Jon Sakoda is a Partner at NEA and is an entrepreneur turned venture capitalist. The views expressed here are not necessarily shared by NEA.
Jon Sakoda is a Partner at NEA and is an entrepreneur turned venture capitalist. The views expressed here are not necessarily shared by NEA.
We are excited to announce our Series A investment in Swiftype, a rapidly growing “search as a service” platform that makes it possible for any website or mobile application to add modern search to their product in less than a minute. As an early seed investor, we have had the privilege of watching Swiftype grow from a proof of concept to a service that is today used by over 100,000 customers including some of the largest e-commerce, media, and technology companies in the world. This tremendous growth has largely been accomplished through word of mouth adoption and, remarkably, without any sales or marketing investment. In the past 12 months since launching their service, Swiftype has quietly become the largest search engine you’ve never heard of!
For several years NEA has been investing in the rapidly growing area of cloud services that simplify very complex tasks for technical users, such as Braintree for payments (recently acquired by eBay for $800 million) and CloudFlare for web security and performance. As these companies have captured the hearts and minds of hundreds of thousands of businesses, they have achieved significant competitive advantage through network effects, scale, and data that have made them as formidable and knowledgeable as the largest tech companies in the world in their unique area of expertise. Swiftype today is already seeing more than 200 million search queries a month, and we believe their focus will enable them to provide the very best “search as a service” for any website or mobile application as their platform expands over time.
We are excited to work with Matt Riley and Quin Hoxie, the founders of Swiftype, who long ago asked why website search was inaccurate, inflexible, and expensive to implement. With Swiftype, luckily we no longer have to search for an answer.
We are excited to be a part of today’s $50 million financing in Blue Jeans Network, the world’s fastest growing cloud-based video conferencing service. NEA invested in Blue Jeans over 2 years ago and has had the privilege of watching the service grow from a proof-of-concept to a disruptive product now serving over 2,000 customers and 3 million participants. The premise behind Blue Jeans is very simple – make video conferencing as pervasive and easy to use as audio conferencing by providing a service that works from any device with a two-way camera (across Cisco and Polycom room systems, Microsoft, Google, and Skype clients, and every browser and mobile phone). By providing interoperability across these services, Blue Jeans has become the missing link in real-time collaboration and one of the fastest growing software-as-a-service companies in our portfolio.
Blue Jeans is an incredibly simple service to use and describe, but it is an extremely complex technical solution that was not possible (or feasible) just 5 years ago. First, high quality video bridging has traditionally been done through special purpose (expensive) processors, and it is only recently that multi-core processors have reached a price point for video interoperability to be performed on commodity hardware. Second, significant advancements in H.264 compression have made it easier for high quality video to be streamed through low bandwidth connections. Finally, pervasive cloud infrastructure has made it possible to scale up to support millions of users overnight, a requirement to meet the demands of the largest customers around the world. The convergence of these technology trends has made it possible to launch Blue Jeans, and to unlock the true potential of video in the workforce.
It is truly a privilege to work with the founders of Blue Jeans, Krish and Alagu, who have realized the vision of video as a “dial-tone” service that would connect the world around us. Today we can see this vision coming to life, transforming many industries that have adopted their service. We see universities using Blue Jeans to turn physical lecture halls into virtual classrooms that can bridge in students from multiple countries. We see doctors using Blue Jeans to connect medical experts into emergency procedures, enabling patients to get the best care even in remote locations. And in a workforce that is increasingly geographically dispersed, we see millions of people using Blue Jeans to see their customers and colleagues, and to discover what is possible with pervasive video.
Want to see the future? Just try www.bluejeans.com!
*This post is a follow-up to my “Ask a VC” interview with Leena Rao at TechCrunch who posed the question, “Why does a $2.6 billion fund make seed investments?”
NEA is one of the largest VC firms by assets under management, and has quietly become one of the most active seed investors in the industry. Launching a seed program was controversial, both within the firm and throughout the seed investment community. The primary concern was “signaling risk”, or the notion that when a large VC fund makes a seed investment but chooses not to invest in a Series A round, the company’s ability to raise additional capital is significantly impaired. That negative “signal” could damage both the reputation of the company and the relationship between the entrepreneur and its investor. After 35 years of building a reputation of trust and respect with entrepreneurs, we probably worried as much—or more—about this “signaling risk” than anyone. As a result, since launching a dedicated seed program in early 2011, it’s something we have proactively measured and monitored from day one. The early results so far have been surprising to many with whom we’ve shared the data.
NEA’s seed program has made more than 50 investments totaling north of $20 million. The portfolio spans multiple sectors of technology (consumer, enterprise, healthcare, energy) and geography (Silicon Valley, Boston, New York, LA, and DC) and represents the diversity of interests and strategies employed by our global partnership. We have recently analyzed our first cohort of 35 seed investments, all of whom raised their initial seed rounds between March 2011 and July 2012. The data is as follows:
(*this category includes companies that have not yet tried to raise capital, have raised seed extensions in advance of Series A, or are otherwise too early to tell)
Given all of our concern about signaling risk, we expected to see more companies that are NOT funded by NEA struggle to raise a Series A. Instead, we have found the opposite.
The fact is that many VC firms choose to invest in NEA-seeded companies even if NEA does not lead the Series A. There are many reasons why this occurs, but a few of the more consistent ones are:
On this last point, it is important to remember that building a successful start-up is one of the hardest undertakings on the planet. It should not be surprising that investing in start-ups is equally challenging. When we make a decision to invest—or not—in a Series A, it does NOT always mean we’ve made the right call. We are human and we make mistakes. We aim not to repeat those mistakes at Series B, Series C, and beyond.
To be clear, we are not claiming that signaling risk does not exist. To this day we are still very careful and selective about our seed investing for this very reason. Entrepreneurs have many choices for how to build their seed syndicates, and those that choose to work with NEA get a partner with a long term perspective, at any and every stage of their growth, no matter how much money we’ve invested. We aspire to help entrepreneurs build very large companies, and have a track record of doing so that spans four decades. This is the strongest signal we send to our entrepreneurs, to our co-investors, and to the market, and it is a signal that hopefully continues to drown out the noise of signaling risk.
Why does a $2.6 billion fund make seed investments? Good question from Leena Rao at Techcrunch!
“You are on Mount Everest. This is not for everyone” – Sherpa Tensing, June 2001
Note: I went on a trek to Everest Base Camp in 2001 prior to starting my first company. I unexpectedly learned one of the hardest lessons about entrepreneurship, loyalty, and leadership while on the mountain. This post is for entrepreneurs that have scaled their companies to the highest of altitudes, and have come face to face with the realization that not everyone on their team can make the climb.
The trek to Everest Base Camp is one of the most beautiful and challenging treks on earth. Visited by thousands every year, most groups start their journey by flying into a small village at 9,000 feet in the heart of the Himalayas, and spend the next 7-10 days pushing up the mountain to nearly 19,000 feet*. Those that come to Everest train hard to prepare themselves for the effects of ascending a mountain at such high altitude, but there are few places in the world to simulate such strenuous conditions. The trail itself is steep and at extreme elevations your brain and muscles become deprived of oxygen. Your body rapidly dehydrates. You experience headaches, can’t sleep, and lose your appetite. And the conditions only get harder every day as you climb higher.
At the beginning of the trek, the group is fueled by the pure adrenaline of being on the trail of the tallest mountain on earth. But by 12,500 feet, the climb gets steeper and the effects of Everest begin to set in on everyone. A few people begin to fall back, and the pack breaks into two – those that can keep pace, and those that cannot. At ~14,000 feet, the gap between the leaders and stragglers grows larger and the landscape turns dry and barren – it is a startling reminder that the conditions do not allow for biological life to thrive. By ~16,000 feet, everyone is starting to show concern for friends and colleagues that are struggling, and the group must stop to make tough decision. The final stage of the trek, from ~16,000 to ~19,000 feet, is the greatest challenge. Your guides inform you of the choice the group must make: some people will get to Everest, and some people will have to stay back or go home. It seems unfair that some of the hardest working and best prepared in the group are feeling the most fatigue, and that everyone has come so far only to turn back now. But as the group approaches the highest altitudes on earth, the conditions are extreme and it is very clear who will need to stay back for the good of those that will continue the journey.
As an entrepreneur, you don’t need to go to Everest to know that there are a lot of parallels between climbing a mountain in extreme conditions and building a start-up. Starting a company is one of the most physically and emotionally stressful activities you can undertake, and it will test even the best trained and qualified of individuals. Similar to the beginning of any great expedition, start-ups can thrive on the adrenaline of the adventure ahead. But as you scale your company, the path gets steeper and the conditions more challenging. Whether you are at 50 or 500 employees, the road ahead is always more difficult than the already steep trail you’ve climbed and you must confront the reality that you are pushing your team to the highest of altitudes.
In a high growth company one of the hardest tests of leadership and loyalty is determining who can make the ascent and who will lag behind. Paradoxically, the bonds of friendship, camaraderie, and trust that make start-up teams strong in the early part of a company’s life become the hardest obstacles to overcome in making the tough decisions that set up companies to take on the challenges ahead. How can you lead your company through these transitions? Here are some best practices I’ve seen great leaders follow through the years:
Enforce an Honest “Bell Curve” Ranking and Don’t Inflate Grades – every manager loves their team and needs resources to accomplish their goals, but CEOs need to be honest about their “A” players (10-20%), “B” players” (60-70%), and “C” players (10-20%). Stacked and forced rankings of every employee reveals who is likely to keep up, and who is likely not to make it.
Don’t Make “Churn” a Bad Word – in a scaling company, there is a relentless focus on hiring great talent to fill important roles. But it is equally important to assess overall quality, not just quantity, along the way and to be honest about hiring mistakes that are inevitable in a hyper growth environment. Make employee “churn” a metric that is measured every quarter, and don’t make “churn” a bad word.
Look to Promote from Within – when it becomes clear that one of your managers isn’t keeping up, the natural tendency is to recruit a seasoned executive. But one of the best, and frequently overlooked, sources of talented and fresh leadership is within your own organization. Rather than force an outside hire, find the “A” players deep within your organization that are setting the pace for everyone else.
Don’t Force People “Up or Out” – an “A” player can become a “B” player if given too much responsibility, too fast, and spread too thin. Creating a culture that rewards and recognizes “A” players, even if they are in entry level and individual contributor roles, gives you the best chance at getting your entire team up the mountain.
I am constantly reminded of and humbled by the trials of entrepreneurship at its highest level. I have witnessed firsthand how difficult it is to challenge the loyalty entrepreneurs have for their teams in order to honestly assess who is ready for the road ahead. But starting and scaling a large and successful company is one of the most challenging endeavors on earth. Those blazing the trail must remember that at the highest of altitudes, not everyone can make the climb.
*Everest Base Camp is the START of professional expeditions to the top of Mount Everest. Though thousands of tourists (like me) go to Base Camp every year, only a few hundred professional climbers successfully climb to the top and as many as a dozen die trying.
WSJ coverage of the challenges entrepreneurs face in the hyper competitive environment of Silicon Valley.
“A crisis is a terrible thing to waste” – Stanford Economist Paul Romer, speaking to a group of venture capitalists, 2004
The U.S. education system is facing a public crisis of confidence. Students at the K-12 level consistently underperform in math, science and reading compared to peers in China, Japan and Australia[i]. School tuition is prohibitively expensive for many, and graduates of U.S. higher education institutions today carry more than $1 trillion in collective student debt. Those who do graduate from college often struggle to find long-term employment, spurring some to question whether the return on a U.S. higher education merits the investment—particularly in a difficult economic environment where the quality of classroom education is increasingly threatened by lay-offs, downsized curriculum, and shut-down facilities at institutions struggling to survive. With the prospects for over 75 million students and our economic future at stake, the U.S. has no choice but to confront these challenges. We must reform and revive our education system, and everyone must do their part.
The venture capital industry has a longstanding history of bringing U.S. innovation to market—fueling industries like the Internet, computing, telecommunications, semiconductors, biotechnology, and many more. However, the industry that catalyzed the creation of companies such as Apple, Intel, and Google has been largely absent from the classroom, investing less than 3% of its dollars in education every year. Today’s education crisis calls for more than politics and policy changes, but for a revitalization and re-imagination of our education system for the 21st century. At New Enterprise Associates (NEA), we see a unique opportunity to invest in entrepreneurship and technology in this education crisis and believe that now is the time for our industry to step up and do its part. Working hand in hand with entrepreneurs, we are already seeing amazing results today from schools investing in technology to transform their campuses and classrooms. We are inspired by what teachers and students can do through innovation, and are confident that we are on the brink of a renaissance in education technology.
Entrepreneurs and investors have historically proceeded with caution in education, for two major reasons. First, selling new technology directly to schools is expensive. There are over 100,000 schools in the U.S. alone, with unique and often complex buying processes. Second, measuring the value of new technology in classrooms has been challenging in a sector that has diverse and often subjective methods of assessment. It has been difficult for schools and vendors to demonstrate the efficacy of new learning technologies without prohibitively expensive long-term studies requiring years of data collection. These hurdles have made it difficult for small start-ups to reach economies of scale without significant capital, resulting in only a handful of VC-backed success stories in education over the last 15 years.
These historical perceptions are changing in an industry that is rapidly embracing new technology and reinventing its methods for teaching and learning. Advancements in cloud computing have made it possible to run courses online for free. The mass proliferation of tablets and smartphones has made it possible to introduce new educational content to millions of teachers and students without working through traditional publishers. Furthermore, low-cost bandwidth around the world has made it possible for anyone with an Internet connection to pursue a world-class education. These significant advancements have led to a Cambrian explosion in education start-ups here in the U.S., with VC dollars invested in the sector more than tripling over the last five years.
There are four major themes shaping and disrupting the education industry as we know it today, which we believe create compelling investment opportunities:
1. Disappearing Classroom Walls
The classroom has traditionally been a broadcast-like experience confined to a physical space and time. Teachers lecture, and students listen and learn (hopefully). Homework is assigned, and class is dismissed. This dated traditional model is being transformed by online and mobile platforms. Schools today are adopting “always-on” virtual classrooms that facilitate interactive learning anywhere, anytime. Campuses are rapidly deploying wireless infrastructure to support laptops, tablets, and smartphones, enabling teachers and students to bring their own devices to class. Instructors can host their content online, poll students on their laptops in class to see if they understand key concepts, and adapt their lessons in real-time based on student feedback. Teachers can connect on social learning sites like Edmodo and exchange K-12 content and curriculum with over 10,000 peers at other schools. Students can collaborate any time, day or night, just by touching an app on their phones, and discussion forums can be joined by anyone with an Internet connection. The virtual classroom has transformed how teachers and students engage, both within and beyond physical classroom walls, and has invigorated schools to rethink the way they teach.
2. Democratizing Educational Content
The textbook industry has been traditionally dominated by a handful of major publishers, concentrating control over the distribution of educational content to schools. The emergence of tablets and smartphones, coupled with free distribution channels such as YouTube and iTunes, has created an open marketplace for educational content of unprecedented scale. Schools today can create their own content at low cost, or source content from thousands of publishers offering both free and paid libraries of interactive educational material. As one example, the non-profit Khan Academy today offers over 3,000 free classes and has grown to six million monthly visitors in just four years. EverFi has delivered financial literacy and substance abuse courses for free to more than 4 million students, one of a growing number of companies that are creating quality content online in partnership with corporations and foundations. Education apps represent the second-largest category in Apple’s app store, with over 70,000 active applications from thousands of publishers. Parents and students now subscribe to education services such as BenchPrep to access hundreds of standardized test prep courses for just $20 per month. This democratization of content enables schools and students to choose the best product, from the best publisher, at the best price, forcing traditional publishers, non-profits, and aspiring entrepreneurs to compete on a more level playing field.
3. Learning from Big Data Analytics
Amazon.com, a pioneer in “Big Data” analytics, can recommend the best products for each customer in real-time based on prior behavior, and can even predict when you will abandon your shopping cart. Using similar technology, schools can improve student outcomes based on personalized learning pathways and can aid struggling students well before it is too late to act. Using platforms such as Desire2Learn, administrators can aggregate learning analytics at the school district, state, or even national level, enabling best practices and insights to be shared among stakeholders. The State of Tennessee recently demonstrated the power of Desire2Learn’s statewide predictive analytics, lowering their annual dropout rate by 25% across 45 university campuses by looking at historical student data and identifying opportunities for faculty and administrators to intervene. This is one of the most promising frontiers in education technology, only recently made possible by shifts to more competency-based (or outcomes-based) education (CBE / OBE), standardized curricula (e.g., Common Core) and analytic technologies such as Hadoop.
4. Transforming Local Campuses to Global Institutions
Though the U.S. today is the largest market for education globally, it is far from the fastest growing. China, India and Brazil are rapidly increasing their investment in education and have national aspirations and mandates to catch up with the developed world. China already graduates more college students with math, science and engineering degrees than the U.S., and Chinese citizens spend 3.5 times more of their disposable income on education than Americans on a percentage basis. The U.S., particularly in higher education, is home to the most respected learning institutions on the planet, and the emerging markets have seemingly insatiable demand to access it. More than one million students have registered for free for online classes through Coursera, which partners with more than 30 leading institutions like Stanford, Penn, and Michigan. Today the vast majority of those students are from outside the United States, forcing schools to rethink the boundaries of their campuses. Technology has made distance learning effective and economically feasible, and schools must embrace a global student market if they are to thrive in tomorrow’s education economy.
These four trends indicate a seismic shift in the education landscape, and they are creating unique opportunities for entrepreneurs and venture capitalists to develop innovative technology that can bring about a critical transformation in education. Through our growing portfolio of companies in this space, we can see what is possible when educators and entrepreneurs work together. We are not naïve to the challenges ahead, nor to the obstacles that will be faced in reviving our education system. But venture capitalists are by definition optimists, and we believe the technology we are helping to build today will empower the transformation of the education industry over the next decade. We believe we can improve learning outcomes and decrease education costs. We believe in our teachers and our schools. And most importantly, we believe that we must invest in our entrepreneurs and education system to confront and address the challenges we face today. We see amazing opportunity in this education crisis. And, after all, a crisis is a terrible thing to waste.
Today we announced our investment in Desire2Learn, one of the largest and fastest growing cloud learning platforms for the education industry. The $80 million financing is the first ever for the company and is one of the largest investments we’ve made in our latest $2.6 billion fund. Over $1 trillion is spent on K-12 and higher education globally, and schools are in the midst of a technology renaissance that is re-inventing the classroom as we know it. Textbooks are being re-imagined for a learning environment that revolves around mobile tablets and smart phones. Online courses and lectures can be shared and students can collaborate around the world through social networks. “Big Data” analytics can personalize educational content for each individual student. And cloud computing and low cost bandwidth has made high-quality instruction and educational materials available to anyone with an Internet connection. These enabling technologies are fueling a fundamental transformation in education, particularly among many of the world’s largest and most influential universities and school districts, and Desire2Learn is at the forefront of this shift with its leading software-as-a-service (SaaS) learning platform.
NEA has a long history of investing in great SaaS companies who have disrupted client-server incumbents by offering more innovative cloud-based solutions, such as Salesforce.com and Workday. Desire2Learn is that disruptive force in the education industry, offering a unique alternative to legacy offerings and focusing specifically on the needs of the largest and most demanding customers in the industry. Today over 700 clients and 8 million students use Desire2Learn, including several of the largest public universities in North America, the largest K-12 public school district in the US, and a roster of Fortune 1000 companies around the world.
This substantial round of funding will enable Desire2Learn to grow its cloud infrastructure to meet customer demand, expand into new emerging markets, and continue to provide the most innovative products for schools undergoing this important transformation. The largest learning institutions around the world are moving rapidly onto Desire2Learn’s cloud, enabling teachers, students, and administrators to lead the renaissance in education and leave their legacy solutions behind.
The founder and CEO of Desire2Learn, John Baker, is an inspiring entrepreneur with a lifelong commitment to education. The son of two teachers, John founded Desire2Learn while in college and has overseen its growth and expansion into one of the largest education software companies in the world. It is a privilege to work with entrepreneurs like John, who aspire to build great businesses that meaningfully impact the world around us. The demands for innovation in education have never been greater, and we’re inspired by what is possible with Desire2Learn.
Today we announced our investment in 10Gen, the commercial powerhouse behind MongoDB, the fastest growing open source database on the planet. NEA led a $42 million investment in the company, providing a huge warchest for 10gen to continue its assault on the relational database market. Frustrated by legacy products like Oracle and MySQL, developers have flocked to Mongo en mass – Mongo is downloaded nearly 150,000 times a month and today reaches ~8 million developers globally. The mission behind MongoDB is simple – provide developers with an operational database that is scalable, robust, and easy to use. Used by start-ups, internet juggernauts, and Fortune 1000 companies alike, Mongo is more than an open source movement – it is now a widespread revolt against Oracle and the incumbent relational database.
NEA has long funded companies that have attacked the “one size fits all” database market at its point of greatest vulnerability –“Big Data” analytics. Through our investments in companies such as Vertica (acquired by HP), MapR, and WibiData, we have seen the emergence of alternative data stores purpose built for web-scale analytics. But Mongo has opened up a new front in the assault on Oracle, offering developers a true operational data store for rapid and agile development. In a world where application development cycles have gone from months (or years) to days (or even hours), developers need databases that give them speed and flexibility. Mongo gives developers a data model that frees them from the restrictions of relational mapping and complex schemas, yet is designed to scale horizontally as applications grow. It’s a powerful approach that is a disruptive force in the industry, and is clearly capturing the hearts and minds of millions of developers around the world.
Taking on Oracle in the RDBMS market is one of the greatest challenges and opportunities in the software industry. By making this investment, we are privileged to work with Dwight Merriman, Eliot Horowitz, and Max Schireson, three executives whom we know have the leadership, determination, and raw horsepower required for the road ahead. The world is ready for a new operational database, and we are formally joining the revolution…
Today I am excited to announce NEA’s investment in WibiData, an extraordinary company that is solving one of the fastest growing problems in Big Data – making Hadoop accessible in “real-time” for people and applications. Our history investing in the deluge of unstructured data began over 10 years ago when Data Domain (acquired by EMC for $2.4 billion) was incubated in our offices in the summer of 2001. It’s been over a decade since our initial investment but our core thesis has not changed — storage costs have continued to plummet, cloud computing has become pervasive, and the world’s insatiable thirst for data can seemingly never be quenched. I’ve posted a blog about our investment on NEA’s site here for those that want to learn more. If you want to geek out, you should also check out this WibiData post — it’s awesome.
The industry fundamentals behind Big Data are exciting, but I am personally most excited to have the opportunity to work with Christophe Bisciglia (CEO) and Aaron Kimball (CTO), two amazing entrepreneurs who are the brightest lights in Hadoop. Christophe has been famously profiled as one of Google’s smartest engineers and was a co-founder of Cloudera. Aaron was the first engineer hired at Cloudera and is widely recognized as one of the most influential members of the Hadoop community. Together, they have recruited an extremely talented engineering team that just oozes IQ. It’s the type of team that only gets stimulated by working on the hardest problems.
I first met Christophe at a coffee shop over a year and a half ago – he wasn’t looking for money, and I didn’t bring more than $20 with me (I did pay for coffee though). We didn’t talk about Hadoop or Big Data but instead talked about entrepreneurship, venture capital, and the strange interconnections between them. He asked for advice, and I gave it freely (after all, I believe in pricing to value). He gave me a graduate level course in Hadoop and I feverishly took notes (probably should have asked for the Hadoop 101 lesson first). I always liked that Christophe was interested in building a long term relationship – he wants to make a career of starting multiple companies over the next 20 years, and wants to work with partners that have the same time horizon. It is always a privilege to work with the best entrepreneurs, and an even greater privilege to work with those that share your values. I look forward to helping Christophe and Aaron for years to come!
I am frequently asked to describe the type of entrepreneurs I want to back, and read a lot about what other VCs look for in great founders. There are many predictable answers to these questions (smart people, intellectually honest, hungry, etc) but I’ve found that words don’t really describe the intangible traits that I look for when I stare in the eyes of an entrepreneur. What I look for only comes across through stories, and this is a story about Steve Garrity, founder and CTO of Hearsay Social.
Steve is a work hard, play hard, entrepreneur. He works 20 hours a day as CTO, and rides motorcycles, mountain bikes, and numerous other high speed vehicles on weekends. He is always moving fast, and he is always working. Several months ago, Steve was hit by a falling tree limb while riding his motorcycle. He almost died. Steve broke several bones and is lucky to be alive. He was rushed to the hospital and spent 2 days in the ICU.
Many people when faced with a life or death experience put work on pause, but not Steve. On the way to the hospital, Steve was e-mailing his co-founder, Clara, to let her know that he’d be online after his surgery. He worked with his engineering team and even checked in features from his bed in the ICU. He spent several months in a sling after his operation and coded with only one hand. He never stopped working, and never took a day off (to this day, if you meet him, you will notice that he still only has limited mobility in one arm). Why does Steve do this? It’s because Steve is a great leader, puts his heart and soul into Hearsay Social, and would do anything not to let his team down.
The most important lesson I learned as an entrepreneur is that start-up software is a war. You need great leaders and great battle plans to be successful. But more than that, you need people that want to win, against all odds. The start-ups that win don’t necessarily have the best products, or the best stories. Sometimes, it’s the teams that just plain want it more. Anyone doubt that Steve wants to win? Anyone want to compete against this guy?
This is Steve Garrity’s story. He is an entrepreneur I want to back.