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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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Books I Read On My Q114 Vacation

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I’m going to start doing something new on my posts. Rather than having separate posts promoting stuff I’m up to, I’m going to begin including a short header in each post with either a thing I’m involved in or something I read recently that I think is particularly germane. For now, I’ll style these in italics – at some point I’ll come up with some new CSS to set it apart more clearly. Feel free to offer any/all feedback on this. Today’s tip is from Alex Iskold, the Techstars NY Managing Director and is 7 Calendar Tips for Startups. If you struggle with your calendar, it’s highly recommended.

Last week Amy and I went to our favorite place in Cabo San Lucas for our Qx vacation. We went off the grid (no phone, no email). I ran a lot, slept a lot, and ate a lot. I watched all of Orange is the New Black and almost all of Caprica thanks to hotel WiFi and Neflix on my iPad. But most enjoyably, I read a lot. Following is a summary with links.

Is Amazon Bad For Books?: What a yummy article that gives a lot of history about what has been going on between Amazon and the traditional publishing industry. Highly relevant for a lot of our thinking around FG Press.

The Science of Battlestar Galactica: I listened to this on Audible while running. If you are a BSG fanboy like me, this is a must read.

How To Defend Against Patent Trolls Without Breaking The Bank: Ken Bressler has been super helpful in one of the more vexing and annoying patent troll cases I’ve been involved in. As the Supreme Court once again has a chance to do something about software patents and patent trolls, I remain cynical and pessimistic that this gigantic tax on innovation will get resolved anytime soon.

The Underwriting: More Startup Fiction – this time in a weekly serialized format. I paid for it before I left but for some reason I only had two episodes. I just paid for it a second time so hopefully they’ll start coming in a steady stream. It’s pretty fun – a little too much sex and investment banking for my tastes, but we’ll see where it goes.

Battlestar Galactica Series Bible: The original series bible written by Ronald D. Moore. Another BSG fanboy must read.

The Secret of Raising Money:  Seth Goldstein and Michael Simpson have written a really strong book on how to raise money from angels and VCs at the early stage. I’ve known Seth since the mid-1990′s and think he and Michael did a great job of capturing the essence of this very hard and often complex process.

Who Says Elephants Can’t Dance?: I hadn’t read this since it first came out a year or so after Lou Gerstner retired as IBM’s CEO. This is his memoir of his experience at IBM and was a fantastic history lesson. While some of the strategic advice felt a little dated and “big corporate”, there were endless gems throughout the book, including a clear view on key decisions that Gerstner made relatively early which dramatically changed IBM’s downward spiral into the depths of mainframe doom. I’ve felt for a while that Microsoft is having its “IBM moment” that occurred for IBM in the early 1990s and to date have been uninspired with how they have approached it. I don’t know Satya Nadella but I hope he’s read this book.

Giving 2.0: Transform Your Giving and Our World: Amy and I plan to give away all of our money while we are alive. We’ve been active philanthropists since the late 1990s and are always trying to learn more. Laura Arrillaga-Andreessen’s book is a wonderful combination of personal history, advice, and storytelling about what other people are doing. I was especially pleased to see a long chapter on our friends Linda Shoemaker and Steve Brett’s efforts in Boulder around their philanthropy.

The Trial: I’ve been describing our annual fund audit process as “Kafkaesque” to whomever I talk to about it. I realized I had never read The Trial so I grinded through it. I thought I knew what I was in for, but the copy I read fortunately had a Kafka history as well as a history of The Trial with a short summary at the beginning, so it made a lot more sense as I read it. And yes, the audit experience is still something I believe is Kafkaesque. Hopefully they won’t kill me like a dog at the end.

Orange Is the New Black: My Year in a Women’s Prison: I randomly watched Season 1. I figured I’d bounce after a few episodes but found myself deeply engaged in it. So I grabbed the book and read it. The book was even better than the show. Piper Kerman blew my mind – both with her experience and her writing about it. So powerful, depressing, upsetting, and enlightening, all at the same time.

Neuromancer: I read Neuromancer my in college shortly after it came it. I loved it then. I haven’t read it since so I decided to listen to it my iPhone while running, just like I did earlier this year with Snow Crash. Like Snow Crash, it somehow felt richer when I listened to it during my long runs. Case, Molly, Wintermute, and the Dixie Flatline still delight, as does Gibson.

The Heart of the Start

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It’s been a blast to get to know and work with Eliot Peper. His book, Uncommon Stock, is the first one that we published at FG Press. If you want to read – and comment – along with me, grab a copy of Uncommon Stock on BookShout.

I asked Eliot to write a short post about how he’s feeling and thinking about the category of “startup fiction” now that the book is out in the wild and he’s getting some great feedback.

Following are his thoughts.

Business case studies have wrestled through many different components of entrepreneurship. Bloggers and Quora have picked up the slack for the situations those case studies miss. Management books delve into every nook and cranny of strategy and tactics. Talking heads discuss the ins and outs of everything from product development to investment theory. Gurus wax lyrical about vision and lean, focused execution.

But there’s one critical piece of entrepreneurship that these experts miss. Their analyses emphasize the rational. They draw out lessons-learned from business experiences and try to share best practice with aspiring entrepreneurs. Knowledge is important and many experts are happy to share their thoughts (whether you want to hear them or not!). But they too often focus on the brain at the expense of the heart.

Building a business is a human experience as well as an institutional one. That’s why I love Brad and Amy’s frank discussions in Startup Life. In thinking about growing an organization it’s easy to forget that it’s all made up of individuals. These people lay the groundwork and set the course for the companies they found. They also struggle constantly with work/life balance, relationships, burnout, and team dynamics.

It’s a truism in venture capital that startups fail most often not because their product explodes, but because their team implodes. If you think high-school had a lot of drama, try a high-speed tech startup. Inspiration, betrayal, falling-outs and last-minute-comebacks are par for the course. Everyday I’m blown away by the incredible entrepreneurs I know and work with. Their passion fuels them through the equally challenging rational and the irrational halves of company building.

The emotional reality behind the scenes in every startup is what inspired Uncommon Stock. I thought that fiction could give an intimate peek into the minds of founders. Early readers have pointed out something that I find hugely cool: the other benefit of Startup Fiction is that its so damn accessible.

People who read non-fiction books about entrepreneurship tend to already be engaged in the startup world in some way. We’ve worked for a startup. We read Techcrunch regularly. We go to SXSW.  Living and breathing that world, it’s easy to forget anyone else is out there. But readers that aren’t engaged with tech and picked up Uncommon Stock simply because they wanted a good page-turner are reaching out to say how awesome it is to steal a glimpse into our startup boudoir.

We are blessed to live in a magical world filled with some of the most talented people on Earth. Hopefully together we can help to illuminate the heart of the start.

Book: Get Some Headspace

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My exploration into meditation continues. I started on February 5th when I wrote the post Learning To Meditate. Since then, I’ve been practicing every day, read a few books on meditation, talked to a lot of people about it, and explored several iPhone / web apps.

The impact on me has been awesome.

After talking to Jerry Colonna for a few hours about meditation on the snowy Sunday after I started, he recommended I take a look at Headspace. I signed up that night and started doing the Take10 meditations. For the first few days, I did it once a day, but then quickly starting practicing twice a day, once in the morning and once before I went to bed. Occasionally I’d toss in another session at lunch time, although sometimes I just did a silent meditation instead for 10 to 15 minutes.

After about a week I was deeply hooked. I grabbed the iPhone GetSomeHeadspace app and untethered myself from my desk. We’ve got a meditation room in our new house and even though it’s very sparse right now (just one sitting pillow), it’s a magnificent sanctuary for my meditation.

I noticed that Andy Puddicombe, the founder of Headspace, had written a book called Get Some Headspace: How Mindfulness Can Change Your Life in Ten Minutes a Day. I downloaded it and read it last night and this morning. Since I’m deep into the Headspace program, a lot of it was familiar to me. But Andy’s description of his own meditation journey is fascinating, and reinforces a lot of things he guides you through in the Headspace program.

Near the end, he has a great chapter on different forms of meditation beyond sitting. He covers walking, sleeping, eating, and running. These are forms that intrigue me, especially since I run a lot, eat too fast, and am exploring different sleep patterns.

Overall, the book is a nice addition to the Headspace program. If you are intrigued about meditation, it’s a fast, easy, helpful read. But there’s nothing like just practicing. For that, I recommend you hop on line and try the free Headspace Take10 program.

 

Book Cover Blurbs Should Die

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As we gear up to release Uncommon Stock, our first FG Press book, we just had an internal discussion about book blurbs. The concept of a blurb was apparently invented in 1907. The origin story of the blurb is amusing – according to Wikipedia:

“The word blurb originated in 1907. American humorist Gelett Burgess’s short 1906 book Are You a Bromide? was presented in a limited edition to an annual trade association dinner. The custom at such events was to have a dust jacket promoting the work and with, as Burgess’ publisher B. W. Huebsch described it, ”the picture of a damsel — languishing, heroic, or coquettish — anyhow, a damsel on the jacket of every novel” In this case the jacket proclaimed “YES, this is a ‘BLURB’!” and the picture was of a (fictitious) young woman “Miss Belinda Blurb” shown calling out, described as “in the act of blurbing.”

While the history lesson is cute, the blurb has long since ceased to be useful. As a reader, I’m incredibly suspicious of them because as a writer, I know how they are manufactured. More on that in a bit, but for now, take a few minutes and check out some #HonestBlurbs.

Our internal back and forth on whether to include blurbs on our FG Press books resulted in the following rant from me.

I think endorsements like this are bullshit. I’m literally getting asked daily (5 times / week – sometimes more) to endorse books. I used to do it, now I say no unless it’s a friend, and even then they usually write the endorsement.

It’s an artifact of the publishing business that existed before “earned media” – blog posts, reviews, etc.

I’d love to just BLOW UP blurbs.

I think we should be focusing on real earned media, real reviews, real substantive support, rather than marketing nonsense the industry has been pushing since the early 1900s.

We had a little more back and forth but the more I thought about it, the more I have no interest in blurbs. I’ve been saying no to a lot of the requests I get recently, after having my name on probably 50 blurbs for other books in the last few years. At first, I always read the book before writing the blurb. Then, I started skimming the book before writing the blurb. Recently, I’ve been either asking the writer to send me a draft of the blurb they’d like, or I’ve just said something generically positive but non-substantive.

I’ve watched the other direction work the same way. It’s similar to press release quotes – it ends up being manufactured PR stuff, rather the authentic commentary. The idea that a static, short, manufactured blurb from a well known person as an endorsement of a book is so much less authentic than Amazon reviews, GoodReads, and blog posts from people who actually read the book.

When people send me a note that they liked my book, I ask them to put up a review on Amazon if they are game. When someone writes with constructive feedback on a book I’ve written, I ask them to put up a review on Amazon, with the constructive feedback, if they are game. I appreciate all the serious feedback – both good and bad. Sure – I get trolled by some people who say things like “Feld is a moron, this book is another stupid thing he’s done.” I ignore that kind of thing, and feel that most rational humans can separate the signal from the noise.

So, at least for now, we aren’t going to do blurbs on FG Press books. Instead, we’ll ask people to put up reviews on Amazon, GoodReads, their blog, and other sites that make sense. And, when someone requests a blurb from me, I’m going to start passing and defaulting to writing a review on this site and putting up the review on Amazon on GoodReads, like I have for many of the books I’ve read.

Introducing FG Press

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FG PressEvery year or so my partners and I at Foundry Group create a new company, or start a new project, that we believe had the potential to change the way something works in our world, while simultaneously helping the entrepreneurs we work with, and the entrepreneurs we aspire to work with.

For example, in 2006, we co-founded Techstars. At the time David Cohen, the co-founder and CEO, was unhappy with how angel investing worked. He was dissatisfied with his experience and had a hypothesis around helping a group of companies get going, surrounding them with active mentors, and accelerating their early growth. The Techstars Boulder 2007 program was an experiment – we had no idea if it would work. Looking back seven years later, I’m immensely proud and satisfied with the impact Techstars has had on the world of entrepreneurship, especially at the early stages of company creation, and look forward to our goal over the next seven years of building the most powerful and connected early stage startup network in the world.

Our 2014 project is FG Press.

I wrote my first book, Do More Faster, with David Cohen in 2010. We worked with our publisher Wiley, who took a chance on us. I had absolutely no idea what I was doing and it was really fucking hard. I remember sitting at my kitchen table in Homer, Alaska in July 2010 at 2am almost crying with frustration. I was just grinding through the last bit of it and the tedium of the process was overwhelming. I kept thinking “there has to be a better way” even back then, but there was something magical about holding the book in my hands in October 2010 when it came out.

In 2011, when my partner Jason Mendelson and I wrote my second back, Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist, I had figured out the writing drill, but I was still baffled by the publishing process. It was painful and tedious, and there were many steps along the way that made no sense. But I kept writing and learning.

In 2012 I thought hard about self-publishing everything I did going forward, but I didn’t feel like I completely grokked the publishing business yet. Venture Deals was a very successful book and Wiley increased their focus and attention on me. I had an expectation that somehow things would be different, better, more impactful, and more aligned, especially around process, promotion, and economics. So I decided to do four more books, which make up the Startup Revolution series, including the most recent one  - Startup Boards: Getting the Most Out of Your Board of Directors (the third in the series) – which just came out. Along the way, my long time friend Matt Blumberg (CEO of Return Path) decided to write a book so we added it on to the Startup Revolution series, resulting in Startup CEO: A Field Guide To Scaling Up Your Business.

There’s a lot more history, which I’ll cover in later posts, but all of this led to a place in fall of 2013 where my partners and I at Foundry Group started having a discussion about doing something different around the book publishing industry. We all are extensive readers and believe the long-form book is something that is very valuable, especially ones like Venture Deals that we believe will have at least a 20 year relevance, assuming we continue to update it. We also think it should be easier for more people to write and produce high quality, useful long-form books. While we think the entire process and engagement model is completely broken, that leads us to the punchline of the thing that is really wrong.

The relationship between the reader and the author has an immense amount of friction in it. And that friction comes from the publisher. It’s not just that the economics are wrong (why should the economic split between publisher and author be – on average – 85% to the publisher and 15% to the author?) but that the publisher sits in between the author and the reader. Sure – industrious writers can build direct relationships with their readers around their publisher – which is what happens today, but that’s silly. Shouldn’t the publisher be in the business of helping facilitate these relationships in addition to theoretically curating and producing the content?

We spent a morning together one day talking about this stuff. We came up with a very long list of issues, like the ones above, and then put the key question on the table: “What should we do about this.” My response was “let’s start our own publishing company.” Hence FG Press.

As with all new ideas, we started looking for patterns in things in the world that we liked. If you are familiar with McSweeney’s, O’Reilly, or Granta, then you understand where our brains were going and some of the companies that inspire us. Ultimately, we realized that the optimal model for what we were doing was Techstars, specifically the Techstars of 2006.

If you are a fan of analogies, Techstars is to “angel investing before Techstars” as FG Press is to “traditional publishing.” We are running an experiment in the first year. The experiment involves anyone who wants to participate. We expect to learn a lot and iterate very rapidly on what we are doing. And we plan to share out ideas widely, as a way of open-sourcing our learning, engaging with other people working on similar problems, while taking an author and reader-centric point of view, in the same way that Techstars took an entrepreneur and mentor-centric point of view.

Like Techstars, this is a new entity. It has a full time co-founder/CEO (Dane McDonald), just like Techstars was co-founded and run by David Cohen. It’s a self-funded entity, just like Techstars was for the first two years. Our goal is that it’s deeply complementary and integrated into everything we do and our point of view about the world of entrepreneurship, as Techstars is.

Will make mistakes. We’ll learn a lot. We’ll have fun. We hope you’ll come along for the journey with us. If you want to get a feel for one of the characters from our first book, just follow Mara Winkel on Twitter. And we’ll take Bitcoin, once we get the damn software working right.

Build something great with me