On my run yesterday in Central Park, I was thinking about the characteristics of some of my favorite companies. Suddenly a phrase popped into my head about what ties all of these companies together – they are the silent killers.

When I look at the Foundry Group portfolio, we’ve got a bunch of them in it. They don’t spend a lot of time trying to get written up in TechCrunch. They often aren’t based in the bay area. Their CEO’s don’t run around bloviating about what they are going to do some day.

They just do it. And suddenly they are $10 million, or $20 million, or even $50 million revenue companies. Before anyone has really noticed. Without any real competition. They are the unambiguous and dominant market leader.

Sure – their customers and partners know who they are. Other entrepreneurs, especially ones who work with them in some way know who they are. Smart technical folks know who they are. And the geographic community that they are in know who they are since they are often the leaders of their startup communities.

But they sneak up on you. They don’t waste their time hyping themselves. They don’t run around trying to get VCs interested in what they are doing. Rather, they just do. Their twitter streams are filled with substantive stuff. Their blogs are about their product and how it is used. Their people are everywhere they need to be, and spend almost no time being places they don’t need to be.

These are the silent killers. And I love them.

Today’s “founder hint of the day” is to create an email address called founders@yourcompanyname.com and have it automatically forward to all the founders of your company.

I interact with a ton of companies every day. For the ones we have a direct investment in via Foundry Group, I know each of the founder’s names (although with 40 companies, at age 45 – almost 46, there are moments where I have to sit quietly and think hard to remember them.) For the TechStars companies, especially early in each cycle, I have trouble remembering everyone’s names until I’ve met them. And for many other companies I have an indirect investment in (via a VC fund I’m an investor in) or that I’m simply interacting with, I often can’t remember all of the founders names.

Ok – that was my own little justification. But your justification is that as a young company, you want anyone interested in you to be able to reach you. While info@yourcompanyname.com is theoretically useful, in my experience very few people actually use it because they have no idea where it actually goes. On the other hand, founders@yourcompanyname.com goes to the founders. Bingo.

We’ve been using this at TechStars for a number of years and it’s awesome. I’ve set up my own email groups for many other companies, but this morning while I was doing it for another one I realized that they should just do it. Sure – there’s a point at which the company is big enough where you probably don’t want to have this list go to all the founders, or there are founders that leave, or something else comes up, but when you are just getting started, be obsessed with all the communication coming your way and make it easy to get it.

founders@yourcompanyname.com rules.

A few weeks ago a guest post titled Minimum Viable Personality appeared on Fred Wilson’s blog. The author was a Giant Robot Dinosaur who has been dishing out wisdom in all caps in the comments on Fred’s blog for a long time. I’m a huge fan of FAKEGRIMLOCK, occasionally commenting on his comments, but often laughing out loud or smiling with recognition of their brilliance when I saw them. And, I grinned with relief when I finally made his #NOEATFRIDAY list.

Recently, while pondering how Yoda would deal with Optimus Prime, I got a tweet from FAKEGRIMLOCK asking if I wanted a guest post from him. Without hesitation I said yes. Following in all its awesomeness (with illustrations), is another missive from my favorite Dinobot.

BE ON FIRE

WORLD FULL OF IDEA. ALL NEED IS BRAIN. MOST HUMANS HAVE BRAIN.

IDEA BY SELF IS COLD. JUST SIT THERE. DO NOTHING.

IF WANT DO SOMETHING, NEED FIRE.

NEED BE ON FIRE.

WHY BURNING MATTER

MAKE STARTUP HARD. IT HARD BECAUSE YOU WRONG. YOU FAIL.

FAIL COLD? GO HOME. QUIT.

YOU NOT QUIT. YOU BURN. FAIL IS FUEL. MORE FAIL, MORE BURN. BURN FAIL UNTIL ONLY WIN LEFT.

THAT WHY BURNING MATTER. NOTHING STOP PERSON ON FIRE. NOT SLEEP. NOT SICK. NOT BROKE. NOT BULLET. NOT END OF EARTH.

NOTHING.

FIRE MAKE SMOKE

ANGER IS SMOKE. FIRE DESTROY. DESTROY MAKE NEW THINGS GROW. COLD PEOPLE HATE FIRE. NO ONE WANT TO BE FERTILIZER. FIRE NOT CARE.

LOYALTY IS SMOKE. PEOPLE FOLLOW FIRE, GET HOT. NOTHING STOP PERSON ON FIRE. PERSON ON FIRE WRAPPED IN HOT CROWD? THAT FIRE CHANGE WORLD.

WIN IS SMOKE. PERSON ON FIRE NOT CARE ABOUT WIN. NOT CARE ABOUT MONEY, FAME. WIN HAPPEN WHEN BUSY DO THINGS THAT MATTER. THINGS ON FIRE.

WHERE IS FIRE? LOOK FOR ANGER. MIDDLE OF ANGER IS CHANGE. MIDDLE OF CHANGE IS HOT CROWD. MIDDLE OF HOT CROWD IS WIN. MIDDLE OF WIN IS FIRE.

HOW MAKE FIRE?

WORLD IS BROKEN. FIX IT.

RIGHT IDEA HARD. RIGHT IDEA HURT. RIGHT IDEA IS HOLE IN WORLD.

RIGHT IDEA MAKE BURN INSIDE TO FIX. CAN TAKE DAY OFF FROM IDEA? IT WRONG ONE.

FIND IDEA THAT BURN, GRAB WITH BOTH HANDS, NEVER LET GO.

THAT HOW MAKE FIRE.

YOU MUST BURN

EVERYONE THINK WAY TO STARTUP IS TALENT + IDEA + MONEY.

EVERYONE WRONG.

STARTUP NOT ABOUT MAKE THING, SELL THING. STARTUP ABOUT CHANGE WORLD.

WORLD IS COLD. YOU MUST LIGHT WORLD ON FIRE.

YOUR FIRE.

YOU. MUST. BURN.

In order to stay on the #NOEATFRIDAY list, I promised FAKEGRIMLOCK that this would be licensed under Creative Commons. Anyone can do anything they want with this, including FAKEGRIMLOCK (as long as no infinite loops are created.)

I heard a fascinating one-liner the other day that I had knee jerk negative reaction to but when I thought about it more thought was deeply insightful, especially in the context of big established companies vs. new entrepreneurial companies.

A CEO of a very large, successful company said “execution is an order of magnitude easier than opportunity.” In the context of young startups, I often feel exactly the opposite. Opportunity is everywhere, but execution in a bitch.

But then I thought about this a little. For a big company that dominates a market, it’s totally focused on execution. The company is built for execution and, assuming it is built well, just cranks things out. What it cranks out might be inspiring, or it might not be, but it’ll keep cranking things out.

For these companies, finding the new opportunity is really difficult. The company is tuned to defend its turf, not go find new turf. Execution is all about defending market position, maximizing profit, expanding market share in existing markets, and allocating resources. In a few extraordinary cases, this activity is massively inspired, usually around companies that love their products (Apple) or their customers (Virgin). So – for most of these companies, “execution” is easy relative to finding the new opportunities. And many of these large companies don’t focus on finding the next opportunity, or expanding their existing opportunity, until their business hits major headwinds, is in decline, or is massively disrupted. I give you Borders, B&N, and Blockbuster as examples here – awesome at execution until what they did became irrelevant and then it was too late for them to do anything about it (other than maybe B&N, who might pull off their transition.)

In contrast, startups are totally focused on the new opportunity. Assuming they find it, and it’s a big one, execution becomes the main challenge in front of them. Their activity is all about scaling up the organization, hiring people like crazy, building a culture of shipping great product consistently, reacting effectively to early customer feedback, and continuing to evolve their products to meet the new massive opportunity they are going after.

From the eyes of a big company CEO, finding the opportunity is hard. From the eyes of a startup CEO, the opportunity is everything – execution is hard.

My insight is simple: “context matters immensely.” As young companies grow rapidly, they have to focus on becoming execution machines and recognize that at some point they’ll start struggling with identifying the next evolution of their opportunity space. Assuming the opportunity they are going after is massive, this won’t matter for a while. But the execution dynamics will. And when you find yourself executing well, dominating your market segment, and growing quickly, you’ve got to make sure you keep focusing on expanding the opportunity, especially since that’s going to get harder as you get bigger.

Last night, during dinner with the Return Path board, Fred Wilson interrupted the discussion we were having to tell us that Steve Jobs had just passed away. All of us were stunned silent for a minute as we reflected on the amazing impact that Steve has had on our lives. While I don’t have a personal relationship with Steve, he’s been a hero of mine since I was a teenager when I bought an Apple II computer with 16K of RAM in 1978 with my Bar Mitzvah money. To this day I still remember the sound the disk drive made when I typed PR#6 and how excited I was when I got a Silentype printer.

After dinner, as I reflected on what I knew about Steve and watched as my Twitter stream revealed link after link in tribute to him, I thought about the contemporary moment that meant the most to me. I recalled watching his Stanford Commencement Speech from a few years back and having chills. So – in tribute to the passing of this amazing man, I encourage you to spend 15 minutes and hear something powerful, in his own words.

Steve – while you didn’t know me, thank you for everything you’ve done that has inspired me and impacted my life.

One more thing…

I’ve often said that two emotions that are irrelevant for an entrepreneur are fear and anxiety. My favorite quote from Dune is “Fear is the mindkiller” and many people get confused and don’t understand the difference between panic and urgency (where panic is just a more extreme version of anxiety.)

Several weeks ago I spent an evening and a day in Colorado Springs. I participated in a number of entrepreneur-related events, but my favorite was a talk that I gave to a freshman class at University of Colorado at Colorado Springs with John Street. John is a long time friend and one of the first entrepreneurs I met when I moved to Boulder (I actually met his wife Mary through YEO’s Birthing of Giants program in 1993 when I was still living in Boston.) In addition to being a good friend, John is a very successful entrepreneur who has had plenty of ups and downs and ups, but has perserved through it all and created several important companies.

The class that we spoke to was a freshman seminar about “Being Your Own Boss.” John and I quickly told our stories and then spent the majority of the time answering questions. One of them was something like “what characteristics have made you successful.”

John went first and stated the two most important things about him were that he is “tenacious” and “oblivious”. Having known John for many years, tenacity defines him. He simply does not give up. While he can appear stubborn, he’s a learning machine, open to any feedback, constantly asking questions – especially when faced with challenges, and searching for better approaches on his quest to solving any problem he encounters. I view this as a perfect example of a tenacious entrepreneur.

I was puzzled by oblivious until John explained it. He said that he’s oblivious to why something can’t be done, or why something is difficult, or why someone doesn’t want something to happen. That made perfect sense to me and is a characteristic of many of the great entrepreneurs I’ve worked with over the years.

I followed up John with my rant on fear and anxiety. I explained that these are normal human emotions that often are helpful, especially when you are in physical duress (fear = fight or flight) or struggling to understand something new or uncertain (anxiety). However, when viewed from a business perspective, my view is that “fear is the mindkiller” and “anxiety slows you down at a moment when you should increase your urgency.”

I added two new thoughts to my view of what makes a great entrepreneur – tenacity and obliviousness. Think of your favorite entrepreneurs – do these apply?

Amy and I spent the last week in Tuscany with some friends, including Howard Lindzon. Howard is the CEO of StockTwits, a company we’ve been an investor in for a few years. I was an investor in Howard’s previous company WallStrip, met Howard through an introduction from our mutual friend Fred Wilson (it’s a pretty funny story, as are many things with Howard), and have worked closely together on a bunch of things including TechStars where Howard has been a great mentor and investor since the beginning.

We had an incredibly wonderful week last week and Amy has a great post up on her blog titled Our Revels. If you know Howard, you know he’s an always on, mostly hilarious, sometimes crazy (like a fox), super high energy except when on ambien guy. After four days of Tuscany, Howard was completely chilled out and more relaxed than I’ve ever seen him.

But don’t let this totally chilled out Howard fool you. He was on his computer a lot. Whenever I looked over at him, he was on the Stocktwits web site communicating with the stock community he’s helped create and loves. As the market was gyrating around he tweeted up a storm, put up a bunch of content on StockTwits, did some trades in his hedge fund, and wrote a few insightful (and funny) blog posts about the market including his discovery that the Tuscany VIX is always less than 10.

Howard loves Stocktwits. He loves his business. He loves stocks. He loves the community of people that care about stocks. And he’s creating a company – a really interesting and important one – around his passion. It’s wonderful, infectious, fascinating, exciting, and awesome. And yes, today is adjective day.

While Foundry Group generally avoids investing in vertical markets, we make an exception for our Distribution theme. One of the key attributes of this theme is that the company must be led by an entrepreneur who is completely obsessed with a vertical market. They must be thinking – every single waking moment – about how they are going to change the way the world interacts with the vertical market they are attacking.

Howard defines this type of entrepreneur. It was incredibly inspiring to be around. We had a blast doing non-Stocktwits / non-stock stuff, but when he was working he knew exactly what he was going to work on.

We have either recently closed (but not announced) or are about to close several other investments with entrepreneurs who have similar characteristics. None of them are in our Distribution theme, which is pretty cool, as the entrepreneurs are completely obsessed with the problem their business is addressing.

When an entrepreneur is trying to decide between a couple of different ideas, I often ask the question “which one are you in love with?” If there’s a quick response, then the answer is easy. If the answer is none of them, that’s the answer to which one he should pursue.

Howard reminded me of this again last week. Thanks Howard.

Today is Finance Friday and post #2 has been drafted by the Finance Friday team from University of Chicago Booth and is waiting for my edits. I’m procrastinating so I thought I’d write one of my periodic public service announcement for entrepreneurs. This one is more specific than “ignore the macro economy” – instead, it’s “ignore the Dow and the stock market and get back to work on your business.”

Tom Evslin had a post up this morning titled Don’t Watch The Dow! that caused me to say “right on.” In 1999, 2000, and 2001 I had a my.yahoo.com page up with a bunch of stocks, including a number of companies I was an investor in, as my home page. I’d hit refresh 5,321 times a day, generating plenty of CPM-based revenue for Yahoo. I’ve written about the emotional ups and downs in the past so I won’t repeat myself here other than to say this activity had zero impact on the stock market (I couldn’t do anything about it), it didn’t change my short term decision making (I’m not a trader), and all it resulted in was sucking a huge amount of emotional energy out of me.

When the market went down, I felt sad. When it went up I got the emotional equivalent of a sugar high. When it went back down again, I was bummed. Up – smile. Down – depressed. Up – happy. Down – cranky. And this was all before lunch time. Maybe it was too much coffee or not enough sleep, but it got even worse when the market shifted from 1/8s too 0.01s.

As an entrepreneur, this was all noise. As a long term VC investor, it was also all noise. Sure – the broad cycles had impact, although lots of people disagree on what they actually mean (e.g. do VCs actually benefit long term from down cycles, are the best companies started in recessions when everything is cheaper and more available).

Over time, I’ve learned that none of the short term moves in the stock market matter at all in my life. It’s occasionally entertaining to turn on CNBC and see my friend Paul Kedrosky in the octobox telling all the other people that they don’t actually understand macro-economics, but it’s no different than watching McEnroe when he’s announcing a Nadal – Federer match. It’s just sport.

So – for all the entrepreneurs in my world, take Tom’s great advice. Don’t Watch The Dow! And if you think Scott Kirsner is being sarcastic in his post titled How the players in the innovation economy rationalize away stock market dives, take a deep breath and consider whether the use of the word rationalize is correct or not.

Now, get back to work on something you can have an impact on!

I heard a great phrase the other day: “he’s a 99% committer.” It was in the context of trying to get something to closure where I felt like someone had committed but it was ambiguous. The person ultimately committed and all was good, but there was some question about outcome for a few days. To be clear, I separate this from a process issue – where the person is on board personally but going through an internal process with a partnership, an investment committee, or a decision making group. Rather, I’m focusing on the person who is able to make a unilateral decision, gets 99% of the way there, and then leaves it a little open.

I pride myself on making quick and definitive decisions. However, when I reflected on this phrase, I realize that I’ve played out the 99% committer role a few times in the past year. In each case, I made things more difficult for everyone, including myself, but not simply taking the extra time and energy up front to get to 100%. In one case that I can think of I let things drag on at the 99% point for several months; in another it was only a few weeks. In both cases, I let plenty of extra anxiety build up on my end as I wasted time churning on the 99% decision rather than figuring out what I had to do to get to 100%, running things to ground, and being done one way or the other.

Now, I’m not criticizing the 99% committer – it’s a very effective style for some people as it generates a lot of control and option value in situations. Specifically, from a control perspective, by not fully committing the 99% committer gets to keep playing out things on the edges, poking, prodding, and getting more information. As long as the other party doesn’t disengage, this is effective, although it definitely runs the risk of creating real fatigue on both parties. Furthermore, there is a lot of option value associated with being a 99% committer. You are almost there, but you stall, so the other party feels compelled to give you more information and hold the door open as long as they can.

But this isn’t me. And when I reflect on the few cases where I’ve played the role of a 99% committer, I’m not unhappy with the outcome, but I’m annoyed with my own behavior. By not being a 99% committer, I’m always able to make a decision, deal with the consequences (good or bad), and move on. As a result, the velocity of what I get done is extremely high and I have very little emotional decision backlog stored up.

It’s a great phrase. I expect I’ll use it plenty in the future.

I thought I’d start off father’s day with a tribute to my dad. I’ve learned an amazing amount from him and to this day he’s one of my best friends.

When I was a teenager, I remember a number of Stanley-isms that stuck in my mind. One of my favorites was “if you aren’t standing on the edge you are taking up too much space.” As I type this, I can remember being in my bathroom at home taking a shower thinking about this, which is part of how I remember I first heard it as a teenager.

My dad pushed me, firmly but gently. As a kid I did very well in school, loved to read, and played sports (tennis and then running). When I was 13, I bought my first computer (an Apple II) with my Bar Mitzvah money (and a little help from my dad). I was a typical nerdy, inquisitive teenager – I hung out with “the honors gang” but also liked plenty of time alone to read and explore new things. I sucked at anything mechanical so almost everything I explored was “in my mind.”

Before I could drive (so I must have been 15) my dad introduced me to a patient of his named Gene Scott. Gene had been a technology executive in the 1960′s and 1970′s and – when I met him – was running a technology startup with his son Brian called Scott Instruments. Gene and Brian had created one of the first consumer voice recognition systems – it was called the Scott Instruments VET-2 (for “voice entry terminal” – I think the 2 was because it worked on an Apple II.) Gene was my second mentor (my dad was my first) and he introduced me to the wonders of technology entrepreneurship.

One day when driving home with my dad from lunch in Denton, TX with Gene, I was overflowing with ideas. Gene had given me a VET-2 and I was bringing it home to plug into my Apple II and create all kinds of stuff with it. I’m sure medical dictation was one of them because my dad was always using his business – that of running a thriving endocrinology practice – to give me business and software problems to work on.

I don’t remember exactly what prompted him to say the line, but I remember him saying “if you aren’t standing on the edge you are taking up too much space.” Thirty years later that line continues to be a defining characteristic for how I live my life. I’m constantly pushing, looking for the edge of whatever I do. I’ve internalized this as an endless quest for learning and virtually everything I do is motivated by my desire to learn something new, understand something better, or experience something completely.

Dad – thanks for so many things, but most of all thanks for being my dad!