Brad Feld, Venture Capitalist and founder of Foundry Group
A regular columnist in Entrepreneur Magazine, Brad Feld has been an early stage investor and entrepreneur for over 20 years. Prior to co-founding Foundy Group, he co-founded Mobius Venture Capital and, prior to that, founded Intensity Ventures, a company that helped launch and operate software companies and later became a venture affiliate of the predecessor to Mobius Venture Capital.
Although Brad is not from Tampa, we were still delighted when we got the opportunity to interview and feature him on SouthTampasphere.com.
South Tampasphere: What was your very first job? How, specifically, did you begin to build your work ethic at this job? For example, my first job was a busboy. Some of the ways I started to develop my own work ethic were arriving fifteen minutes early every day and always doing the sidework that no one else wanted to do.
Brad Feld: My first job was as a maintenance guy at my childhood tennis club. I got fired for not doing a good job. My second job was at a fast food restaurant called Potato’s Etc. in Dallas. I got fired for calling the manager a bitch after she dumped my work in the sink one day for no apparent reason. I stopped working for other people after that.
ST: Failure and rejection for entrepreneurs is pretty normal, and I’ve read you’ve had your share of hard times. How did you stay motivated and inspired through start up phases, losing money and other tough periods?
BF: I view failure as a normal part of the entrepreneurial process. Once you recognize failure is part of the process, it simply becomes another step along the way to ultimate success.
ST: What is your best investment advice?
BF: Invest in yourself.
ST: What are some top skills needed in order to succeed as an entrepreneur or business owner?
BF: One important trait that isn’t talked about that much is obsessive focus. The great entrepreneurs are maniacal about their vision and what they want to ultimately accomplish.
ST: Let’s say there’s a college student out there who started a software company in his dorm room. He emails you, Brad Feld, and wants to show you what he’s got, for investment purposes. If you like what you see, do you consider investing or do you just offer advice?
BF: At the minimum, I’ll always try to be responsive and provide some advice. If it fits within the investment themes that I have (see http://www.foundrygroup.com) I’ll take a deeper look. I’ll want to develop a relationship in advance of deciding to invest so typically the initial exchange is a starting point on what can be a long process, but you never know.
ST: You’ve ran quite a few marathons. Do you listen to certain artists or particular genres of music to keep you going? Do you stick to a certain diet when preparing for a marathon?
BF: I often run naked (no headphones) – I prefer just to zone out. When I do listen to music, it’s usually a podcast like Coverville or a book on tape. Regarding diet – I’m a fishaterian – but I eat too much.
ST: It’s hard for an entrepreneur to share credit for the business he or she created, or to ask for help. Do you think this is what holds most entrepreneurs back from achieving success?
BF: Some entrepreneurs are great at sharing the spotlight, others are not. I prefer working with the ones that do share, as I tend to like them better as people. But I have no way to correlate success or failure to this – it’s just different styles.
ST: You’re an investor who has his own column in Entrepreneur Magazine, and your email address is widely known amongst readers. What are some of the worst business ideas people have emailed you with, looking for your investment?
BF: I get complete random stuff that makes no sense all the time. Rather than view them as terrible ideas, I always look for a gem and try to offer some constructive feedback.
ST: There’s a quote, “Do what you love, and the money will follow.” “Mary” loves to sit on her couch, eating peanuts, using her laptop and watching movies. I’d tell her to go into the furniture manufacturing industry, produce and sell flavored peanuts, start a laptop repair company or become a film editor. No doubt each would take lots of hard work, but would you tell her the same, or would you tell her to get off her lazy butt and find a secure career?
BF: I’d tell her to do what she loves, but if she wants to build a successful business, she needs to apply it to a vision around a business that can be huge.
ST: What do you look for in employees when you hire? Does an MBA matter?
BF: There are loads of benefits to getting one – including spending two years exploring various aspects of business – but it’s not a key driver for the vast majority of people I’ve been involved in hiring.
Brad is a nationally recognized speaker on the topics of venture capital investing and entrepreneurship and writes widely read and well respected blogs at feld.com and askthevc.com He can be reached at Brad@Feld.com.
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