Archive for September, 2009
Over the last week, I had the opportunity to start and finish Tina Seelig’s new book “What I Wish I Knew When I Was 20“. The book delivers a series of stories — among other things — each seemingly designed to teach a lesson or prove a point; a number of stories discuss very innovative and creative solutions people undertook to solve real-world problems and to create value. Together, these pearls of wisdom can inspire the uninspired, and give a gentle nudge to those needing a push to get going.
In her book, Tina discusses the Stanford Technology Ventures Program (“STVP“), and how it looks to create “T-shaped people” — described as having a depth of knowledge in at least one discipline and a breadth of knowledge in innovation and entrepreneurship. I think this is a fantastic approach, and that this recipe is the right combination to create truly successful entrepreneurs. It would be nice to see some Canadian schools taking that approach. She also discusses her class-turned-global innovation assignments, that have become the Global Innovation Tournament — I’m hoping to participate in a judging capacity for the Toronto contingent this year — but of course, I’d rather be in the competition itself. Maybe I’ll get a chance if I make it into the Stanford GSB next year!?
Later on in the book, Tina begins discussing risk profiles of entrepreneurs (I can relate closely with this), and I found it quite interesting to read that apparently most entrepreneurs don’t see themselves as big risk takers. Only after some reflection did I understand what she meant. To paraphrase her text, “After analyzing the landscape, building a great team, and putting together a detailed plan, [entrepreneurs] feel as though they have squeezed as much risk out of the venture as they can. In fact, they spend most of their efforts working to reduce the risks for their business.”
Wearing my VC hat, this actually makes a lot of sense. We, as VCs, constantly look at how well entrepreneurs de-risk their ventures and we calculate our willingness to invest by how well an entrepreneur has evaluated their market opportunity, filled their management team and advisory board(s) with competent and complimentary folks, and developed their technology to a stage where it can be demonstrable. Essentially, the reward that entrepreneurs can receive for successfully de-risking their venture is generally referred to as a better valuation from VCs, and consequently, higher equity ownerships for the entrepreneur(s) at the table.
I recommend this book to CEOs and decision makers that need to reignite their creativity as well as to students aspiring to do great things, but who are waiting for permission to do so from some authority figure. In this book, the author acts as an agent of empowerment to allow the reader the feeling that they should embrace their skills and capabilities, and act on their desires to create products, services and organizations that can change the world.
What have you envisioned that could change the world? I dare you to chase that opportunity.
Have you recently dropped everything to take on a new challenge? Share your story below! Was it worth it?