Inside the Mindset of Top Young Talent

Inside the Mindset of Top Young Talent

Hiring veteran executives to fill out your C-suite is a luxury most startups will never enjoy.  Hiring young, untapped or junior talent, however, is a challenge that all startups face.  Moreover, growing green talent capacity into C-suite capability layers on yet another set of difficulties to the already strenuous life of a startup.   Navigating this is less science, more art. Some founders rely on being highly extroverted, others in having established credibility within specific industries or groups, and some—to some extent all of us–just power through conversations and interviews in bringing together that band of people who will man the boat and struggle to make it out of the tides and into deeper water. When we do stumble onto the winners in our teams, those people who seem to magically tackle anything thrown at them, retaining them is critical.  Losing them?  Unacceptable. Several years ago, while driving back to Utah from a team off-site, one of my colleagues, Caleb, shifted uncomfortably in his chair, and in a strained tone let me know that he had accepted a position at another company.  He was a natural star, a fast learner, and someone who lifted the energy of our team, so I was shocked!  I stumbled through a discussion over why he left and ultimately wished him well in the transition.  I think he was the first direct report that I had regrettably lost, so I didn’t feel entirely prepared for the difficult discussion, but fortunately for the both of us we parted ways on a good note, and our friendship remained intact. Fast forward a few years.  A group of...
Entrepreneurship a Long Slog?

Entrepreneurship a Long Slog?

I recently ran one of those races that peppers obstacles and fear-inducing challenges throughout the course. One of those was the Muddy Mile, a long slog through waist-deep mud. The pit was wide enough for several people abreast, which gave cause for some funny moments. While most of us runners kept to the highest ground possible—which meant that we formed into a slowly moving line that snaked its way through the muck, a few brave and impatient souls tried to skip the line by running along side us through the untested mud. Without fail every one of these hit a deep pocket and promptly vanished from view as the sludge completely engulfed them. But those of us who stayed with the impromptu team could see from the people ahead how deep the mud was at those spots, and thus chart a good course. Reflecting on this muddy run experience caused me to think about the doom and gloom that has been in recent media outlets. It seems that the press increasingly views entrepreneurship and business creation as a long slog through icky mud with unexpected pits. Spectacular drops in stock prices like LinkedIn and Tableau caused reverberations across high tech, and SaaS valuations in general have now dropped 57%. The word “unicorn” now has a mixed reputation. And the fund raising environment seems to be tougher. So shouldn’t an entrepreneur expect a long slog right now, a seemingly hopeless journey of bootstrapping and organic growth? A Muddy Mile with hidden pits that will swallow them whole? No. This is the best time to start a business and get into...
The Beautiful Madness of March & Majerus

The Beautiful Madness of March & Majerus

March Madness is on!  Such a great time to enjoy college hoops, the powerhouse schools and the Cinderella underdogs.  I was reminded recently that few experiences prepared me more for startup life than my time 18 years ago as a college basketball walk-on and before the 1998 NCAA tournament. Last month I was in Phoenix, Arizona, for a board meeting.  The night before, at an evening EdTech meet-up hosted by CampusLogic, from the corner of my eye I caught what appeared to be an old teammate from my days playing basketball at the University of Utah.  “Tony? Nah,” I thought, but naturally I had to find out.  Sure enough, it was, in fact, an old acquaintance and talented teammate from more than a decade and a half earlier. We chatted for a few hours that evening and I was drawn back to stories and memories from my time around a legendary coach and remarkable team.  With March Madness descending upon thousands of us basketball junkies, here’s a reflection back to one of the many lessons learned on the court. Being a walk-on athlete coached by Rick Majerus left no room for a half-hearted effort.  And the result was special…   Basketball walk-ons, by design, have to fight for their place.  During tryouts it was an all-out battle to scrap for the ball, defend relentlessly, and hopefully sink a few buckets.  For me they also turned out to be a good excuse to remove the studs in my newly pierced ears (yes, my hallmarks of the 90s and college freshmanhood).  It’s a long-shot, maybe a crapshoot, to make the team...
Aim High and Ride a Giant

Aim High and Ride a Giant

“If I have seen further it is by standing on the shoulders of giants.” – Sir Isaac Newton Recently visualcapitalist.com published a chart showing the 12 apps that have more than a billion monthly active users. The authors point out that these apps are clustered into three companies, that timelines are shrinking, and that mobile is driving rapid adoption. Cool! But what does this mean for all the rest of us? I think it means to aim high and ride a giant. Aim high means lift your sights. We entrepreneurs (and investors in such) of the world believe that wildly optimistic and seemingly impossible things can be achieved. Sometimes the only evidence we need to launch a dream is the knowledge that someone else has done it, too. So if you are developing an app, my question to you is ‘What is your goal?’ Specifically, how many concurrent users will you have? How about a billion. Is this unreasonable? 12 other companies have achieved it, so why can’t you? Sure, reality is hard, and we are more likely to be disappointed then successful—but if you aim for the moon, you’re likely to hit the mountain top; aim for the mountain top and you’re likely to hit the trees; aim for the trees and you’ll probably fall on your face. You’ll probably never hit the mountain top unless you aim at the moon, so aim high. Ride a giant means to make a gargantuan and growing business a winner because of what you do—and then let them carry you forward into the market. Look at the chart and notice that...

The Flavors of Utah Venture Capital

This past week I spoke with a friend in New York City who was fascinated with the impressive growth of Utah’s tech companies, but (like many) was unfamiliar with how the venture scene has helped shape them. Those of us with roots in Utah tech are proud of what’s happening and can point to a time when things were different. You know: “Why, when I was raising money back in the early 2000s…” My friend is not unfamiliar with Utah or its people, so he understands some of the generally accepted reasons Utah is gaining momentum. The questions he posited to me were, “Who is funding these companies? What’s the venture scene in the state?” Similar questions hit me nearly four years ago, a few years before I ultimately made a career shift from full-time operator to VC. I remember a phone call I made from a Sheraton hotel room in the Winter of 2011. My startup had exited just months prior and this was a visit to our new HQ to get to know members of the new [larger] team. I called a long-time friend, and now my partner at Peak Ventures, to shoot the breeze. His business was growing well and he had started angel investing in the state. I was jealous- for many tech founders, the notion of backing the next generation of builders is 2nd only to the excitement that comes from building yourself. And, Jeff and I had a commonly-held belief that investing in the state was still in its infancy. Neither of us had found a perfect investor fit in-state. He had bootstrapped...
Backing a Great Entrepreneur / Person … and Helping His Shark Tank Dreams Happen

Backing a Great Entrepreneur / Person … and Helping His Shark Tank Dreams Happen

I’m not a hater. I always try to look on the bright side. Hands down, I’m an optimist. It’s hard to be an entrepreneur if you are not. Cynicism may be a way of life for some, even a sport for others in this always highly connected but too often low touch world. But, in my opinion there is nothing noble about being cynical. Anyone can do it, it doesn’t take much effort and in my experience it rarely leads to victory. Therefore I am an entrepreneur and venture capitalist that likes ABC’s hit reality show Shark Tank. Because I try to look for the good in it, not the bad. Shark tank can help to promote positive aspirations in people while educating a little, around the edges. However, is Shark Tank indicative of life as an entrepreneur? Not really. Is it reality? NO! No five minute snippet on TV can even begin to tell a tiny part of the multiple year saga that starting most companies entails. Is it reality TV? Yes! Is it story-telling with slivers of truth in order to make money and sell a product? Yes and Yes! Indulge me a little… It is a bit ironic and then in another way, totally not, that the sharks are being entrepreneurs themselves and filling a market with robust demand by promoting an even less than half-baked view of what entrepreneurship really is through the show. I trust that they know this themselves, through their own experiences as successful entrepreneurs. And speaking firsthand… I enjoyed my 10 minute plus conversation with Marc Cuban, that got whittled down...
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