STRAMGT 321 – Create A New Venture

Here’s the class information website for last year (doesn’t look like it has been updated for 2014-15 yet).

As I mentioned in a previous post, this class was hands-on with a pre-formed team. I partnered with Erik Wittreich and Randy Sternke to create Hinted (actually it started as uLooped – thankfully we were able to figure out a better brand) – we intend to take the feedback-rich environment out of Stanford and bring it to enterprises and consumers.

Prof. Dennis Rohan admitted a number of teams into this class, each having already submitted an idea for a business concept. Our class ranged from coffee honey beverages and artisanal cheeses to investor certification, liquor retailing and, of course, feedback. Some of the teams stayed very true to their original concepts and made minor tweaks to accommodate business or customer realities. Other teams made drastic changes – but this is all expected – the key learning in this class is not to drive your original idea forward to become a business, but rather to start with an idea and see where it leads.

Structurally, this class was comprised of whole-class lectures (often with a guest speaker), section seminars (mostly teams presenting and giving feedback to each other), individual group / instructor meetings (a short private meeting with Prof. Rohan for him to asses your progress and give direction, advice and critique) and also mentor meetings (Prof. Rohan arranges for each team to be assigned a mentor with entrepreneurial or venture capital experience).

The lectures often brought in guest speakers to cover different topics: from d.school methods to Touchy-Feely concepts, we repeatedly heard the advice to get off-campus and talk to the real world. Go find experts and talk to them – it’s often surprising who will take the time to talk to a Stanford GSB student under the cover of research. For some reason, the idea that they’re talking to a student seems to open up avenues that would otherwise be closed to a cold-call. It also helps to have your own contacts to reach out to – people who know you will generally be your biggest supporters and often look forward to being a mentor.

Our assigned mentor was Eric Chen – a former GSB’er who was co-founder of TinyPrints – another GSB Startup. Yes, the team with 2 Erik’s got an Eric as a mentor… Eric generously met with us several times and was a valuable sounding board for our ideas and changes of direction. It was helpful to have more than Prof. Rohan’s POV – sometimes they would give us the same advice, but often their ideas were diametrically opposed, so it fell to us to hear both, think critically ourselves and decide upon a path to follow.

Gerard at Beecher's Cheese (Seattle Study Trip)

Gerard at Beecher’s Cheese (Seattle Study Trip)

On top of the scheduled sessions, the groups are expected to do a lot of field-work, individual and group work. What exactly each team did varied greatly – after all, each team had very different needs and customer prospects. For example, Gerard Tuck’s cheese team were actively conducting focus groups – feeding the groups marinated cheese and asking for customer marketing data. How much do you typically spend on cheese and other snacks? Is cheese an impulse buy? Have you ever heard of … These types of customer interactions are only a small fraction of the total effort required. Another team, Elevado (formerly Coffee Honey), experimented with different recipes for their natural sweetener – testing beverages, snacks and other ways to use their product.

Hinted conducted experiments on the Sloan/MSx ’14 cohort – our first embodiment involved a mocked up test using Excel spreadsheets and hand-selected test candidates. This process largely validated our original assumptions, so Randy proceeded to build our alpha-test tool – since he was simultaneously taking CS 142: Web Applications, he was able to build the tool for his class project and share his effort across two classes. Once the web tool was working, we continued testing with a larger group within the cohort and eventually collected more than 10,000 data points from self- and peer-ratings. Later, in the Spring Quarter, we would eventually use this same tool in Prof. Gary Dexter’s OB 374: Interpersonal Dynamics class.

If you are contemplating taking this class, consider the following:

  • It’s a ton of work – if you are taking this class seriously and “doing it right,” you will be spending a lot of time on this class. Some weeks will be lighter than others, but don’t be surprised if you need to spend 10-20+ hours/week
  • Team dynamics is crucial – because you will be spending so much time on this, make sure you enjoy the company of the people you will be working with – you will also need to apply as a team, so you need to figure out who you can work with as early as possible – don’t forget to look for MBA and non-GSB teammates if applicable
  • Only work on something you enjoy – because you will be spending so much time on this and in close quarters with your team, make sure the concept is something that you will enjoy working on, or at the very least you will learn a lot while you’re working on it – the last thing you want is to get stuck with a team or project that you can’t tolerate

At the conclusion of the class, each team presents their current state to a board of investors (but keep in mind that they’re there to give feedback and suggestions, not to invest – although they might facilitate helpful introductions). Consider this an opportunity to practice your pitch skills!

STRAMGT 321 is a two-quarter class (second Quarter is, unsurprisingly, STRAMGT 322). However, our team found it impossible to make the schedule fit – so we opted not to take the second half of the class. But unlike many of the teams formed in S321, we are still actively working on Hinted.

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Post-GSB life in a startup

A common question for a recent B-school grad: What are you going to do now?

In true Stanford entrepreneurship style, I’m working on a startup with a couple classmates. In fact, here’s my first public blog post for Hinted.

What’s Hinted? Why feedback?

The one common factor that all the Sloan / MSx students will have – they’re at Stanford GSB for a reason. They are looking to improve themselves, to prepare themselves for a major change. Whether that’s starting a new company, taking over a family business, climbing a corporate ladder or ascending a government empire – the desire is to prepare or learn how to break through to that next level of management. Let’s face it – most managers get stuck in middle management. Business schools focusing on general management teach you how to think like an executive – and hopefully how to break through to the executive ranks.

But, in the process of doing all this, students are not able to gain these new skills and expand their horizons without some serious self-awareness and introspection. To truly excel and reach new heights, you can’t treat graduate school like simply checking a box – it is really about deeply understanding your own strengths and weaknesses – then learning how to leverage your strengths and bolster your weaknesses.

Hinted is all about that journey of self-awareness. Stanford GSB (and probably most graduate schools) is a fantastic place to get feedback – we’re often taught that “feedback is a gift.” But even with this open mentality, feedback is often not timely, a pain-in-the-ass (for the giver), superficial and not actionable. We want to change that by making feedback a continuous process, a very easy thing to give and with a time-dimension to show you actual results of your efforts.

Not everyone out there has the opportunity to spend a year or two in B-school (or any other grad school). That’s why we want to share tools like Hinted – and the open feedback attitude – with everyone.

Startup 101:

Winter and Spring quarters: We took our idea through Prof. Rohan’s STRAMGT 321: Create a New Venture: From Idea to Launch class. Pre-formed teams (can be MBA, MSx or any other Stanford student) with a venture idea apply for this class, usually in groups of 3-5 students. Prof. Rohan uses Stanford’s d.school methods to force you to explore as many avenues of your proposed venture as possible. Often, teams will find that their first idea runs out of steam too quickly – they can either fake it and run through the paces, make minor adjustments to their idea or radically pivot to a new concept. This class was a great opportunity to do some research, try different ideas, talk to potential users and prototype a feedback tool with some guinea pigs (our MSx classmates). He also connects you with investors with experience in your field to give additional suggestions and guidance (except in the rarest instances, they’re not really there to invest in your class project ideas.

After graduation: It was time to decide if we were going to continue and make a genuine effort at a real startup. Before graduation, it is simply too easy to say “yes” and not really mean it – or to simply use the prospects of working on a startup to procrastinate a bonafide job search. That’s why it makes sense that so many fabled startups begin with someone dropping out of school – it forces you to focus and get real very quickly. We were very lucky – our entire class project team decided to move forward and we’re now all working together as Hinted’s founding management team.

Where are we now: In the few weeks since graduation, we signed our first official customer,  acquired an awesome domain name, interviewed 4 law firms (and selected WilmerHale because they have an awesome startup package), incorporated and started our social media campaign (albeit we are still very stealthy). More updates to follow as we accomplish some more cool milestones…

Erik Wittreich building our whiteboard frames

Erik Wittreich building our whiteboard frames

Randy Sternke putting wisdom on the new whiteboards

Randy Sternke putting wisdom on the new whiteboards

Let me know if you find this helpful, interesting or have any questions / feedback for me. I’m personally blogging because I want more candidates to become aware of the awesome mid-career degree program at Stanford GSB – the MSx program doesn’t have nearly the publicity it deserves. Because of my experience, I’m more open to feedback now than ever before – please ask if I can help you make your decision to come to Stanford!

-E

Global Study Trip in New Zealand

In many ways, the MSx / Sloan program is in a major period of flux. Several changes have been introduced to the program over the past few years – and the inclusion of a Global Study Trip option is new this year. Since it is just a pilot test, only 20 or so MSx fellows have been offered GST opportunities (over 40 MSx fellows applied).

I just returned from my GST in New Zealand and had a fantastic trip. In the new pilot test, MSx students are allowed to join the MBA-led GST trips – I believe that at most, there were 2 MSx’ers invited to a single GST. In my case, I was the only MSx fellow on the New Zealand trip with 29 MBA students (mostly first-year MBA1s), 1 faculty member and 1 GSB staff member.

I heard several folks say that this was the best GST ever – I really don’t know how to validate this, but I certainly had a great time. Sure, I was the only MSx’er, but the MBAs welcomed me into their group – and many of them were also just getting to know each other. It was an excellent opportunity to get to know so many additional GSB students, many of whom I see walking around every day, but with whom I’ve have had little reason to interact.

The trips are led by MBA2 students who spend a lot of time coordinating travel plans, scheduling business meetings, creating GSB alumni mixers and generally pressing the alumni network very hard for meaningful trip opportunities. Our MBA2 trip leaders went above and beyond to create a jam-packed itinerary that demonstrated the New Zealand entrepreneurial spirit.

GroupMe app:

On first glance, I was appalled that the trip leaders would force me to download an app just for the purposes of communicating with group members. In actuality, GroupMe turned out to be a great tool. It allowed for focused communications with the group as a whole and also provided a history of group chat. I’ve been educated… Almost as important as the SpaceTeam app

Day 1: Meeting with Prime Minister John Key and Maori welcome ceremony:

Unfortunately, due to Air New Zealand’s 747 springing a leak in the center fuel tank, me and seven other MBA students were unable to make the first day meetings. Our flight left San Francisco nearly 24 hours late and stopped in both Honolulu and Fiji to make refueling stops. Needless to say, this was a horrible way to start the trip and immediately made me feel like it would be an overall horrible experience.

anz747-1

 

ANZ 747-400 at our scheduled departure time…

 

anz747-2

 

ANZ 747-400 when they finally told us we could go home and come back the next day…

Day 2: Meetings with Ray Avery & Sealord BBQ w/ Graham Stuart & Siobahn Cohen:

Upon arriving in Auckland (roughly 5:45 am), four of us piled in a shuttle and made our way to the Auckland Sofitel. What a beautiful hotel! It is located on Viaduct Harbor – this entire neighborhood was built to host the 2000 America’s Cup race and is filled with great restaurants, a fish market, an artist’s market, food trucks, etc. – and HUGE yachts. After a croissant and coffee (after all, it is a French hotel), everything started to look a lot better…

Each guest / host speaker was introduced by a trip participant – I happened to be selected to introduceRay Avery. He’s an inventor / innovator, self-made wealthy guy and atypical of the “tall poppy syndrome”New Zealander. He gave us some interesting insights about being in a small country – how it limits their ability to do basic research at scale, but conversely gives them a “MacGyver” ability to make great innovations in simple settings (e.g. baby incubators developed in a garage).

The day’s schedule included a few hours to roam the city on our own – which is when I found the Burger Queen in Silo Park. Great place to walk, buy trinkets and eat!

We closed out the day with a BBQ hosted by Graham Stuart and Siobahn Cohen from Sealord. Gillian, one of our MBA2 trip leaders, had built a very close rapport with Ms. Cohen (GM Human Resources at Sealord) and we were honored to be treated to a BBQ at her home. Mr. Stuart also represents the Lamb and Beef industry in New Zealand, so we had some fantastic red meat too – the MBA1s were hovering around the grill, pretending to ask business questions – but, in reality, they were snatching up all the lamb chops as they came off the grill!! Hey, they’re smart… What can you say?

Day 3: Meetings with Fonterra Dairies, University of Auckland, NZ Merino, Icebreaker and GSB alumni mixer:

After a horrible flight experience, missed meetings with the head of state and the Maori welcome delegation, the BBQ really loosened things up and got things restarted for me. The last few people who elected to change flights all arrived by Monday morning and we were a complete group by lunchtime.

We met with the VP of Public Relations of Fonterra – she provided a different outlook on corporate life in NZ. Fonterra is huge, even from a global perspective. She discussed crisis communications and the challenges of being one of the largest exporters in an export-centric economy.

Lunch was hosted by the University of Auckland School of Business. In many ways, it is the exact opposite of Stanford GSB. Whereas GSB only teaches graduate students, they only have an undergraduate business school and it is huge and modern. Arguably the best b-school in NZ, they are fighting the local perception that doesn’t value a graduate business education. The few people who value an MBA generally leave the country to study in the US / Europe and don’t return to NZ until they are ready to raise a family.

In a joint meeting, NZ Merino and Icebreaker extolled the virtues of Merino wool and how they were able to revive a downtrodden commodity business into a premium products industry. There is definitely an interesting bit of tension between NZ Merino and Icebreaker over brand and value creation / capture, but they are currently working together delivering fantastic products! Several of our GST participants shelled out a ton of cash to buy premium workout shirts / shorts and performance underwear. Supposedly, the stuff simply doesn’t stink either – let’s hope the MBA1s don’t test that claim too seriously!

One of the best elements of the trip was the small group dinners. In Auckland, we had our first small group dinner – I joined Kathleen’s group at Blue Breeze Inn for some Pacific / Chinese food (modern dim sum?). What a meal!! Definitely get the pork belly steamed buns…

Day 4: Meetings with Icehouse, Les Mills, Villa Maria and fly to Wellington:

Icehouse is a Silicon Valley style incubator in Auckland. Met with their CEO and a couple of their portfolio companies. Interesting to hear their challenges – everyone we spoke with on the entire trip talked about how difficult it can be to raise funds from NZ investors. Particularly for tech startups, they tend to prefer to come to Silicon Valley for VC money.

Les Mills is creating a workout paradigm that makes gyms more fun. Lost on me…

Villa Maria is a large-scale wine producer in Auckland. They are one of the largest wine export brands in NZ and have been fairly successful in both their domestic and export markets. Their soft-spoken “tall poppy” founder, Sir George Fistonich, walked us through their history and challenges. In addition to a winery tour, they fed us a great meal with some more NZ lamb. YUM!

So far, the trip is turning out to be a culinary delight!

Late evening flight to Wellington followed by a short bus ride in the dark! Bolton Hotel is a quirky little luxury hotel in Wellington, but was pleased to see dual king-size beds in the rooms and a small combo washer-dryer unit – was able to do some laundry! Very comfortable hotel…

Day 5: Wellington meetings with Parliament, US Embassy and free time:

We began the day with several officials from the NZ government. Dep. Secretary of Finance, Treasurer, “Minister of Everything” and an MP!! We even got a tour of their legislature (our guide was a former American who renounced his US citizenship to become a Kiwi). Clearly, our trip leaders pulled every string they could to get us high level access – they all added their individual perspectives which was very helpful context for their economy.

Note: The NZ executive office building is called the Beehive

We had lunch at the US Embassy – nice little break on home soil! Ambassador Huebner and his deputies from the commerce section discussed the New Zealand economy and their heavy reliance on exports. This repeatedly brought up the relative importance and influence of China – clearly high on their minds. Unfortunately, the American lunch did not measure up… At least they’re not wasting taxpayer dollars on free-loading Stanford students, but it was a really horrible sandwich…

After returning to the hotel, many of us took the inclinator / funicular / inclined railway / cable car up to theWellington Botanical Gardens. Be sure to stop at the rose garden greenhouse cafe and have a Cheese Scone – supposedly the best in the Southern Hemisphere! Slathered with butter, I thought they were delicious…

We then had our second small group dinner – this time I joined Gillian’s group at Ancestral – simply one of the best Chinese meals I’ve even eaten. Fantastic food, fantastic small group! Prof. Baba Shiv joined us for this dinner – can’t wait to take his class in the Spring Quarter.

Day 6: Wellington meetings at Xero, Meridian, Weta Workshop, Park Road Post and Hobbit 2 viewing:

By this time, it was obvious that we were on the “back nine” of the trip. People were much better acquainted with each other and everything was much more light-hearted, including the business meetings. Our visit to Xero might as well have been to any Silicon Valley tech startup – people were clearly working hard, whether pounding out some code or rocking a headset and solving customer issues. It’s no surprise they have been successful.

Meridian Energy is one of the few electric power utilities in the world with a 100% renewable generation portfolio. Our meetings with their CEO and head of Maori-relations was unexpectedly casual – they came to present in t-shirts and jeans. They also have a fantastic view of the harbour in their LEED Platinum HQ(supposedly the most efficient building in the world). New Zealand also has a mostly deregulated consumer-facing electric power market – something that the US should have learned from…

Best picture of Baba: 

We then visited Weta Workshop and Park Road Post Production – these movie production power houses lay in a tranquil Wellington suburb – nothing like their American counterparts in Hollywood. Our tour at Weta included seeing their staff actively working on props, miniatures and costumes for future films (we have no idea what they were working on). A few blocks up the road at Park Road Post, we were given a chance to delve into the NZ filmmaking industry and get all our questions answered.

Dinner was a whole-group affair at Soi – great seafood and drinks!

After dinner, several of us went to Peter Jackson’s “The Roxy” cinema for a public screening of The Hobbit 2. Great place to watch a movie, throw a party or have dinner. Sadly, I simply don’t follow the storyline of the LOTR / Hobbit franchise. I dutifully watched the movie, but really had no idea what was going on…

Day 7: Transit to Queenstown and lots of fun:

At this point, the atmosphere of the trip had completely changed. What started as a very serious deep dive into NZ business had slowly transformed into simple enjoyment of everything what New Zealand has to offer. While our flight to Queenstown was delayed, we enjoyed the airport downtime to grab some breakfast. Upon arrival, we immediately hustled to the hotel St. Moritz for a meeting with Graham Budd and David Kennedy – both leaders in the Queenstown tourism industry. They explained what the region had to offer – then surprised us with free rides on the Shotover Jet (jet boat excursions on the Shotover River).

shotover

The 700 horsepower jet boats were a blast! The pilots did a great job of making the rides thrilling – the wind in our hair and the occasional blast of snow-melt river water made for an exhilarating trip. A short bus ride away, we were given a chance to speak with Henry van Asch – co-founder of AJ Bungy. This firm pioneered the bungy jumping industry and still operates at their original location from the Kawarau Bridge.

Conveniently, we had a lot of free time scheduled after this meeting. Several folks opted to use this free time to arrange their own bungy jumps. Not me…

Pizza for everyone topped off an action-packed day at Winnie’s Gourmet Pizza. The menu offered a wide range of pizza possibilities. All were tasty. Beer was served in 1 meter tall spigot-pitchers – a nice (somewhat civilized) communal version of a beer bong.

Day 8: Queenstown vineyards:

On our last full day, we took time to visit more of New Zealand’s wine industry (yeah, right!). Gibbston Valley and Amisfield were both able to offer us tours and tastings. The grounds at Amisfield proved to be the best place for us to film our trip video.

After a great day at the vineyards (with excellent weather), we took the Skyline gondola to the top of Bob’s Peak and drove the Skyline Luge carts with freezing rain and hail. Certainly not the best weather to do outdoor activities, but was fun nonetheless. Great vistas and photo opportunities from the Skyline Bar.

Our final group dinner at Captain’s Seafood and Steak was our last chance to get some NZ lamb chops. It was a great chance to share (several) bottles of wine with new friends. The MBAs arranged “Most likely to…” awards for everyone on the trip. Some were nice, a few were just plain weird (and awkward), but most were just plain funny. From what I hear, much drinking followed this event, but I turned in early…

Day 9: Sheep and fly home:

Our last day consisted of a boat ride across Lake Wakatipu to Whites Bay and the Merino sheep farm. We learned about Merino wool, shearing sheep and even had the chance to virtually shear some sheep. A few of the MBA1s chose to … virtually … molest … the sheep instead. Fortunately, it was just a video game…

A reflection exercise over lunch allowed us to recap our “learning goals” for the trip and think about how great a week it had been. I was surprised to hear that most of my fellow travelers were going to stay in NZ for several more days. A few would go to Australia and others would fly to their home countries for the rest of winter break.

For me, it was a mad dash back to the airport, a stop in Auckland, another in LA and finally back home to my wife and puppies.

I’m glad to have been part of this MSx / GST pilot program. I can’t imagine not having had this opportunity – and I can’t think of any better way for MSx fellows to meet and network with our MBA counterparts. It is a great “out of classroom” opportunity to have conversations well outside the standard GSB discussions of classwork or job prospects. I sincerely hope that this is a permanent addition to the MSx experience and made available to all fellows who want to participate.

I’d like to thank the MBA2 trip organizers – it was so obvious that you all put so much time and energy into planning this trip. Except for the first leg on Air New Zealand, the trip couldn’t have been any better – simply superb! I also want to thank my MBA1 / MBA2 travel partners – you all made me feel very welcome in the group. I can only hope that future MSx’ers will also feel this welcome in their GST trips!

For future MSx’ers – if you join an MBA-led trip, try to purchase air tix that have you arriving a day early. At worst, this will give you extra tourist time… Missing the first day was a major downer. Fortunately, the trip was awesome so recovery was quick – but not meeting the Prime Minister was a big omission.

Recommitting to Blog

Ok — I was wondering what was going to motivate me to resume blogging…

Just found out that Class of 2015 has started to receive acceptance letters for early applications. The blogs from Class of 2013 were so helpful, that I feel I need to do this for the future Sloan / MSx fellows. So I’m going to try to get back into the habit of documenting my journey.

I promise to sit down and recap Summer and the first half of Autumn quarters – but to get things back in gear, I’ll start with the topics at the top of mind.

Over the past couple weeks, we have been registering for Winter quarter classes (starting in January). It is the first quarter where we have a lot of flexibility in our schedules. Summer is 100% core for most people and Autumn only leaves room for 2-3 electives (unless you test out of Accounting). You also need to figure out how much time you want to devote to academics. The rule of thumb (so I’ve been told) is to budget 3-4 hours of total work / per week / per credit hour – if a given class is offered as 4 credit hours, you should expect that your weekly required work (including in-class time of approximately 3.5 hours) will be approximately 12-16 hours. Some classes are pretty close to this estimate, others are wildly more/less work – do your research when thinking about which classes (and how many) to take.

Oddly, I have this strong desire to “get my money’s worth” and take as many classes as possible – rather than simply meeting the requirements for the degree. For both Autumn and Winter quarters, I will be at the maximum 22 credits – I am currently paying for this greedy approach, as I’m not able to spend enough quality time learning the core “basics” that I have little prior direct experience with, such as Financial Accounting and Corporate Finance.

For Autumn quarter, I took the following electives (I’ll circle back to core courses in a future post):

Prof. Ilya Strebulaev & Lecturers Theresia Gouw (VC @ Accel Partners)

This class covers two major areas of interest for me: 1: The investment decision-making process employed by Angel / VC investors when evaluating a startup – from introduction, to pitch, to term sheet, to negotiations and signing a deal; and 2: The best way for a firm (who is seeking to grow through use of Angel / VC financing) to properly position itself to potential investors and how these firms should behave / evaluate term sheets that are offered by said investors.

The team-teaching approach is incredible – Prof. Strebulaev brings the academic & theoretical together with Ms. Gouw’s practical experience as a VC partner. Our class is only the second time this course is being taught, so the curriculum is in flux and the instructors are constantly polling the students to ensure that the pedagogy and guest speakers match both the interests and abilities of the students. I suspect this course will become one of the “must-take” classes at the GSB in coming years.

If you take this class, be sure to take advantage of the opportunity to network with the guest speakers – BUT be targeted in your approach and only spend time with those guests who can directly help you or work in a related field. These are very busy people and will usually react positively if they see a natural fit and a win-win relationship. You will have the opportunity to meet several venture capitalists and angel investors in this class.

Lecturers Rob Siegel & Scott Brady

STRAMGT 353 is already a legendary class at the GSB and is considered “MUST TAKE” for people who are considering entrepreneurial careers after graduation. Both Rob and Scott are Stanford GSB alum – Scott, in particular, was a Sloan Fellow Class of 2000. These guys are as authentic to Silicon Valley entrepreneurship as it gets. They teach this class using the case study method and cover 1 – 3 firms per class that have gone through the formation / funding / growth process. Most of the example firms are wild successes or are still in the growth phase – but there are also a couple cases of major challenges / failures. The curriculum pulls you into these companies as if you were there while they were facing their most important decisions.

If you’ve never read a business school case before, you’ll quickly learn that they usually start with a biography of a protagonist (in this class, often the founder) and draw you through their story – how did they find their business idea, how did it evolve, what assumptions were correct and/or wildly incorrect, what problems did they face in fund-raising and, usually in a B-case (or more frequently in this class with live guest appearances by the protagonist) the outcome of the decision / inflection point. The way these cases are written is usually immersive – the best cases make you feel what the entrepreneur was feeling and get you quite excited about meeting the protagonist.

Both Rob and Scott are influential VC partners – so they will also force you to think about these cases from the perspective of potential investors. This allows you to see the cases from both sides and see how important it is for the entrepreneurs and VCs to actually like each other. I had the mistaken impression that this relationship was usually adversarial – but since the average “exit” takes 6 – 9 years, it is important that they work together effectively for that entire length of time (especially for early-stage VCs or angel investors).

I’ll come back in future posts and recap specific cases that are interesting, but I just needed to write something and get back into the habit…

-E