maintenance.”

I loved this. So I’m going to use this post to think through the idea out loud and I’d love your feedback since it’s still a messy / blurry concept in my mind.

My hypothesis is that the opposite of high maintenance is not zero maintenance but rather it’s negative maintenance.

There are days that I’m high maintenance. Everyone is. But if you subscribe to my “give before you get”, or #givefirst, philosophy, you are constantly contributing more than you are consuming. I’ve talked about this often in the context of Startup Communities, but I haven’t really had the right words for this in the context of leadership, management, and employees in a fast growing company.

Suddenly I do. When I think about my role as an investor and board member, I’m often tangled up in complicated situations. I’ve often said that every day something new in my world gets fucked up somewhere. This used to be distressing to me, but after 20 years of it, if I don’t know what the new fucked up thing is by 4pm, I start to get curious about what it’s going to be.

We all know that creating companies from nothing is extremely difficult. The problems that arise come from all angles. Some are exogenous and some are directly under your control. Some are random and some are obvious. Some are compounded by other problems and mistakes, resulting in what my father taught me at a young age was the worst kind of mistake – one that was a mistake compounded on a mistake compounded on a mistake – which he called “a complicated mistake.”

Personally, when I find myself in a complicated mistake, I stop. I step back and pause and reflect. And then I try to figure out how I can change the dynamic into something positive, not continuing to build on my complicated mistake, but instead getting clarity on what the right thing is to do to get out of the ditch.

Negative maintenance people do this. I’ve seen, been involved in, and made some epic mistakes. The CEO I’m referring to above has a great company, but has also experienced some epic mistakes. How he handles them, works through them with his team, and his board, is exemplary. There is work involved by me and the other board members, but it’s not inappropriately emotional. It’s not high maintenance. It’s just work. Decisions have to be made and executed. And there are impacts from these decisions, which lead to more decisions. Ultimately this CEO is putting energy into the system as we work through the issue, which is where the negative maintenance (as opposed to high maintenance) behavior pattern arises.

I like this idea of negative maintenance people. I’m obviously trying to think it through out loud with this post, so weigh in and help me understand it better.

I Was A Lousy Board Member Yesterday

Comments (25)

I have been to thousands of board meetings. Maybe tens of thousands. I’ve done them in person, on the phone, and on video conference. Most of the time I think I’m additive to the mix. Yesterday I had a board meeting (where I was remote on video) where on reflection I was a lousy participant and miserable contributor to the meeting.

I had a really nice dinner with a founder of a company that was recently acquired by a company I’m on the board of. I vented a little about the board meeting to him at the beginning of dinner and then he asked me questions about how I think a great board meeting should work. As I was talking and explaining, I realized the board meeting wasn’t crummy. Instead, I was lousy. So when I got home, I sent the following note to the CEO and the largest VC investor in on the board (who I view as the lead director for this company.)

———–

Dear CEO, Lead Director:

Post dinner, I thought I’d drop you another note. Please feel free to share with the entire management team if you’d like.

I thought I was a shitty board member today.

1. I was late. My brother had surgery today so I had an excuse, but that set a crummy tone.

2. I was painfully bored by the first 90 minutes. I let myself get frustrated as you read us the board package. I know some board members like this and while I don’t, that’s my problem, not yours. You get to run the board meeting however you want.

3. I was annoyed with my lack of clarity on what you were looking for.

4. I let myself get distracted. Rather than pay attention, I drifted to email which I hadn’t been on all day. The mediocre audio wasn’t helpful here, but again that was my problem. I could have paid attention.

5. I then got very frustrated with what I thought was a “let’s go raise a bunch of money thread” which I couldn’t tell where it was coming from, but I presumed that there was some positioning going on. I shouldn’t have. But I let that + my general annoyance derail me.

I’m sorry. I know I wasn’t helpful today.

So you are clear about where I’m at.

- I’m psyched about the progress you are making.
- I’m totally comfortable with you running hot at an $xxx net burn rate for the balance of the year. You’ve got plenty of money.
- When I’m bored in, or annoyed with, a board meeting, that’s my problem in the moment to deal with, not yours. You’ve got 14 people in the room / on the phone and that’s more than any human should have to try to process.
- You and <your COO> have my full, unambiguous support.

———–

We all have off days – when you have one – own it.

Dear Uber and Lyft – Get Your Shit Together

Comments (45)

Let’s start out by saying that I’m a big fan of both Uber and Lyft. I’m indirectly an investor in both companies as I’m an investor in three VC funds that are investors Uber and one VC fund that is an investor in Lyft. I have no idea how much actual equity I have in either company, but based on current valuations the dollar value of my indirect ownership is non-trivial. And Foundry Group came close to investing in Zimride (the predecessor to Lyft) but we ended up withdrawing from what we thought was an inappropriately high priced round, which, in hindsight, was clearly a miss on our part.

Regardless of my support and enthusiasm for these two companies, I’m bummed at the mud they are slinging at each other. I get that this is an intensely competitive market. I get that the stakes are huge. I get that all the reporting I’m reading is second hand and might be fiction. But the ad hominem attacks are escalating rapidly and the behavior they are surfacing isn’t pretty.

Techcrunch summarized this pretty well yesterday, after multiple articles from a variety of places including the NY Times and WSJ. The headline sets the tone: Uber Strikes Back, Claiming Lyft Drivers And Employees Canceled Nearly 13,000 Rides. The NYT article is Accusations Fly Between Uber and Lyft and the WSJ article is Uber and Lyft Rivalry Turns Nasty in War of Words.

I have no idea what, if any of what is being said is true. The tactic being asserted that is most disturbing is this one:

Accused Lyft behavior: “Lyft employees, drivers and one of its founders ordered 12,900 trips on Uber’s app and then canceled them with the goal of slowing down drivers who would otherwise be picking up actual, paying passengers.”

Accused Uber behavior: “177 Uber employees have requested and quickly canceled more than 5,000 rides from Lyft drivers over the past 10 months, Lyft said, in an effort to frustrate Lyft’s customers and drivers.”

As a customer, this sucks. If I was a driver for either service, this sucks. I think this ultimately backfires against each company equally.

Guys – both of you are trying to disrupt a massive market dominated by incumbents and government regulation. I’m sure these incumbents are now laughing their asses off at y’all are acting like petulant children, as they wait patiently for you to chew up capital, value, partners, customers, while generating additional scrutiny from the government forces in the incumbents’ pockets trying to slow you down.

I get that you believe price is a weapon – how you use it for you and your investors to decide. But by messing with each other’s service, especially in a way that negatively impacts your two key constituents, consumers and drivers, you are opening yourself up to a ridiculous amount of scrutiny and quickly playing a no-win, zero-sum game. There is no need at all for this given the massive size of the market opportunity before you.

One, or both of you, should rise above the fray. Keep on competing aggressively. But recognize that you are radically disrupting a market desperately in need of disruption and doing it beautifully. Don’t shit all over it, and yourself in the process.

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