Book: How to Meditate

Over the past few years, I’ve incorporated meditation into my daily routine. I started by using Headspace, shifted to using Insight Timer, and now do whatever I feel like doing.

A week ago, while proofreading a draft of Jerry Colonna’s upcoming book, I noticed a few sections where he mentioned Ani Pema Chödrön. When he referenced her book How to Meditate, I went on Amazon and bought a physical copy to read.

Last night, as Amy and I laid on our respective couches reading, I flowed through How to Meditate. With Brooks the Wonder Dog at my feet, I relaxed into what was a wonderfully written book on Meditation. It’s less about the mechanics of meditation (although there are some described) but more about the philosophy of meditation. And, as a human, how to relate to what meditation is, and what it can do, for and to

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Book: A Gentleman in Moscow

“How did your book end?” asked Amy from her position reading on the couch across the room.

“Perfectly,” I answered.

A Gentleman in Moscow was magnificent. While there’s still a chance I’ll read something better in 2018, for now, I’m declaring it the best book I’ve read this year.

I started A Gentleman in Moscow earlier this week after finishing Bob Woodward’s Fear: Trump in the White House, which was also excellent, but of a very different nature. Several people had recommended it to me (including, I think Maureen, so this may count as a women’s book club recommendation). According to Amazon, I’ve had it on my Kindle since I purchased it on 9/5/16. After consuming it two years later, it seems fitting that I let it age a little.

I didn’t really know what to expect, so I was startled to begin in Moscow on June 21,

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Acknowledging The Value of Coaching and Therapy for Founders

I’ve long written about the stigma around entrepreneurship and depression / other “mental health-related issues.” I was delighted to see two articles in the last day about others addressing this.

First, Felicis Ventures is committing 1% on top of every check the firm writes in non-dilutive capital earmarked for “founder development” in coaching and mental health. I love the way Aydin Senkut has characterized what they are doing and why they are doing it.

“Felicis’ bet is that by making such resources available and publicly known, founders won’t feel too proud, or too much pressure to seem successful, to address personal and team issues. Tactical marketing help can only go so far, Senkut says, when founders aren’t telling their investors that they’re unable to sleep from anxiety, or not speaking to their cofounders.”

Next, Mahendra Ramsinghani has a long article in Techcrunch titled Investors are waking up to the

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Book: Uncensored

A few months ago Andy Sack got me a subscription to The Next Big Idea Club. Every quarter, a box with two books in it shows up. These books were chosen by Adam Grant, Susan Cain, Malcolm Gladwell, and Daniel Pink – several of my favorite contemporary writers and thinkers.

A box showed up at the end of last week. On Saturday, I read one of the books in the box – Uncensored: My Life and Uncomfortable Conversations at the Intersection of Black and White America by Zachary Wood. I was pleasantly surprised that it landed squarely in the memoir category even though Zachary is only 22.

While Zachary is clearly an incredible human, his story is even more remarkable. The first 75% of the book is his story of growing up in poverty, with an abusive mother, an emotionally distant father, with time split between Detroit and DC, while

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Reading Memoirs

I’ve always included a steady mix of biography (and autobiography) in my reading diet. Recently, I’ve added in memoirs, which I’ve always felt was easily distinguishable from autobiography.

“an autobiography is a chronological telling of one’s experience, which should include phases such as childhood, adolescence, adulthood, etc., while a memoir provides a much more specific timeline and a much more intimate relationship to the writer’s own memories, feelings and emotions.”

Over the past few weeks, I’ve read Omarosa Manigault Newman’s Unhinged: An Insider’s Account of the Trump White HouseLisa Brennan-Jobs Small FryMark Epstein’s Advice Not Given: A Guide to Getting Over Yourself, and Gail Honeyman’s fictional Eleanor Oliphant Is Completely Fine.

While it can be argued that each of these (other than Small Fry) belong in a category other than the memoir, reading each of them resulted in a lot of self-reflection on my

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Entrepreneurs Unplugged – The David(s) on 9/13/18

One of my favorite public events is the CU Boulder Silicon Flatirons Entrepreneurs Unplugged series. I was the co-host for the first couple of years, sharing the interview job with another Brad (Bernthal) who now is generally on his own.

On Thursday, 9/13/18 at 5:30pm, Bernthal will be interview David Cohen and David Brown, the co-CEOs of Techstars (who we often fondly refer at Foundry Group as the “the David(s).” The event will be held at the CU Boulder Law School.

If you know the David(s), I expect this will be a treat as I know Bernthal will start with their early entrepreneurial career (Pinpoint) and stick with it for a while. While many people know the Techstars story, the PinPoint story is much less well known but equally fascinating. And, if you need any hints on Q&A (which Bernthal always leaves time for), just drop me a note.

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Two Weeks Ago …

On the afternoon of 8/21, I had a Foley Catheter put in. I didn’t think I was going to die (that was the afternoon of 8/22), but I did think I was going to explode.

I feel better today. Not 100%. But on the mend. But two weeks ago I was in the midst of a blooming E. Coli infection that started Sunday 8/19 and probably came from some fruit and vegetables I bought at the Aspen Farmers Market on Saturday. Note to self – always, always, always wash your fruits and vegetables carefully.

By Thursday, 8/23 I was very sick. So I canceled everything on my calendar through yesterday. I addition to my dance with E. Coli, I am healing from a bone bruise I have on my left tibia and something miserably wrong with my right shoulder – both which came from a tumble down the stairs on

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Will Someone Please Tell Me Exactly What a Looking Glass Can Do?

A few weeks ago I wrote about the launch of the Looking Glass, a desktop holographic display made for 3D creators. Since then, over a thousand people have purchased a Looking Glass for their desks. I think part of the reason for this attention is that the Looking Glass is filling a much-needed hole in the REPL for Hardware flow alongside additive and subtractive desktop 3D printers and laser cutters. It also helps that the Looking Glass works without a VR or AR headset.

If you have ever used a 3D printer, has Unity, Maya, or Blender on your computer, or isn’t scared by terms like “volumetric video” and “light-field photography”, you should probably have a Looking Glass. For 48 more hours, you can get one of your own for 25% off here.

It’s right around this point in the post that I can hear the skeptics asking themselves

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Deleting Facebook

Yup. I’m done with Facebook. However, it’s tough to delete your account. Read the message above. I exited out of this screen, suspended my account instead, but then went back 15 minutes later and actually deleted it. Well – I started the deletion process. I don’t know what day I’m on, but I think I’m close to 14 days. So, I’m still “deleting” apparently.

The only inconvenience I’ve noticed so far are all the sites where I used Facebook as the sign-on authenticator (rather than setting up a separate email/password combo.) I think I’m through most of that – at least the sites I use on a regular basis. For the first few days, I accidentally ended up on the Facebook login screen which was pleasantly filled out with my login beckoning me to log back in. I resisted the siren song of restarting my Facebook account before the 14

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RSS: The Persistent Protocol

One of our themes is Protocol. We’ve been investing in companies built around technology protocols since 1994. One of my first investments, when I moved to Boulder in 1995, was in a company called Email Publishing, which was the very first email service provider. SMTP has been very good to me.

We made some of the early investments in companies built around RSS, including FeedBurner and NewsGator. RSS is a brilliant, and very durable, protocol. The original creators of the protocol had great vision, but the history and evolution of RSS were filled with challenges and controversy. Like religious conflict, the emotion ran higher than it needed to and the ad-hominem attacks drove some great people away from engaging with the community around the protocol.

And then Facebook and Twitter took over. RSS Feed Readers mostly vanished, and the feed became the “Twitter feed.” After a while, Facebook realized this

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Every Generation Learns The Same Lessons

While it’s easy to tell people things, it’s much more powerful to learn things. And, as I get older, I see the same lessons being learned by subsequent generations. While this isn’t a post that says “everything is the same as it was before”, there are foundational lessons in life that play out over and over again.

I spent the weekend with a friend from the last 1990s who was the lead banker on the Interliant IPO (I was a co-founder and co-chairman.) Last night, at the Aspen Entrepreneurs event, I was asked to describe several failures and I rolled out my story about Interliant, which, for a period of time (1999 – 2000) appeared to be hugely successful before going bankrupt in 2002. If you like to read IPO prospectuses, here’s the final S-1 filing after INIT went effective and started trading on July 8, 1999.

A few

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The Economics of VCs Recycling Management Fees

Several years ago, I wrote a post titled Why VCs Should Recycle Their Management Fees.

From the start of Foundry Group in 2007, we have felt strongly about this. We feel that if an LP gives us a $1 to invest, we should invest at least that $1, not $0.85 (the average fee load over a decade for a typical VC fund is 15%.) Our goal for each fund is actually to invest closer to 110%, which means if an LP gives us a $1 to invest, we are actually investing $1.10.

Our long-time friends and LPs at Greenspring recently wrote a great post titled Creating GP-LP Alignment: Why Terms Matter. The post specifically discussed three items: Management Fees, Recycling, and Carried Interest.

The entire post is worth reading, but I especially liked their section on Recycling which includes a handy chart showing that recycling means that

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16-49-81

What do these numbers mean to you?

At a recent offsite, during our conversation about evolving our communication patterns (which I refer to, in my head, as “the Matrix”), Ryan said “16-49-81.” Everyone stared at him and I responded “4-squared, 7-squared, 9-squared.” Then, everyone nodded their heads but were probably thinking “these guys are numerology goofballs.”

But then Ryan said, “Metcalfe’s Law” and everyone immediately understood.

When we were just four partners, our communication matrix was 16. We added three new partners and it became 49. We recently added a General Counsel to our team and consciously included our CFO in the communication matrix, so now it’s 81.

81 is a lot different than 16. Our communication matrix is highly optimized (and something we are extremely focused on as a key attribute of what we do), but Ryan was pointing out that we needed to

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June Launches their Second Generation Oven for $499

When Amy and I cook, we want it to be as hassle-free as possible. That’s where the June Oven comes in.

I first learned about the June Oven in 2014 and was impressed with how the June Oven was using technology to make cooking easier and more time efficient. Not only did we invest in June, but I’ve owned a June Oven for over two years.

Now four years later since I first spoke to June co-founders Matt Van Horn and Nikhil Bhogal, June has launched their second generation oven and it’s better than ever. It addition to being a convection oven, it is also a slow cooker, air fryer, dehydrator, broiler, toaster, and warming drawer.

So, with the June Oven, you get seven appliances in one which is good for both your wallet and kitchen counter space. The oven cooks the perfect medium-rare steak, air fries chicken, or bakes

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Where Does Foundry Group Invest?

Semil Shah recently wrote a post titled Investing Outside The Bay Area. In it, he talked about his own experience expanding his investment horizons beyond the bay area, but also mentioned some other folks, including us and USV, where he did a quick analysis of the location of our partner funds.

From Semil’s post:

“Another firm linked closely to USV — Foundry Group in Boulder — has also been investing with an eye for geographic diversity. While I don’t have portfolio level stats for them, their new endeavor Foundry Next (to invest in smaller funds and then follow-on into key investments) has built up an LP basket of 23 positions in a variety of new VC funds. Of the 23 funds listed here, 13 are in the Bay Area, 3 in NYC, 3 in Boston, 2 in LA, and one each in Detroit, Seattle, Toronto, Waterloo, Indianapolis, and Fargo, North

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Speaking at the Aspen Entrepreneur Showcase on August 13th

On August 13th, I’m giving a talk as part of the Aspen Entrepreneur Showcase. I’m doing an AMA moderated by Chris Klug on:

  • Entrepreneurship & Innovation in Rural Communities
  • Angel & Venture Capital Investing
  • The GiveFirst Ethos and its Impact on Startups
  • Forming Great Boards of Directors
  • Techstars Accelerator Going International
  • Mental Health and Depression
  • Philanthropic Giving
  • Trends for 2019

And, since it’s an AMA, that means people who show up can ask me whatever they want.

If you are near Aspen on 8/13, it’s from 6:30 pm – 8:00 pm at the Rocky Mountain Institute in Basalt, CO.

The post Speaking at the Aspen Entrepreneur Showcase on August 13th appeared first on Feld Thoughts.

Becoming Warren Buffett

I regularly get asked where my investing philosophy comes from. There isn’t an easy answer, as it comes from a lot of places, numerous people who influence my thinking (publicly and privately), my partners, and lots of reflection and critical thinking around things that have worked and haven’t worked for me over the past 25 years.

However, one public person who has influenced my thinking for a long time is Warren Buffett. I don’t know Buffett, but I’ve been a fan and follower since college. I read his annual report every year. I’ve also read several biographies on him as well as a bunch of stuff on his long-time partner Charlie Munger (who I’ve learned even more from.)

Last weekend, Amy and I watched the documentary Becoming Warren Buffett. I thought it would be a harder sell to her, but I think we needed a break from binge-watching The Expanse

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Our New Fund – Foundry Group Next 2018

This post originally appeared as Announcing Foundry Group Next 2018 on the Foundry Group website.

We are happy to announce the closing of our seventh fund, Foundry Group Next 2018. The $750 million fund combines all of our prior fund strategies – our early stage, early growth, and partner fund investments – into a single fund.

For historical reference, our early-stage funds (FG 2007, FG 2010, FG 2013, and FG 2016) are all $225 million in size. Our first early growth fund raised in 2013, Foundry Group Select, is also $225m in size. In 2016, when we raised Foundry Group Next, we approximately doubled the size of that fund to $500 million since 30% of it was going to be invested in partner funds and 70% in early growth. So, at the beginning of 2016, we effectively raised $725 million (FG 2016 and Foundry Group Next). Foundry Group Next 2018

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Designing For Underrepresented Technologists First

I’ve written several times about leveling the playing field for women in tech, including our own actions at the Foundry Group. I’m always keeping my ear to the ground for how to do this better.

Recently, I was connected to Kate Catlin, the Founder of Find My Flock, by my partner Jason. From the outside, it looks like Find My Flock is a tech job board that is enthusiastically open to all. What isn’t obvious is that they did 100% of their product research, design, and UX testing with developers who happen to be women and/or people of color.

This led to some very specific features:

The Value of Both Optimists and Pessimists in the Room

I spend a lot of time thinking about and working on team dynamics. For a sense of how we think about them at Foundry Group, read Lindel’s great recent post Working at Threshold.

During a recent board call, there was a particularly challenging segment of the discussion. Afterward, I was frustrated because I felt like I was having an argument with another board member about something, but operating with different data. When I reflected on it, I realized that it wasn’t the data, but our respective frames of reference.

I was coming at the issue with an optimistic posture. She was coming at the issue with a pessimistic posture. The other board members on the call just listened, so while the data was the same, went ended up discussing it from opposite perspectives.

In general, this is a good thing. When the biases are known in advance, or explicitly stated, different

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