20VC: Tony Fadell "The Father of The iPod" on Mentors, Self-Doubt, Vulnerability, His Relationship To Money, Why Entrepreneurs Need to Be Coachable, Why VCs Need To Be More Direct & Why The First Trillionaire Will Innovate Around Climate Change

20VC: Tony Fadell "The Father of The iPod" on Mentors, Self-Doubt, Vulnerability, His Relationship To Money, Why Entrepreneurs Need to Be Coachable, Why VCs Need To Be More Direct & Why The First Trillionaire Will Innovate Around Climate Change

Tony Fadell, often referred to as "the father of the iPod," is currently Principal @ Future Shape, a global investment and advisory firm coaching engineers and scientists working on foundational deep technology. Prior to Future Shape, Tony was the Founder & CEO @ Nest Labs, the company was ultimately acquired by Google for a reported $3.2Bn. Before Nest, Tony spent an incredible 9 years at Apple Inc, where, as SVP of Apple's iPod division, he led the team that created the first 18 generations of the iPod and the first three generations of the iPhone. Fun facts, Tony has filed more than 300 patents for his work and is also a prolific angel investor having invested in the likes of mmhmm and Nothing to name a few.

In Today's Episode With Tony Fadell You Will Learn:

I. The building blocks of an entrepreneur

What was the moment that Tony realised that he wanted to be an entrepreneur?

"I got my first money when I was in third grade, because I had an egg route. We'd go get eggs from the farmer, and I'd load them in my wagon. Then my younger brother and I would go door to door around the neighborhood, and we'd sell eggs. And that was an every week or every other week situation. And I got money in my hands. And I was like, Oh my God, I can do whatever I want with that money – I don't have to ask anybody, I can just do it. And so that was the level of freedom that, especially when you're young, feels really cool. And then as I got older, I started to buy Atari video game cartridges for my 2600 (yes, I'm that old!), and that was really, really fun too."

What was the biggest lesson that Tony learned from his father on sales and building trusted relationships?

"And he said, very clearly, Look, this is a relationship. If I make this person successful, he's gonna want to come back to me over, and over, and over. But if I sell him something and it doesn't sell, and he has to discount and he loses money, he's not going to come back. Even if I don't have the right product, I'll tell him where to go to get the right product they're looking for, or if they're picking the wrong one, I'll tell them, here's the right one, because my job is to make them successful. Because if they're successful, they'll come back to me year after year after year. And even when we have a down year, they're going to trust me, and they're going to come back."

II. Reflections on experience

How does Tony Fadell think about and assess his own relationship to money? How has it changed over the years?

"So my relationship to money now is that it's just a means to make change happen. And so literally, for me, I can just have a backpack, my computer, my phone, a couple of roller bags with my clothes. And that's enough to live life with my family. I don't need all this other stuff. COVID taught me that even further."

How does Tony determine true friendships vs transactional relationships?

"If it's not a reference – if it's not coming from somebody saying, Hey, you really need to meet this person – I take everything with a grain of salt. With anybody who comes to me cold, I think they probably want something. I try to find that out through the network, Do you know this person? What are they about?"

III. Tony Fadell on becoming a mentor

Why does Tony Fadell believe that founders have to be "coachable"?

"I think anybody who's trying to do something that the world has never seen before, or trying to work with people who are, they'd better be coachable. Because you're going to be so narrowly focused, you're going to be so heads down, you're going to be so on a mission, that sometimes you'll be blinded, and you'll need somebody to come from left field and go, Wait a second, dude, you're not thinking about this right."

What are the core signs that an individual is coachable?

  1. Trustworthiness

2. Willingness to listen

What does Tony believe is the right way to deliver advice without fluff?

"First, it's about trust. You have to be able to have a trusted relationship with somebody. And second, there are different ways of delivering a message. You can deliver a message the first time in an iron-fist-in-a-velvet-glove kind of way. But sometimes the velvet glove is going to come off."

How do people make mistakes when giving advice?

"I'm in too many board meetings; we have over 200 investments. I've seen all kinds of different CEOs and different boards, where the investors don't want to feel like they're going to get a bad rep because the CEO is going to say something if they say something negative."

What does Tony Fadell advise founders when it comes to finding mentors?

"Usually, a really great mentor is going to be highly selective. They're going to be like, I don't want to work with you. They only have so much time for people who are actually coachable."

What are the characteristics of the best mentors?

"You're gonna have tough love with them, you're gonna say things that they don't want to hear, you're not going to be liked all the time. Hopefully, one day, you'll be respected if not liked. And that's what it means to be a mentor."

IV. Changing perceptions

How does Tony assess his own relationship to self-doubt?

"Everyone goes through imposter syndrome. Everyone does. We all have gone through it, I go through it. Because you know what, when you're doing stuff you've never done before, and you're changing the world, no one else has done it either. No one else has done it either. That means it's okay. And I always say, if you don't have butterflies in your stomach each day, you're either not paying attention, or you're not pushing hard enough and taking enough risk."

What are Tony's views on failure?

"Now, there's taking stupid risks versus risk mitigation and taking calculated risks. But you should always be living on the edge of pushing yourself because that's where the growth is, that's where the change is happening."

Does one learn more from success than from failure?

"How we do and change the world is through the same method. We go do, and then we fail, and then we learn from that, and then we do again."

What does Tony mean when he says, "do, fail, learn."

"Look, it's do, fail, learn; do, fail, learn. There's no such thing as learn and then you're able to do. No, no, no. When you really learn in life is after you've tried to do it."

What is the right way for entrepreneurs to present their boldest of ambitions?

"Look at Elon now. If he was pitching what he's doing now 15 years ago, people would go, No way! A few people, like Jurvetson and others, said, Yeah, sure, okay, great. But very few people would get behind that huge boldness."

"So what they do is – and this is what I've had to do – they start and just pitch that simple 'What's the next three to four years look like?' and never tell anybody about the big picture. Because you scare most people off."

How do investors need to change how they think about ambition and upside?

5.) Why does Tony believe the first trillionaire will originate from the climate change space? Why is the majority of plastics recycling total BS today? Why does Tony believe we need to fundamentally transform our economies? How do funding markets need to change to fund this structural reshaping of society?

Jaksot(1391)

20 VC 078: BETAWORKS WEEK: Matt Hartman, Director of Seed Investments @ Betaworks

20 VC 078: BETAWORKS WEEK: Matt Hartman, Director of Seed Investments @ Betaworks

Matt Hartman is director of seed investments at betaworks. Prior to joining betaworks, he was co-founder of ReferBoost, a profitable b2b company in the real estate and social media space, and JustBecause, a mobile app used by Uber, Birchbox, Jackthreads, and other e-commerce companies for customer acquisition. He started his career building the technology platform for Trammell Crow Company (acquired by CBRE) before joining Hot Potato (acquired by Facebook). In this interview with Matt we talk about one of Betaworks investments in ProductHunt and I would love to direct you all to go check out ProductHunt’s new podcast section, it’s the best way to find new and amazing podcast episodes, check it out! To win a signed copy of Venture Deals by Brad Feld? All you have to do is leave a review on iTunes and then email harry@thetwentyminutevc.com with the name that you left the review under! In Today's Episode You Will Learn: 1.) How you has Matt ended up at the amazing Betaworks, what was his career pre-Betaworks? 2.) How does Matt define betaworks and his role in particular in the Betaworks organisation? What makes this model the most effective and successful in Matt's view? 3.) How does Matt believe the structure of social networks alters user behavior and therefore impacts distribution? How do social networks include habit forming behaviours to ensure user retention on their networks? 4.) What does Matt think makes a strong community? What was it about ProductHunt that signaled to you this was the beginning of a rapidly growing community? 5.) With Betaworks investment in Gimlet Media, how does Matt see the future of podcasting? Does investing in Gimlet not break the rule that it has to be a potentially $bn exit? 6.) Question from Ryan Hoover, Founder at ProductHunt: ‘What product or app has impressed Matt the most in the past year and what really gets Matt excited when trying new products both as an investor and as a user’? Items Mentioned In Today's Show: Most Read Blog or Newsletter: Founder's Notebook by David Jaxson Matt's Favourite Book: The Psychology of Pursuasion by Robert Cialdini Matt's Fave Productivity Apps: Drafts Most Recent Investment: Disruptive Multimedia by Ryan Leslie As always you can follow Harry, The Twenty Minute VC and Matt on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here!

12 Loka 201529min

FF 016: Chad Fowler, CTO @ Wunderlist, App Of The Year 2013

FF 016: Chad Fowler, CTO @ Wunderlist, App Of The Year 2013

To win a signed copy of Venture Deals by Brad Feld, click the link below and like our Facebook page and you will be entered into the competition. https://www.facebook.com/The-Twenty-Minute-VC-769935093077190/timeline/ Chad Fowler is the CTO at 6Wunderkinder (acquired by Microsoft), the company behind the wildly successful Wunderlist, previously cited by Michael Treskow and Mattias Ljungman on the show as their must have productivity app. Prior to 6Wunderkinder, Chad was the Senior VP of technology of the daily deals site, Living Social and before that we was CTO at InfoEther, a Ruby and Ruby-On-Rails consultancy firm. Fowler is also the host and organiser of numerous tech conferences and wrote "The Passionate Programmer", a career guide for software developers. In Today's Episode You Will Learn: 1.) Where did it all begin for Chad and how did he make the move from his musician dreams to CTO of tech startups? 2.) As an American, working in Europe, how does Europe's tech community compare to the US? 3.) Wunderlist was the App of the Year, what does Chad believes makes it so special? 4.) Is there more to go in improving the consumer feel of enterprise software? 5.) How did Chad go about creating a product with such habit forming ability? 6.) Question from Carolina Brochado @ Atomico: What is it like moving from a small manned startup to a giant corporation like Microsoft? Items Mentioned in Today's Show: Chad's Fave Book: The E Myth Revisited by Michael Gerber As always you can follow Harry, The Twenty Minute VC and Chad on Twitter here! If you would like to see a more colourful side of Harry with many a mojito session, you can follow him on Instagram here!

9 Loka 201526min

20 VC 077: Part 2: Kamal Ravikant: The Future Of Venture Capital

20 VC 077: Part 2: Kamal Ravikant: The Future Of Venture Capital

For your chance to win a signed copy of Venture Deals by previous guest and legend, Brad Feld all you have to do is click the Click To Tweet Link here: http://ctt.ec/Q41ZG Kamal Ravikant is an absolute hero to me after I read his incredible best selling book, Love Yourself Like Like Your Life Depends On It. As for an intro to Kamal, it goes without saying that he has worked with some of the best people in Silicon Valley and is a true tech and investing icon, but he has also trekked to one of the highest base camps in the Himalayas, meditated with Tibetan monks in the Dalai Lama's monastery, held the hands of dying patients, earned a US Army Infantry patch, walked 550 miles across Spain, been the only non-black, non-woman member of the Black Women's writers' group and written books including my favourite the previously mentioned, Love Yourself Like Your Life Depends On It. In Today's Episode You Will Learn: 1.) Where does Kamal see the future of Venture Capital? 2.) What worries Kamal about the tech scene? 3.) How does Kamal sort the wood from the trees in the frothy market of tech startups? 4.) What are Kamal's must read books and blogs? 5.) Which leaders or figures is Kamal inspired by and why? Items Mentioned In Today's Show: My Fave Book: Love Yourself Like Your Life Depends On It by Kamal Ravikant Kamal's Fave Book: The Alchemist, The Great Work of Your Life by Stephen Cope Kamal's Fave Blog: James Altucher Kamal's Most Recent Investment: Bolt As always you can follow Harry, The Twenty Minute VC and Kamal on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow Harry on Instagram here!

7 Loka 201520min

20 VC 077: PART 1: Kamal Ravikant: 'I'm Not Your Traditional VC'

20 VC 077: PART 1: Kamal Ravikant: 'I'm Not Your Traditional VC'

For your chance to win a signed copy of Venture Deals by previous guest and legend, Brad Feld all you have to do is click the Click To Tweet Link here: http://ctt.ec/Q41ZG Kamal Ravikant is an absolute hero to me after I read his incredible best selling book, Love Yourself Like Like Your Life Depends On It. As for an intro to Kamal, it goes without saying that he has worked with some of the best people in Silicon Valley and is a true tech and investing icon, but he has also trekked to one of the highest base camps in the Himalayas, meditated with Tibetan monks in the Dalai Lama's monastery, held the hands of dying patients, earned a US Army Infantry patch, walked 550 miles across Spain, been the only non-black, non-woman member of the Black Women's writers' group and written books including my favourite the previously mentioned, Love Yourself Like Your Life Depends On It. In Today's Episode You Will Learn: 1.) How did Kamal make his way into the world of Venture Capital? 2.) What were Kamal's biggest takeaways from working as an entrepreneur? 3.) What really makes a great VC? How can VCs provide true and genuine value add? 4.) Why is now the best time to be an entrepreneur? What has changed? 5.) What would Kamal advise an entrepreneur looking to build a startup? .) Where does Kamal see the future of Venture Capital? 6.) What worries Kamal about the tech scene? 7.) How does Kamal sort the wood from the trees in the frothy market of tech startups? Items Mentioned In Today's Show: Kamal's Fave Book: The Alchemist, Hemingway, The Great Work of Stephen Cope, Kamal's Fave Blog: James Altucher Kamal's Most Recent Investment: Bolt As always you can follow Harry, The Twenty Minute VC and Kamal on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow Harry on Instagram here!

5 Loka 201520min

FF 015: Y COMBINATOR WEEK: Eric Glyman, Co-Founder & CEO @ Paribus

FF 015: Y COMBINATOR WEEK: Eric Glyman, Co-Founder & CEO @ Paribus

Eric Glyman, Co-Founder and CEO @ Paribus (Y Combinator S15), the service which scans your inbox for receipts and automatically saves you money when the items you bought drop in price. Stores often guarantee that you will get the lowest prices. But they don’t follow through unless you work for it. Paribus does the work for you. In Today's Episode You Will Learn: 1.) What was Eric's career before Paribus and what was his a-ha moment was for the idea? 2.) How did Eric do things differently from the typical startup? Was this effective or would it have been more productive to go full in? 3.) What were Paribus' testing hypotheses like? Does Eric prefer mass market testing or niche 100 person testing? 4.) How was the admissions process for YC, why did Eric choose YC and why were YC attracted to Paribus? 5.) What would Eric advise founders looking to get into YC? Is there anything they can do or know that will increase their chances of getting into YC? 6.) What were the breakthrough moments for Paribus? What were the most challenging elements and how did Eric overcome them? Items Mentioned In Today's Show: Eric's Fave Book: I, Robot Eric's Fave Blog: AppSumo by Noah Kagan As always you can follow Harry, The Twenty Minute VC, Eric and Paribus on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, follow Harry on Instagram here!

2 Loka 201525min

20 VC 076: Y COMBINATOR WEEK: Aaron Harris, Partner @ YC

20 VC 076: Y COMBINATOR WEEK: Aaron Harris, Partner @ YC

Aaron Harris is a Partner at Y Combinator and also newly one of my favourite podcast hosts with his brilliant show, Startup School Radio, for all startup lovers it is a must listen. Prior to YC, Aaron was cofounder of Sequoia backed Tutorspree, which was funded by Y Combinator in 2011. Before Tutorspree he worked at Bridgewater Associates, where he managed product and operations for an analytics group. He also writes an awesome blog which can be found here! In Today's Episode You Will Learn: 1.) How did Aaron make his move into the world of entrepreneurship with Tutorspree and then become a YC Partner? 2.) Why did Aaron join YC and why does he believe the biggest potential lies at this stage of the cycle? 3.) Now at YC, Aaron is a Partner, what does that entail, what level of interaction do you have with the founders, where does YC look to add serious value? 4.) With the mass of startups now in the 100s coming out of each YC demo day, how does YC assure the same quality and level of value add? 5.) With regards to testing what is YC’s opinion? How does YC assess whether a product does have product market fit? What are the YC requirements for growth whilst in YC? 6.) What happens after the YC experience, does YC maintain conversations and communication? How does YC try to maintain valuations at a reasonable level to stop YC price inflation? 7.) What is the future for YC? Are we going to see another funding round? Is the YC model scalable? Could we have a YC Europe? Items Mentioned In Today's Episode: Aaron & YC's Podcast: Startup School Radio Aaron's Fave Book: The Diving Bell and The Butterfly, Founder's At Work by Jessica Livingston As always you can follow Harry, Aaron, The Twenty Minute VC and YC on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here!

30 Syys 201524min

20 VC 075: Y COMBINATOR WEEK: Kirsty Nathoo, CFO @ Y Combinator

20 VC 075: Y COMBINATOR WEEK: Kirsty Nathoo, CFO @ Y Combinator

Kirsty Nathoo is the CFO of Y Combinator. As CFO, she holds the keys to the kingdom – literally. Not only does she control and manage Y Combinator’s internal finances, from paying bills to helping organize demo days to actually making sure Y Combinator’s money is wired to startups from the proper accounts; but she helps YC startups coordinate outside financings, tax issues, incorporation and other fiscal matters. She’s the financial brains behind the entire operation, with YC partner Harj Taggar stating that ‘YC would cease to operate if Kirsty was not around’. In Today's Episode You Will Learn: 1.) How Kirsty made her move from PWC in Cambridge to CFO at the World’s Most Successful Accelerator? 2.) Joining YC permanently in 2010, how has Kirsty seen it develop to today’s current state? What has been the key drivers to the success and growth of YC? 3.) As CFO Kirsty has developed a certain pattern recognition with regards to what investors and VCs like to see in the terms of startups. What are they? 4.) Kirsty has seen the progression of many startups, what are the most common problems startups face in the fundraising cycle? What are the commonalities in those that are successful? 5.) How does YC address the issue of potentially inflated valuations for their alum? 6.) What are some financials that all founders should know all the time? 7.) What is the future for YC? Are we going to see another funding round? Is the YC model scalable? Could we have a YC Europe? As always you can follow Harry, The Twenty Minute VC and Y Combinator on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here!

28 Syys 201527min

FF 014: Making Great Founders, Idea Creation and The First 100 Days Of A Startup with Alice Bentinck, Co-Founder @ Entrepreneur First

FF 014: Making Great Founders, Idea Creation and The First 100 Days Of A Startup with Alice Bentinck, Co-Founder @ Entrepreneur First

Alice Bentinck is Co-Founder at Entrepreneurs First, the accelerator program that puts founders first! Previously, Alice worked at prestigious consultancy firm McKinsey & Co, before turning down an offer from Google to found Entrepreneur First alongside Matt. She taught herself to code, and founded Code First Girls in 2013 to help more women get into tech. She sits on the board of Sherry Coutu's Founders4Schools, is on Imperial College London's Department of Computing Industrial Liaison Board, and acted as the Prime Minister's expert on startups at the Northern Future Forum. She has been recognised in Management Today’s 35 under 35 and the Evening Standard’s Top 1000 most influential Londoners. In Today's Episode You Will Learn: 1.) How Alice came up with the idea for EF and why she decided to found the company? 2.) What would Alice recommend is the best way to build a company from scratch? EF is for technical individuals, what can non technical individuals do? 3.) What would Alice say makes a great founder? Has she seen any commonalities in the great founders that have exited EF? 4.) What is Alice's opinion on equity divisions within startups? What is the right way to approach the topic? 5.) What should teams focus on in the first 100 days of their startup? What is the 20% that produces 80% of the results? 6.) What has been the hardest aspect of growing the business and how did Alice overcome it? As always you can follow Harry, The Twenty Minute VC and Alice on Twitter here! If you would like to see a more colourful side to Harry and many a mojito session, you can follow him on Instagram here!

25 Syys 201520min

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