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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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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.

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