Brad Feld: Great Entrepreneurs Go Out and Do [Entire Talk]

TL;DR

Great entrepreneurs succeed by committing fully, acting decisively, and staying deeply engaged with their product and user feedback. Brad Feld connects these principles to his own path, including starting Feld Technologies in 1985 with a $10 investment and building it into a profitable, self-funded company. He also addresses continuous learning, work-life balance, entrepreneurial communities, and choosing aligned venture capitalists. Read on for the practical lessons behind his approach.

Transcript

Brad serves on the board of Zynga among many other companies. And he is just a fantastic person to boot. So I'm really excited to have Brad Feld, Managing Director at, and founder of, Foundry Group here today. Brad? Thanks, Heidi. What Heidi didn't say is that we worked together for, seven or eight years. So Heidi... 70 dog years. 70 dog years. So ... Read More

Key Insights

• Great entrepreneurs commit fully to their ventures, avoiding the word 'try' to ensure decisive action.
• Passion for the product is crucial; entrepreneurs should be obsessed with their product's development and user feedback.
• Entrepreneurial communities thrive when led by entrepreneurs with a long-term commitment, engaging all levels of the startup ecosystem.
• Maintaining a work-life balance is essential; personal relationships and self-care should be prioritized alongside business pursuits.
• Venture capitalists should not be seen as generic; their value-add varies, and entrepreneurs should seek those who align with their goals.
• Investing in early-stage companies involves a willingness to lose money initially, focusing on long-term potential and learning.
• Curiosity and a desire to learn drive successful entrepreneurs, as continuous learning fuels innovation and personal growth.
• Entrepreneurs should create the life they want, integrating personal satisfaction with professional success to avoid future regret.

Questions & Answers

Q: What does Brad Feld say great entrepreneurs do?

Brad Feld says great entrepreneurs commit fully and go out and execute instead of merely saying they will “try.” They combine decisive action with passion for their product, attention to user feedback, and a willingness to keep learning.

Q: How did Brad Feld begin his entrepreneurial career?

Feld started Feld Technologies in 1985 while he was an MIT student. He was 19 when he started what he calls his first real company, after three earlier unsuccessful ventures.

Q: How was Feld Technologies funded and built?

Brad Feld and Dave Jilk invested $10 in the company through 10 shares priced at one dollar each. The business was entirely self-funded, grew to more than 20 people in Boston, and remained profitable and cash-flow positive after its initial losses.

Q: What did Brad Feld learn from the company’s early losses?

After Jilk joined as a partner in 1987, the company lost about $10,000 in its first month and roughly the same amount in its second. Because they had no more money to lose, they changed course, and the company became profitable and cash-flow positive for the remainder of its approximately seven-year life.

Q: Why is passion for the product important to entrepreneurs?

Feld emphasizes that successful entrepreneurs are deeply engaged with product development and user feedback. That passion sustains their commitment to refining the product and learning from experience.

Q: What makes an entrepreneurial community effective?

Feld says entrepreneurial communities should be led by entrepreneurs with a long-term commitment. They should engage every level of the startup ecosystem and make it easy for aspiring entrepreneurs to participate.

Q: What should entrepreneurs consider when choosing a venture capitalist?

Entrepreneurs should not treat venture capitalists as interchangeable because their value and support differ. Feld advises founders to seek investors whose values, goals, and approach align with their own.

Q: How does Brad Feld connect entrepreneurship with a fulfilling life?

Feld encourages entrepreneurs to create the life they want instead of separating professional success from personal satisfaction. That means protecting personal relationships, caring for themselves, pursuing activities that bring joy, and continuing to learn.

Summary

In this video, Brad Feld, managing director at Foundry Group, discusses his journey as an entrepreneur and investor. He shares valuable insights about entrepreneurship, building entrepreneurial communities, and work-life balance.

Questions & Answers

Q: How did Brad get into entrepreneurship?

Brad got interested in entrepreneurship while studying at MIT. He started his first company when he was a sophomore and eventually built a successful company called Feld Technologies.

Q: What was Brad's experience like during the dot-com bubble?

Brad experienced a challenging time during the dot-com bubble, with his worst year being in 2001. He also went through a personal emotional dislocation after the 9/11 terrorist attacks.

Q: How did Brad transition from being an angel investor to a venture capitalist?

Brad made around 30 angel investments with the money he earned from selling his company. He later co-founded Mobius Venture Capital, which then evolved into Foundry Group.

Q: What are Brad's principles for building entrepreneurial communities?

Brad believes that entrepreneurial communities should be led by entrepreneurs, have a long-term view, engage the entire entrepreneurial stack, and constantly attract new talent.

Q: What are some of Brad's other interests and projects?

Brad has written several books, including "Do More Faster" and "Venture Deals." He is currently working on a book called "Entrepreneurial Communities" and another one called "Startup Marriage: How To Survive And Thrive A Relationship With An Entrepreneur."

Q: How did Brad and his wife navigate work-life balance?

Brad and his wife had a moment of realization when they realized that their relationship was suffering due to Brad's work commitments. They established rules, such as taking quarterly vacations off the grid, to prioritize their relationship.

Q: What does Brad believe is the key to success as an entrepreneur?

Brad believes that successful entrepreneurs are those who make a decision to do something and then go after it with full determination. He emphasizes the importance of passion and obsession with the product or vision.

Q: How does Brad approach investing at Foundry Group?

Foundry Group focuses on making early-stage software and internet investments across the United States. They prioritize working with entrepreneurs who are deeply passionate and obsessed with their products.

Q: How has Brad's perspective on entrepreneurship evolved over time?

Brad's perspective has shifted from being obsessed with clients and the work product to prioritizing the passion and vision of the entrepreneurs he works with. He believes that effective entrepreneurs are focused on their products and value customer feedback.

Q: What does Brad consider to be his greatest accomplishments?

Brad takes pride in the effort he puts into his work and the things he learns along the way. He values continuous learning and discovering new things. He has enjoyed writing books and exploring self-publishing.

Takeaways

Brad Feld provides valuable insights into entrepreneurship, building entrepreneurial communities, and work-life balance. He emphasizes the importance of passion, obsession, and continuous learning in entrepreneurship. Brad believes in taking deliberate actions, surrounding oneself with like-minded people, and doing things that one truly loves. He also highlights the importance of communication and prioritizing relationships in maintaining work-life balance.

Summary & Key Takeaways

• Brad Feld emphasizes the importance of full commitment in entrepreneurship, urging entrepreneurs to eliminate the word 'try' from their vocabulary. He advocates for a deep passion for one's product, highlighting that successful entrepreneurs are those obsessed with development and user feedback. Feld also underscores the need for a balanced life, encouraging entrepreneurs to prioritize personal relationships and continuous learning.

• Feld shares his journey from an MIT student to a successful venture capitalist, illustrating the significance of passion and deliberate decision-making in entrepreneurship. He stresses the importance of creating entrepreneurial communities led by entrepreneurs with a long-term vision. Feld also discusses his approach to venture capital, focusing on early-stage investments and the willingness to take risks for potential long-term gains.

• Throughout the talk, Feld reflects on personal experiences, offering insights into managing life as an entrepreneur. He discusses the value of maintaining work-life balance and the importance of pursuing activities that bring joy and learning. Feld encourages entrepreneurs to choose venture capitalists who align with their values and goals, emphasizing the non-generic nature of venture capital and the importance of finding the right fit.