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
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
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.
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.
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
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
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
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
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
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:
You can filter jobs by benefits like maternity leave, trans-inclusive healthcare, or visa sponsorship.
You get a personal interviewing coach.
If a company wants a premium posting, Find My Flock has an off-the-record phone call with two developers in the company to make
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
Our longtime friend Lura Vernon wrote a really fun book last year titled Cool Dogs and Crazy Cats. It’s a coffee table book that is a combination of hilarious dog and cat haikus along with epic dog and cat photos.
I’m a dog person. During my first marriage in the 1980s, I had a gigantic cat named Tiny. It was evil. You’d be lovingly petting it and it would suddenly sink its teeth into your arm. Actually, when I reflect on it, the cat only attacked me regularly. But then I tossed milk bottle caps across the bathroom which it chased, right into the bathtub, which was full of water. Yeah, I contributed to the dynamic we had.
Fortunately, Amy is a dog person. We currently have two giant golden retrievers (Cooper and Brooks) which are #4 and #3 in our life (Denali was the first, followed by Kenai.
I’m a recent conversation with Eric Paley, he gave me an amazingly wonderful analogy for how the career of a VC unfolds. He said:
“Being a VC is like taking a walk from Boston to San Francisco”
I’d never heard that before so I said: “tell me more.” He went on an awesome ramble, which I’ll try to capture below.
You start out on a sunny day in Boston. You put on your new, clean walking shoes. It’s just walking. It’s fun, fresh, and exciting. It’s a new experience, with lots of hopes and expectations in front of you. You get tons of support and encouragement from all of your friends. You meet plenty of new and interesting people. It’s just walking.
After a few days, you feel like you are getting into a rhythm. You feel you are good at this. It’s still easy and exciting, but now you
I’m a marathon runner, but not an ultrarunner. I’ve only done one ultra (the American River 50 miler) and the combination of the training, race, and recovery was too much for me. But I love the idea of ultras.
I have several close friends who run ultras so I live vicariously through them. I love to watch documentaries about ultras, like the insane Barkley Marathons.
There are lots of ultra runners in Boulder. While I’m not part of the scene, I follow them from a distance.
Ever since I saw Princess Leia appealing to Obi Wan that he was her only hope when I was 11, I’ve wanted a holographic display. Movies like Minority Report and Back to the Future II (do you remember the shark hologram that ate Marty?) have consumed thousands of people’s lives over the past few decades. But until now, no one has been able to make a scalable device that would let groups of people, unaided by a VR or AR headset, see and touch a living and moving 3D world.
That’s changing today with the launch of the Looking Glass, a new type of interface that achieves that dream of the hologram we’ve been promised for so long. The Looking Glass is technically a lightfield and volumetric display hybrid,
We’ve been a part of Glowforge’s journey to production since even before their record-setting crowdfunding campaign. But the campaign was the moment we knew that we’d found something special: the elusive product-market fit. People really, really wanted the product. Now that it has made its way into thousands of households, we’re seeing something even better. People really, really love their Glowforge.
Of course, all the numbers in the world can’t convey just how awesome their product is until you see it in action. I’ve used mine to make everything from luggage tags to wallets. It’s an
“Historically, the $10 million valuation mark has been somewhat of a ceiling for seed stage startups. But so far this year, we’ve seen that a number of companies, often times with nothing more than a team and a Powerpoint presentation, have had great success raising capital north of that $10 million level. Furthermore, round sizes continue to tick up, with many seed rounds now in the $2.5 million to $4.0 million range.”
We are seeing this also and have been talking about it internally, so it prompted me to say something about it.
I had dinner with Ian Hathaway a few weeks ago when I was in London. It was a delight to see him in person. While we’ve been collaborating on Startup Communities 2 (which we are now calling The Startup Community Way), which will come out at the “end-of-the-year-ish,” having dinner was a delight and reminded me how much I like him.
A few months ago he wrote a post on Waterloo, and activity in Canada in general, titled The North Star. It’s a good post worth reading but reminded me of a concept that we are weaving into The Startup Community Way.
There is an increasing number of “binary star” startup communities. If you aren’t familiar with binary stars, they are a system of two stars in which one star revolves around the other or both revolve around a common center.
We’ve been soaking (and investing) in the world of 3D printing since our investment in MakerBot in 2011. Since then, we’ve made three other investments in the world of 3D printing – Formlabs, Glowforge, and Looking Glass. While Looking Glass is a holographic display and is the inverse of a 3D printer, you’ll see how it fits into this in a moment.