Something Ventured -- Silicon Valley Podcast

Startup insider Kent Lindstrom explores the reality behind the Silicon Valley headlines as he sits down with the established veterans and up-and-comers who are shaping the way we view the world online and beyond. Topics include technology trends, startups, Silicon Valley politics, women in silicon valley and more. Learn the histories of each guest and be enlightened by their area of expertise. New episode released each Tuesday at Noon, Pacific Time.

156: Is “Working Backwards” the Most Important Business Book Ever? Lessons from Amazon 02/19/2021

156: Is “Working Backwards” the Most Important Business Book Ever? Lessons from Amazon In their new book “WORKING BACKWARDS: Insights, Stories, and Secrets from Inside Amazon” (St. Martin’s Press, February 9, 2021.) Bill Carr and Colin Bryar share Amazon’s secrets. They had a front row seat for most of Amazon's history, and they are sharing what they learned in their new book. Not only is Amazon one of the most valuable companies in the world, it has succeeded across a stunning array of categories from web services to movies. So it’s hyperbolic, but possible to make the case that this is the most important business book….ever. “Like being in the room with Jeff Bezos” Working Backwards is a practical guidebook and a corporate narrative, filled with the authors’ in-the-room recollections of what “Being Amazonian” is like and how it has affected their personal and professional lives. They demonstrate that success on Amazon’s scale is not achieved by the genius of any single leader, but rather through commitment to and execution of a set of well-defined, rigorously-executed principles and practices—shared here for the very first time. The authors you’ll spend some time with on this episode: Bill Carr joined Amazon in 1999 and spent more than 15 years with the company. As Vice President of Digital Media, Bill launched and managed the company's global digital music and video businesses, including Amazon Music, Prime Video, and Amazon Studios. After Amazon, Bill was an Executive In Residence with Maveron, LLC, an early-stage, consumer-only venture capital firm. Bill later served as the Chief Operating Officer of OfferUp, the largest mobile marketplace for local buyers and sellers in the U.S. Today Bill is co-founder of Working Backwards LLC where he coaches executives at both large and early-stage companies on how to implement the management practices developed at Amazon. Colin Bryar joined Amazon in 1998 — four years after its founding — and spent the next 12 years as part of Amazon's senior leadership team as Amazon grew from a domestic (US-only) seller of books to a global, multi-dimensional powerhouse and innovator. Colin served as a Vice President at Amazon, and for two of his years was "Chief of Staff" to Jeff Bezos, AKA "Jeff's shadow", during which he spent each day attending meetings, traveling with, and discussing business and life with Jeff. After Amazon, he and his family relocated to Singapore for two years where Colin served as Chief Operating Officer of e-commerce company RedMart, which was subsequently sold to Alibaba. Colin is co-founder of Working Backwards LLC where he coaches executives at both large and early-stage companies on how to implement the management practices developed at Amazon. Working Backwards Something Ventured /episode/index/show/somethingventured/id/18016532

155 Amy Nauiokas: The CEO of Anthemis Group’s Journey from the Peace Corps to Managing Nearly $1 Billion 01/29/2021

155 Amy Nauiokas: The CEO of Anthemis Group’s Journey from the Peace Corps to Managing Nearly $1 Billion Amy Nauiokas is Co-Founder and Chief Executive Officer of Anthemis, a leading digital financial services investment firm. Anthemis manages nearly $1 billion. Amy is also Founder and Chair of Archer Gray, a media production and content company. Straightforward for a venture capitalist, right? Except maybe for the TV/Movie company she also runs. But wait – she’s also a liberal arts major who joined the Peace Corps out of college. In this episode we discuss how she made her way from the Peace Corps to leading one of the biggest fintech venture capital firms. We also talk about the early 80s women in finance who she views as pioneers truly worth paying homage to, and whose issues she contrasts to those faced by women in today’s finance/venture world. EPISODE QUOTES On the Diversity of Anthemis and Its Investments “We brought together people of very eclectic, different and diverse backgrounds to form this platform. And now we're 50 people around the world and we're working out of three physical offices and probably about 10 virtual offices. And we're north of 50 percent female. Sixty five percent of the decision-makers at the firm are women. We have, I think, about 40 percent people of color and and 12 percent LGBTQ. Twenty five percent of our portfolio is led by women. Twenty percent of our portfolio is led by someone who is Black or a person of color.” On Sand Hill Road “We’re realizing it's a lot of the same people with the same backgrounds, with the same capital base sitting in the same office on Sand Hill Road, which isn't even in San Francisco, it’s in the Valley. Entrepreneurs elsewhere don’t realize these guys aren't leaving their desks, let alone going to Oakland to meet a company or going to San Francisco to meet a company.” On How to Support Women and People of Color “Shut up, listen and make some space. I honestly think that's the main thing. Imagine that anybody who isn't you is thinking about it all the time. Every single part of every single day, I think about my identity and what it means to my existence. I think we have a responsibility as allies to any community to take the time to be quiet and to listen and see what we might be able to learn in that very quiet moment when we let other voices be heard.” Anthemis Group: Something Ventured: /episode/index/show/somethingventured/id/17745506

154 Vern Howard: Hallo's CEO is NOT Your Deliveryman 01/11/2021

154 Vern Howard: Hallo's CEO is NOT Your Deliveryman Vern Howard’s story is remarkable. Vern was a math prodigy who left high school early, when he tested into Virginia Commonwealth University to study Computer Science and Math. He paid his way through school by teaching math and serving as a janitor on campus. He went on to sell men’s suits, which taught him the art of selling. After joining Capital One – whose signing bonus he used to rebuild an Alpha Romeo – he built Capital One’s first mobile banking application. He also built out the Application Security Team at Capital One before, naturally, becoming a securities trader. Hang on, we’re not done yet. He became an entrepreneur. He sent a book to Steve Case’s partner at Revolution and….well, listen to find out what happens! Episode Quotes On Getting Started as an Entrepreneur “So two people I met accelerated everything. Ted Leonsis kind of introduced me to this network of people. Mike Lincoln over at Cooley was like, “Yeah, everyone is raving about you. You didn't go to an Ivy League school, you're not from this background. But you’re just going into all these office and people are saying: Who's this kid? Vern, right.” So they got me started and did our legal work for free, util we got funded.” On Why Employers are So Focused on “Top Colleges” “So I think it's a two pronged problem. One is, these are businesses, right? So there's budget, and once you start talking about like numbers and budgets you start looking at ROI. And every recruiter says, OK, great. If we spend one hundred thousand dollars to go to thirty one schools this season, what's the ROI now? If we go to Stanford or we go to Michigan, we kind of know what we get there, because some of our current engineers went to school there. So we know their level of output is XYZ, as far as coding goes. But if we take a risk and go with something we've haven't done before, like going to Sweetbriar College, which is an all-women's college in Virginia, (the founder of TaskRabbit went there). We may want to take a risk, by going there. We might spend fifty thousand dollars and have no ROI to show. So the best play, much like VC culture, is we go to Stanford, we get 3 students --great. But what happens is the competition, right? If your brand isn't as big as you think it is as a company, your recruiting line is nonexistent. Everyone went over to the Robinhood line.” On Black Founders Being “Over-Mentored” One thing I see amongst the Black founder community is a ton of mentors. And I think Black founders are over-mentored and under-funded. I don't know who coined that term, but a ton of people DO want to mentor. That's funny. I have people fill my inbox from the top VC's in the nation and just say, hey, Vern, let me be your mentor. And, you know, I'm always greatly appreciative, I like the advice. But I’d also like to get funded” Hallo: Something Ventured: /episode/index/show/somethingventured/id/17504615

153 -- 2020 Thank You-cast Extravaganza! 12/30/2020

152 Stacey Bishop of Scale Venture Partners On Ascending the Venture Ladder and the Rise of "All Raise" 12/10/2020

152 Stacey Bishop of Scale Venture Partners On Ascending the Venture Ladder and the Rise of "All Raise" Stacey Bishop is a partner at Scale Venture Partners where she invests in “business applications driving the Intelligent Connected World”. She currently serves on the Board of Directors of companies like Abstract, Airspace, Demandbase, Extole, Lever, and Textio. Stacey is a founding member of All Raise – an organization frequently mentioned on Something Ventured. She is also an advisor to The University Growth Fund Stacey got her MBA from Columbia Business School and a BA from The University of Michigan. In this episode we discuss her path to becoming a partner at a prominent Silicon Valley firm, and the role All Raise played in accelerating her career. Notable quotes from this episode: On the Early Days of “All Raise” “Before All Raise, women in venture, we just put our heads down, did our job -- just focused on trying to get ahead and do the right thing. And I think the most eye-opening thing – when All Raise started, it changed the dynamic. It suddenly brought all the women together. And even though we had all been kind of working side by side, we weren't really -- there were so few of us but there was little getting together. Now there's this whole network. And so I think it's changed the industry.” On Hedge Funds Moving Into Venture Capital “Hedge funds have certainly been there later stage. Mostly because private companies are going public much later. So in order for them to get the returns they need, they started coming into the private markets. So they had been showing up at the late stage. But now we're seeing them much earlier. That’s probably been the biggest change and that's been over the last several years.” On Valuation Trends of Tech Companies “We just had (another) billion dollar exit: Most people haven't even heard of the company. But, if you had a five or six billion-dollar exit, everybody would have known about it. Snowflake went public last week…it was under the radar, but Snowflake was the biggest venture exit of all time.” On The Future of Meetings “In meetings ‘before’, somebody had to get in the car and drive to go see you and take all that time. So out of respect, you don't want to not spend the time with them. So you spend a full hour or more. Even if it’s just an introductory meeting you feel this obligation. I don’t know how much in-person meetings will drop, but there will be a whole subset of meetings that can be done remotely.” Stacey on Twitter Scale Venture Partners on Twitter Scale Venture Partners Something Ventured Podcast /episode/index/show/somethingventured/id/17135318

151 Fortune’s Jeff John Roberts on “Kings of Crypto” and the Rise of Coinbase 11/18/2020

150 Hooman Radfar: The Rise of the ‘Business-of-One’ 11/05/2020

150 Hooman Radfar: The Rise of the ‘Business-of-One’ Hooman Radfar is co-founder and CEO of Collective, an online back-office platform designed for freelancers, consultants and other ‘businesses-of-one’. He is also a Venture Partner at Expa, a San Francisco-based start-up venture firm and studio where he was a founding partner (along with Uber Co-Founder Garrett Camp). Previously, he was co-founder and CEO of AddThis. AddThis was acquired by Oracle in 2016. Recently, Hooman took the somewhat rare step of leaving a perfectly good venture capital job to start a company. In this episode, he describes why the idea he is pursuing felt so compelling he had to make the move. He also discusses his path to building and selling a company, as well as his immigrant parent’s path to the US. On How Startups Emerge from their Initial State “There's this murky period prior to figuring things out which people tend to write out of history. Where you're kind of trying to find out what's now called ‘product market fit’. Instagram went through it with Brbn, Twitter went through it with Odeo. You know, you get a group together, you create a chemistry, you start working on projects, and maybe that project works or it doesn't work. But it takes that initial leap to get that precipitate and go.” On the Time People Mocked Websites that Were “Collecting Eyeballs” ‘I think the way to express it in modern terms is that when you have a flywheel with effectively a cost of acquisition of zero, it's uncommon. And I think now people realize how hard that is and how valuable it is because they know the distribution has value, that data has value. There are a LOT of monetization models: premium, ad-supported, data-supported.” On Why He Started Collective “There are ‘businesses of one”: Freelancers, consultants and whatnot. It’s the largest set of entrepreneurs in the country. And ultimately, if you believe in the next ten years, it could be fifty percent of the workforce. Not just the largest set of entrepreneurs, but the largest part of the workforce. And that's all I've been doing my whole career. And I said, wow, this is amazing. It looks like a straight line in hindsight.” Hooman Radfar on Twitter Collective Something Ventured Hooman Radfar is co-founder and CEO of Collective, an online back-office platform designed for freelancers, consultants and other ‘businesses-of-one’. He is also a Venture Partner at Expa, a San Francisco-based start-up venture firm and studio where he was a founding partner (along with Uber Co-Founder Garrett Camp). Previously, he was co-founder and CEO of AddThis. AddThis was acquired by Oracle in 2016. Recently, Hooman took the somewhat rare step of leaving a perfectly good venture capital job to start a company. In this episode, he describes why the idea he is pursuing felt so compelling he had to make the move. He also discusses his path to building and selling a company, as well as his immigrant parent’s path to the US. On How Startups Emerge from their Initial State “There's this murky period prior to figuring things out which people tend to write out of history. Where you're kind of trying to find out what's now called ‘product market fit’. Instagram went through it with Brbn, Twitter went through it with Odeo. You know, you get a group together, you create a chemistry, you start working on projects, and maybe that project works or it doesn't work. But it takes that initial leap to get that precipitate and go.” On the Time People Mocked Websites that Were “Collecting Eyeballs” ‘I think the way to express it in modern terms is that when you have a flywheel with effectively a cost of acquisition of zero, it's uncommon. And I think now people realize how hard that is and how valuable it is because they know the distribution has value, that data has value. There are a LOT of monetization models: premium, ad-supported, data-supported.” On Why He Started Collective “There are ‘businesses of one': Freelancers, consultants and whatnot. It’s the largest set of entrepreneurs in the country. And ultimately, if you believe in the next ten years, it could be fifty percent of the workforce. Not just the largest set of entrepreneurs, but the largest part of the workforce. And that's all I've been doing my whole career. And I said, wow, this is amazing. It looks like a straight line in hindsight.” Hooman Radfar on Twitter Collective Hooman Radfar is co-founder and CEO of Collective, an online back-office platform designed for freelancers, consultants and other ‘businesses-of-one’. He is also a Venture Partner at Expa, a San Francisco-based start-up venture firm and studio where he was a founding partner (along with Uber Co-Founder Garrett Camp). Previously, he was co-founder and CEO of AddThis. AddThis was acquired by Oracle in 2016. Recently, Hooman took the somewhat rare step of leaving a perfectly good venture capital job to start a company. In this episode, he describes why the idea he is pursuing felt so compelling he had to make the move. He also discusses his path to building and selling a company, as well as his immigrant parent’s path to the US. On How Startups Emerge from their Initial State “There's this murky period prior to figuring things out which people tend to write out of history. Where you're kind of trying to find out what's now called ‘product market fit’. Instagram went through it with Brbn, Twitter went through it with Odeo. You know, you get a group together, you create a chemistry, you start working on projects, and maybe that project works or it doesn't work. But it takes that initial leap to get that precipitate and go.” On the Time People Mocked Websites that Were “Collecting Eyeballs” ‘I think the way to express it in modern terms is that when you have a flywheel with effectively a cost of acquisition of zero, it's uncommon. And I think now people realize how hard that is and how valuable it is because they know the distribution has value, that data has value. There are a LOT of monetization models: premium, ad-supported, data-supported.” On Why He Started Collective “There are ‘businesses of one”: Freelancers, consultants and whatnot. It’s the largest set of entrepreneurs in the country. And ultimately, if you believe in the next ten years, it could be fifty percent of the workforce. Not just the largest set of entrepreneurs, but the largest part of the workforce. And that's all I've been doing my whole career. And I said, wow, this is amazing. It looks like a straight line in hindsight.” Hooman Radfar on Twitter Collective Something Ventured /episode/index/show/somethingventured/id/16701380

149 Fabrice Grinda: 4 Incredible Stories from the OLX and FJ Labs Co-Founder 10/29/2020

148 Jaclyn Hester: Foundry Group’s New Partner! 10/07/2020

148 Jaclyn Hester: Foundry Group’s New Partner! Jaclyn Hester has just become a Partner at Foundry Group. So first, “Congratulations, Jaclyn”. Jaclyn joined Foundry Group – the Boulder-based tech company and venture fund investor -- after a few years at big law firms. As a lawyer, she worked on everything from startup formation and financing to large M&A processes. During graduate school at CU Boulder, she caught the entrepreneurship bug and immersed herself in the local startup community, serving as the Executive Director of Startup Colorado. She has also built a startup with her husband, Anders. Their family’s bootstrapped tour and activity software company was successfully acquired in 2018 by Booking.com. She becomes a partner Foundry just as it raises its first Foundry Group Next (“FG Next”) fund. Episode Quotes: On Her Path from Lawyer to Entrepreneur “I always had a feeling that there was something more interesting about the businesses themselves than about the legal aspect. I think for me, it felt like being the attorney was just a way to be connected to the business. And I enjoyed going to law school. It was an incredible education. But I must have known that I liked the businesses, maybe, better.“ On the Purpose of the FG Next Fund “It is important to remember that the pools of capital at the institutional level -- so the pension funds, the endowments -- these are multi billions of dollars. Venture capital is just a teeny tiny thumbnail inside of their private asset or private equity asset class, which itself is one a bunch of other asset classes that they invest in. And so it's probably among the riskiest highest reward of the things that they invest in. But it's a really small piece. So if you think about, a 10, 20, 30 billion dollar pool of capital spending time on making 1 to 10 million dollar investments in a venture capital fund -- just doesn't make sense.” On COVID-19’s Impact on Companies “We’ve always believed that you can build great, great companies anywhere and that the talent is not concentrated in the Bay Area. That trend is accelerating with more openness to remote work. Not having to have everyone in the same place means that people are thinking about talent differently.” Foundry Group Jaclyn on Twitter @jfreester Something Ventured /episode/index/show/somethingventured/id/16314572

147 Sarah Leary: Nextdoor’s Co-founder Becomes a VC 09/29/2020

147 Sarah Leary: Nextdoor’s Co-founder Becomes a VC There are only so many iconic social networks in the world – and Nextdoor is one of them. While perhaps not as fast-growing as Facebook or even LinkedIn, Nextdoor has steadily become the hub for neighborhoods around the world. Sarah Leary founded Nextdoor, along with Nirav Tolia, Prakash Janakiraman, and David Wiesen. In this episode, Sarah tells the story of getting Nextdoor off the ground. She talks about the painstaking work they did to figure out how to build a healthy community around a neighborhood, before they were ready to scale. We talk about the impact COVID-19 had on Nextdoor communities, and how and why she decided to become a venture capitalist at Unusual Ventures. Notable Episode Quotes On Starting Her Career at Microsoft “I joined Microsoft at really a golden time: The early 90s. I was on the product team that launched the first version of Microsoft Office, and that was an all-star team. It was a time when Microsoft was just taking off and went from being this software company that some people had heard of to a household name. I was fortunate enough to, for example, be on stage where we launched Office ninety five with Bill Gates and Jay Leno. We were writing the script as we went along and that was an amazing learning curve.” On the “Pivot” from Fanbase to Nextdoor “If you don't get the seeds of a community right in the beginning, it becomes very difficult to fix it. And after about six months, we actually offered to give the money back to Bill Gurley, who was the lead investor in Fanbase. He said, ‘That's the easy way out. I'll give you three months to work on some new ideas. It doesn't have to be directly related to Fanbase. But why don't you guys take another crack at it?’ That was hard. It was very hard to step back and say. ‘This isn't working and confess to each other that we didn't think it was going to be the next ESPN’, but I'm so glad that we did.” On the Earliest Days of Nextdoor “The idea of Nextdoor changed pretty dramatically in those early stages before we ever wrote a line of code. And thankfully, it's probably saved us from years of going down the wrong path and frankly, probably losing faith in what it was that we were trying to. The prototype was actually launched in the Bay Area and with one neighborhood in Menlo Park, and it worked. People wanted to talk to their neighbors, but we were very cautious and said, OK, that's not enough. Let's try some other ones. In Seattle, Washington, we had one in upstate rural New York. We had one outside of Washington, D.C., and one in Tennessee. And we just started to see how people were using the platform. And that gave us the confidence after we did about five of those to say, ‘OK, this is the winning idea and we're going to double down on it’.” Unusual Ventures: Something Ventured: /episode/index/show/somethingventured/id/16208762

146 Trae Vassallo: Defying Gravity in Silicon Valley 09/18/2020

146 Trae Vassallo: Defying Gravity in Silicon Valley Trae Vassallo is co-founder and partner at Defy, a venture capital firm she built with Neil Sequeira. She was previously a general partner at Kleiner Perkins. Trae made her way to Silicon Valley from…rural Minnesota. As a girl, Trae fell in love with coding – on an Apple II. She went, sight unseen, to Stanford University, where she studied mechanical and electrical engineering. After a stint at design firm IDEO, she co-founded and led product at Good Technologies. In this episode we discuss Trae’s path to Kleiner Perkins, and her experiences being one of relatively few female venture capital partners in Silicon Valley. She contrasts the treatment of women in Silicon Valley before, and after, Ellen Pao’s lawsuit (Check out Episode 101). We discuss why she struck out on her own rather than staying at Kleiner, and how she and her partner came together to form Defy. Finally, Trae discusses a health scare that led to her discovery of integrative medicine and lifelong quest for healthy living. EPISODE QUOTES On Her Early Experience with Computers “It was like third or fourth grade where I have vivid recollections of seeing Oregon Trail (a video game), playing that game, and then learning how to build simple graphics programs. And that really was a spark for me: That, you can logically build a sequence of steps and then have it go execute. And that kind of problem solving to me was incredibly exciting. And so that was the spark that made me realize I'm a problem solver, I'm a creative.” On Palm Pilot and Women Leaders “I was fortunate to get on the engineering team that worked on the Palm V. And through that, I got to work with Donna Dubinsky (Palm’s CEO) and Jeff Hawkins (Palm’s Founder). And this was when they were justgetting started and they had this runaway kind of success. That was my first exposure to a startup into what it meant to be an entrepreneur and frankly, a female CEO, a woman CEO who is just amazing at her job. And so I thought, OK, I love this engineering thing, but I want to do what she's doing.” On Integrative Medicine “When I left Kleiner, one of my top goals was” I'm going to get my health back. I want to feel better than ever. I started reading up and looking at less conventional options, because I literally had been to Mayo and Cedars and Stanford and UCSF and nothing. Nothing, nothing. And I finally found this whole world of integrative medicine, which I'm now a huge fan of. The thesis behind it is really about root cause analysis instead of giving you a drug to alleviate the symptom of that issue. Rathere, we're going to figure out why you have that issue to begin with and get to the root cause and solve that problem so we don't have to cover up your symptom.” Defy: Something Ventured: /episode/index/show/somethingventured/id/16057928

145 William Davidow: “Civilization is Going Through Its Third Phase Change” 09/10/2020

145 William Davidow: “Civilization is Going Through Its Third Phase Change” William Davidow is a Silicon Valley pioneer, former Intel VP, and renowned venture capitalist. He is author of the new book, with tech journalist Michael Malone, THE AUTONOMOUS REVOLUTION: Reclaiming the Future We’ve Sold to Machines (Berrett-Koehler, February 18, 2020). It’s a provocative look at how to safeguard humanity from our autonomous future and how to harness its benefits. According to Davidow and Malone, for the third time in the history of humanity civilization is undergoing phase change. The first was the Agricultural Revolution, the second the Industrial Revolution, and we are now in the midst of the Autonomous Revolution. Some ideas discussed: How to adapt society to our new era and transform our relationship with intelligent machines the authors propose in the new book Creating tiered personal information “safety deposit boxes” over which users would have complete control to protect internet privacy; Imposing a tax on sending emails, time spent on social networks, and gaming; Programs that automatically block phone use while we’re driving; Regulation that puts limits on Artificial Intelligence; Proactive investment in the infrastructure of the future to offset inevitable job loss. More on William Davidow: William Davidow is a Silicon Valley pioneer who ran the microprocessor division at Intel at the dawn of the chip revolution and was later senior vice president of marketing and sales. Prior to Intel Corp., Bill worked in various managerial positions at Hewlett Packard and General Electric. He cofounded Mohr Davidow Ventures, one of the Valley's premier venture capital firms, in 1985. Bill serves on the boards of California Institute of Technology and the Stanford Institute for Economic Policy. He is the author of three books and the coauthor of two, including The Virtual Corporation, which sold more than 100,000 copies. Episode Exerpts: On the Evolution of Technology Innovation “When I was at Intel, you know, we used to get up and feel like we were putting on our Superman shirts and going out and changing the world. And what we were doing was automating existing processes: In other words, we made a stoplight run better or we made a typewriter into a word processor. But if you looked at it, there was still a factory or there was still a stoplight. We didn't change the structure of things. And what is different today is that our technologies are changing the social and economic structure of things.” The Problem of Virtual Worlds like Facebook “We have real problem that people are choosing to live in a virtual world. It turns out that you evolved in a physical world, YOU controlled the physical world. A tree was not created to be firewood. You managed the world and made the tree firewood. The physical world had no purpose and you were running the physical world. But when you go to a virtual world, a virtual world DOES have a purpose. And the purpose of the virtual world is to control your behavior. you you're down to two senses, both of which are impaired. “ On the Accelerating Pace of Job Destruction “We keep finding new work for people to do, so we keep creating opportunities, I think today the challenge is that we may not be able to create the opportunities fast enough. I mean, these technologies have such broad impact. Netflix put Blockbuster Video out of business, when Blockbuster Video had nine thousand stores and 60,000 employees. And Netflix, I think, had one thousand employees. And those are the kinds of things will continue to happen. It’s going to turn everything upside down. I believe in a free market, but free markets have their flaws. They do not allocate wealth based on social contribution, they allocate wealth based on your ability to make money. In the future we may be living in a society where we're going to have to find ways to compensate people based on their social contribution as opposed to whether they're just a great high speed trader. “ Kent Lindstrom (host): William Davidow: Something Ventured: /episode/index/show/somethingventured/id/15967814

144 Rob Chesnut: Airbnb’s Former Chief Ethics Officer on Intentional Integrity 09/03/2020

144 Rob Chesnut: Airbnb’s Former Chief Ethics Officer on Intentional Integrity Rob Chesnut is an advisor to Airbnb, where he was previously Chief Ethics Officer and general counsel. His recently released book is Intentional Integrity: How Smart Companies Can Lead An Ethical Revolution. Rob started his career as a federal prosecutor, but decided he could do more good in the world by working for companies like eBay and Chegg. Eventually joining Airbnb, he helped Brian Chesky navigate issues such as racial discrimination by Airbnb hosts. He also helped Airbnb create a culture of “Intentional Integrity”. In this episode we discuss Rob’s journey to and through Silicon Valley, and his experience creating ethical cultures those companies. We also discuss what happened to Airbnb when the COVID crisis hit. Hear what Brian Chesky said as Airbnb was faced with lawsuits over discrimination by its hosts Rob Chesnut Episode Excerpts On leaving the role of federal prosecutor to work for tech companies: “After a while, it's a real negative. It has a negative aspect to it. You're putting young people in jail for long periods of time, and you feel like you're not contributing in a positive, proactive way to society.” “On the Future of Travel” “I don't think that the pandemic is going to push people to stay in their homes forever. I think that people are going to travel. But what I think we're going to see is that there's a maybe a different type of travel. One thing that there's a trend, I think, that may come out of the pandemic, which is really going to help Airbnb and that is ‘work anywhere’. So if you can work and do your job from literally anywhere that has Internet access, that suddenly frees you to go places and do things 52 weeks a year that you might otherwise have only been able to do three weeks a year.” On Intentional Integrity “I think that integrity is a word that people are often uncomfortable talking about because it gets to people's morals, their purpose, maybe even their religion. And so leaders are uncomfortable talking about it and what they do is outsource it to lawyers and it becomes compliance. There's a difference, though, between compliance and integrity. So the point of the title is we have to get over the discomfort, we have to have the conversation. And if we want integrity to be part of our company, we can't just assume that it's going to happen, that we're just going to hire good people and that it's going to happen. We have to make an intentional effort to weave it into our culture. And so the point of that title, is a call for getting through that discomfort and taking affirmative steps to make it part of what you do in business.” Intentional Integrity Rob Chesnut Something Ventured /episode/index/show/somethingventured/id/15878024

143 Deena Shakir of Lux Capital on her Amazing Journey, The Post-COVID Future 08/26/2020

143 Deena Shakir of Lux Capital on her Amazing Journey, The Post-COVID Future Deena Shakir is a partner at Lux Capital, a venture capital firm that manages more than $2 billion. She is particularly interested in entrepreneurs building breakthrough companies enabling human and environmental health, access, and productivity. While her immediate background before joining Lux sounds familiar – she was a partner at GV (previously “Google Ventures”) – her path before that is a bit more unusual. As a journalist, Deena once hosted the pilot episode of a bilingual Arabic-English TV news series modeled after 60 Minutes. Deena was also a Presidential Management Fellow at the U.S. Department of State under Secretary Clinton, where she helped launch President Obama’s first Global Entrepreneurship Summit in 2010. She is the first-generation daughter of immigrants from Iraq and speaks fluent Arabic and French. In this episode, we discuss a range of topics, from her experiences as an Arab-American to her path from Washington to Silicon Valley. We also discuss the impact COVID is having on the venture business, and families like hers. Also covered: The unique craziness of online parenting groups. EPISODE EXERPTS On Education “Education, is an area I’m passionate about, where I've made investments like that in a company called Mos. Mos is using artificial intelligence to make the process of searching for financial aid easier. Clearly, there were already platforms for you to search for scholarships. However, they've made that much more sophisticated, and the process is so much easier now. And this was meaningful for me personally because that was a process I went through. I paid for college by myself, patching together all these scholarships. And now that is something that is changing the lives of students on a daily basis.” On Women in Venture Capital “ In terms of women in venture, I think we've obviously we've come a long way, particularly in the last three years. I joined the venture world maybe three months before that moment, if you want to call it that, where everybody realized this was an actual problem. It was in the summer, I think, of 2017 when a lot of this came to light. I think we still have a very long way to go. Some of the solutions may have potentially created additional problems around tokenism, for example, around cliques around certain folks or groups taking up all the oxygen in the room, et cetera. But that being said, I've seen some really great progress.” On Software “When it comes to software specifically, the democratizing piece of it is what gets me really excited. I get really excited about technology that streamlines analog industries -- that allows people to do things more quickly -- whether that means grassroots organizing or whether it means accounting.” On the Impact of the 9/11 Attacks “Being in high school, a teenager, during 9/11 -- being a Muslim and Iraqi American, that was a really pivotal moment for me. It was the first time where I felt like these two parts of my identity that really always felt like they were fluid and just part of who I am -- all of a sudden it seems like they weren’t to some people. That really was troubling for me.” Deena on Twitter Lux Capital Something Ventured /episode/index/show/somethingventured/id/15769127

143 Deena Shakir of Lux Capital on her Amazing Journey, The Post-COVID Future 08/26/2020

142 Wag's CEO Garrett Smallwood on Pets in the Time of COVID-19 08/18/2020

141 Domm Holland: The Fast CEO on Guiding a Rocket Ship Through a Pandemic 08/11/2020

140 Brad Feld: Thoughts on Startup Communities in a Post-COVID-19 World 08/06/2020

140 Brad Feld: Thoughts on Startup Communities in a Post-COVID-19 World What makes communities of startups thrive, and how have they been impacted by the recession, COVID-19, and the remote work trend? Brad Feld addresses these questions in this episode and in his new book “THE STARTUP COMMUNITY WAY: Evolving an Entrepreneurial Ecosystem” and the second edition of his book “STARTUP COMMUNITIES: Building an Entrepreneurial Ecosystem in Your City.” You may know Brad as the legendary investor who co-founded the Foundry Group, and who has been an early stage investor and entrepreneur since 1987. Brad previously co-founded Techstars, and was an early investor in Harmonix, Zynga, MakerBot, and Fitbit. He writes the widely followed Feld Thoughts and Venture Deals. He currently is chair of the National Center for Women & Information Technology and on the boards of Path Forward, the Kauffman Fellows, and Defy Ventures. EPISODE EXERPTS On the Chemistry of Silicon Valley “Today’s Silicon Valley, if it started from scratch, could not create Silicon Valley.” On Initial Conditions of Startup Communities “The punch line is that you don't have a deterministic outcome. When you have a child, raising a child is a complex system. You can't say that when the child is twenty-four years old, these are the things that child will be doing and will have done and how they will be living. All of the interaction effects over time in the moment affect what happens in the evolution of that child. Same thing with the startup community.” On Racism in Startups and Venture Firms “There is no question that empirically the number of non-white, black and brown voices and black and brown founders' is a very low single digit percentage of the (startup and venture) population. And if you add in women into that mix and say black or brown women, that's an even smaller percentage of the population. And so then the question is in now, what do you do? Its a complex system so you can't just say, ‘OK, here are the new rules and this is what's going to happen’. Rather you've got to have participation of ALL of the different actors that have influence and ability in order to change things.” On the Effect of COVID-19 on the Importance of Place for Startups “Startup communities are complex systems that go through phase changes. In February, if you had said to anyone: “In three months, ninety nine percent of office workers around the world will be working from their houses.” That person would have said, you're crazy, that'll never happen. It can't happen. The technology won't support it. People won't tolerate it. Not possible. But lo and behold, that's what happened. And it works OK. We understand that place still has a lot of importance, especially around startup communities. However, the notion of connecting places together and building things that have a virtual component or that have a bigger geographic spread is also important.” /episode/index/show/somethingventured/id/15513722

139 Parker Conrad: Rippling's CEO on His Entrepreneurial Journey 07/28/2020

139 Parker Conrad: Rippling's CEO on His Entrepreneurial Journey Parker Conrad lists himself as “customer support” at Rippling, but he is its co-founder and CEO. He previously founded Zenefits. In this episode he traces his journey from a journalist at Harvard, to founder and CEO of a company that has raised over $50 million. Episode Highlights: The specific thing he likes about sales “I really liked sales. I enjoyed it. But I liked it in a very specific way: I enjoyed selling something that I had built. I didn't want anyone else explaining why it was great or what was so awesome about it, because they were going to screw it up somehow. They were not going to get it right when they were talking to people and telling them what's great about this. I wanted to build the thing that I was selling.” His fundraising ‘trick’ “Just find a way to be the Twitter guys (a fast growing company at the time which VCs were throwing money at) That was really the answer. And I think that that's actually the right answer for most entrepreneurs. Most of the “tactics” around fundraising don't really matter. They're such a rounding error. The important thing is to build a business that's so compelling that they can't afford to ignore you. And then all the other rules go out the window. And then it's like very easy to raise. And if you can't build something that is that compelling, then God help you.” Why he’s motivated to build an HR management company "I am an unusually resentful of the sort of busy work, administrative work. It’s why I was so resentful of having to of fax in insurance applications at my first company. If you can connect all of those underlying system and you can automate that and make it really seamless, that all disappears. And so in this sort of perverse way I really get excited about stomping that out for customers, because I'm the primary user of our product.". /episode/index/show/somethingventured/id/15385862