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?

Avsnitt(1390)

20 VC 038: How Make Connections with VCs and Maximise Employability with Angela Tran Kingyens @ Version One Ventures

20 VC 038: How Make Connections with VCs and Maximise Employability with Angela Tran Kingyens @ Version One Ventures

Angela Tran Kingyens is an associate at Version One Ventures, where Angela manages the day to day activities of the fund from identifying new startups to advising portfolio companies on product. Prior to Version One, Angela Co-Launched Insight Data Science, a Y Combinator backed startup, helping academics transition into a career in industry. In today's episode, Angela describes the best ways to network with VCs, how you can increase employability instantly and the most effective ways to conduct market research! Items Mentioned in Today's Show: mattermark Daily Newsletter Dan Primack: TermSheet Fred Wilson: AVC Good To Great by Jim Collins Headout: Your Best Local Friend in a New City In Today's Episode you will Learn: 1.) How Angela made the transition from a career in academia to a YC backed startup to a Palo Alto Venture Fund? 2.) What can individuals do to network effectively with VCs, even if they have no existing VC contacts? 3.) What advice Angela would give to someone looking to leave the academic path for a career in tech? How can they maximise employability? 4.) What should individuals look for when considering incubators? Do they increase the validity of a startup, from the Version One perspective? 5.) Version One specialise in Marketplaces. Why is that? Is it normal for VC funds to specialise? What Angela thinks the future of marketplaces will look like? 6.) How to identify where there are up and coming areas for disruption? What resources are most effective for this market research? We then finish today's episode with a lightning round where we hear Angela's thoughts on what industry she would never invest in, whether Uber will be a $trillion company, how VCs measure their own success, Angela's favourite business book and her most recent investment and why she said yes? You can follow Harry, Angela and The Twenty Minute VC on Twitter here.

21 Maj 201523min

20 VC 037: How To Get a Job at a Startup, Startup Lessons and Brad Feld's 'Open Office Hours' with Tak Lo, Director @ Techstars

20 VC 037: How To Get a Job at a Startup, Startup Lessons and Brad Feld's 'Open Office Hours' with Tak Lo, Director @ Techstars

Tak Lo is Director at Techstars, helping entrepreneurs do more faster - on both sides of the Atlantic through Techstars London and Techstars NYC. Tak is also Founder at Travelst and Frontlyst. Prior to his road into entrepreneurship, Tak was a Consultant at Deloitte, Booz Allen Hamilton and was a specialist in the US ARMY. In today's incredible episode Tak shares his lessons from his own startup experience, the required reading for all entrepreneurs and of course when thinking TechStars, how can we not discuss the man himself, Brad Feld, and how Tak has adopted Brad's use of open office hours. Items Mentioned in Today's Show: Must Read Tech Blogs: Fred Wilson, Brad Feld Thoughts, Tomas Tunguz: Redpoint Capital, Christopher Janz: Point Nine Capital Must Read Books: Team of Rivals: The Political Genius of Abraham Lincoln, Adam Grant: Give and Take, Peter Thiel: Zero to One, Ben Horowitz: The Hard Thing About Hard Things Must Have Apps: Buffer: Save Time On Your Social Media, Feedly: The Stories You Need To Keep Ahead Networking Tools: Silicon Drinkabout, Meetup Team of Rivals Adam Grant: Give and Take Peter Thiel: Zero to One Ben Horowitz: The Hard Thing About Hard Things In Today's Episode You Will Learn: How and why Tak made the transition first from the army to a career in consulting and then what made Tak take the entrepreneurial route and start his own company? Tak is renknowned for the amazing service and contribution he brings to every startup. What services does Tak bring and what does Tak feel all entrepreneurs and advisors must add? Does Tak back singular founders, or does he prefer a founding team? Tak is a Specialist on Leadership, for founders wanting to gain or develop their leadership skills, what can founders do, read or learn to further their leadership skills? For individuals contemplating moving into the tech world, how do they know which is the right job? Are there any immediate aspects they must look for or be wary of? What are the biggest misconceptions of the tech industry? How can people find out about networking events What sector Tak believes is the next to be disrupted and why? What is the premise behind Brad Feld's 'Open Office Hours'? Why has Tak decided to adopt this tactic? What does Tak hope to gain from it? How is it going so far? We then finish today's episode with a lightning round, hearing Tak's thoughts on the greatest leader and why, the future of the asian tech market, his favourite book and why and his most recent investment and why he said yes? Follow Harry, Tak, The Twenty Minute VC

18 Maj 201519min

20 VC 036: The Pitching Process: From Email to Term Sheet with Stephan von Perger @ Wellington Partners

20 VC 036: The Pitching Process: From Email to Term Sheet with Stephan von Perger @ Wellington Partners

Stephan von Perger is an Early Stage VC at Wellington Partners where his primary role is identifying investment opportunities and building lasting relationships with the entrepreneurs behind these companies. Stephan started his career at McKinsey before moving to Stylistpick.com as Head of Operations, he then progressed to setup and run the business operations at CityMapper.com. In today's interview Stephan walks us through the pitching process from the first email to signing the term sheet! In Today's Episode You Will Learn: How and why Stephan made his move from the world of startups to the venture industry? What are the right reasons for a founder to enter a round of venture funding? How should founders go about meeting and connecting with VCs? What can founders actively do to position themselves well and how should founders phrase their emails and communication? Are there any aspects or buzzwords in emails which instantly make VCs interested? What documentation is required for the initial meeting? Is there anything founders must bring? How can founders make the most out of their meeting with VCs? Are there any questions founders should ask? How should founders respond to a question they do not know the answer to? What happens if a VC says they will contact you but a week later the founder has heard nothing? What should the founder do? We then finish todays episode with a quick fire round where we hear Stephan's thoughts on which pitch or communication has impressed him the most, what single thing Stephan most looks for in founders and his most recent investment and why he said yes?

14 Maj 201520min

20 VC 035: The Ultimate Marketing Guide for Startups with Jay Acunzo, VP of Platform @ NextView Ventures

20 VC 035: The Ultimate Marketing Guide for Startups with Jay Acunzo, VP of Platform @ NextView Ventures

Jay Acunzo is NextView Ventures VP of Platform and runs the View from Seed blog. At NextView, he leads the creation of business development and educational resources for startups, from board deck templates to mobile workshops to the popular Hitchhiker's Guide to Boston Tech (bostontechguide.com). Prior to NextView, Jay led content marketing and production teams at HubSpot (IPO) and Dailybreak Media (acquired). A former sports journalist, he began his career in tech at Google. As a result of Jay's tremendous success Jay has been named Top 10 B2B Marketer in Boston, 70 Rising Social Media Stars and 100 Most Influential Content Marketers. Items Mentioned in Today's Show: Kitchen Confidential by Anthony Bourdain Jay's Article in TechCrunch a16z GoDaddy Wordpress The Weird Things Business People Do On Twitter The Content Marketing Institute In Today's Episode you will Learn: How Jay made his move into the world of tech with Google and how he then transitioned into the world of venture with NextView? What does VP of Platform really entail? Why has it become an emerging trend in the venture industry? How is the structure of VCs firms changing, with the likes of a16z moving to a much more service orientated venture fund. Are there any individuals or sections of society that should or should not be blogging? How can individuals drive traffic to their blog and what tactics Jay uses to get visitors to his blog? What Jay would suggest to business and startup founders thinking about whether to start blogging? What is the best platform to market your content or startup? Is Twitter really an effective marketing tool? How can individuals and businesses increase engagement on Twitter? What not to do on Twitter? We then finish today's episode with a lightning round where we hear Jay's thoughts on the best and worst aspects as VP of Platform, his best resource for content marketing, his favourite book and why.

11 Maj 201522min

20 VC 034: 250 Investments, AngelList Syndicates and Microsoft with Jon Staenberg

20 VC 034: 250 Investments, AngelList Syndicates and Microsoft with Jon Staenberg

Jon Staenberg is one of the most experienced venture capitalists in the Pacific Northwest, having made over 250 startup investments and having raised two funds totaling over $100 million. Jon's investments include the likes of AngelList, StubHub, SAPHO, KitchenBowl (through AngelList syndicates) and many more. If that wasn't enough Jon sits on the boards of Class.com, Micropath and even owns his own vineyard! Previously, Jon worked in the marketing area at Microsoft for six years and is a Stanford alum! Items Mentioned in Today's Episode: KitchenBowl Kindara In Today's Episode You Will Learn: 1.) How Jon started off in the tech industry and then made his move into venture? 2.) Having established 5 companies, what was the hardest element of the process and how did Jon overcome it? 3.) Having invested in over 250 startups what is Jon's investment strategy? What is Jon looking for in startups? 4.) Once invested in a startup, what is Jon's role and what services can VCs bring to a startup? 5.) Whether Jon feels AngelList syndicates are going to change the funding environment? Does it present a challenge to the more traditional VC model? We then finish with a quick fire round where we hear Jon describe the highlight of his glittering career, the biggest tip Jon would give to an aspiring entrepreneur and his most recent investment and why he said yes?

7 Maj 201525min

20 VC 033: The Pros and Cons of Venture Capital, Atomico and Entrepreneurship with Chris Dark, President International @ C2FO

20 VC 033: The Pros and Cons of Venture Capital, Atomico and Entrepreneurship with Chris Dark, President International @ C2FO

Quote of the Day: “We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard." John F. Kennedy Chris Dark is President International at C2FO, the Union Square Ventures backed company is the priceline for working capital where companies 'name their own price'. Prior to C2FO, Chris was VP at Atomico, the London based venture fund founded by Nicklas Zennstorm. At Atomico, Chris was on the boards of Chemist Direct, Fab, Hailo, Quipper, Wrapp, Knewton, Bebestore, and Gengo. If that wasn't enough Chris has also held roles at AOL, Bain & Co and started his own company GameReplays.org, an early esports community, which Chris built to 1 million uniques per month! Items Mentioned in Today's Show Niklass Zennstorm Kazaa The Hard Thing About Hard Things: Ben Horowitz Supercell In Today's Show You Will Learn: Where it all began for Chris and how he made his move into venture? What skills Chris learnt from founding his company and how he applied them to the venture industry? What were the hardest aspects of building Chris' company and how did he overcome them? What are the best reasons to want to join the venture industry? What made Chris leave his VP role at Atomico to rejoin the entrepreneurial game with C2FO? Having both invested in startups and raised funds as a startup, what tips would Chris give to founders potentially entering a round of funding? How does Chris feel the tech eco system in London is developing and what Chris believes can be done to further improve it? We finish today's show with a lightning round where we hear Chris' thoughts on whether university is necessary or not, the next 5 years for him and his most recent investment and why he said yes?

4 Maj 201525min

20 VC 032: Inside Y Combinator with Nicolas Michaelsen, Founder @ AirHelp

20 VC 032: Inside Y Combinator with Nicolas Michaelsen, Founder @ AirHelp

In today's show I am joined by the immensely talented Nicolas Michaelsen, Founder & CMO at AirHelp, the go to place if you have grievances during air travel. Nicolas draws back the curtain on the exclusive world of Y Combinator, this includes the admissions process, the infamous interview, the tutoring available to YC startups, the effects of YC on the valuation of startups and the key takeaways from his time at YC. Items Mentioned in Today's Show: Kevin Hale: Founded @ Wufoo, Partner @ Y Combinator Paul Buchheit: Creator of Gmail, Partner @ Y Combinator In today's show you will learn: How Nicolas got AirHelp started? At what point did Nicolas realise that Y Combinator was the place to go? Had Nicolas considered other more local incubators? What was the admissions process like? Is there any specific documentation required to apply? How is the YC interview structured? What type of questions do the partners ask? What percentage of the partners need to say yes for a startup to be accepted? How does the tutoring system work at YC? Who did Nicolas receive as tutors for AirHelp? What is a typical day in the life of a YC startup? We then finish today's episode by hearing Nicolas' thoughts on his most valuable takeaway from YC, the impact of YC on the valuation of a startup, what the future holds for AirHelp? If you would like to follow The Twenty Minute VC on Twitter, click here! If you would like to stay up to date with Nicolas and AirHelp, click here!

30 Apr 201517min

20 VC 031: Investing in Gaming, Luxury Goods and Disruption with Maha Ibrahim, General Partner @ Canaan Partners

20 VC 031: Investing in Gaming, Luxury Goods and Disruption with Maha Ibrahim, General Partner @ Canaan Partners

Maha Ibrahim is General Partner at Canaan Partners. Maha is renowned in the venture industry for her ability to to spot technology trends extremely early, proven through Maha being one of the 1st investors to recognise the huge potential of social gaming. As a result, Maha led Canaan's early investment in social games pioneer PicksPal (acquired by Liberty Media) and was a seed investor in Kabam, the world's largest developer of massively multiplayer social games. Due to Maha's incredible success in venture, she was included in Silicon Valley the '40 Under 40' award by The Silicon Valley Business Journal and is a regular on Bloomberg TV. Items Mentioned in Today's Show: The Real Real ClusterHQ Lending Club In today's episode you will learn: How Maha made her transition into the world of Venture Capital? As one of the 1st investors in social gaming, what did Maha see that other people did not? With the gaming industry being as fast moving and fickle as it is, shown through the likes of Zynga's troubles, is Maha concerned for her gaming portfolio companies, in their ability to maintain their dominant presence in the sector? Maha is an investor in The Real Real, a company which had revenues of over $100m last year. What does Maha believe is the reason for this incredible success and where does she see the future for The Real Real? Increasing amounts of capital means increasing competition for VCs, what does Maha believe VCs can bring to the table to beat off the competition? What is Maha most impressed by, in terms of entrepreneurs pitching to her? Where does Maha believe the next big forms of disruption are coming from? We finish today's episode with a quick fire round where we hear Maha's thoughts on the hardest part about being a VC, how Maha measures her success as a VC and her most recent investment and why she said yes? You can follow Maha on Twitter here!

27 Apr 201521min

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