Posts tagged ‘Brad Feld’

April 28, 2013

Back to the Future

I love Yogi Berra‘s quotes:

The future ain’t what it used to be.

Yogi Berra – wise man this Yogi Berra

Iceland voted yesterday and I have to say watching the reaction of the Icelanders is always entertaining. I have to say, Iceland has Screen Shot 2013-04-28 at 10.31.33 AMproved me right again, that they are willing to change the way the world works in their own way. The biggest upset in this swing election is that the Pirate Party actually has 3 Members of Parliament elected 6 months after the party was formed. In addition, another political party that advocates direct democracy as its platform has 6 Parliament members. This is historic in any right. I cannot remember a time when any country has done the above especially for a party with a name that means practice of a pirate; robbery or illegal violence at sea. 2. the unauthorized reproduction or use of a copyrighted book, recording, television program, patented invention, trademarked product, etc. This should be a clear message to those political parties that are holding onto dogmatic views about policies and politics.Screen Shot 2013-04-28 at 10.30.04 AM

I am not a politician and I think they are all wonderful people but for some reason politics just seems to not move things forward. I think Fred Wilson and Brad Feld, both had posts that basically outlined their understanding of working with political establishments and loosing, Brad wrote about “Compromise vs Problem Solving” and Fred wrote recently about “Immigration Reform“. I am not half as smart as either of those two men so I will let you decide for yourself my views on politics. I am just excited to see one more uncertainty out of the way in Iceland. Both the elected parties were part of the political and power establishments for over 2 decades in Iceland and they were blamed for the financial collapse. In my opinion there are multitude of things that went against Iceland and like any democracy everyone blame the politicians and politics. I think it is a pre-requisite in a open society to blame someone else for all the challenges and the best party is the political party in power. I am not saying that the government before the last had no part in it or that the next one really solved the problem. All I am saying is that Sh#$ happens if we don’t have someone else to blame then we have to take responsibility for our actions and take on a corrective course. That is hard to do so we have the political establishments and Governments, which we can blame for anything and everything. I’d rather spend my time solving some problem and helping Entrepreneurs who are trying to solve global problems… usually my request to anyone including Government is stay out of my way, I can take care of myself. Thank you very much!

April 14, 2013

Traction brings money; Money does not bring traction

seedforum-logoI was at the Seed Forum this year, but I could not participate for the whole day but I attended the cocktail hosted by the British Embassy in Iceland. It was fascinating to see the British Ambassador pitching to the startups to look at UK to locate or move their startups when they scale out of Iceland… he even went to the extent of saying moving to the US was not a good idea :) I am happy to see different countries pitching to startups and entrepreneurs in Iceland to move to their country, it is good for the Entrepreneur and it is good for the Startup Ecosystem that there is growth path out of Iceland. I got a good impression of all the teams that were pitching. I have written about why Startups should not be focused on raising money. I am going to repeat this until I turn blue, the focus of the startup should be to solve a really itching problem, win customers and raise capital from the customer first. As much as I support the initiatives like Seed Forum, I really believe that it muddles the real issue facing startups and entrepreneurs. The Seed Forum this year had a famous Icelandic Entrepreneur and Cofounder of Opera, Jon Von Tetchner, actually he lived and worked in Norway but he is Icelandic. He had a very good talk and Q&A session about being an Entrepreneur. His advice and the advice given by Brad Feld and every other entrepreneur who has walked through the fire of creating a company and successfully transitioning says the same thing – Delay taking money from Investors as much as you can. Sometimes it is not possible i.e if you need machines, or equipment or buildings you need Capital but with startups in Software you dont need any of that or Capital to get started… that is one of the reasons that I am so bullish on the fact that Software based companies that are building solutions on top of the new Infrastructure of Cloud Computing, Google, Apple, Amazon, Twitter, Facebook, LinkedIn, Pinterest etc will be able to bootstrap much better, faster and get through the valley of death without pledging your soul to the devil, no, not all investors are bad but there are different incentives if you are an investor vs if you are an entrepreneur.

In other news, Klak and Innovit merged into Klak Innovit… I am happy to see some movement in the Accelerator, Incubator and Institutions that help entrepreneurs collaborate and optimize in Iceland. Accelerators are a key ingredient in the Startup Community development and I believe Kristjan Kristjanson the new CEO of the merged organization has his heart in the right place. He also runs Startup Weekend, Startup Reykjavik and has been of great help to many startups since he started working with entrepreneurs in 2007-8 I think.

March 1, 2013

Bootstrapping vs Raising capital

Ben & Jerry's

Ben & Jerry’s (Photo credit: Wikipedia)

I had planned to do a meetup this week and discuss the above topic. Never got around to it, but I thought the least I could do is write about it. Here is a Kauffman Sketchbook with the title “Where do Entrepreneurs get their money?”

Here are a couple of references on fund raising from some smart people who have done this before:

Brad FeldDont Forget to Bootstrap

Fred Wilson – Dont take the money

My 2 cents is that try to bootstrap as much as you can to eliminate most of the risks in your startup. Think of it this way, every risk you eliminate to build a business is value you are building into your company that is your equity. The equation becomes simpler when you don’t take money to eliminate or reduce the risk of starting a new venture. The biggest risk that startups have, I have said this many times and it is worth repeating, startups don’t fail because they have a bad idea… startups fail because they don’t have customers. Eliminate that risk first ie. go and get your customers first, solve their problem, get paid something for it then you have a product/service to market fit. Eliminating that risk really increases the value of your effort, even if you have to raise money the discussion is much different than when you talk to an investor when you have no customers and no revenue.

Obviously there are businesses that need capital to acquire customers or start out for example manufacturing businesses need machines, labor etc those cannot be bootstrapped, however software companies can be easily bootstrapped these days, all you need is a laptop a coffee shop that has WiFi and knowledge to use Cloud Computing infrastructure like GreenQloud or AWS or Rackspace or Azure. I encourage every entrepreneur to delay the fund raising exercise until the Product to Market fit has been achieved. Once you solve the Product/Service to market problem, raise capital if you are in the Land grab business. I wrote about organic growth vs grow fast a while back based on a talk by Joel Spolsky. The most important decision point for a startup to raise capital is based on deciding where is the business. If you are in a Ben&Jerry’s kind of business raising capital is a bad idea. If you are in Amazon Web Service kind of business then you need capital to do a land grab as fast as you can so not raising capital will spell certain doom.

February 25, 2013

Startup Life

Startup Life - Amy and BradI have been reading the new book by Brad Feld and Amy Batchelor on Startup Life -surviving and thriving in a relationship with an entrepreneur. I think Brad and Amy bring a level of conversation that I have not read in a self help or relationship help book. This is one of the must have book as a reference if you are an Entrepreneur or a Startup Founder or working in a Startup. It has many strategies, stories, sacrifices and simple advice on making things work while everything around the entrepreneur is moving at a crazy pace. I have been enjoying the book. I would recommend everyone to read this book. The contents of the book are not just for Entrepreneurs it is for anyone wanting to having a lifelong relationship with a person whom they love, respect and admire. Here are some excerpts from the book:

In a relationship with a hyperrational engineer type of entrepreneur, it can be maddening to have him try to solve your problem or figure out what has caused you to be angry. This is especially vexing when the gender dynamic around solving a problem versus providing empathy is tossed into the mix. Try to recognize when this is going on and shift into empathy mode to calm the savage beast, rather than problem-solving mode, which will likely inflame things.

Which couple has not encountered this before? and how many times have you asked yourself after a blow up what happened? what did I do? I have and I constantly try to remind myself that my wife cannot read my mind and I don’t have to solve all problems. When Brad is visiting Iceland this June we plan to have a small event – a dinner with a group of Entrepreneurs and their significant other. If you want to participate you need to participate in Startup Iceland 2013. Given that we will have a small number of slots for this event, I would like to hear why you believe you need to be in that group. Write to me and we will pick who gets to go… sorry, cannot get everyone on board but everyone can get the book and read it and interact with Brad and Amy when they are here in Iceland the first week of June, how cool is that?

February 24, 2013

Depression

English: Aaron Swartz at a Creative Commons event.

There has been a lot of posts in the blog sphere about depression and the recent suicide of Aaron Swartz and. Brad Feld wrote about his struggle with this in “Are Entrepreneurs more prone to Depression and Divorce?” and I saw a post this morning by DARIUS “BUBS” MONSEF with the title “If you ever feel alone in this…“. I have to admit I have been through these phases many times myself. This is a serious problem for Entrepreneurs and I wanted to draw attention to this issue. I tend to write more about topics that strategy or business activities focused, all that amounts to hill of beans if the most important resource of all…i.e You the Entrepreneur are struggling inside. I did; I do and I am and have been learning to cope with it. Darius’s post really hit home to me and I had been meaning to write about Aaron for a while but never got around to, anyways better late than never. Depression is a serious problem within the Entrepreneurial and Startup founders. I read an article in pandodaily.com about the depression “why many entrepreneurs are privately suffering, and what to do about it“, it was good description of the problem and strategy on what to do about it. I don’t have any silver bullet, but I can talk about what I do when I go through these phases and maybe those strategies could help you.

  1. I have always found Music to lift me out of an episode of the blues. I listen to all kinds of music Justin Beiber (influenced by my daughter) to Metallica to Beethoven (Hey! dont judge me I just do what works for me!)
  2. I listen to Audio books on Depression, Psychology and Better Habits to get out of the rut like “The Road Less Travelled”, “7 Habits of Highly Effective People” and “The 8th Habit – Find your voice and help others find theirs” etc
  3. I remind myself about all the love there is in this world, people doing total selfless acts of kindness and the saints and great men and women who have sacrificed themselves for the betterment of others like Mahatma Gandhi, Mother Theresa, Dr. Martin Luther King, Nelson Mandela etc I am sure they all went through challenges far greater than what you and I face and they were able to beat the demons so can we.
  4. Run – running has really changed my perspective on what a human mind is capable of, because running is a shear act of will and that is why I run Marathons.
  5. Having a sense of purpose of why I do what I do. I have dedicated my time and effort to helping Startups and Entrepreneurship in Iceland, where I learn a lot from really smart people and maybe help someone along the way. This has really changed my perspective on giving. I have adopted a Give first philosophy to everything Love, Time, Money etc
  6. Watch motivational videos, try searching for it on YouTube some are really good.

Try these things if you believe you have a problem, also note you are not alone… you can always reach out to me whoever you are through the comments section here and I am very good on email (drives my wife crazy but you got to do what you got to do…).

January 1, 2013

2013 – A New Beginning

Sun Rise

Picture taken in Reykjavik by me

2012 was eventful. The Startup Community in Iceland is starting to thrive, we are seeing green shoots everywhere. More optimism, courage and eagerness to start and build things of value. I have been quite off-line from the blog-sphere due to my current role of building a new company. It has been a very interesting last 6 months. However, Startup Iceland is live and kicking. We will organize a bunch of events starting with the Startup Iceland 2013 – A Conference on Building Antifragile Startup Ecosystems in the first week of June, more specifically June 1,2,3 and 4th. I have adopted the word Antifragility thanks to Nicholas Nassim Taleb. I have written a lot about his work and I do believe his latest book on Antifragility is his best compilation yet. This years conference is going to be a 4 day event. We will have a hackathon, an Unconference Event and a TEDx like format day of talks and lectures. The website is under development and should be launched soon. All the details, how to sign up etc will be shared through the website. I am really excited to start the new year with so much momentum based on the work the community here in Iceland has done the last year. If we look back, here are all the Startup Related Events that happened in Iceland in 2012.

  1. Startup Weekend – more than 10 startup weekends were organized by Innovit with sponsorship from Landsbanki
  2. Grass root book club and entrepreneurship discussions organized through Hugmyndaráðuneytið - Lean Startup was the book we discussed. I blogged about it most of the meetups.
  3. Startup Iceland 2012 – Conference that brought Brad Feld, Brad Burnham, Ted Zoller and many other entrepreneurs from around the world to Iceland. Here is a summary of the event. If you missed the event here are the videos.
  4. Startup Reykjavik 2012 – First mentorship based accelerator launched in Iceland and the first class graduated
  5. Seed Forum – has been happening in Iceland for quite sometime but the level of participation and the quality of speakers and investors took a turn for the better this year.

I believe through this blog I have documented all the major things that have happened in Iceland the past year. I will continue to do that in the coming year. There are very few thoughts that fundamentally change how you view the world and this year, my focus in on Antifragility i.e how we can become stronger by having an affinity towards the random, uncertain events. I believe that is the world we live in and I have embraced it. There are a few principles that I want to live by and Brad Feld wrote a very interesting post on LinkedIn about it “Give before you get“, I have always lived by this philosophy and I will continue to do more in the coming year. Startup Iceland is built with that principle. There is no transaction involved in all the effort that I have and a number of other volunteers put in to building this ecosystem in Iceland. It is a testament to the power of Giving.

December 11, 2012

The Answer to Today’s Big Question: Why did Amgen Buy deCODE Genetics?

Reblogged from :

Click to visit the original post
  • Click to visit the original post
  • Click to visit the original post

By Terry McGuire, Co-Founder and Managing General Partner, Polaris Partners

Today, biotech giant Amgen announced that it acquired deCODE Genetics for just over $400 million in cash.  deCODE is a Polaris portfolio company and genomics pioneer.  Analysts will ask why; this certainly doesn’t fit the more common pharma model of acquiring a company with a promising drug in Phase 2 or 3 trials.

Read more… 655 more words

Iceland: Aurora Borealis We finally have a big exit in Iceland for a startup that started it all in the Genetics space. This is the kind of stories that will bring attention to the fact that entrepreneurship and building companies in Iceland is not such a bad idea. I hope the people who cashed on this exit re-invest the money back in Iceland in young entrepreneurs and startups. I believe this is the only way to build equity in a society. I have written about how value is created and despite all the challenges that faced DeCode they were finally able to make an impact in this space coming from tiny Iceland.
November 16, 2012

Startup Slovenia

Ljubljana, Slovenia

Ljubljana, Slovenia (Photo credit: Wikipedia)

I was invited by Center for Entrepreneurship and Executive Development (CEED) Ljubljana, Slovenia as a keynote speaker for Investor Day event jointly organized by American Chamber of Commerce, Department of Economic Development and Technology and the Public Agency of the Republic of Slovenia for Entrepreneurship and Foreign Investment. It was great to meet with a number of entrepreneurs and the grass root movement that is happening in Slovenia. It was interesting to me because of the perspective of a number of Slovenians that the country is small. The reason I was invited to talk about Startup Iceland and GreenQloud was because they felt that if there was one country that was definitely smaller than Slovenia is Iceland and they were intrigued to hear my story and why I was investing in Iceland and why I founded Startup Iceland.

It is a complicated story how I got to meet Slovenian entrepreneurs and how I got connected with CEED. But it is worth mentioning that one of my favorite blogging tool Zemanta was founded by Bostjan Spetic, and he is Slovenian and his wife Gaja are big fans of Iceland as they traveled to Iceland twice this year. It was through them that I got connected to Slovenia. I was very impressed to see the green shoots of startup culture and critical mass of entrepreneurs wanting to start doing new things and change the ecosystem. Met with some of the leaders who are running accelerators or incubators or looking to start new mentorship driven accelerator like Startup Reykjavik in Slovenia. This event was very interesting for me as I can see the clash between the two groups, the hierarchical organizations and the small network based entrepreneurial organizations.

The main guest speaker of the event was Dr. Alexander Dibelius, one of the leading investment bankers and investment environment connoisseurs, Chairman of the Executive Board Goldman Sachs AG; Head of Goldman Sachs Germany, Austria, Russia and CEE; and Global Head of Goldman Sachs Industrial Group. I really did not agree with a lot of things that Dr. Alexander was saying, but that is for another blog post. The young entrepreneurial community in Slovenia is at the same early stage as we have in Iceland and it was great to connect with this community. There are a number of similarities and challenges, so it was great to compare notes, get inspired and inspire the grass root to start doing things. Here is the link to the presentation that I gave, it was more about how I got started and why I do what I do etc I was humbled to see so many people inspired by the story of Iceland and what Iceland stands for, it gives me great strength to learn that we are on the right path in creating a sustainable startup ecosystem in Iceland and in my humble opinion we are just following what Brad Feld has documented in his book Startup Communities. I recommended the book to anyone who wants to learn how to build a startup community. I also met with a number of media outlets, TV channels and newspapers… it was interesting to learn about the challenges in Slovenia. I am really smitten by this country and I am sure I will come back again as I volunteered to be a mentor to any of the accelerators that would have me as one.

November 10, 2012

StartupVille

I am a big fan of the Kaufmann Sketch series and this is the latest one about building Startup Ecosystems. For those of you who have been reading my blog for more than a year now know that I am committed to building a sustainable and resilient startup ecosystem in Iceland. The above video says it all, Brad Feld has documented it in his book Startup Communities, as he says it is not going to happen in the next year or the year after or the year after that. It is going to take time. I wanted to bring attention to another video by Steve Blank, on the Secret of Silicon Valley… it actually describes what really created Silicon Valley. I am not for once trying to suggest that we need to follow that path, but every crisis is an opportunity and I want to really take this opportunity and create something that is tangible that we can look back to and teach out future generations about Creativity and Mastery, not consumption and destruction. I believe Iceland has a fantastic opportunity to make it right, do things right and invest in the right things. However, it is not going to happen if we loose sight of the road map as described in the above video. Here is the Secret History of Silicon Valley:

October 19, 2012

3 Ideas for a better Iceland

Original post was written for the Asbru Blog.

Idea #1: Invest in yourself and your local community

Source: Inspiration Monkey

I believe every Icelander can invest in their local community and in local entrepreneurs and in themselves. It takes very little to create an impact in a small community. I believe if 20 people get-together with ISK 2.000.000 each and invest in 5 entrepreneurial companies it can transform not only the entrepreneur but the investor as well. Investing is a lot of work, but that is the only way to grow value and wealth. I am not talking about investing in the Stock Market or Buying Government Bonds, which are perfectly acceptable methods to invest, but picking smaller companies and entrepreneurs in areas that each and everyone of us is familiar in and investing in them will transform Iceland. My partners and I did just that when we invested in Clara (http://clarahq.com), when I met with the founders they had a good idea and they were going places but lacked the mentoring and money to take their ideas to market. The business was in a field that I was very comfortable in (software, internet and computer systems), we decided to invest in the company. Today Clara is a 14 member team serving Gaming companies like Sony Online, CCP and many other companies. We achieved the team growth and value growth in about 2 years and my belief is that we could have done it faster if we had invested more money, the biggest challenge we faced was the lack of faith of Icelander in their own abilities and ideas. I think changing that would go a long way. I am not talking about some esoteric ideas, the concept of Angel Investor Networks and Angel Investing is starting to make a real impact all around the world.

Idea #2: Volunteer to be a mentor, helper or give something without expecting anything back
If you don’t have the capital to be an angel investor, you can volunteer to be a mentor or give something to the community to enable knowledge sharing or network sharing. I am not talking about charity, though charity and social work have a place in a society. I mean time and effort where you contribute something without expecting anything back. A mentor is that kind of a person, without spewing ideas but listening to a young entrepreneur or practitioner in your field of expertise. There are many avenues to do that Asbru Incubator, Klak, Innovit and more recently Startup Reykjavik provide the platform for everyone to participate and contribute to building a sustainable startup ecosystem.

Idea #3: Learn a new skill using a new technology
This idea comes back to the first idea, of investing in ourselves. Learning a new skill using the current or new technologies. The world of technology changes rapidly and there could be a point in time where everyone of us can be left behind if we don’t keep up. I would encourage everyone to take an hour a day to pick up one skill, whether it is blogging, tweeting or coding in HTML or reading about technology or learning how technology works. This is important not just for those in the technology field but for everyone. To quote my favorite mentor Brad Feld, “The machines have taken over, now they are patiently waiting to learn everything about us by asking us to input everything about ourselves into them”, don’t you think it is time we should learn how the machines work? not because any sinister agenda but just to be curious and asking questions.

My dream is that in 10 years we have a thriving entrepreneurial ecosystem in Iceland that provides sufficient resources for anyone to start fresh, create value and make a living. I think Entrepreneurship is life, one of my favorite blogs is written by Jerry Colona, I could not have said this better so I am quoting Jerry:

“Those who seek to create their own startup do so more often out of the desires for freedom, dignity, validation and, ultimately, self-actualization (in the full Maslow-vian sense) than for riches. (Indeed, those who seek riches most often fail.) For them, and despite what most politicians and government officials blather on about, it’s not about jobs. It’s about life.”

Follow

Get every new post delivered to your Inbox.

Join 1,460 other followers

%d bloggers like this: