In the Ellen Pao case, it’s not facts, but motivations, that will matter

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Both lead attorneys in the Ellen Pao vs. Kleiner Perkins sex discrimination case have now completed their closing arguments in a San Francisco courtroom.

It was a lengthy affair, with Pao lead attorney Alan Exelrod speaking for more than three hours yesterday, and Kleiner lead attorney Lynn Hermle speaking Monday afternoon and well into Tuesday.

Both sides seem to agree on the major events of the case — Pao’s various roles in the firm, her reviews, her eventual discrimination suit in 2012. What they disagree on are the motivations behind those events.

Did Pao file her discrimination claim because she knew that her movement up the ranks at Kleiner Continue reading "In the Ellen Pao case, it’s not facts, but motivations, that will matter"

Midas List 2020: Forerunner’s Eurie Kim (and Why Company Names Matter to Her)

Forerunner Ventures is one of Homebrew’s favorite co-investors for consumer commerce/retail startups. Firm founder Kirsten Green has an amazing analytical mind combined with empathy for the consumer. Since talent attracts talent, it’s not surprising Kirsten built a small community around her that also shines, notably Eurie Kim. We got to know Eurie over the last two years via our work together and I asked her to share some of her stories here…

Hunter Walk: What was your path to VC and more specifically, to Forerunner?

Eurie Kim: My path to VC was a very serendipitous one. After spending most of my career in some form of investing and entrepreneurship related to the consumer / retail sector, it all came together when I met Kirsten Green (founder of Forerunner Ventures) through a Wharton classmate and close friend (Mitchell Green, founder of Lead Edge Capital). Kirsten and I immediately hit it off and we both realized that we shared many similar career experiences and certainly shared a passion for investing in the consumer space.

At the time, no one was investing in early stage consumer companies — it wasn’t a “thing” yet. So when Kirsten described her vision for Forerunner, I was hooked. Forerunner represented the best of both worlds to me – an opportunity to invest in new and innovative consumer businesses combined with an opportunity to build a new and innovative venture capital firm.

HW: Is venture still an “apprenticeship” business? 

EK: Absolutely. I find it incredibly valuable (and fun) to work closely with Kirsten, who has been investing in the consumer space for her entire career. I would echo common thinking that much of venture investing relies heavily on pattern recognition, domain expertise, and intuition — all of which takes time to amass. A key benefit of working closely with trusted partners who have experienced business and investing cycles ebb and flow is that you can leverage their perspectives to hone your own thinking and move up the curve faster than doing it on your own.

HW: Forerunner focuses on commerce and brands. Why is this such a great time for innovation in those areas?

EK: It is such an exciting time to be a consumer. Every aspect of our lives are being disrupted with technology (specifically the mobile phone) and not one category will go untouched. Ambitious entrepreneurs are setting out to disrupt formidable incumbents across every product, service and experience. Consumers now value authentic brands that connect with them on a more personal level, which is creating opportunities for up-starts to gain momentum and loyalty from consumers. In today’s world where product and access are largely ubiquitous, and price is a terrible thing to compete on, we stand by

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Innovate Without Diluting Your Core Idea

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You may have played the game of “telephone” as a child. Your teacher sat the class in a circle and whispered a sentence to the first kid, who whispered it to his neighbor, and so on until the last child in the circle told the group what she thought she heard. Inevitably, this final sentence was markedly different from the original and was usually also wildly incorrect (hence the hilarity of the game).

This distortion is due to a concept called cumulative error. Organizations fall victim to the same phenomenon in innovation. When implementing new customer offerings and experiences, an original idea is often inadvertently manipulated as it moves through development. The game here is called “silos,” and it too results in cumulative error. A new concept is developed and, when ready for execution, is passed from department to department in a process not much different from “telephone”: a number of individuals, each tasked with sharing and repeating a phrase, will invariably distort it slightly as it moves along. Organizations liken this process to a manufacturing assembly line, which is effective when repeatedly producing a known item. However, when developing something new, this rigid and linear approach falters since there are no precedents for reference.

Business case developed? Yep, pass it on. Product specs outlined? I’m good, next. IT integration? On it. And so on through legal and compliance, training, and marketing.

Loop-backs and check-ins may occur, but they often involve the department before and after you in the assembly line, rather than the full roster of stakeholders. The end result is a highly produced, ready-for-scale solution — executed incorrectly.

This missed opportunity in execution occurs because the original intent of the idea was not maintained. The shape of the offering evolves as each subject-matter expert makes inevitable tradeoffs, editing embodiments and adding or subtracting features and language until what made the concept compelling to customers is left in tatters.

The fix is fairly straightforward, although it requires abandoning the assembly line approach and embracing a new way of structuring teams and working to develop customer-centered ideas for launch.

As a result of coaching clients across industry and geography to maintain the intent of their ideas as they bring them to scale, I’ve observed four common characteristics of successful innovation implementation teams.

They’re a tight-knit core. The first step in maintaining the intent of an idea is to build a cross-functional implementation team that is co-located and works together all the way through launch of a pilot, or minimum viable offer. Ideal team sizes will vary based on the concept being developed, but the most productive teams range from 5-9 people. The larger the group, the harder it is to align

Continue reading "Innovate Without Diluting Your Core Idea"

The Next Stage for Socratic

I had the pleasure of meeting Chris Pedregal and Shreyans Bhansali, the Founders of Socratic, in the summer of 2013.  During our first meeting we were quickly finishing each others’ sentences as they described their vision for how they want to make learning easier for students. They had both a clear vision, a noble mission, and I could see how the resulting product could be as ambitious (if not larger) than a web-juggernaut like Wikipedia. Based on a compelling initial product, a stellar core team, and their vision, I was eager to partner with these guys on their seed round, and I’m delighted they gave me the opportunity for us to work together.

Now, almost two years later, the community at Socratic is flourishing. A community of teachers are investing hundreds of hours collectively building together a massive repository of questions and answers to help students understand complex topics more easily.  As a result, teachers are having a profound impact on a global audience that is multiple orders of magnitude larger than their real-world classrooms.  One retired Chemistry professor (who goes by the handle Earnest Z) has touched 1 million students via his Socratic contributions.

This exciting community growth at Socratic was a catalyst in the company raising a $6MM Series A announced today. I’m delighted that Sean Flynn from Shasta Ventures has led the round. Sean and I have the privilege of working together on another board, and it’s a treat to be able to work with him again here.  In reflection on this financing news, Chris took the time to outline his vision for the next 5 years at Socratic. It’s an inspiring read, and I’m excited to be partnered with Chris, Shreyans, and the rest of the Socratic team as they build towards their vision, a vision they see so clearly, it’s painted on the walls of their office:

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If you share this vision, come join them. Socratic is hiring.

How Life Insurers Can Bring Their Business into the 21st Century

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Life insurance is – or should be – a central element in most households’ financial planning. Yet life insurance sales have been on a steady decline for years. According to LIMRA, the life insurance industry trade association, the number of individual holders of life insurance in the U.S. dropped 45% – from 17.7 million to 9.7 million – between 1990 and 2010. Only 44% of households had any life insurance in 2010, which is a 50-year low. In 1960, it was 72% of households.

Part of the reason for the drop in life insurance sales is because the rate of household formation is much lower than it used to be. The average age for a first marriage is now 27 for women, whereas is was 21 in 1950; for men it’s now 28, versus 24 in 1950. And in a sluggish economy, many households simply do not have the extra resources to allocate to life insurance.

Then there is the “longevity paradox.” People are living longer now — a lot longer, in fact. Life expectancy for women increased from 71.1 years in 1950 to 81.1 years in 2013. Men could expect to live for 65.6 years in 1950, but can currently plan on living 76.4 years. Fears of an early death have now been replaced by fears of outliving ones’ resources. This fear has grown in recent years with the steady disappearance of defined-benefit pension plans.

A recent survey by Gallup found that Americans, on average, expect to retire at 67, and only 38% think their retirement will be comfortable. Only 10 years ago, the average American expected to retire at 63, and 59% anticipated a comfortable retirement.

Faced with such dramatic shifts in their market, many insurers have fallen into the classic trap of trying to figure out how to sell their existing products, rather than creating new sales engagement models that focus on customers’ real needs. In order to remain, or in some cases once again become, a relevant investment vehicle, life insurers need to shift to a needs-based, solution-selling approach. Client protection, investment, and retirement needs vary across life stages and demographics. Changing customer behaviors driven by digital technology have altered the way consumers want to buy. Some prefer a “do it yourself” approach while others rely on adviser-based support models. Most clients start their shopping process online, but still count on an adviser for the actual purchase decision. Insurers need to gain deeper customer insight to design new offerings and engagement models.

The business of providing guarantees against mortality, morbidity, and longevity risk is so complicated that the process is unlikely to be replaced entirely by a smartphone app – at least not anytime soon. But, to remain relevant and to reverse declining sales trends, life insurers should modernize their products, services, and marketing efforts in four key ways:

  1. Understanding the customer. Insurers should be trying a lot harder to discover what customers of today really want. Rather
    Continue reading "How Life Insurers Can Bring Their Business into the 21st Century"

Where Protocols Come From

There’s an interesting discussion on usv.com this week called Where Protocols Come From. Here’s the anchor to the discussion:

Protocols play a vital role in computing, as well as a vast array of our online interactions. The device you’re reading on now has a USB connection; without it, your device couldn’t interoperate with other devices. You’ve probably sent an email to someone in the past hour; without the standard IMAP/SMTP protocol, you wouldn’t be able to send email to people who aren’t on Gmail.

While protocols make interoperability possible, and in fact many are governed by standards bodies, history shows that standards are often imposed by one dominant player. For example, Apple may have quietly invented the new standard for USB. JVC played a large role in the invention of the VHS.

On the software side, the history is a little murkier. Among file formats, Adobe invented the PDF and Apple is largely responsible for the proliferation of MP4HTTP was invented by a computer scientist and widely adopted without the domineering of any one industry player. Attempts to establish social networking protocols, such as Tent.io, have largely failed. We are, however, beginning to see an uptick in protocols proffered by companies, such as our portfolio company Onename.

This week we’re asking:

  • Why have hardware protocols been driven by dominant players but not software?

  • What might it take for a software company to establish a protocol?

  • What conditions must be met to establish to establish an internet protocol?

The discussion is here. We are collecting both comments and posts in the discussion, which is how we do every topic of the week at usv.com.

It’s Time for Baseball to Forgive Pete Rose

It’s Time for Baseball to Forgive Pete Rose:

Christopher Caldwell:

When Mr. Rose began his career in 1963, you could smoke anywhere but gamble legally only in Nevada. Today, you can smoke virtually nowhere but gamble in dozens of states.

Times change.

Baseball’s venerable records, especially those involving home runs, are now frustratingly incommensurable between eras. Any individual steroid user you can name did more to damage baseball than Mr. Rose did, but none has been punished so harshly. Mr. McGwire is hitting coach for the Los Angeles Dodgers. Mr. Bonds has worked for the San Francisco Giants.

And baseball has changed. If Bonds, McGwire, etc. are on the Hall of Fame ballot every year, Pete Rose should be as well.

No Comment

All of three of you seemed to notice that my new blog design is missing comments.  That's because it was rare that any more than three people ever commented on my blog in the first place.  

Don't get me wrong.  I wanted feedback.  I love feedback, but most of the feedback wasn't happening in the comments.  It was happening by e-mail and on Twitter.  So, I'd occasionally get a comment or two... and once in a blue moon I'd get like eight.  

In over a decade of blogging, I've never found a consistent writing schedule.  I write like I do now, finding twenty minutes here and there in between meetings, and then I rush off to something.  So, if I get comments, I can't seem to prioritize responding to them sooner than two days later.  

On Twitter, however, I'm very responsive.... so Twitter has always been a much better way to interact with me around my blog anyway.  It's probably where I get most of my traffic as well.  I still get a lot of e-mail subscribers as well, and they just hit reply.

So, I decided, in an effort to clean up all of the superfluous design elements from my blog, that I wasn't going to carry over my Disqus comments.  I never go back to them and they weren't much of a community.  I'm happy to engage around any aspect of my blog in public on Twitter or by e-mail, but I won't be doing it through a comments feature anymore.  It's a time and effort thing, and a quality bar.  

Also, you're welcome to disagree on your own blog.  :)

Why Group Brainstorming Is a Waste of Time

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To grow and innovate, organizations have to come up with creative ideas. At the employee level, creativity results from a combination of expertise, motivation, and thinking skills. At the team level, it results from the synergy between team members, which allows the group to produce something greater than the sum of its parts.

The most widely used method to spark group creativity is brainstorming, a technique first introduced by Alex Osborn, a real life “Mad Man,” in the 1950s. Brainstorming is based on four rules: (a) generate as many ideas as possible; (b) prioritize unusual or original ideas; (c) combine and refine the ideas generated; and (d) abstain from criticism during the exercise. The process, which should be informal and unstructured, is based on two old psychological premises. First, that the mere presence of others can have motivating effects on an individual’s performance. Second, that quantity (eventually) leads to quality.

Osborn famously claimed that brainstorming should enhance creative performance by almost 50% versus individuals working on their own. Yet after six decades of independent scientific research, there is very little evidence for the idea that brainstorming produces more or better ideas than the same number of individuals would produce working independently. In fact, a great deal of evidence indicates that brainstorming actually harms creative performance, resulting in a collective performance loss that is the very opposite of synergy.

You and Your Team

  • Meetings
    How to make them more productive.

A meta-analytic review of over 800 teams indicated that individuals are more likely to generate a higher number of original ideas when they don’t interact with others. Brainstorming is particularly likely to harm productivity in large teams, when teams are closely supervised, and when performance is oral rather than written. Another problem is that teams tend to give up when they notice that their efforts aren’t producing very much.

But why doesn’t brainstorming work? There are four explanations:

  • Social loafing: There’s a tendency – also known as free riding – for people to make less of an effort when they are working in teams than alone. As with the bystander effect, we feel less propelled to do something when we know other people might do it.
  • Social anxiety: People worry about other team members’ views of their ideas. This is also referred to as evaluation apprehension. Similarly, when team members perceive that others have more expertise, their performance declines. This is especially problematic for introverted and less confident individuals.

Boulder Startup Community Members: Help Fund the Code for America Fellowship

If you are a founder or employee of a startup in Boulder and want to increase the overall effectiveness of our local Boulder government, please help us fund the Code for America Fellowship in Boulder.

We are raising a total of $75,000 to match the $75,000 being contributed to this effort by the City of Boulder. So far $30,000 of the $75,000 has been funded by my partners at Foundry Group, Rally Software, and the Anchor Point Foundation (the foundation that Amy and I run). If you’d like to contribute, either email me or donate online at the Code for America site.

Through the foresight of Liz Hansen and Jane Brautigam (the Boulder City Manager), Code for America is working on a project with the City of Boulder to help the city increase its engagement with stakeholders in Boulder around civic issues, including the city’s housing plan. As Jane mentions in her guest opinion piece, she believes this is the year for Boulder to be at its best. As she clearly states:

“It is my commitment to you, the community, that we are listening and that the city team is putting in place a number of new tools and work efforts to support inclusive, respectful and meaningful conversations in 2015, and beyond. These include the hiring of a new neighborhood liaison, a position that was approved last year by council as part of the 2015 budget; a new partnership with Code for America and local volunteers to develop better tools for online engagement and information sharing; and robust community participation processes for the work related to affordable housing, design excellence, our climate commitment, and our community’s comprehensive plan.”

This project resulted in us bringing Becky Boone, last year’s fellow with the City of Denver, to Boulder to spend seven months working with the city. Part of Code for America’s approach is that the city funds half and the community funds half, hence our call for action to support our half of the funding for the program.

Boulder is internationally recognized as a very successful startup community and this entrepreneurial approach fits Colorado well. However, with success comes challenges, including growth and issues of density. Today, Boulder has a population of about 100,000 and about 100,000 jobs. 60% of these job holders commute into Boulder for work while 40% live and work in Boulder in one of the 44,000 housing units.

With population and jobs estimated to grow to about 115,000 each by 2035, Boulder has a success problem. This is exacerbated by design constraints developed for the city in the 1960s and 1970s. The result of these “success problems” is in an increased tension around the discussion of the future of our city in the editorial pages of the Daily Camera, City Council meetings, and conversations around town.

In the search for simple solutions, almost every group in town has been blamed. Lately, the success of the entrepreneur ecosystem has started to become the target for criticism around these issues. As a result, a number ...

Technology Can Save Onboarding from Itself

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Competition among the most innovative companies is growing ever more heated for one of the most highly-coveted resources on the market: talented employees. But sadly, too many new hires slip away because of a poor initial experience with their new companies. Consider the following statistics, which represent broad data in the United States:

The problem is that managers’ lives are busier than ever, so it’s simply not that easy to make sure an employee’s first few months at your company are as welcoming, stimulating, and productive as possible. Ineffective onboarding has been a systemic challenge for as long as I can remember. Kristin Yetto, SVP HR, eBay, heartily agreed in a recent conversation we had, pointing out “when employees get off on the wrong foot at a corporation, it can have major implications for [their] long-term integration.” The unfortunate reality, as Kristin and many of her colleagues in HR know all too well, is that most companies — by their own admission — pay little to no attention to the onboarding process:

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And yet, the latest research suggests that onboarding may be the most critical time in an employee’s experience at a company — one that has a long-lasting impact on engagement, performance, and retention. That’s one reason I recently founded a new company called Yoi (the Japanese word for “getting better”); I was determined to address my long-standing observation that people learn and develop best through “experiential learning” and in relationship with others, rather than through the more traditional instructional and/or e-learning solutions. Companies like Yoi, Workday, and Cornerstone OnDemand have all developed digital tools to allow employees the opportunity to grow in this more practical, actionable manner. These tools help streamline communications across the enterprise, and bolster employee engagement throughout an employee’s tenure at the company. Yoi focuses particularly on the six-month journey of the onboarding process, offering managers a chance to identify challenging areas for their hires and then intervene before little problems become big ones.

One of the greatest obstacles to effective onboarding is the time (or lack thereof) managers have to properly assess, coach, and engage their new talent. But digital behavioral assessments and interventions can help you focus on improving and measuring employee behaviors across 40 focus areas related to:

  • Job specific knowledge and skills
  • Core role competencies
  • Relational integration with the team
  • Work habit improvement

Just as a Fitbit collects leading indicators on physical health, digital onboarding tools can help managers collect leading indicators of success — such as faster ramp to productivity, greater retention rates,

Continue reading "Technology Can Save Onboarding from Itself"

African Venture Capital: Nigeria and Kenya are leading the continent with startups and fundraising


While still small compared to much of the rest of the world, Africa’s startup scene is starting to gather momentum, led by Nigeria and Kenya, according to a new report.

Published by Venture Capital For Africa, or “VC4A,” the report says that Nigeria has the most startups raising capital, but Kenya has attracted more overall investment. However, it also notes that the startup action is still not widely distributed across the continent, with only a handful of other countries attracting meaningful amounts of entrepreneurs or venture capital investments.

“The research shows there are a growing number of businesses that are successfully growing their operations over time and adding much-needed jobs to the African marketplace,” said VC4Africa cofounder Ben White, in a statement. “This is a key message to investors. Now is the time to get involved in this space.”

VC4Africa is a platform for connecting entrepreneurs in Africa with investors.

Venture Finance in Africa Report
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African Venture Capital: Nigeria and Kenya are leading the continent with startups and fundraising

Kenya
Want to master the CMO role? Join us for GrowthBeat Summit on June 1-2 in Boston, where we'll discuss how to merge creativity with technology to drive growth. Space is limited and we're limiting attendance to CMOs and top marketing execs. Request your personal invitation here!

While still small compared to much of the rest of the world, Africa’s startup scene is starting to gather momentum, led by Nigeria and Kenya, according to a new report.

Published by Venture Capital For Africa, or “VC4A,” the report says that Nigeria has the most startups raising capital, but Kenya has attracted more overall investment. However, it also notes that the startup action is still not widely distributed across the continent, with only a handful of other countries attracting meaningful amounts of entrepreneurs or venture capital investments.

“The research shows there are a growing number of businesses that are successfully growing their operations over

Venture Finance in Africa Report
Continue reading "African Venture Capital: Nigeria and Kenya are leading the continent with startups and fundraising"

Sometimes You Lead, Sometimes You Follow

In venture capital, most of the time it is best to be in front.  Be ahead of the curve and the herd.  That’s where the real money is made.  But, you can’t know everything about everything and so sometimes you look for cues from trusted friends and advisors before you get into a deal.

In a different arena yesterday, my friend Boysie Bollinger lead.  Someday, I hope to follow.

Boysie made a large gift. If you have the means and can make a big gift, by all means do it. Everyone else can all follow in a small way.  That sort of mimics World War Two.  There were some big pivotal battles.  But, every day, every person in America contributed in some way to winning the war and changing the world.  Some in factories.  Some at a canteen in Nebraska.  Some on a farm.  Some behind the lines making sure the operations of the army took care of those up in front.  It wasn’t a singular effort.  It was all of us.

If you have never been to the museum in New Orleans, you need to go and book a trip there.  If you have a person of WW2 vintage in your family that can still travel, bring them.  I have seen first hand how the museum connects families.  Great grandparents open up about memories that they have never talked about.  Their children, grandchildren, and great grandchildren learn more about them, and the history that they lived through.  If your WW2 vintage family member has passed away, honor them here.  But, still head down to the Big Easy and stop by the museum.  You will learn more about them than you ever knew before.  You will learn a lot about yourself too.

 

 

 

The future of restaurants is no restaurant (or why we invested $275,000 in BENTO)

Here in San Francisco the future has arrived and it’s really awesome. You can get whatever you want almost instantly at a very reasonable cost. It’s called the on-demand economy, and it’s been driven by the phenomenal success of Uber (in which I was lucky enough to be one of the first angel investors).

The “Uber of…” is a common theme today and I think perhaps the next biggest entry into the space will be food and I’ve placed a bet on one of them: BENTO.

[ Click to Tweet (can edit before sending): http://ctt.ec/JePpa ]

Here’s how it works:

  1. You open an App and you pick your main course and four sides.
  2. In under 15 minutes someone is outside your house with a thin, rectangular box — the slickest packaging you’ve ever seen for delivery food.
  3. You meet the driver outside and get your food.

You just paid $12 per person for a generous dinner that took under two minutes to order, 15 minutes to get to your house, and you will probably have some leftovers for tomorrow.

How is this possible, you ask? Well, it’s not rocket science:

  1. A central kitchen makes “pods” of food and packs them into hot and cold bags.
  2. Those hot and cold bags plug into the cigarette lighter in the car so the food stays warm or cold.
  3. The driver assembles your BENTO box outside your house.
  4. Because you come and get your food at the curb there only needs to be one person in the car, they don’t have to park or risk a ticket. So, a quick walk to the curb combined with an iPhone App makes this business model actually work! If you had two drivers or had to park I’m guessing the price would be 30-50% more. In other words, you would have to pay $10 extra to have it brought to your door.
  5. There are a lot of types of Asian food that travel well and are delicious (soba, veggies, curry, etc.) and BENTO focuses on those.
  6. They obviously stay away from things that don’t travel well (tempura, fried dumplings — which get soggy).
  7. They don’t have the overhead of a storefront.

Continue reading "The future of restaurants is no restaurant (or why we invested $275,000 in BENTO)"

One VC’s take on NYC and Enterprise Tech

When Willie Sutton, the prolific bank robber, was asked why he robbed banks, he answered, “because that’s where the money is.” When asked by investors in early 2010, why we were starting a seed fund focused on enterprise and leveraging NYC, I answered with Willie’s quip but also said, “because that’s where the customer-driven talent is.” One of the key criteria for successful enterprise investing besides team, product, and huge markets is ensuring that you invest in a “must-have” and not a “nice-to-have” solution. When companies are born out of real pain, more often than not this criteria is wholly satisfied! I bring a unique perspective to this conversation having been a VC based out of NYC for the last 19 years (wow — am I dating myself!). While I have had my fair share of failures, I have also been a first round investor in many enterprise successes both in and outside of NYC, including leading or seeding the first round in LivePerson ( NYC, current market cap of $650mm), Greenplum (sold to EMC, now Pivotal), GoToMeeting (sold to Citrix, now Citrix Online doing over $600mm+ revenue), Divide (NYC, sold to Google), blaze.io (sold to Akamai), GoInstant (sold to Salesforce.com) and a few others.

Necessity is the mother of invention

As I think about common characteristics of great enterprise startups that I have had the pleasure to work with in NYC, I think about entrepreneurs building companies based on great pain, a deep understanding of the customer problem because they are customers themselves, and from that, using their computer science backgrounds to engineer a better and more scalable solution. Many of these great founders are simply hidden in larger companies, developing software for non-tech firms and functioning where tech is more of a support role versus front and center in terms of driving revenue growth. This is much different from entrepreneurs leaving established software vendors wanting to create a bigger, better, and cheaper mousetrap with a “great technology in search of a problem to solve.” While starting with a customer pain is great, the big question for many of these startups is whether or not this pain is a one-off or a market problem that is massive enough to attack.

Success Breeds Success

Divide

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When we first met Andrew Toy and Alex Trewby in mid-2010 they were VPs Wireless at Morgan Stanley and experiencing a huge pain point — employees were bringing in their iphones and android devices for personal use while still using their blackberrys for corporate purposes. Like any great entrepreneur, they asked the question, how do I solve this problem with software and allow companies to have the peace of mind and security policies needed for
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