If you quit your day job, I don't want you anymore because the main value you had was those day jobs.Īnd then, by the way, we inadvertently solved another problem. You weren't allowed to quit your day job. Let's meet once a month and let's have them keep their day jobs. No, I want my advisors bought into my whole portfolio.Īnd so we said, let's do an informal program where all the participants are actually carry members in the entire fund.
The venture partner riff is you get carry in the deal you help. That's another thing I think a lot of firms get wrong. Basically, a virtual management team and they had carry in every deal. Someone who was really good at marketing. But isn't the value you have is where you work? So quit where you work and access you have to come sit in my office?įor our riff on a venture partner program we said, what if we had 6 or 10 domain experts who were a virtual management team. You quit your day job to go and sit in somebody else's office for six months. But with an EIR gig, it doesn't make any sense. Martino: When we were thinking about what we would do about venture partners at Bullpen, most of us in the fund had done an EIR gig.
What is Fullpen and how is that part of the fund? Knox: We've gotten to know each other through Fullpen, which is one of your ways of doing something different. Especially since our businesses are out there funding disruption. I find it just ridiculous that there isn't more self-introspection in our business. Let's go figure out what's broken in the business and try and fix it." I find that to be unacceptable in the business.
Andy Rachleff when he started Benchmark was doing something different.īut the list is short and of this last decade, of the now 500 micro funds, no way there's more than 20 - 25 of us who I would sit down and say, "Let's start from a blank sheet of paper. Josh Kopelman was doing something different at First Round. So Bullpen is certainly doing something different. I can give you 10 venture people in a room, nine of them are trying to look better, sound better and know more about a category than everybody else and you're gonna get that one out of 10 people who's actually trying to do something different.
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