Bothsides of the Table


The Fourth of July. The day we celebrate American independence. It’s more about our celebrating what we love about our country than it is about winning a war.

Like many who live here I’m proudly American. It is the country that welcomed my forebears when others wouldn’t. My story is different from yours, but the same. We all came from different economic means by relatives willing to risk their lives and their livelihoods to stake out a new beginning in a foreign land that was often not immediately welcoming to people who were “different.”

My family is Jewish.

On my mom’s side they came from Poland and Lithuania and similar such places. They arrived through New York and eventually found their way to St. Louis, then Philadelphia and ultimately to Sacramento, CA. The turn of the last century wasn’t kind to Eastern European Jews so I guess the sacrifices of the pilgrimage were worth it. America wasn’t originally welcoming to Jews either. Even in the recent past we were excluded from many golf courses, country clubs and even universities and jobs.

That has changed because we’re a country that learns to accept the enormous benefits brought by people who bring their cultures and skills to this great nation.

On my dad’s side the story is more complex. His family was from the Ukraine and Romania. The folklore is the my grandfather’s brother fought in for the Russian Army against the Germans and was imprisoned in a German prison where he became friendly with a prison guard named “Schuster,” who gave my great uncle his passport. My grandfather fled Romania where Jews were being killed by pogroms. He ended up on a ship that landed in South America where he traveled selling cutlery via a llama until he ended up in

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Fauxmentum


Posted on Jul 1, 2015 | 0 comments

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faux·men·tum
fōˈmen(t)əm,fəˈmen(t)əm/
noun

when a technology startup, its investors or the market believe in robust growth rates writ large
“the ecommerce company gained fauxmentum by raising artificially high amounts of venture capital and spent lavishly on customer acquisition despite long payback periods and questionable LTV”
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We live in heady times. Startup companies continue to grow at unprecedented rates, raise enormous amounts of venture capital and achieve valuations that imply that they will continue to grow rapidly for the foreseeable future.

We can see in the market the telltale signs of a rapidly expanding market: wage inflation, high staff turn-over, rapidly increasing rents with scarcity of space and booming real estate market with prices and rents for homes unaffordable for many. I don’t meet many rational investors (VCs or LPs) who believe this will last but of course nobody knows whether we have 6 weeks, 6 months or 2 years.

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Products I Love to Use


Posted on Jun 28, 2015 | 0 comments

Every year around the holidays journalists and bloggers around the world publish “top ten” lists or “annual buyer’s guides” or similar. And every year I think about doing the same. But it’s the holidays and I usually can’t be bothered. Plus, after reading everybody else’s list it feels pedestrian to publish mine.

So I thought now would be a sensible time – with six months on either side of the holidays. I’m not trying to say my picks are great and other products aren’t and I’ll certainly forget some. But this is just a reflection midway in June 2015 of the some of the products I love, enjoy or use frequently, and am not an investor in.

1. Twitter – Say what you want about Twitter “losing its way,” “not engaging new users well enough,” “not targeting ads well enough.” Twitter is the most fundamentally profound application I have used over the past decade. I love it. I will continue to love it. I sure hope nobody buys it. As an individual I’m just fine with its level of innovation. World leaders use it to break news. Comedians use it to hone their art.

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Reid Hoffman (founder) and Jeff Weiner (CEO) of LinkedIn are amongst the most famous pair of founder / CEOs to buck the stereotypes that:

The only person who can take your company to it’s final destination or IPO if the founder
That the founder must leave the company if a new CEO comes on board

In fact, Reid wrote the definitive piece on the topic.

Many people don’t know that I actually became Chairman of my first company and relinquishing the CEO role before the company was sold. It’s a topic I’m well versed in personally and I understand the difficult emotional decision of whether to hand the reigns to someone else of the baby you’ve struggled so hard to launch into the world. Will they treat it with the same seriousness that you did through your years of blood, sweat and tears?

Some founders make great CEOs until the end, some don’t. And some (like me) love the first 5 years, first $30-50 million in revenue, leading the first 150 employees but don’t love the role after that point.

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I recently interviewed Matt Mazzeo of Lowercase Capital. By now most of you know that Chris Sacca invested in what is now thought to be one of the best performing VC funds of all time having invested an $8.4 million fund in: Uber, Instagram, Docker and Twitter, amongst others. He then went on to build perhaps the largest single shareholding in Twitter. But did you ever wonder how Matt Mazzeo, who’s in his early 30s became Chris’s partner?

In many ways I wanted to focus on Matt because to those of us in the LA Venture community Matt really has become the public face of Lowercase Capital over the past several years. He has won many over (including me) through his hustle, his relationship, his service approach to venture and the fact that he is, frankly, a very likable and humble guy.

The viewer above (big thank you to ClipMine) will allow you to skip forward to key moments by clicking on the contents tab on the left but to give you some insights on Matt.

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