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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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Today’s Fun – Gnip, Twitter, Uncommon Stock, and Pre-Seed Rounds

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FSA (Feld Service Announcement) – my version of a “public service announcement”: Moz is on the hunt for a VP of UX and Design. This role is one of our most crucial hires this year. The ideal candidate will come to us with experience and examples to show of very complex, technical projects that s/he made simple and fun. I would love for you to share this job description with your network or if you have anyone in mind I would love for you to send them our way.

Yeah, it’s been kind of busy the last week. Congrats to my friends at Gnip on becoming part of the Twitter flock. I have a great origin story about the founding of Gnip and the first few years for some point in the future. But for now, I’m just going to say to everyone involved “y’all are awesome.”

Last week Manu Kumar had a spectacular post titled The New Venture Landscape. While it’s bay area centric, I especially agree with the punch line:

Pre-Seed is the new Seed. (~$500K used for building team and initial product/prototype)
Seed is the new Series A. (~$2M used get for building product, establishing product-market fit and early revenue)
Series A is the new Series B. (~6M-$15M used to scale customer acquisition and revenue)
Series B is the new Series C.
Series C/D is the new Mezzanine

Today at 5pm I’m doing a fireside chat with Eliot Peper, the author of Uncommon Stock, the first book published by FG Press. Join us for some virtual fun and a discussion about fiction, books, and startups.

And – if you miss that, Eliot is doing another event on Friday at 5pm at Spark Boulder.

Massachusetts Has An Innovative Approach To Immigration Reform

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Two big proposals from Massachusetts Governor Deval Patrick today. First, he’s proposing to ban non-competition agreements. He’s also proposing an incredibly clever and innovative approach to immigration reform applicable only to Massachusetts.

I lived in the Boston-area for twelve years (Cambridge for four years and Boston for eight years. ) Even though I often say that was 11 years and 364 days too many for my “non-big city, non-east coast” personality, Boston still has a sweet spot in my heart. I had an amazing (and often excruciating) experience at MIT which was foundational to my personality, thought process, and character. I started and sold my first company there (first office – 875 Main Street, Cambridge; last office 1 Liberty Square, Boston). Techstars Boston was the first geographic expansion for Techstars. I’m not a sports fan but I always root for the Red Sox. I think I have more close friends in the VC business in Boston than in the Bay Area. Two of my closest friends – Will Herman and Warren Katz – both live there. And I know my way around downtown Boston – even after the Big Dig – better than any other downtown in the world.

The Massachusetts non-competition situation has always been stupid. In 2009, my partners and I at Foundry Group joined a coalition of VCs to try to eliminate non-competition agreements in MA. It’s awesome to see Governor Patrick take action on it since it’s one of the major inhibitors of the MA entrepreneurial scene.

The immigration report proposal is even more fascinating. It’s a great example of creative and innovation public-private policy at the state level to encourage and enhance entrepreneurship. Jeff Bussgang from Flybridge explains it succinctly in his post so I’ll just repeat it here.

“The idea is a simple one:  create a private-public partnership to allow international entrepreneurs to come to Boston and be exempt from the restrictive H-1B visa cap.  How is it possible to do this?  The US Citizenship and Immigration Services Department (USCIS) has a provision that allows universities to have an exemption to the H-1B visa cap.  Governor Deval Patrick announced today that the Commonwealth of Massachusetts will work in partnership with UMass to sponsor international entrepreneurs to be exempt from that cap, funding the program with state money to kick start what we anticipate will be a wave of private sector support.” 

Brilliant. As our federal government continues to struggle to make any real progress on immigration reform, I love to see it happening at the state level. In addition to being good for innovation, it’s the kind of thing that dramatically differentiates states from one another on a policy, business, and innovation dimension that actually matters and likely has significant long term positive economic impacts on the region.

Governor Patrick – kudos to you. Governor Hickenlooper – I encourage you to roll out exactly the same thing in the State of Colorado. I know exactly the people at CU who would be happy to lead this, as would I. And since one of our Senators (Michael Bennet) is leading the immigration reform effort in the US Senate and our other Senator (Udall) has been a strong supporter of the Startup Visa and immigration report from the first discussion about it in 2009, I expect you already know your broad constituents support it.

Oh – and to my friends in NY who have been helping on the immigration reform front, let’s crank this up in NY also! Why should MA have all the fun?

Interesting Tech / VC Stuff To Read on 4/10/14

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I’m bouncing around between a bunch of stuff and have a two board meeting day so I thought I’d just toss up a few interesting things I read this morning along with my thoughts.

Don’t let the regulatory past be the prologue for Uber: Phil Weiser, the Dean of CU Law and head of Silicon Flatirons has an excellent OpEd in the Denver Post about Uber in Colorado and the regulatory activity around it. I’ve been vocal with our state government to not behave in “incumbent protection mode” by over regulating Uber, Lyft, and other innovative new companies. It continues to be painful to watch our state government – which is so enthusiasm about innovation and entrepreneurship – keep stepping on their toes, and occasionally in shit, as they try to balance the incumbent / innovator dynamic. I’m glad Phil said what he said so clearly – it needed to be said.

Venture funding goes ballistic: VCJ: Some people are starting to call the top of the current cycle, at least in the context of flows of LP funds into VC firms. We had our LP Annual Meeting yesterday and I had a vibrant conversation with a few of our LPs about this topic at lunch. My view on the world continues to be simple – have a strategy and a set of deeply held beliefs. Evolve your strategy thoughtful and carefully, but never change your deeply held beliefts.

Understanding the Drivers of Success: Matt Blumberg, CEO of Return Path, reminds us that a rising tide raises all boats. He speaks from his own experience about some of the cycles he’s been through with Return Path over the past 12 years and how that masks potentials issues. Greg Sands from Costanoa, who’s been on the Return Path journey with me, Matt, and Fred Wilson from the beginning, weighed in with an email on the past that finished with a great punchline: “Finally, when the slow down comes, figuring out how to separate market dynamics from team team and know whether you have the mgmt team you need for the next part of the journey is *really* hard.”

How Cheezburger Recovered From Their Hiring Blunder: Ben Huh, CEO of Cheezburger, has an outstanding and very open article about some very hard decisions he had to make a year ago, how and why he made them, and how he and Cheezburger have recovered from some bad choices. I love working with Ben and especially enjoy how honest and internally consistent his brain is with what happened.

Heartbleed: What Is The Correct Response? I was going to write a post yesterday on Heartbleed but didn’t get to it. Fred Wilson wrote a great one this morning including searching for the correct response for him personally. There’s lots in the comment thread – go weigh in if you have thoughts or suggestions.

Q&A on Startups, DevOps, and Agile

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Raj Bhargava (CEO of JumpCloud) and I have been talking about how startups can leverage DevOps and Agile more. We created a conference on DevOps last year for our portfolio companies and it was a huge hit.

DevOps is a movement that we are deeply interested in from multiple perspectives. It’s integral to almost all of the companies we invest in and many, especially in our Glue and Protocol themes, are DevOps driven companies.

In addition to investing in these companies, we are promoting DevOps concepts throughout our portfolio, encouraging learning activities such as the conference, and involved with initiatives such as DevOps.com that is a site to educate the IT community about DevOps.

When Raj asked me to do a Q&A with him on my views around DevOps to help more people understand why I am excited about it, I immediately said yes. If you are interested in hearing my thoughts around how companies can leverage Devops, head on over to JumpCloud’s Q&A with me on DevOps and SaaS and let us know what you think.

And – if you are a VP of Marketing, JumpCloud is looking for a great one.

Improv and Entrepreneurship – Playback Theatre West

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I spent the last few days at CEO Bootcamp – Leadership Reboot. It’s run by my close friend Jerry Colonna with an awesome team of four. The next one is going to be in Tuscany, Italy from 6/4/14 – 6/8/14 and I expect it will be amazing. I encourage you to explore it and apply – the deadline for applications is 4/20/14. I arrived at Devil’s Thumb Ranch on Wednesday afternoon.

The first evening was a wonderful dinner and introduction to each other (about 20 of us) along with an evening session with a taste of what was to come. I attended as a special guest (I’m the only non-CEO / entrepreneur here) but participated as a peer.

Thursday was extremely intense with the focus on what a CEO does and the five challenges of a CEO. Everyone opened up, the discussion was incredible, and emotions were high, and yes, there were tears, as  one of Jerry’s superpower’s is getting the tears to flow.

If you need a taste of Jerry and haven’t seen him in action before, the following TWIST Interview on The 6 Biggest Mistakes Founders Make is dynamite. By Thursday evening, we were deep into it. Some people were tired (I ended up taking a nap for 90 minutes during the late afternoon break), others were confused, and some were inspired. A word that was repeated regularly was grateful. Grateful to be with peers. Grateful to realize one wasn’t alone. Grateful to be able to be human in the midst of a group of other entrepreneur/CEOs.

A magical thing happened after Thursday dinner. The gang from Playback Theatre West came and spent two hours with us. I’d experienced Playback Theatre West last year at Boulder Startup Week. I was one of the stories they performed – I shared my story of moving to Boulder with Amy and they re-enacted it – interpreting things in real time – magnificently. Since I knew what we were in for, I knew that once things started happening the collision of improv and entrepreneurship would be a wonderful capstone to the day.

After a warm up, Rebecca asked for volunteers. Sam, who had been with us all day (as he’s one of the CEO Bootcamp founders as well as a member of Playback Theatre West), was one of the actors.There was a lull – everyone was unsure what to do next. So I stood up and went first.

When I stood up, I had no idea what story I was going to tell, so there was some meta-improv going on. By the time I sat down next to Rebecca to start telling my story, I decided I’d tell the story of my 50 mile race. The emotional fallout from the race, which I only mildly understood two weeks after I finished it, has had a profound impact on how I’m currently living my life given the deep depression that set in for me about seven months after the race and then lasted six months.

I told the story of the race. Rebecca and the gang asked questions along the way, pulling out pieces of my motivation for the race, along with the implications of the race. Some of the questions were simple, like “Why”, but set me off on a tangent that had nothing to do with the race. Then I sat back and watched them perform for five minutes. I laughed. And then I laughed some more. And then I had tears in my eyes. And then a wave of emotion flowed over me as I made a connection to something I hadn’t realized before. And then I settled down and smiled as they tied together some threads around my own motivations that had eluded me.

They did several more performances for different CEOs in the room including one about a hiring story that was happening and was unresolved and one about starting a company. Each was a hilarious and absolutely beautiful interpretation of the story told. After a super heavy and intense day, it was a perfect way to wrap things up. To realize we are all humans, by acting out the reinterpretation of our human stories.

I’ve become a huge fan of Playback Theatre West. I hope to do a lot more with them in the future.

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