The high-level summary is “not very differently than we have and are investing in other sectors”. At USV, we like certain businesss models, go to market approaches, and product types and that won’t change as we add climate/sustainability to our focus areas of wellness, knowledge, and capital.
Albert’s post mentions the two investments in climate/sustainability that we have made so far and they will look familiar to those who have followed USV’s investments to date.
Leap is an API for connecting smart devices to the energy markets. Kind of like Twilio, Stripe, etc for markets like demand response and more.
Wren is a community and funding platform for carbon sequestration and more, using offsets as the incentive for consumers. Kind of like Kickstarter, GoFundMe, etc for getting carbon out of our environment.
Today, all of you will see a refresh of the look and feel of the daily email to match the refresh we did to the website last week.
I want to thank Phil Hollows of Feedblitz who made this happen for all of us. And Kirk Love who created the new look and feel and helped a bit with the email work too.
A few stats: There are about 29,000 email subscribers to AVC. The daily open rate hovers around 40%. So roughly 12,000 people a day read AVC via email. That compares to an average day when about 6,000 people stop by the website and several thousand more who subscribe to and read the RSS feed on a daily basis.
AVC 2.0 had a nice long run and served its purpose very well.
But for most of the last year, I have wanted to make a number of changes to AVC:
1/ I wanted to move to a new host. I have been struggling to maintain the hosting infrastructure by myself and that has resulted in a number of outages, some only visible to me, some visible to all of you.
This is the sixth winter we have spent in Los Angeles. One of the things I have had the hardest time getting used to about life in LA is all of the driving.
But starting last year, I found myself using the LA Metro system a bunch. The catalyst was going to Lakers and Clippers games at the Staples Center. I just could not stomach sitting for up to 90 minutes in traffic to attend a basketball game. Instead I would hop on the Expo line in Santa Monica and arrive at the Staples Center 35-40mins later. On the way home, I would grab a ride with a friend or Uber or some combination of both as traffic heading west at 10pm is almost non-existent.
But then I suggested to The Gotham Gal that we Metro it downtown for dinner and Uber it home. We did that once or twice.
Today is one of those days when everyone gets back to work after a time off. This holiday break was a particularly long one given that Christmas and New Years came in the middle of the week. So many of us are getting back to work after a particularly long break.
I am a huge believer in down time. I think everyone needs a break to step away from work and rest a bit. I also believe that time away from work clears the head and reveals things that are not always clear in the thick of things.
But I have struggled over the years between the choice of turning everything off vs dialing things down.
It is hard to get real rest and a clear head that comes with new insights if you don’t turn everything off and really disengage.
My partner Brad likes to ask about the distinction between doing things right and doing the right thing. His observation, which I totally agree with, is that many people and companies do things right but don’t do the right thing. Taking the observation one step further, I have seen that doing the right thing the wrong way can actually result in something important and successful whereas doing the wrong thing the right way rarely does.
So that begs the question “what should I work on?”
First and foremost, I believe we should all work on projects that interest us, where we have insights that others don’t have, and that motivate and inspire us and others.
I also think that working on something that meets this first test is necessary but not sufficient.
Beyond that test, which is a must, I believe we should be working on something that can
Like Mitt Romney and Kevin Durant, I manage multiple Twitter handles. Although neither is a secret handle.
I use @fredwilson for my personal tweets and I use @avc for this blog. I have done that since I joined Twitter in the spring of 2007.
The idea is to keep AVC blog discussions on @avc and leave @fredwilson for other things. That isn’t how it plays out however and on a day with a lot of discussion about AVC posts (like the last two days), I get reactions on both and engage actively on both.
Moving back and forth between Twitter handles on the Twitter mobile app is a breeze. You just add a second profile to the mobile app and you can switch back and forth in the profile view.
I have not found that to be as easy in a desktop browser and so I run two browsers, one
Hello and welcome back to our regular morning look at private companies, public markets and the grey space in between.
Today, we’re weighing a standard bit of startup wisdom that recently reemerged against some surprising, contrasting evidence. Does too much money hurt a startup more than it helps, or is that standard view actually mistaken? We’ll start with the traditional view, which was re-upped this month by venture capitalist Fred Wilson, along with some supporting arguments proffered by a Boston-based venture firm.
Afterwards, we’ll dig into a grip of contrasting data that should provide plenty to chew on over the holidays. Ready?
I am as shocked as anyone to find Joi Ito, the head of the MIT Media Lab, swept up in the scandal around Jeffrey Epstein’s heinous and criminal web of exploitation. Ito met Epstein in 2013 — about five years after Epstein became a convicted sex offender — and apparently, despite his record and reputation, decided to do business with him. As the extent of this affiliation has become public, Ito has issued a statement. He has apologized to MIT and the world at large.
Frankly, it’s all a bit puzzling. My path has crossed with Ito over the years as part of the technology landscape. Knowing him, this news has been unsettling, to say the least, and certainly unexpected. How could Ito willfully ignore Epstein’s documented past (not to mention the allegations that swirled around him) and not only bring him into the MIT circle but have him invest in startups Ito was backing?
Insight Timer popped up this message after my daily morning meditation yesterday.
I’ve been meditating on and off for a while. But it’s been an on and off thing, not a daily habit.
In April, after some complex emotional dynamics (how’s that for a euphemism), I decided to start meditating daily. I missed a few days here and there and then in mid-May decided to cut the bullshit with myself and just do it first thing every morning when I woke up.
Last week, both Fred Wilson and Seth Godin blogged about the power of streaks and how they’ve both built daily blogging habits. Fred highlighted the same section of Seth’s post that I’m highlighting below, which is just pure gold.
Streaks are their own reward. Streaks create internal pressure that keeps streaks going. Streaks require commitment at first, but then the commitment turns into a practice, and the practice
I spent the past few days in Tokyo at the Kauffman Fellows Annual Summit. Over the past five years, there has been a large increase globally in the number of venture capitalists and people interested in becoming VCs. As a result, an organization like Kauffman Fellows is more important than ever as it helps build an incredible community of the next generation of VCs to learn from each other.
In the mid-1990s, I learned how to be a board member by sitting on a lot of boards, learning from other experienced board members, and making a lot of mistakes. I still make a lot of mistakes (that’s that nature of venture capital, and of life in general), but I like to believe that I’m a much more effective board member than I was 25 years ago. That said, I still have my bad days and walk out of a board
It’s the second week of December, which is about the time that all of the predictions for 2019 start occurring. Last week’s announcements of the confidential S-1 filing of Lyft, Uber, and Slack helped prime the pump for some of these. By the way, did anyone other than me think it was a strange turn of events that companies are now announcing their confidential S-1 filing?
Fred Wilson’s post Thinking Ahead To 2019 is worth reading. Unlike the endless stream of predictions that are about to come out, it’s an analysis of the spread between the public market and private company valuations. Fred is not predicting anything in particular but makes several useful observations, including the following:
“And yet storm clouds are on the horizon for the capital markets in 2019. Rates have risen significantly in the last eighteen months, pulling capital out of the equity markets and into the
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.
I love today’s post from Fred Wilson titled The Valuation Obsession. It has some good hints in it about valuation vs. ownership dynamics for founders, employees, and investors. It also calls out the silliness about focusing on the wrong things.
Go read it.
I’m even a bigger fan of a statement Fred makes in the post that William Mougayar calls out in the comments.
“I like to invest in companies that smart people are joining. Capital should follow talent, not talent following capital.“
This is not just a statement on capital. It’s another hint to the importance – to a founder – of building an awesome team at every level of the journey. It matters at the beginning, as things ramp, and as a public company.
Capital should follow talent. That’s a line I know I’ll be using. I’ll try to remember to say “Fred Wilson says capital should