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
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch15 Mar 2021

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?

Episoder(1390)

20 VC 022: Letting go of the life we planned and the Power of the Female Narrative with Matthew McCall

20 VC 022: Letting go of the life we planned and the Power of the Female Narrative with Matthew McCall

Matthew McCall is a Partner at Pritzker Group Venture Capital and was previously a Partner with DFJ Portage. He has been involved with investments with Feedburner (acquired by Google), Playdom (acquired by Disney) and EverDream (acquired by Dell), just to name a few. Matt has been named in Chicago's '40 under 40' and their Top Tech 25 list. He has been named as one of the Top 100 VCs in the US, a Media 100 and a Hollywood 100 Power Player. Items Mentioned in Todays Show: Matt's Blog: Beyond the Profit Line SMS Assist Bill Gurley predicts dead unicorns Steve Job's Commencement Speech Finding Joe with Joseph Campbell Hello Giggles with Zooey Deschanel Jessica Alba: The Honest Company BigFrame with Sarah Penna Eric Ries: The Lean Startup Stephen King:On Writing Robert McKee: Story, Style, Structure, Substance, and the Principles of Screenwriting Christopher Voglar: The Writers Journey Viv: The Global Brain In todays show, you will learn: How Matt got into the VC world? What is Matt's normal investment size? When investing does Matt have a mental timeline of the startup with a clear strategy of when a desired exit will take place? Matt has been named to the AlwaysOnTop 100 VCs list, leading me to ask how has Matt's investment strategy changed over the years? What were his early deals? What did Matt learn from them? What does Matt do differently now? Matt has written about the 15 year tech cycle and has quoted Steve Juvertson ‘if you can see it, it isn’t the revolution’, leading me to ask where does Matt stand on a ‘tech bubble’. Is it occurring and why does he say that? Has Matt seen a rise in the emergence of the female entrepreneur? Matt LOVES commencement speeches. Why is that and are there any Matt would recommend in particular? The episode will then finish with a quick fire round where we hear the resource that Matt would most recommend to an aspiring Founder and Matt's recent investment and why he said yes? *Shortly after the interview Matt strongly recommended to me Never Eat Alone by Keith Ferrazzi

26 Mar 201529min

20 VC 021: Gender Equality, Startup Valuations and 'Friend Raising before Fund Raising with Sharon Wienbar

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Sharon Wienbar invests in Mobile and Internet companies at Scale Venture Partners, where she sits on the board of Actiance, Applause, BeachMint, Everyday Health, PlayPhone, Reply.com and uTest. Prior to working at Scale Venture Partners, Sharon was VP of Marketing for Amplitude Software and Critical Path. Items Mentioned in Today's Show: Applause Kate Mitchell National Venture Capital Association Why Software is Eating the World? CloudHealth What you will learn in Today's Show: How Sharon made her entry into the technology world and later the Venture Capital sector? Why is there gender misrepresentation in both the tech and the VC industry and what can be done to improve this gender inequality. What Sharon's views are on investing outside of the valley? What are the necessary aspects required for a startup located outside of the valley? With such large amounts of capital creating extremely high valuations, is it possible to make money investing in startups? With increasing competition between VC firms for startups, what else can VC's bring to the table other than capital? What sector is Sharon most excited about and why? We then move on to a quick fire round where we hear Sharon's thoughts on what Sharon likes and dislikes about being a VC? The most recent investment Sharon has made and why she said yes?

19 Mar 201536min

20 VC 020: Revolutionising Investing with Luke Lang, Co-Founder of Crowdcube

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16 Mar 201525min

20 VC 019: Funding the Future with James Wise of Balderton Capital

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James Wise is Principal at Balderton Capital, one of Europe's most successful venture funds. At Balderton, James invests and advises early-stage technology start-ups, holding board member positions at Crowdcube.com, Surnrise.am, 3Dhubs.com and many more... Prior to Balderton, James helped build one of the UK's first social venture funds and was a consultant at McKinsey & Company, working with entrepreneurs in Europe, the Middle East and Africa. Items Mentioned in Todays's Show: Crowdcube.com JustPark Sunrise.am Chilango MyTomorrows.com An Intimate History of Humanity by Theodore Zeldin What you will learn in today's show: How James made his entry into the world of Venture Capital? How does James feel the VC model differs in the UK compared to the US? Does Silicon Valley deserve the plaudits it receives for producing revolutionary tech companies? Following Balderton's recent investment in Crowdcube.com, how does James believe the crowd will become more involved in the future? Is Crowdfunding not a competing method of financing to Venture Capital? What is Balderton's competitive advantage for winning deals? What James believes makes the perfect Series A round? Does James believe the mini-bond, introduced by Crowdcube.com have the potential to revolutionise funding for businesses? Which sector James is most excited about and why? When thinking of success who is the first person that comes to James' mind and why? We then move into a rapid fire round where we hear James' thoughts on his latest investment and why he said yes? Does James experience a fear of missing out (FOMO) when passing on investments? Finally, James' favourite book and why?

12 Mar 201520min

20 VC 018: Seed Stage Investing with Stefan Glaenzer of Passion Capital

20 VC 018: Seed Stage Investing with Stefan Glaenzer of Passion Capital

Stefan Glaenzer is Founding Partner at Passion Capital an early stage VC fund who have invested in the likes of DueDil, GoCardless and CarThrottle. He is also Co-Founder of White Bear Yard, a co-working space in London's East End. Prior to Passion, Stefan was Chairman of Last.fm, an early investor in Wahanda and remains an active member of their board and founder of Ricardo, which went public in 1999. Items Mentioned in Todays Show: Passion Capital: The First Two Years Lendable Smava What you will learn in today's episode: How Stefan got into the technology industry and later pivoted into the VC world? What is Stefan's preferred stage to enter into an investment and what is the standard amount invested in a startup? How much equity Stefan would look for in an investment? What interaction is typical for VCs following investing in a startup? How individuals should pitch their idea to Stefan? How many startups does Passion typically invest in on an annual basis? Does Stefan encounter the fear on missing out on a startup? What is it about the Peer to Peer lending sector that excites Stefan so much? Does Peer to Peer have a brighter future than Crowdfunding? What sector is Stefan most excited about and why? How can an entrepreneur show their enthusiasm and make an awesome pitch? Is there a formula for making a successful pitch? What are Stefan's red flags when a startup pitches to him? As the interview concludes we ask Stefan some quick fire questions where we hear his thoughts on the hardest decision of his life? The best piece of advice Stefan has been given and his most recent investment and why he said yes? For all the resources mentioned in today's show head on over to www.thetwentyminutevc.com Likewise, if you have a suggestion for a VC that you would like us to interview please do let me know by emailing harry@thetwentyminutevc.com

9 Mar 201519min

20 VC 017: Nektarios Liolios of Startupbootcamp on Fintech, Pitching and London's Tech Scene

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5 Mar 201520min

20 VC 016: Y Combinator, Twitch.TV and Socialcam with Mike Seibel

20 VC 016: Y Combinator, Twitch.TV and Socialcam with Mike Seibel

Mike Seibel has enjoyed the most incredible career in the technology industry on both the Founder and the VC side of the table. He was Co-Founder and CEO of Justin.TV which was part of the Y Combinator Winter Class of 2007, and was later acquired as Twitch.TV by Amazon for $970 million. In that time Mike also created a spin off from Justin.TV, SocialCam, where he was Co-Founder and CEO, culminating in their acquisition in 2012 for $60 million by Autodesk. Items mentioned in Todays' Show: Twitch.TV SocialCam Y Combinator Dropbox What you will learn in this episode? How Mike got into the technology industry and later the tech accelerator business with Y Combinator? Why Mike did not learn to code? Mike's own experiences in Y Combinator. What is it that Y Combinator does to produce such amazing and revolutionary companies? What does Demo Day look like at Y Combinator? What is the selection process for choosing which companies to back and which not to? What do you look for in the interviews with the Founders? Are top level University degrees necessary for entry into the Y Combinator class? What are Mike's biggest red flags when looking at startups? Why Mike would never outsource engineering? What can startups do to prepare themselves for the Y Combinator process? What sector is Mike really excited about and why? What is a day in the life of a Y Combinator partner? We then finish todays episode with a rapid fire round where we hear Mike's thoughts on the best piece of advice Mike has received, the hardest decision Mike has had to make in his career, how can an individual start a company with no technical skills or experience? For all the resources mentioned in today's show, check out www.thetwentyminutevc.com Likewise, we would love to hear from you, so if you have any questions you would like asked or VCs you would like to have on the show, send an email to harry@thetwentyminutevc.com

2 Mar 201522min

20 VC 015: Marketplaces, IPOs and the NY Startup Scene with Lisa Wu

20 VC 015: Marketplaces, IPOs and the NY Startup Scene with Lisa Wu

Lisa is Vice President at Norwest Venture Partners (NVP), where she focuses on early to late stage investments with emphasis on consumer internet. Before joining NVP, Lisa worked in Amazon's Worldwide Corporate Development Team, in which she evaluated acquisition targets and identified strategies for potential expansion. Prior to Amazon, Lisa was at Bessemer Venture Partners. If that wasn't enough Lisa also founded her own startup, Banzaa! Fresh, providing high quality nutritious foods to schools and hospitals in Northern California. Items Mentioned in Todays show: Etsy Lending Club SkyBox FireEye Jet DoubleClick What you will learn in today's show: How Lisa got into the investing game? Why Lisa is investing in marketplaces? What Lisa's normal investment size is? Lisa's most recent investment and why Lisa said yes? Does Silicon Valley deserve the accolade it gets? Or is NYC fast approaching? Do VCs investment attitudes differ when comparing SF to NYC? How early is too early for Lisa to invest? What was the one thing that propelled Lisa's career? We then move into a quick fire round where we hear Lisa's thoughts on the best advice she has ever been given, the number 1 reason Lisa says no to startups and what Lisa would do if all she had was a laptop and $100!

26 Feb 201517min

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