Coming of Age (in VC)
This is one of my favourite VC blog posts of all time…
If you’re a VC of any age you need to read it.
If you’re a founder working with VCs I would also recommend reading it.
Fred Wilson has written plenty of amazing posts. This one is not the most insightful but it is the one that resonated hardest when I first read it.
The early years…
I’d just turned 29 years old and I was a proud new Partner at MMC Ventures. I was doing exactly what I wanted and I loved it.
But I’d been in the industry long enough to know that I was learning hard lessons from my own mistakes. I’d been through my first company failure (the first since my own startup) and I really felt it. A founder had lost a dream, talented people had lost jobs and loyal investors had lost money. I felt responsible and it sucked. I had this horrible feeling of being on the outside of the industry looking in. Everyone else knew what they were doing and I didn’t. Imposter syndrome hit hard.
“I spent the first ten years (maybe 15) of my time in the venture business as a young VC trying to make it in the game and not really knowing how.” (Fred Wilson)
I knew my edge, perhaps my only edge, was the fact that I could work longer and harder than those who had more experience than I did. This gave me comfort in moments of insecurity. In Fred’s words I was one of a…
“…bunch of VCs who are in their early 30s and have less than five years in the business. They work hard, put in ridiculous hours, are on top of all the latest trends, companies, technologies, etc. They meet with tons of companies every week, work hard for their portfolio companies, and are on planes flying around to the important conferences and demo days.” (Fred Wilson)
All of this activity felt good. It gave me a sense of adding value, getting better and staying ahead of the pack. But for the most part I was stretched too thin and knew that I was doing many things badly. VC is a people intensive business and there was no more of ‘me’ to give — it wasn’t sustainable.
Fast forward another 5 years…
I’m now a proud founding Partner at BGF Ventures. I’m also a proud husband and new father. Thankfully, I’m doing exactly what I want to be doing and I still love it.
It’s also damn hard and I still don’t have all the answers. Whether I like it or not the game has changed for me and my priorities have changed along with it. I’m no longer one of the youngest (that prize surely goes to the likes of Harry Stebbings) and I can no longer rely on putting in the longest hours.
Am I losing my edge?
I can’t be at every industry event;
I can’t read every piece of tech news;
And ultimately I can’t meet or fund every great company.
Accepting these truths has been a difficult process. But the reality that follows is a good one. I’ve come to care much more about the quality of connections I build, rather than the highest number. I care more about building our business and industry long term, rather than winning the next deal. And I care more about developing our team, rather than proving my track record.
I’m not losing my edge — my edge is changing and it’s making me stronger. I know this from my partners (thank you Harry and Simon) and I also learnt it from the incredible group of people at the recent Reboot VC Bootcamp. I’m more at ease with who I want to be in my role as an investor and the relationship I want to create with founders long term.
To quote another beautiful Fred Wilson post (Care and Feeding):
“…as I enter my fourth decade in venture investing, it is the caring that keeps me going. Caring is exactly what it sounds like. Giving a shit. Actually caring about the company, the team, and the business.” (Fred Wilson)
I’m not in my fourth decade of VC investing, not even close, but I do know that caring feels good, REALLY good.
Loving people rather than deals;
Working to build something bigger than ourselves;
And measuring success by the long term health of our industry.
These are the things I strive for and I’m more excited and motivated than ever.
