GE 222: Brad Feld Shares the Struggles of Building a Startup without Compromising Your Personal Well-Being (podcast)

Hey everyone! In today’s episode, I share the mic with Brad Feld, co-founder of the Foundry Group as well as an entrepreneur, author, blogger, and venture capitalist.

Tune in to hear how Brad sold his business in 1993 for $2 million, how the entrepreneurial lifestyle affected his relationship with his wife (and the book he wrote about it), why being deliberate about relationships and who you invest in is so crucial, and how to build a startup without compromising your well-being.

Download podcast transcript [PDF] here: Brad Feld Shares the Struggles of Building a Startup without Compromising Your Personal Well-Being TRANSCRIPT

Time-Stamped Show Notes:

• 00:38 – Please leave us a review and subscribe to the Growth Everywhere Podcast
• 00:58 – Eric introduces Brad Feld
  • 01:33 – Partner at a venture capital firm called Foundry Group which is based in Boulder; they invest in tech companies all over the US
  • 01:42 – Has also co-founded Techstars and organizes Techstars Music and Techstars Healthcare
  • 01:57 – Has written a number of books on tech and entrepreneurship
• 02:22 – Espouses the 3% rule in his book, Startup Life: Surviving and Thriving in a Relationship with an Entrepreneur
  • 02:22 – Brad only cares about and has his way with 3% of what they do as a couple; in 97% of things, Amy has her way
  • 04:08 – However, when Amy asks for his opinion, he gives her the same look that a golden retriever gives when he sees a hamburger
  • 05:15 – Works hard to give each other positive cues
• 05:50 – Realizes that life is finite and unpredictable; wants to make the best of it by spending time with people he wants to be with
  • 07:08 – Set yourself up for as much positive joy and happiness you can against the backdrop of this complicated and often unsatisfying, unfriendly and unfun world
• 07:35 – Brad shares with us his investing story…
  • 07:35 – Foundry has been around since 2007; been investing since 1994
  • 07:43 – Sold his first company in 1993 and made 40 angel investments; invested in Harmonix, the creator Guitar Hero, Rock Band and Dance Central
  • 08:08 – Co-founded Mobius Capital, a venture firm in 1997
  • 08:16 – Through Foundry Group he has invested in some prominent players like Zynga, FitBit, Sphero and MakerBot
  • 09:44 – Made $2 million by selling his first company; invested everything and saved $100,000
  • 10:13 – Was able to exit by 1996; a risk taker, Brad was more concerned about learning to be a good investor than having money in the bank
• 11:09 – Brad explains the premise of his book, Startup Opportunities: Know When to Quit Your Day Job
  • 11:18 – When you are starting a business, the idea is unimportant; what you DO with the idea is important
  • 13:20 – Lays down the various characteristics of a great business
• 13:40 – Entrepreneurs and their spouses can get some great tips to build a harmonic relationship by reading Brad and Amy’s book, Startup Life: Surviving and Thriving in a Relationship with an Entrepreneur
  • 13:40 – Gives an insights into the many ups and downs, and the craziness that comes with creating a company
  • 14:39 – Does not think of the term, “work-life balance” as inspiring; work-life harmony is more suitable since it is highly improbable to have balance in an entrepreneur’s life
• 15:06 – An entrepreneur’s relationship with his spouse is like playing jazz; strive for moments of harmony and remember to not despair, but learn from moments of discordance
  • 15:41 – Recalls a moment when Amy wanted to walk out of the relationship; mutually decided to let Amy make the rules of the relationship in a bid to save their relationship
• 17:01 – The first rule that Amy laid down involved tracking how much time Brad worked each day
  • 17:32 – In an effective relationship, only one partner can have a crisis at any particular time, and it cannot always be the entrepreneur
• 14:07 – What’s one big change that you have made in the last year that has impacted you? – Learned to delegate
• 18:32 – For Brad, depression is the “complete and total absence of color”
  • 19:30 – The anxiety level keeps on increasing and reaches a point where it is debilitating
  • 20:05 – When depressed, experiences extreme anxiety which is not proportional to the current situation
• 21:48 – “Self-Care” tips to deal with depression
  • 21:48 – He cuts down on caffeine and alcohol
  • 22:36 – Observes a “Digital Sabbath” from Friday night sundown to Saturday night sundown
  • 22:55 – Brad ends up feeling depressed when he does not go for his daily run
  • 23:08 – “Self-care” is different for everyone; you have to discover what works for you
• 23:23 – Could you share with everyone something unique that you do every day? – “Throw everything away”
• 24:00 – What’s one new tool that you’ve added in the last year that’s added a lot of value? – Todoist
• 24:50 – What’s one must-read book you recommend to everyone? – Zen and the Art of Motorcycle Maintenance: An Inquiry into Values
• 26:10 – Connect with Brad via email, Twitter or his blog
• 26:30 – End of today’s episode
• 26:41 – Please leave us a review and subscribe to the Growth Everywhere Podcast

3 Key Points:

1. When you start a business the idea is unimportant—what you DO with the idea is what matters.
2. The entrepreneurial journey is hard on a couple; try to have more moments of harmony with your partner and learn from the moments of discordance.
3. Self-care is KEY for dealing with depression and it looks different for every individual—discover what works best for you.

Resources From This Interview:

• Foundry Group
• Techstars
• Techstars Music
• Techstars Healthcare
• Brad’s books:
  • Startup Opportunities: Know When to Quit Your Day Job
  • Startup Life: Surviving and Thriving in a Relationship with an Entrepreneur
• The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries
• Mobius Capital
• Zynga
• FitBit
• Sphero
• MakerBot
• Todoist
• Must-read book: Zen and the Art of Motorcycle Maintenance: An Inquiry into Values by Robert M. Pirsig
• Brad’s e-mail
• Brad on Twitter
• Brad’s blog
• Brad on LinkedIn

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