This weekend I was reading the NY Times online and I came across this excellent piece about ADHD written by Richard Friedman, a professor of clinical psychiatry. In the article the author talks about the condition of the brain – which affects up to 11% of American children in which people with ADHD (or ADD, which doesn’t have hyperactivity) – in which people with ADD have a low tolerance for routine tasks and thus they seek out “novelty”.
The author believes this may have had an evolutionary advantage. He specifically notes the people with ADD
“are drawn to new and exciting experiences and get famously impatient and restless with the regimented structure that characterizes our modern world.”
The author talks about one of his patients who was bored and unsatisfied in his job and found his tasks too routine.
“he quit his job and threw himself into a start-up company, which has him on the road in constantly changing environments. He is much happier and — little surprise — has lost his symptoms of A.D.H.D.”
This sentiment is probably familiar to many entrepreneurs and it must certainly resonates with anybody who suspects he or she has ADD. Many of us jokingly talk about ADD because we recognize the tell-tale signs like inability to focus on one task at a time, inability to finish projects (or articles or books) that don’t hold our interests intensely.
The funny thing about ADD is that many of us were told that people with ADD didn’t do well in school, had learning difficulties and perhaps struggled in life. It turns out the opposite can be true, but who knew? If you have ADD or think you might have it you may enjoy hearing about my story.
When I first met Meredith Perry she was 24. That was three months ago this week. Today I’m handing her the largest A-round check I’ve ever written as a VC as we lead her $10 million A-Round at uBeam.
As I’ve written about recently, at Upfront Ventures we started talking a couple of years ago about wanting to fund stuff with more meaning. I think this is a combination of being realists as venture capitalists that outsized returns in our funds must come from taking on bigger, more impactful projects that can move markets. It is also a function of the stage of much of our careers where we aren’t interested in playing small ball with incrementalism on how to squeeze out an extra 5% of margin by optimizing the Internet slightly better.
The reality is that as VCs we have limited allocations of where we can spend our time so we want to attach ourselves to projects in which we, too, can be passionate.
I’m pretty on record as saying I don’t think many private-to-private tech mergers make sense. They are often done from a position of weakness. Something in both companies isn’t working, which is why they come together.
I often don’t believe in the therm M&A because in my experience mostly A works.
But of course there are always exceptions. And even when I remain skeptical sometimes opportunities present themselves that prove one should never be absolutist.
As many people know I funded a company called Moonfrye almost 2 years ago led by two amazing women – Kara Nortman & Soleil Moon Frye. Our goal from the outset was to build a great eCommerce experience that could compete with Michels on one side (for DIY / crafting) and Party City on the other (throwing events / parties / celebrations).
The thesis was simple. Mom’s struggle to plan events and activities for their kids. Most products out there suck so mom gets stuck with angst of wanting to have decorations, activities and chatzkies for other kids to take home. What should be an enjoyable experience turns into a time-suck obligation and angst-ridden day of self questioning.
Our product name is P.S.
Yesterday I wrote a post about The Silent Benefits of PR in which I pointed out that most young companies I encounter don’t fully grasp the benefits of PR because they are less measurable than product milestones or customer acquisition analyses (like CAC/LTV).
In that article I talked about how PR drives: recruiting, employee retention, biz dev deals, funding and even M&A and that often “attribution” to your PR activities is unknown. It’s like “direct” traffic to your website that seems to magically appear.
But of course it’s hard to advise people that they should do PR without a guide to how to do it on the cheap or how to do it at all.
When to start PR?
I’m generally not a believer in too much PR until you have a product built or at least well designed. This is somewhat changing in the world of crowd funding where people actually raise money so that they can build products but at a minimum your product design ought to be complete and ready to execute.
I’ve been having this PR discussion with three separate portfolio companies at once so I thought I’d just publish my thoughts more broadly.
I have written many times about PR so if you want a deep dive on the “how” of PR you may enjoy reading some of these posts.
PR is an insanely valuable activity in early-stage companies. Very few investors understand this and even fewer startups. When you’re an early-stage business every dollar matters and because many startup teams these days are very product & technology centric they often miscalculate the importance of PR. I believe PR is often not tangibly measurable and for quant-oriented people this is hard to accept.
The benefits of PR are exactly that: Immeasurable. They are silent. They don’t show up in a calculation that says I spent $7,000 and I got X-thousands inches of press. It doesn’t work that way.
1. Recruiting – One of the hardest tasks of any startups is recruiting world-class talent.