Welcome to Amanda!
Paradoxically, the Venture Capital industry has been a very static industry, with limited innovation since it started: the same type of people using the same investment process and the same professional services company culture.
At InReach Ventures we are inspired by and learn from our fellow entrepreneurs, rather than benchmarking ourselves against other investment firms. We have discussed the implications of this approach here: The Full-Stack Venture Capitalist.
To push our vision and execution even further, we are excited to announce that Amanda Jones Floyd (former Product Director at Spotify) has joined the investment team at InReach. Let’s have a quick chat with Amanda to get to know her better!
Roberto: Amanda, I got in touch with you via an unsolicited LinkedIn message totally out of the blue at 10.30pm on a Sunday night. What was your first reaction to that message?
Amanda: That message was followed by another early the next morning before I had a chance to respond! I recognized your name from your time at Balderton, aside from thinking that you might be a bit crazy, I realized you must be actively looking to grow the team.
Roberto: Before we talk about why you decided to join the dark side, I think it is important to get some insights on who you are. Could you share two key deep life learnings that you focused on ?
Amanda: The first is the important of being fully present. People notice immediately when you are not paying attention and it immediately reduces trust. The second is patience. I am naturally very impatient, but I have learned that it’s more important to ask the right questions and really understand what is happening in a situation rather than rushing to a quick decision. I have learned this lesson equally as a manager, an investor and as a parent!
Roberto: Sounds like two key skills for a high quality investor. You spent time at Spotify, Apple, Google…why become an investor, and more importantly, why now?
Amanda: It wasn’t easy to make the switch, I was really happy in my role at Spotify. However, my interest in becoming an investor goes back about 10 years. Primarily, I was drawn to its breadth. As an investor I have the ability to think about and engage with people across a wide range of topics. I am so inspired by entrepreneurs. They see the world differently than most people and they are incredibly passionate about what they do. It’s a great privilege to get to spend my time talking to them and challenging myself to try to see the world the way they do. I love that I don’t know the answers and I spend most of my time asking questions.
Roberto: Ok I get that, but if you love entrepreneurs so much why don’t you just join a superb entrepreneur or start your own company? Being an investor is like being a “parasite”. I know investors feel super important… but let’s be honest, this world will be a better place thanks to entrepreneurs. How does it feel to be on the other side?
Amanda: Before joining InReach I had worked with a number of entrepreneurs both as an early employee and also an angel investor. It was through that experience that I realized that there are many people more talented than I am in terms of early stage execution. As an investor I see my role as one in service to these entrepreneurs. I am constantly thinking about how we can support a company with more than capital. What can we do to help the team grow, make the company move faster?
Roberto: What worries you the most as a new investor? Share your fears!
Amanda: I am new at this so I worry about a lot of things! The hardest part is worrying that I am missing something profoundly important that will make a particular investment the right one. There are so many things changing in the world around us, what trends or changes in consumer behaviour am I missing? What do these entrepreneurs understand that I don’t? I am also conscious of treating every person I meet with the utmost respect. They are trying to build a business and so I want to be sure we have a quality interaction and that my curiosity in what they are doing is productive, not (just) seen as parasitic.
Roberto: I love this fear of not knowing what you do not know. It should be a feature of any investor, but somehow the investment community comes across as arrogant and unreachable. What are you going to do to not fall into the typical cliche?
Amanda: It’s taken me a long time to get here and I feel really privileged to have the opportunity to do this role. I don’t take it for granted! I also have some empathy, having built products myself and worked alongside entrepreneurs as an early employee. I know how hard it is to get things off the ground.
Roberto: Why InReach instead of many other VC firms out there? What drew you to the idea of a full stack VC firm?
Amanda: InReach has a fresh approach to venture capital. I could see that the team looked different to others in the market and was using technology to genuinely try to innovate. I also saw a culture where my product experience could be useful.
Roberto: You mean the culture of reaching out at 10.00pm on a Sunday night? :-)
Amanda: At least I knew you were crazy from the start :) For me it showed that there is still a passion and enthusiasm for growing InReach. Also it does not happen every day that there is the opportunity to be part of an early stage venture firm, let alone one that started by investing in a product. Half of InReach works in product development which is very unusual and exciting. I feel like I joined a team that is building a new product called the future of venture capital.
Roberto: Glad the technology approach of InReach was pivotal in your decision. As a former product operator, what are your thoughts about the state of product professionals in Europe?
Amanda: In terms of product management expertise, we’re a little further behind. There are fewer product managers who have had experience building new products and then scaling them. There aren’t as many women in the industry as I would like to see, but I’m doing my part to mentor and support those who want to gain product experience. I think we both agree that good product people make the best entrepreneurs.
Roberto: Of course you have a very strong consumer internet DNA and operator expertise. How do you think about investment opportunities?
Amanda: Of course I get excited when I see emerging consumer products. But more than that, I am interested in investing in exceptional teams with a unique perspective about the opportunity they are pursuing. This means investing in the InReach strategy of marketplaces, SaaS and of course consumer internet products.
Roberto: Ok but what about the entrepreneur type? Is there a type of entrepreneur that you think is a better fit for your up and coming investment style?
Amanda: As someone with an unconventional background I am interested in meeting entrepreneurs who come from a variety of backgrounds. I would love to speak to more women! I also like meeting people who have genuine product insights or a view of the world that I haven’t considered.
Roberto: If I am an entrepreneur how do I get in touch with you?
Amanda: I want to build an open and direct communication with all the entrepreneurs. The best ways for any entrepreneur is to get in touch on LinkedIn, Twitter or through our website.
