Marketing plan Essay Example for Free

Promoting plan Essay Promoting Plan How to sell Vrd’s Executive Summary: Compact is an organization that needs to be notable by advertising another Voice Recognition Device (VRD). This organization will have the option to make, create, and offer the item to a wide range of clients. The item is utilized and worked by performing errands without utilizing consoles, a mouse, or any catches. Smaller needs to fill in however many clients as could be expected under the circumstances. We are adaptable and are eager to work with any client that comes our direction. Our objective market is basically everybody. Explicitly bunches including troughs, aides, makers, understudies, home clients, and guardians are the market sections. These clients will have the option to take our business to the following level as we offer our items to them. †¢Managers need an item with numerous extraordinary orders and high mistake insurance. The supervisors need the VRD item to accomplish their work. †¢Assistants rebelliously need an item that has a high simplicity of learning. The item will give them an opportunity to perform multiple tasks with numerous activities one after another. †¢Creators need an item that is speedy and ready to take care of business. They don’t truly need simplicity of learning or blunder insurance. These individuals realize how to fix a great deal of things. Understudies need the best item at the least expensive cost. The item will permit understudies to do schoolwork in a hurry and speak with educators. †¢Home clients can incorporate everyone from children to the old. For these individuals this item needs a high simplicity of learning. Also, the extraordinary orders can be low for the home clients since they are simply beginning with innovation. †¢The guardians are mindful and purchasing the item for their children. They care about the training of their youngster and need them to be on top of things. They simply need an item without breaking a sweat of learning for their youngsters. Our organization is attempting to serve everybody from the broke understudies to the top of the line troughs. We feel like our clients/purchasers were eager to shop on the web and at stores. The significant retail location will have the item like Wal-Mart and Target. Internet shopping will be helpful for the administrators, aides, and makers. The greater part of these individuals are excellent with PCs. To help our choice with picking this market, we had the option to concentrate intensely on client support, publicizing, and unique orders. Likewise, we felt since we were focusing on everybody in the market that blunder assurance, and simplicity of learning. This will give the capacity for our organization to sell more and expand our benefit. Our organization had the option to go up against three different organizations selling Voice Recognition Device. What's more, we had the option to go up against one other organization for the second thing DVC. These organizations were; Vocley, Voyz, and Echo. Different organizations made us investigate how we can improve our business. The organization we contended with for DVC was Echo. We had the option to utilize other companies’ decisions to make sense of some great business choices. Additionally, we utilized different organizations to perceive what botches that we shouldn’t make. To build our benefit we needed to change and modify things to fit the clients. The Compact Company was about benefit and yet we needed to sell a lot of merchandise. This helped us to decide whether our organization should change publicizing, or client assistance, or decline the cost of the item. As the game went on we needed to change our market to the higher market so as to improve a benefit. This was permitted by watching and understanding the market. The two colossal this to make benefit was publicizing and client care. The publicizing permitted us to advance the item. So with the more advancement we needed to ensure was had acceptable client assistance. This would permit clients to rely upon the organization whenever they required us. There were four kinds of promoting to look over and they were; Direct, Indirect, Pioneering, and Reminder. For our organization we were Direct for the initial two months. The vendors had the option to target a large portion of their business eye to eye with individuals. In any case, we before long understood that not every person works this way and needs to purchase. Changing to Reminder would advise the client yet allow them to come to us. We didn’t need to pressure them to reveal more than was prudent into purchasing something they didn’t need. For Compact this was the best choice we before long increased the benefit and cost. This majorly affected the deals of the item for us. We found that the correct kind of publicizing is crucial. The dissemination power is the level of time that the seller is selling your item in every one of the channels. You need to have the vendors working however don’t need to over work them. Compact’s seller force was half in each channel. The vendors in each channel would have a lot of time to work and individual time also. They don’t need to experience a ton of steps to figure out how to utilize the item. Home clients are basically utilizing VRD for internet shopping or speaking with others. This is a greater amount of something for them to do while they are laid back. B. Inclinations The home clients need a decent cost not as low as understudies. Additionally, they need an item that is anything but difficult to learn and get on. C. Contrasts from different sections This class could incorporate with a great deal individuals like children, grown-ups, and older. For whatever length of time that the item is easy to use with the home client anybody can utilize it. They simply utilize the item for no particular reason and games. It is nothing genuine like the directors or makers use VRD for. D. Patterns We as a gathering would state the pattern of this market is many placed into one. Much more individuals are utilizing all through this market so it is offered to many. More individuals are working and anticipating the go so this would be a lot of help to them. Additionally, the children doing schoolwork they are framing bunches likewise with the item. Aides: A. Needs and needs Assistants need something that they can rely upon constantly and VRD is that item. While at work they are constantly approached to do numerous undertakings. VRD is the item that they can use with superb programming. Likewise, has an incredible simplicity of figuring out how to get on things simpler. This gadget will make the associate work look better than it truly is. B. Inclinations The item needs to must have a high simplicity of learning. Essentially, the simplicity of adapting should be on a kid’s level to utilize. You need the collaborators to have the option to carry out their responsibilities with low measure of pressure. C. Contrasts from different fragments The significant distinction with the aides is most don't buy they anticipate. They are for the most part bought by the organization that they work for in view of the simplicity of learning. The VRD will have the option to keep the associates on task with their activity. Also, have the option to keep their managers content with them. D. Patterns Once the major and very good quality organizations began buying the VRD, they will require fewer and fewer aides. The explanation our gathering thinks this is on the grounds that the simplicity of learning will permit less specialists, to accomplish more employments viably. Makers: A. Needs and needs These are the Market analyzers, planners, and Writers. This can likewise incorporate some representative and expert living. These individuals need the rapid and need things to need as quick as could reasonably be expected. They don’t stress a lot over the simplicity of learning. B. Inclinations They simply need the speed and high extraordinary orders. Cost isn't generally an issue with this gathering of individuals. C. Contrasts from different fragments The Creators utilize the VRD item for proficient work. The makers are individuals who need an item and couldn't care less the amount it cost as long as it takes care of business. This gathering is happy to go through as much cash varying. D. Patterns As long as this item works for the makers it will develop. Chiefs: A. Needs and needs Managers consistently responsible for others they need an item that can perform various tasks and help other people. They need something that is fast and capacities well. Most supervisors are agent who has extraordinary archives to convey and this item is an immense bit of leeway. B. Inclinations These individuals couldn't care less how much the item is. They simply need something that capacities quite well. Likewise, this gathering has the most elevated uncommon orders at 15. 3. Additionally, this gathering needs a ton of blunder security as well. C. Contrasts from different portions The administrators are individuals that are entirely educated and know a ton about PCs and workstations. They needn't bother with any directions or name how to function VRD. They have been working with them long enough in their field that they will have the option to make sense of it easily. D. Patterns For this item to remain drifting with the administrators it should have refreshes constantly. The chiefs consistently will need the best item available and VRD is it. Guardians: A. Needs and needs This gathering is getting the VRD item for either their children or grand children. This should have an extraordinary simplicity of learning for the children. The unique orders don’t must be high by any means. Guardians can utilize this as a showing apparatus for their children. B. Inclinations The guardians simply need an item no sweat of learning for their children. C. Contrasts from different fragments Vocley’s qualities appear to be their unit deals, which has stood out. Different qualities are higher commission rate for their deal agents, which give more motivating forces to make business. Shortcomings can be found in the retail cost in dissemination channel 1, which is one of the most elevated of the four organizations. With all their prosperity they have kept up a low client care spending plan just as publicizing dollars. The information shows that they are attempting to advance more business in channel 2 with five a larger number of salespeople than in channel 1. Voyz is focusing available sections of collaborators and directors. Apparently there is a huge contrast in inclinations from the distinctive market sections which makes it hard attempt and cluster a g

Dress for Success to Excel in Medicine

Dress for Success to Excel in Medicine Dress for the activity you need, not the employment you have.You’ve likely heard this exhortation beforeâ€when you put your best self forward, individuals around you will treat you with demonstrable skill and respect. This theory is particularly valid for human services experts, and to get why, you can make it one stride further: Dress to be the clinical expert you’d need in your season of need.Think about it: individuals go to you for direction and information in their darkest hours. They have to feel that you are arranged and prepared to help in when they need it most. Patients don’t know or care that you’re coming in on a Saturday, straight from a day at the recreation center with your family. It doesn’t matter to the guardians of a debilitated youngster that today is your last day accessible as needs be before an excursion. They simply need and need a staff of experts to put them at easeâ€just like you would on the off chance that you were in their shoes.Can you offer strong clinical guidance in pants and a wool shirt? Obviously. In any case, an arranged picture and introduction passes on a feeling of power individuals need when they put their lives and the lives of their friends and family in your hands.Casual Fridays Don’t Have a Place in MedicineRead More at Kevin MDâ€

TrueVentures

TrueVentures INTRODUCTIONMartin: Hi. Today we are in Palo Alto in the True Ventures office. Hi, Jon. Who are you and what do you do?Jon: So my name is Jon Callaghan and I’m one of the founders of True Ventures. We started our firm in 2005, so we are celebrating our 10th year anniversary right now. But before starting True, I was an entrepreneur and a venture capitalist. So I’ve started three different companies as a founder myself, the first of which I started in 1987 as I was 18. And then I’ve started two other companies since then and True as a venture firm. I started my venture capital career formally in 1991 at Summit Partners and I’ve had a lot of very traditional venture capital experience before starting this firm.Martin: What type of companies have you been investing before the Internet era, so to speak?Jon: Yes. So I started my venture capital career and, frankly, entrepreneurship, my first company was a bike company.Martin: A bike?Jon: Yes. Mountain bike store and all sorts of o ther things at a couple of locations in Jackson Hole, Wyoming. That’s where I grew up, and it was a mountain bike only company. And the story is interesting because there’s an entrepreneurial insight that kicked off my entire career. But I was working very hard. I was on my way to college, working very hard for the summer with various summer jobs to save up enough money to go to college and for spending money, I wanted to buy a mountain bike. And the problem was mountain bikes weren’t that well-known at that point in time. So again, 1987 they were just starting, and I went to the local store in Wyoming with my checkbook and I had $700 to spend. I knew exactly the bike I wanted, specialized Stump jumper Sport, orange. It was great. I walked into the shop and the owner of the bike shop threw me out, and he said, “Mountain bikes, they’re never going to be popular. It’s all about road bikes. Get out of my store. Mountain bikes have no future.”And so I thought he was wrong because I saw the big opportunity for mountain biking. Anyway, it’s a new market is the analogy. The insight I had was, “Hey, wait. There’s this new market happening in the cycling world. So if they don’t see it, if the existing market and the existing vendors don’t see it, then I will start my own.” So I literally started my own mountain bike only business. I owned it and ran it for eight years and learned how to be an entrepreneur literally through the hard work that it takes to start something from scratch, sweep the floors, manage cash, all sort of thing.Other than that retail sporting goods, I’ve been predominantly in software and the Internet. And so I started my software investing career in 1991 again at Summit and did a lot of the early enterprise software and, frankly, a lot of the early online services before it was the Internet. I was investing in and around it.Martin: Jon, what made you switch from being an entrepreneur to becoming an investor?Jon: I’ve s tayed an entrepreneur throughout. So I’ve been lucky enough to be around lots of great companies and been a part of starting lots of great companies. And, frankly, in my view as an early stage venture capitalist, that’s the part you’ve just got to love. You’ve got to love the entrepreneur, you’ve got to love the team challenge and the people part of the vision of the entrepreneur. You’ve got to love that it’s someone who sees a better world and you’re just finding a way to get on that path and build something truly remarkable.So what I do today as a venture capitalist is extraordinarily entrepreneurial. And in fact, we have 140 different investments at True. We have 250 founders that we work with pretty much on a regular basis to help their companies grow. And so one of the things I love about this business is that I’m immersed in entrepreneurship every day.So I wouldn’t say I really switched. And then quite frankly, my team and I, we started True as a startup, n ot as a venture capital firm. We thought the existing venture capital market was completely upside down, frankly. We thought that entrepreneurs were really the creative power in our economy and we should build a firm that supported them. The entrepreneurs are at the top of the pyramid, not the venture capitalists. We’re at the bottom providing capital, services, resources, anything we can possibly do to help that entrepreneur achieve his or her dreams. And so we really turn the whole market upside down. Even True is a startup. It’s been very entrepreneurial to build a better product, to test that product with customers, to build services around that product. We have our customer support organization. We have all of the things that a normal company has. We just do it in this weird, funny little market called venture capital.ABOUT TRUE VENTURESMartin: So this sounds to be more like closer to an accelerator or incubator. Is this true, or is it even something between an accelerator and a typically classical VC?Jon: I love all of those words. They do great things. Accelerators really work. Incubators, it depends on certain ones, and they do better than others. Incubators really work. For me, it’s just about again magnifying the power of the creative entrepreneur. We do it a little differently than most. We have tremendous capital resources, so we manage about a billion dollars in capital. Our funds are roughly $250 to $300 million in size. So we’re way bigger from a capital-based standpoint than any Accelerator or anything like that. But we enter at the same time.So our ideal investment is meeting one or two founders Day 1 when they’re just at the formative phase and providing the first check. Usually, our first investment is between $1 and $3 million, and it’s very small from a fund stand point. It’s literally less than a percent of the fund kind of thing, sometimes less than a half of 1%. So the fund is designed to take enormous risk on products and markets, so we get to do wild and crazy things like Fitbit before anyone saw a Fitbit, or 3D robotics, drones. We’re doing an awful lot right now in digital biology, in digital therapeutics. Neuroscience is a big thing for us. So really weird and wild places, and the reason we can do that is that our model is set up to provide enough capital Day 1 for that really creative founder. So again, between $1 to $3 million is not awful lot to get started and exploring market, but the best part about our model is we have tremendous muscle. So when it works, we can double, triple, quadruple. We can write a $10 million check behind something that an entrepreneur chooses to pursue.And so one of the things we say to our investors is our view on the world is that venture capital needs to be more about venture and less about capital. So we literally talk about maximizing risk. We don’t want to take a safe bet. So when people come to us and say, “Well, it’s the fourth SaaS company in the c ategory, and there’s a small advantage,” it’s just not interesting to us. If you can already see the category, it’s too late. So we really like to be in these markets that are potentially large and they’re five, six, seven years out because it takes a long time to build a great company and so we want as much time on the founder side and the market side to evolve.So again, what’s really exciting to us is that phenomenal team. We say we have five criteria, and they’re very strict. And they are.The first three are the same. It’s people. People, people, people. And that sounds like shorthand but it’s really true. All we really care about is working with obviously super great, creative and talented people, bold people. We want to see big ideas, people that have the ability to attract and retain amazing talent around them throughout their whole career. We want to be in business with givers, with people that are missionaries. Even if it’s in a technology-based market, w e want to be able to help people that want to make the world better. It doesn’t all need to be altruism. It can be capitalism, too. We’re capitalists. But we really want to see a founding team that wants to do more for the world. And so that leads us into some really exciting teams. Imagine, if you have that as a criteria. We want to be with the dreamers and the missionaries and the givers of the world and the really dynamic personalities that create things. We’re designed for those entrepreneurs.One of the things I always say when we make a first investment, I usually sit down with the founder and I say, “Please don’t be safe with our capital. I don’t want you to save it. Your job is to explore.” Think about yourself as an explorer. You’ve got a bunch of capital, you’ve got a bunch of connections, you’ve got a great team, but let’s go see what’s out there. And if we see something out there… By the way, it doesn’t necessarily need to be on a straight path either. It could be anywhere in your peripheral vision. Then we’d run like crazy at the target. But it’s not always clear early on.If you looked at Fitbit in 2008, the summer of ’08 when we met them, and you thought it was a pedometer, you’d be really, really wrong. The pedometer market that was tiny and there was no wearable market. People couldn’t even conceive that we could do this in a miniaturized fashion at scale with connectivity to smartphones, all that sort of thing. BLE wasn’t even a thing. There was no BLE. But now, of course, we understand that these markets are significantly larger. They’re much more horizontal than we ever thought and they’re also deeper.For the first time in history, the vast majority of our startups have customer numbers that are in the millions, sometimes billions. First time in history. We used to have a software company that would say, “Well, the target market is these 900 companies.” And maybe there’s another 2000. Or even with consumers, they’d say, “We’d have to do a national TV.” Who would do that? Only in the bubble. That’s not like that anymore. Now we have these incredibly powerful horizontal platforms that allow company startups, entrepreneurs to reach all corners of the world. So it’s super exciting.Martin: Awesome. Jon, when you started to do ventures roughly 10 years ago, what was it like in the beginning when you didn’t have a big number of LPs putting money into your funds and meaning you didn’t have a super awesome deal flow, pipeline, whatsoever? What was it like?Jon: Well, so it was very different. So we are entrepreneurs and we were entrepreneurs. And the thing people don’t understand or seem to forget, I should say, is that in 2005, the early stage was dead. Literally dead. Ron Conway was doing angel investments. Josh Kopelman had his tiny little $10 and $20 million annual funds. And both of those people are phenomenal and wonderful pioneers and successful practition ers. But the early stage market was dead. First of all, venture capital was biggering, meaning raising larger and larger funds. And when you have a larger fund traditionally (this is not the case with True), when you have a bigger checkbook, you write bigger checks. So typically, the larger the fund, the later stage in the cycle a venture capitalist moved.So there are several popular phrases back then. First of all, it was: “Early stage is dead.” The other one was: “You don’t get paid for early stage risk.” These are all on quotes. These are not my sayings, to be clear. And the other one was: “The world doesn’t need another venture capital firm.” So this is what we were up against. And fortunately, my co-founder, Phil Black, and I and other entrepreneurs and partners who were helping us put all this together and my other founders as well who were involved back then, we had very successful entrepreneurial track records. So my founders and I had successful entrepreneur ial track records, successful venture capital track records, but still there was this perception that the world didn’t need an early stage venture capital firm.The other important trend to talk about… So venture capital was going through two changes that moved it away from seed and series A. The first of which was it was biggering. Larger fund sizes meant larger checks. The second of which was what I call it was getting distracted. Through the early 2000’s, venture capital was getting distracted. You had China funds, India funds. You had clean techs. There was a group that did a pandemic fund. All these specialty funds that were in anything other than core early stage technology. I used to say that if you wanted to see the vast majority of Sand Hill Road venture capitalists, they were on their way back and forth to China and India. And those regions were really, really exciting and hot, but what it meant was the vast majority of practicing venture capital partners weren’t he re in the valley, spending time in early stage. It was very desolate.Martin: There’s the opportunity.Jon: That’s what we saw. So we saw, “Wait a second. Venture capital is moving away from its core. The Valley is still very innovative.” And oh, guess what. Because we were entrepreneurs and close to the ecosystem, my partner Tony Schneider started a company called Oddpost and he sold it to Yahoo. It was one of the first DHTML apps built. So we saw Ajax, DHTML started to come out, and we also saw that the API structures were being broken apart, so Yahoo in those years offered their APIs to people. Google offered APIs to people. Amazon was starting.All of a sudden you could dechunk big parts of technology and reassemble them, and in those years, a term don’t use anymore, they were called mashups. So all of a sudden it wasn’t just the venture capitalists who were moving away. It was also that all of this entrepreneurial activity was happening, and Phil Black and I were at ot her firms and funding it. We were doing these small deals, and so we were on the ground seeing it. So when we came together, we said, “Wait a minute. Not only has venture capital moved away, but there’s this tremendous dynamic activity and it’s very capital efficient.”And so our idea, our big aha was what if you could build an incredibly powerful firm to do these super early stage seed deals. Not an angel firm. Nothing wrong with angel firms. They’re great. But actually a professionally funded venture capital firm that put the entrepreneur first that could assemble a portfolio of 20 to 30 companies where all the entrepreneurs could help each other out, could build a network.You build a lot of different networking groups over time, so you understand the power of collaboration and the power of really this intense help that when a group of people can help each other, their group can do a lot more than the individual. And so we just believed that and we’ve been successful ac ross our careers because of this network.So one of the most interesting things about starting True was we had a phenomenal deal flow. All these entrepreneurs that we had worked with over time and had a great collaborative philosophy rooted for us to get into business. They started companies themselves. Matt Mullenweg at WordPress or Seth at Meebo. I worked with Seth at Plaxo, Tod Sacerdoti at BrightRoll. I had worked with Tod at Plaxo. Again in the networking field, which is what your company does, these networks of relationships put us into business. And LPs said, “Wait a minute. There’s something contrarian about what these two people are talking about. And gosh, they have all this entrepreneurial support, and maybe there is this what we call gap ventures are moving away, entrepreneurs doing things that required less capital.” So entrepreneurs becoming more capital efficient. So this gap really became super clear.And like any great founder who sees a market, once we saw it, we couldn’t let go of it. And it didn’t matter if anyone else saw it. A lot of people laughed at us. I remember this great meeting. Big fancy firm. We were telling our friend what it was all about. We got this all the time, and they said, “How in the world are you going to start a firm? You don’t have any business card. There’s no big name of your big firm behind you. It’s never going to work.” And this other friend of ours would say something really great. And this was just a conventional wisdom. This is what every entrepreneur faces when he or she starts something new and bold. It’s the doubt.Another friend said to me. It was hilarious. He said: “Oh, that’s so cute. You’re building your nice little micro fund.” That firm is almost out of business, the one that he was at. Just thinking about the disruption that happens, the change that’s happened in the venture capital market. But it’s the same with every industry. Entrepreneurs come in and build new th ings, and sometimes they work and sometimes the incumbents fall. I had another friend. He’s a big fun guy and he was at a barbecue in my house, and he turned to me and he said, “You left a job to start a new…” He just said, “That’s crazy. No one can start a fund. The world doesn’t need another fund.”And so all of these doubts. And of course it’s very scary to start a company. So I would say that we are truly entrepreneurial and we have enormous empathy for every new founder we meet with because it’s still very fresh. Ten years later, it’s not that long ago. A week ago, we had a nice dinner. That was the 10th year to the day of when we signed the incorporation documents, when Phil and I signed them at a local restaurant here on a five-minute meeting. “We got to get this thing signed.” Very scrappy. But the other night I pulled out our founding documents, our first executive summary that was written roughly 10 years ago, the fall of ’05.The words we used ar e interesting. We talked about freedom for the entrepreneur. We talked about empowering creativity with small bits of money and enormous degrees of freedom. So this whole idea of exploring a market together because we have a lot of capital behind us if you find something but not constraining the possibilities they want, literally liberating the possibilities they want. We talked about building a firm that prioritizes relationships and values, just exceptional integrity around values, and working with people with whom we share those values.And we talked about the word platform, which it took us five years later to name our founder community, our founder platform. But in our founding documents, we say we want to be a platform for entrepreneurs, where they can come and collaborate and not feel like they’re going to their investor, actually feel like they’re going somewhere safe, where they can collaborate and talk about their problems and share best practices. And so we do that. We have this amazing founder camp, True University. We have an internship program, a fellowship program. We do YPO style forums for entrepreneurs. We just have all these amazing entrepreneurial resources that are fully designed to build more muscle and make the entrepreneur more successful over the entire arc of their career.It’s the other thing, too. So we had this very long term view, and we still do. Our goal is to build a 50-year firm, not a 10-year firm. And the only way you can do that is if you look at every entrepreneur and say, “What’s the arc or trajectory of this entrepreneur’s career?” and fund the ones that we want to follow their entire trajectory. So once we meet an entrepreneur that we fund, our objective isn’t just that one company. We want to fund everything he or she does for their whole career.Martin: This is very different from my perception from other VCs.Jon: Very different.Martin: So what have been your emotions when you had so many people at your h ome having barbecue and everybody was doubting and said, “Jon, forget it. Really, you are a nice guy, but forget it. Early stage is dead. Venture capital is dead. Don’t do it?” What type of emotions did you feel then, and how did you manage them, to put them in the right direction?Jon: It’s really hard and it’s really scary. We were turned down by tons of LPs saying No to us. We were turned down by tens, twenties, hundreds of LPs in the early days that didn’t see this. We were told by friends that it wouldn’t happen. We were told by the market that… All that kind of stuff. The emotions of being a founder are really, really difficult. I say that starting a company (this is one of the things that I talk with our founders about) is it’s this intensely personal thing. It’s not work. It requires all of you. And so that was hard. It was really hard. On the other hand, the more doubts that I saw in others, the more strongly convinced I became that we were onto something .Martin: Because if everybody else is saying, “No, no, no,” if there’s an opportunity and you the say yes, then you get all of them after.Jon: The way I phrase it to my founders, which I’ve lived, by the way, in every startup I’ve been successful in most of the investments, is “When people are laughing at you, you’re probably onto something.” I mean really, there are a lot of reasons why people are critical or laugh. Sometimes it’s because you’re off the mark. Normally it’s because they have a lot invested in their success and they can’t see another path or their fear. There’s a lot of reasons why conventional wisdom takes hold and then becomes conventional wisdom. And so therefore I’ve always been a contrarian my whole career, and I just love seeing something that others don’t.And by the way, I’m not always right. That’s fine. One of the biggest aha’s in my career, and it’s important too, is that at True we do not think about being right. That puts your brain into all these really very difficult judgmental places where creativity dies. Creativity flourishes when you have freedom of expression, freedom of degrees, and you can think about the possibilities. So there are requirements to being massively creative. The first of which is the stakes are sort of low from a dollar standpoint. What I mean by that is when all my friends and all the people were saying it’s never going to work, I thought, “Well, if I fail, there’s always something else.”We’re very fortunate in this day and age to have all sorts of options, all kinds of options that don’t necessarily need to be in Silicon Valley. There’s lots of ways I could find something to do and be constructive. But what if I didn’t try? I couldn’t sleep at night thinking that I wouldn’t try. That was the part that if there was one thing that completely freaked me out as a founder, it was not trying this. Literally, people say, “What keeps you up at night?” W ell, first of all, everything keeps you up at night. Everything. But the one thing that was literally terrifying was if I ended up later in my career and I never gave it a shot. That I couldn’t live with.And most of the founders I work with, that’s what it’s all about. They have this burning sensation to start this thing or build this thing or make the impact they see so clearly. And yes, you’ve got to persevere and you’ve got to really commit. You’ve got to work your tail off harder and longer than anyone in terms of the hours you put and all that kind of stuff. But there’s also this realization that if this doesn’t work, there are other things out there. There’s this global picture which is to say the world is a very exciting place right now and a very needy place for solutions. It’s like, “There’s an awful lot we could do here together.”So I think liberating your mind, if you get locked into “I have to,” “I can’t,” all these, then you start los ing the bigger picture. So we tend to continue even today. We don’t focus on being right on an initial investment. That’s not even relevant. We focus on the proper ingredients. Is the entrepreneur committed? Is there this crazy potential for market? Is there some technology? That kind of thing. And it’s very rigorous analysis. I’m not suggesting that it’s easy. It’s not easy but it’s different. It’s not judging. It’s more exploring. There’s a subtlety there.Martin: You touched very briefly one some of the criteria that you are using for the investment. One of them was doing some really crazy stuff. When an entrepreneur comes to you, how do you identify or evaluate that something is really awesome crazy?Jon: So I get in trouble with this all the time because I say there’s nothing too crazy for us and then sure enough I’ll see something and I’ll say, “Okay, that’s a crazy one.” But I think directionally we’re doing an awful lot in neuroscience right n ow. It’s a great example, where big data and frankly sometimes mobile technology and other types of horizontal platforms is meeting that absolute frontier of how we understand the brain and the power of the brain, both for output and input sensory and other. It’s a remarkably exciting field, and so we’re very excited about it. It’s in one way this great next frontier of scientific understanding, but there are also enormous markets that fall out of that research and of success there, and likewise digital therapeutics. So on the one hand, where big data meets healing, you might say that’s a computer science problem. It absolutely is, but it’s also a real health care problem. And health care and pharmaceuticals in the country and the world are really broken in some fundamental ways. And could we fix that? Yes. It’s absolutely crazy to think so but it’s working and it’s happening. And so we’re very much at the forefront there.We love robotics, and so when I met the f ounders of Open ROV, they make underwater submarines and drones and very low cost, very high performance, we got super excited. It was very hard to see. That was another one. Some of my closest friends and fellow entrepreneurs laughed at me. They called it my passion project, and I was like, “No, you just don’t see it. There are enormous applications that come out of building underwater robotics. And of course, right now that’s all starting to happen for the company.So you have to be able to see it through the eyes of the founder, most typically, because we’re not necessarily at a whiteboard saying, “This market. That market.” We really need the protagonist of a great founding team to come to us and say, “These are the three things that if they connect, it could be huge.”And so same thing. We’re really open. We’re super open to the big ideas. And we’re also… I was going to say patient but it’s more than that. We accept timing risk. So one of the things abou t when you say you want to maximize product risk, there’s no product we invest almost always. We want to maximize market risk. If we’re doing it right, there’s no market for what we’re building with the team. And we want to maximize timing risk, and this is one of the most highly controversial aspect of this discussion because a lot of investors will say timing risk will kill you. And it absolutely can kill you. It can also make you. If you’re early in a big market and you’re one of the first participants in a big market, you have the opportunity to get outstanding share. You have the opportunity to lead. It doesn’t mean you’ll always get it. Someone else will come from behind and beat you, but that risk is worth it to us. And of course, you can be too early, you can be too late. There are all sorts of things that happen. But we really embrace this notion that good things take time.I was with a team very recently, and they showed me a plan, and it was “Hit the mark et within six months and 18.” It was a very exciting man and woman founding team. And I said, “It’s a marathon. Don’t sprint. Building a company and tapping into a market, and they brought these incredible résumés and incredible experiences, very seasoned. We all know this is a marathon. So I’m not interested in 18 months. What’s five years? Tell me seven years. How? So again, timing risk is super important to success. And giving yourself all sorts of degrees of freedom is the other thing timing does.ADVICE TO ENTREPRENEURS FROM JON CALLAGHAN In Palo Alto (CA), we meet Partner at True Ventures, Jon Callaghan. Jon talks about how he became a venture capitalist and what his major learnings for entrepreneurs are.INTRODUCTIONMartin: Hi. Today we are in Palo Alto in the True Ventures office. Hi, Jon. Who are you and what do you do?Jon: So my name is Jon Callaghan and I’m one of the founders of True Ventures. We started our firm in 2005, so we are celebrating our 10th year anniversary right now. But before starting True, I was an entrepreneur and a venture capitalist. So I’ve started three different companies as a founder myself, the first of which I started in 1987 as I was 18. And then I’ve started two other companies since then and True as a venture firm. I started my venture capital career formally in 1991 at Summit Partners and I’ve had a lot of very traditional venture capital experience before starting this firm.Martin: What type of companies have you been investing before the Internet era, so to speak?Jon: Yes. So I started my venture capital career and, frankly, entrepreneurship, my first company was a bike company.Martin: A bike?Jon: Yes. Mountain bike store and all sorts of other things at a couple of locations in Jackson Hole, Wyoming. That’s where I grew up, and it was a mountain bike only company. And the story is interesting because there’s an entrepreneurial insight that kicked off my entire career. But I was working very hard. I was on my way to college, working very hard for the summer with various summer jobs to save up enough money to go to college and for spending money, I wanted to buy a mountain bike. And the problem was mountain bikes weren’t that well-known at that point in time. So again, 1987 they were just starting, and I went to the local store in Wyoming with my checkbook and I had $700 to spend. I knew exactly the bike I wanted, specialized Stump jumper Sport, orange. It was great. I walked into the shop and the owner of the bike shop threw me out, and he said, “Mountain bikes, they’re never going to be popular. It’s all about road bikes. Get out of my store. Mountain bikes have no future.”And so I thought he was wrong because I saw the big opportunity for mountain biking. Anyway, it’s a new market is the analogy. The insight I had was, “Hey, wait. There’s this new market happening in the cycling world. So if they don’t see it, if the existing market and the existing vendors don’t see it, then I will start my own.” So I literally started my own mountain bike only business. I owned it and ran it for eight years and learned how to be an entrepreneur literally through the hard work that it takes to start something from scratch, sweep the floors, manage cash, all sort of thing.Other than that retail sporting goods, I’ve been predominantly in software and the Internet. And so I started my software investing career in 1991 again at Summit and did a lot of the early enterprise software and, frankly, a lot of the early onlin e services before it was the Internet. I was investing in and around it.Martin: Jon, what made you switch from being an entrepreneur to becoming an investor?Jon: I’ve stayed an entrepreneur throughout. So I’ve been lucky enough to be around lots of great companies and been a part of starting lots of great companies. And, frankly, in my view as an early stage venture capitalist, that’s the part you’ve just got to love. You’ve got to love the entrepreneur, you’ve got to love the team challenge and the people part of the vision of the entrepreneur. You’ve got to love that it’s someone who sees a better world and you’re just finding a way to get on that path and build something truly remarkable.So what I do today as a venture capitalist is extraordinarily entrepreneurial. And in fact, we have 140 different investments at True. We have 250 founders that we work with pretty much on a regular basis to help their companies grow. And so one of the things I love about this b usiness is that I’m immersed in entrepreneurship every day.So I wouldn’t say I really switched. And then quite frankly, my team and I, we started True as a startup, not as a venture capital firm. We thought the existing venture capital market was completely upside down, frankly. We thought that entrepreneurs were really the creative power in our economy and we should build a firm that supported them. The entrepreneurs are at the top of the pyramid, not the venture capitalists. We’re at the bottom providing capital, services, resources, anything we can possibly do to help that entrepreneur achieve his or her dreams. And so we really turn the whole market upside down. Even True is a startup. It’s been very entrepreneurial to build a better product, to test that product with customers, to build services around that product. We have our customer support organization. We have all of the things that a normal company has. We just do it in this weird, funny little market called vent ure capital.ABOUT TRUE VENTURESMartin: So this sounds to be more like closer to an accelerator or incubator. Is this true, or is it even something between an accelerator and a typically classical VC?Jon: I love all of those words. They do great things. Accelerators really work. Incubators, it depends on certain ones, and they do better than others. Incubators really work. For me, it’s just about again magnifying the power of the creative entrepreneur. We do it a little differently than most. We have tremendous capital resources, so we manage about a billion dollars in capital. Our funds are roughly $250 to $300 million in size. So we’re way bigger from a capital-based standpoint than any Accelerator or anything like that. But we enter at the same time.So our ideal investment is meeting one or two founders Day 1 when they’re just at the formative phase and providing the first check. Usually, our first investment is between $1 and $3 million, and it’s very small from a fund st and point. It’s literally less than a percent of the fund kind of thing, sometimes less than a half of 1%. So the fund is designed to take enormous risk on products and markets, so we get to do wild and crazy things like Fitbit before anyone saw a Fitbit, or 3D robotics, drones. We’re doing an awful lot right now in digital biology, in digital therapeutics. Neuroscience is a big thing for us. So really weird and wild places, and the reason we can do that is that our model is set up to provide enough capital Day 1 for that really creative founder. So again, between $1 to $3 million is not awful lot to get started and exploring market, but the best part about our model is we have tremendous muscle. So when it works, we can double, triple, quadruple. We can write a $10 million check behind something that an entrepreneur chooses to pursue.And so one of the things we say to our investors is our view on the world is that venture capital needs to be more about venture and less about ca pital. So we literally talk about maximizing risk. We don’t want to take a safe bet. So when people come to us and say, “Well, it’s the fourth SaaS company in the category, and there’s a small advantage,” it’s just not interesting to us. If you can already see the category, it’s too late. So we really like to be in these markets that are potentially large and they’re five, six, seven years out because it takes a long time to build a great company and so we want as much time on the founder side and the market side to evolve.So again, what’s really exciting to us is that phenomenal team. We say we have five criteria, and they’re very strict. And they are.The first three are the same. It’s people. People, people, people. And that sounds like shorthand but it’s really true. All we really care about is working with obviously super great, creative and talented people, bold people. We want to see big ideas, people that have the ability to attract and retain amazing talent around them throughout their whole career. We want to be in business with givers, with people that are missionaries. Even if it’s in a technology-based market, we want to be able to help people that want to make the world better. It doesn’t all need to be altruism. It can be capitalism, too. We’re capitalists. But we really want to see a founding team that wants to do more for the world. And so that leads us into some really exciting teams. Imagine, if you have that as a criteria. We want to be with the dreamers and the missionaries and the givers of the world and the really dynamic personalities that create things. We’re designed for those entrepreneurs.One of the things I always say when we make a first investment, I usually sit down with the founder and I say, “Please don’t be safe with our capital. I don’t want you to save it. Your job is to explore.” Think about yourself as an explorer. You’ve got a bunch of capital, you’ve got a bunch of connections, you’ve got a great team, but let’s go see what’s out there. And if we see something out there… By the way, it doesn’t necessarily need to be on a straight path either. It could be anywhere in your peripheral vision. Then we’d run like crazy at the target. But it’s not always clear early on.If you looked at Fitbit in 2008, the summer of ’08 when we met them, and you thought it was a pedometer, you’d be really, really wrong. The pedometer market that was tiny and there was no wearable market. People couldn’t even conceive that we could do this in a miniaturized fashion at scale with connectivity to smartphones, all that sort of thing. BLE wasn’t even a thing. There was no BLE. But now, of course, we understand that these markets are significantly larger. They’re much more horizontal than we ever thought and they’re also deeper.For the first time in history, the vast majority of our startups have customer numbers that are in the millions, sometimes billions. First time in history. We used to have a software company that would say, “Well, the target market is these 900 companies.” And maybe there’s another 2000. Or even with consumers, they’d say, “We’d have to do a national TV.” Who would do that? Only in the bubble. That’s not like that anymore. Now we have these incredibly powerful horizontal platforms that allow company startups, entrepreneurs to reach all corners of the world. So it’s super exciting.Martin: Awesome. Jon, when you started to do ventures roughly 10 years ago, what was it like in the beginning when you didn’t have a big number of LPs putting money into your funds and meaning you didn’t have a super awesome deal flow, pipeline, whatsoever? What was it like?Jon: Well, so it was very different. So we are entrepreneurs and we were entrepreneurs. And the thing people don’t understand or seem to forget, I should say, is that in 2005, the early stage was dead. Literally dead. Ron Conway was doing angel investments. Josh Kopelman had his tiny little $10 and $20 million annual funds. And both of those people are phenomenal and wonderful pioneers and successful practitioners. But the early stage market was dead. First of all, venture capital was biggering, meaning raising larger and larger funds. And when you have a larger fund traditionally (this is not the case with True), when you have a bigger checkbook, you write bigger checks. So typically, the larger the fund, the later stage in the cycle a venture capitalist moved.So there are several popular phrases back then. First of all, it was: “Early stage is dead.” The other one was: “You don’t get paid for early stage risk.” These are all on quotes. These are not my sayings, to be clear. And the other one was: “The world doesn’t need another venture capital firm.” So this is what we were up against. And fortunately, my co-founder, Phil Black, and I and other entrepreneurs and partners who were helping us put all this together and my other founders as well who were involved back then, we had very successful entrepreneurial track records. So my founders and I had successful entrepreneurial track records, successful venture capital track records, but still there was this perception that the world didn’t need an early stage venture capital firm.The other important trend to talk about… So venture capital was going through two changes that moved it away from seed and series A. The first of which was it was biggering. Larger fund sizes meant larger checks. The second of which was what I call it was getting distracted. Through the early 2000’s, venture capital was getting distracted. You had China funds, India funds. You had clean techs. There was a group that did a pandemic fund. All these specialty funds that were in anything other than core early stage technology. I used to say that if you wanted to see the vast majority of Sand Hill Road venture capitalists, they were on their way back and for th to China and India. And those regions were really, really exciting and hot, but what it meant was the vast majority of practicing venture capital partners weren’t here in the valley, spending time in early stage. It was very desolate.Martin: There’s the opportunity.Jon: That’s what we saw. So we saw, “Wait a second. Venture capital is moving away from its core. The Valley is still very innovative.” And oh, guess what. Because we were entrepreneurs and close to the ecosystem, my partner Tony Schneider started a company called Oddpost and he sold it to Yahoo. It was one of the first DHTML apps built. So we saw Ajax, DHTML started to come out, and we also saw that the API structures were being broken apart, so Yahoo in those years offered their APIs to people. Google offered APIs to people. Amazon was starting.All of a sudden you could dechunk big parts of technology and reassemble them, and in those years, a term don’t use anymore, they were called mashups. So all of a sudden it wasn’t just the venture capitalists who were moving away. It was also that all of this entrepreneurial activity was happening, and Phil Black and I were at other firms and funding it. We were doing these small deals, and so we were on the ground seeing it. So when we came together, we said, “Wait a minute. Not only has venture capital moved away, but there’s this tremendous dynamic activity and it’s very capital efficient.”And so our idea, our big aha was what if you could build an incredibly powerful firm to do these super early stage seed deals. Not an angel firm. Nothing wrong with angel firms. They’re great. But actually a professionally funded venture capital firm that put the entrepreneur first that could assemble a portfolio of 20 to 30 companies where all the entrepreneurs could help each other out, could build a network.You build a lot of different networking groups over time, so you understand the power of collaboration and the power of really this in tense help that when a group of people can help each other, their group can do a lot more than the individual. And so we just believed that and we’ve been successful across our careers because of this network.So one of the most interesting things about starting True was we had a phenomenal deal flow. All these entrepreneurs that we had worked with over time and had a great collaborative philosophy rooted for us to get into business. They started companies themselves. Matt Mullenweg at WordPress or Seth at Meebo. I worked with Seth at Plaxo, Tod Sacerdoti at BrightRoll. I had worked with Tod at Plaxo. Again in the networking field, which is what your company does, these networks of relationships put us into business. And LPs said, “Wait a minute. There’s something contrarian about what these two people are talking about. And gosh, they have all this entrepreneurial support, and maybe there is this what we call gap ventures are moving away, entrepreneurs doing things that requi red less capital.” So entrepreneurs becoming more capital efficient. So this gap really became super clear.And like any great founder who sees a market, once we saw it, we couldn’t let go of it. And it didn’t matter if anyone else saw it. A lot of people laughed at us. I remember this great meeting. Big fancy firm. We were telling our friend what it was all about. We got this all the time, and they said, “How in the world are you going to start a firm? You don’t have any business card. There’s no big name of your big firm behind you. It’s never going to work.” And this other friend of ours would say something really great. And this was just a conventional wisdom. This is what every entrepreneur faces when he or she starts something new and bold. It’s the doubt.Another friend said to me. It was hilarious. He said: “Oh, that’s so cute. You’re building your nice little micro fund.” That firm is almost out of business, the one that he was at. Just thinking abou t the disruption that happens, the change that’s happened in the venture capital market. But it’s the same with every industry. Entrepreneurs come in and build new things, and sometimes they work and sometimes the incumbents fall. I had another friend. He’s a big fun guy and he was at a barbecue in my house, and he turned to me and he said, “You left a job to start a new…” He just said, “That’s crazy. No one can start a fund. The world doesn’t need another fund.”And so all of these doubts. And of course it’s very scary to start a company. So I would say that we are truly entrepreneurial and we have enormous empathy for every new founder we meet with because it’s still very fresh. Ten years later, it’s not that long ago. A week ago, we had a nice dinner. That was the 10th year to the day of when we signed the incorporation documents, when Phil and I signed them at a local restaurant here on a five-minute meeting. “We got to get this thing signed.” Very s crappy. But the other night I pulled out our founding documents, our first executive summary that was written roughly 10 years ago, the fall of ’05.The words we used are interesting. We talked about freedom for the entrepreneur. We talked about empowering creativity with small bits of money and enormous degrees of freedom. So this whole idea of exploring a market together because we have a lot of capital behind us if you find something but not constraining the possibilities they want, literally liberating the possibilities they want. We talked about building a firm that prioritizes relationships and values, just exceptional integrity around values, and working with people with whom we share those values.And we talked about the word platform, which it took us five years later to name our founder community, our founder platform. But in our founding documents, we say we want to be a platform for entrepreneurs, where they can come and collaborate and not feel like they’re going to t heir investor, actually feel like they’re going somewhere safe, where they can collaborate and talk about their problems and share best practices. And so we do that. We have this amazing founder camp, True University. We have an internship program, a fellowship program. We do YPO style forums for entrepreneurs. We just have all these amazing entrepreneurial resources that are fully designed to build more muscle and make the entrepreneur more successful over the entire arc of their career.It’s the other thing, too. So we had this very long term view, and we still do. Our goal is to build a 50-year firm, not a 10-year firm. And the only way you can do that is if you look at every entrepreneur and say, “What’s the arc or trajectory of this entrepreneur’s career?” and fund the ones that we want to follow their entire trajectory. So once we meet an entrepreneur that we fund, our objective isn’t just that one company. We want to fund everything he or she does for their whole career.Martin: This is very different from my perception from other VCs.Jon: Very different.Martin: So what have been your emotions when you had so many people at your home having barbecue and everybody was doubting and said, “Jon, forget it. Really, you are a nice guy, but forget it. Early stage is dead. Venture capital is dead. Don’t do it?” What type of emotions did you feel then, and how did you manage them, to put them in the right direction?Jon: It’s really hard and it’s really scary. We were turned down by tons of LPs saying No to us. We were turned down by tens, twenties, hundreds of LPs in the early days that didn’t see this. We were told by friends that it wouldn’t happen. We were told by the market that… All that kind of stuff. The emotions of being a founder are really, really difficult. I say that starting a company (this is one of the things that I talk with our founders about) is it’s this intensely personal thing. It’s not work. It requires all o f you. And so that was hard. It was really hard. On the other hand, the more doubts that I saw in others, the more strongly convinced I became that we were onto something.Martin: Because if everybody else is saying, “No, no, no,” if there’s an opportunity and you the say yes, then you get all of them after.Jon: The way I phrase it to my founders, which I’ve lived, by the way, in every startup I’ve been successful in most of the investments, is “When people are laughing at you, you’re probably onto something.” I mean really, there are a lot of reasons why people are critical or laugh. Sometimes it’s because you’re off the mark. Normally it’s because they have a lot invested in their success and they can’t see another path or their fear. There’s a lot of reasons why conventional wisdom takes hold and then becomes conventional wisdom. And so therefore I’ve always been a contrarian my whole career, and I just love seeing something that others don’t.And by t he way, I’m not always right. That’s fine. One of the biggest aha’s in my career, and it’s important too, is that at True we do not think about being right. That puts your brain into all these really very difficult judgmental places where creativity dies. Creativity flourishes when you have freedom of expression, freedom of degrees, and you can think about the possibilities. So there are requirements to being massively creative. The first of which is the stakes are sort of low from a dollar standpoint. What I mean by that is when all my friends and all the people were saying it’s never going to work, I thought, “Well, if I fail, there’s always something else.”We’re very fortunate in this day and age to have all sorts of options, all kinds of options that don’t necessarily need to be in Silicon Valley. There’s lots of ways I could find something to do and be constructive. But what if I didn’t try? I couldn’t sleep at night thinking that I wouldn’t try. Tha t was the part that if there was one thing that completely freaked me out as a founder, it was not trying this. Literally, people say, “What keeps you up at night?” Well, first of all, everything keeps you up at night. Everything. But the one thing that was literally terrifying was if I ended up later in my career and I never gave it a shot. That I couldn’t live with.And most of the founders I work with, that’s what it’s all about. They have this burning sensation to start this thing or build this thing or make the impact they see so clearly. And yes, you’ve got to persevere and you’ve got to really commit. You’ve got to work your tail off harder and longer than anyone in terms of the hours you put and all that kind of stuff. But there’s also this realization that if this doesn’t work, there are other things out there. There’s this global picture which is to say the world is a very exciting place right now and a very needy place for solutions. It’s like, “T here’s an awful lot we could do here together.”So I think liberating your mind, if you get locked into “I have to,” “I can’t,” all these, then you start losing the bigger picture. So we tend to continue even today. We don’t focus on being right on an initial investment. That’s not even relevant. We focus on the proper ingredients. Is the entrepreneur committed? Is there this crazy potential for market? Is there some technology? That kind of thing. And it’s very rigorous analysis. I’m not suggesting that it’s easy. It’s not easy but it’s different. It’s not judging. It’s more exploring. There’s a subtlety there.Martin: You touched very briefly one some of the criteria that you are using for the investment. One of them was doing some really crazy stuff. When an entrepreneur comes to you, how do you identify or evaluate that something is really awesome crazy?Jon: So I get in trouble with this all the time because I say there’s nothing too crazy for u s and then sure enough I’ll see something and I’ll say, “Okay, that’s a crazy one.” But I think directionally we’re doing an awful lot in neuroscience right now. It’s a great example, where big data and frankly sometimes mobile technology and other types of horizontal platforms is meeting that absolute frontier of how we understand the brain and the power of the brain, both for output and input sensory and other. It’s a remarkably exciting field, and so we’re very excited about it. It’s in one way this great next frontier of scientific understanding, but there are also enormous markets that fall out of that research and of success there, and likewise digital therapeutics. So on the one hand, where big data meets healing, you might say that’s a computer science problem. It absolutely is, but it’s also a real health care problem. And health care and pharmaceuticals in the country and the world are really broken in some fundamental ways. And could we fix that? Y es. It’s absolutely crazy to think so but it’s working and it’s happening. And so we’re very much at the forefront there.We love robotics, and so when I met the founders of Open ROV, they make underwater submarines and drones and very low cost, very high performance, we got super excited. It was very hard to see. That was another one. Some of my closest friends and fellow entrepreneurs laughed at me. They called it my passion project, and I was like, “No, you just don’t see it. There are enormous applications that come out of building underwater robotics. And of course, right now that’s all starting to happen for the company.So you have to be able to see it through the eyes of the founder, most typically, because we’re not necessarily at a whiteboard saying, “This market. That market.” We really need the protagonist of a great founding team to come to us and say, “These are the three things that if they connect, it could be huge.”And so same thing. We’re re ally open. We’re super open to the big ideas. And we’re also… I was going to say patient but it’s more than that. We accept timing risk. So one of the things about when you say you want to maximize product risk, there’s no product we invest almost always. We want to maximize market risk. If we’re doing it right, there’s no market for what we’re building with the team. And we want to maximize timing risk, and this is one of the most highly controversial aspect of this discussion because a lot of investors will say timing risk will kill you. And it absolutely can kill you. It can also make you. If you’re early in a big market and you’re one of the first participants in a big market, you have the opportunity to get outstanding share. You have the opportunity to lead. It doesn’t mean you’ll always get it. Someone else will come from behind and beat you, but that risk is worth it to us. And of course, you can be too early, you can be too late. There are all sorts of things that happen. But we really embrace this notion that good things take time.I was with a team very recently, and they showed me a plan, and it was “Hit the market within six months and 18.” It was a very exciting man and woman founding team. And I said, “It’s a marathon. Don’t sprint. Building a company and tapping into a market, and they brought these incredible résumés and incredible experiences, very seasoned. We all know this is a marathon. So I’m not interested in 18 months. What’s five years? Tell me seven years. How? So again, timing risk is super important to success. And giving yourself all sorts of degrees of freedom is the other thing timing does.ADVICE TO ENTREPRENEURS FROM JON CALLAGHANMartin: Jon, you have so much entrepreneurial experience and experience as an investor. What have been the major learnings that you’ve seen over the years which you can share with first time entrepreneurs?Jon: Yes. It is all about the people. There’s nothing mo re. And I would say another angle, another perspective on that, it’s all about values. First of all, it’s completely overwhelming to be a first time entrepreneur, and the truth of the matter is that no one has the answers. None of us know what to do. So a lot of times, an entrepreneur, when they start they’d be like, “I don’t know what to do, but somebody else must,” and that kind of thing. And so there are a few absolutes that I would think about. The first is people and values. Don’t waste time with people that don’t share your values, and prioritize the relationships around you.And what do I mean by that? So a lot of interesting things come out of that. So for example, if you value collaboration, which we do, and you value transparency and you value the human element and being very honest and present about how hard it is, you get lots of support. And the support comes in interesting ways. Of course, it’s like someone there to talk to about what’s upsetting you or what’s your challenge or what’s the biggest thing you’re worried about or whatever, but it’s also ideas. When you talk to people about the challenge you have and you have this group around you that understands your quest and what you’re on, people will help. And if you’ll help others, people will help.And so it’s more than just “It’s all about the people.” It’s more than just “I’ll get the résumé out of this company or that company or the Google engineer and this.” That’s important. You have to have the right skills around you, but there are a lot of great skills. There are people with all kinds of incredible skills. Much more important is to prioritize people that share your same values. And that can be a performance edge. That can be a communication style. That can be design. There’s lots of manifestations of values, but put that first. Absolutely put that first.The other is again this notion we talked about too, about time. I think people who think about their quest as a missionary quest tend to understand that it’s a really long road and there are millions of decisions you need to make properly in order to get through this path, or there are a million decisions you need to make to succeed. So the missionaries have this longer view. People who are more mercenary like, “I just want to manipulate this little edge,” tend to think in very short term decision making windows and tend to get in trouble. So we would encourage, I always encourage boldness. I encourage really long term thinking. If you don’t see a five-year, ten-year market here, don’t bother. It’s way too hard to hit a teeny little window of a couple of years. You need to be planning on very, very large trends and very, very long timeframes. And set yourself up properly for that kind of success. Give yourself a chance. And it’s not just the dollars. It’s about expectation. It’s about the team you build. So for example, where the rubber meets th e road on this one is it’s all about a great engineering team. Well, don’t put the great engineering team where you think one or two of them are going to turn out a year because they tell you that. “I’m only in it for a quick…” Things like that have really long term ramifications.I think the other thing that we talk to our founders about is you just have to operate with incredible speed and clarity. Optimization is not really important in these early things. And it’s true. I keep coming back to value. If your value is driven in relationships during the decision, you’re pretty easy. What’s the right thing for the customer? Okay, let’s do that. Are there risks to it? Probably there are risks to it. How can we minimize this risk? There are probably a few ways we could minimize this risk. Do we violate something with the customer? Yes. Okay, don’t do that. You can follow these decision trees. Hiring. Everything.I always say, “Put your team first, customer second. ” First, the values have to come from your team and your people around the table, and then they will properly radiate to the customers. And I think that’s really important. Even in remarkably successful companies where the sky is the limit, the sky is the limit because every single day your 500 employees know what you stand for and every single day they’re out with customers standing for that same thing. It magnifies your potential impact and customers feel authenticity. You feel it when you buy coffee or when you fly in Virgin. The choices we make typically associate with authentic brands, the brands that mean something, that resonates with you. Apple for design. That’s interesting. But I think every startup has that opportunity. It’s this really important common core of values, of vision, of long term time horizon.Martin: Cool. Jon, thank you so much for sharing with us.Jon: Yes. Absolutely. Great to see you. Thank you.Martin: And next time, if you are building a company , focus really on the values. So if you are just hiring your starting team, don’t only look at their résumé but really whether they are resonating with your values and the values of the company because in the end there are millions of decisions you need to do, and if you are value-driven, then it’s easier. Thanks so much. Great.Jon: Thank you, Martin.

Welfare Of The United States Essay - 869 Words

Welfare in the United States began in the 1800’s when the colonies imported British Poor Laws. Before the Great Depression began in America, the government was already supporting certain programs such as the Civil War Pension Program was that passed in 1862 that gave aid to Civil War Veterans and their families. Once the Great Depression hit, unemployment rose and President Franklin D. Roosevelt, enacted the Social Security Act in 1935. The act formed a number of programs that provided aid to a wider population. Due to the demand of welfare needs, Roosevelt created agencies to help accommodate individuals. He created the United States Department of Health and Human Services (HHS), the Department of Housing and Urban Development (HUD), the Department of Labor, the Department of Agriculture, and the Department of Education to name a few. When Bill Clinton came into office, he created the Personal Responsibility and Work Opportunity Reconciliation Act. Under this act, each state was provided with lump sums of money annually. However, this act also pushed for people to get off of welfare and into the workforce (history). According to US Government Spending, when the United States was heading into the 20th century, welfare spending on programs for relief such as unemployment compensation, and income support, was at 0.1 percent of Gross Domestic Product (GDP). It was not until the crisis of the Great Depression that welfare spending was on the secular rise, reaching 2.1 percentShow MoreRelatedWelfare Of The United States998 Words   |  4 PagesWelfare is a subject of debate in the United States because everyone has a different point of view when it comes to the Social Security Act. On one side the rich may feel that the government takes from the rich, and gives to the poor. The poor on the other hand may believe that they are being forgotten and not helped enough by the government. Are the government financial assistance programs really working and helping people climb out of poverty or are they creating lazy people who depend on governmentRead MoreWelfare Of The United States1351 Words   |  6 Pa gesWelfare Research paper Since the dawn of the United States, our nation’s government has committed to helping its people to advance society and its general welfare. As early as 1785, America’s federal government reserved lands in the Articles of Confederation that would be set aside for the placement of schools and other establishments for the public domain. In 1789 the federal government acquired the responsibility of providing pensions to disabled veterans of the Revolutionary War. Later thatRead MoreWelfare in the United States1758 Words   |  8 PagesWelfare in the United States Everyone has their own opinion about the welfare system in the United States. Some feel it is well-designed and other find it to be valueless. Some say it is an excuse for â€Å"the lazy† to not have to contribute to society, and use it as a source of income. Some even say the program isn’t utilized in the manner in which it was meant when established. Regardless of opinions, the welfare system was established to help those in a time of need. The United States, â€Å"TheRead MoreThe Effects Of Welfare On The United States1455 Words   |  6 PagesWhen the United States of America first began, there were small villages with men and women of varying degrees of wealth. Like any society, there were people who had little money and poor living conditions while others were wealthy. In the colonies of the new world, the church and the neighbors of those in poverty helped provide food and clothing, while also finding ways to improve their daily lives. 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There is usually a very bad stigma behind the name welfare system but during the 1930 s The Great Depression affected roughly sixty percent of families who were barely living and it was not because of bad choices. (Jensen, C., 2014). During The Great Depression the welfare system was a useful tool the many modifications to the structure over the years has not changed the focus of the systems main focal points. The WelfareRead MoreHealth And Welfare Of The United States Essay1855 Words   |  8 PagesOverview The burden of diabetes in the United States has become a persistent threat to the health and welfare of the people and the nation. Diabetes is ranked the seventh cause of death. Diabetes is a disease characterized by high levels of blood glucose caused by problems in insulin production, working of the produced insulin, or even both, which results in serious complications and ultimately death (National Diabetes Education Program, 2007). Type-two diabetes however, occurs when the body cannotRead MoreEssay on The United States: The Reluctant Welfare State2135 Words   |  9 PagesThe United States is often referred to as a ‘reluctant welfare state.’ There are various reasons for this description. One of the primary reasons for this is the differences and diversity of the political parties which are the motivating forces that control government. The Liberal Party, for instance supports government safety nets and social service programs for those in need. â€Å"Liberal s believe in government action to achieve equal opportunity and equality for all.† (Studentnews, 2006) They

The Honest to Goodness Truth on Fahrenheit 451 Essay Topics

The Honest to Goodness Truth on Fahrenheit 451 Essay Topics When you get your completed essay, be sure to tell all your friends what a wonderful service it is and what's the ideal place to obtain cheap essays. Together with the topics, you'd discover loads of papers at no cost. These topics are fantastic ones to compose your paper on. The main aim of an argumentative essay is to clearly show your side of a problem. Top Fahrenheit 451 Essay Topics Secrets The sole difference between both is that the shell is much more compact. She reminds him in various ways of candlelight, a clock, and a mirror. One more thing about the family, is they sit around with all the lights on in the home to talk to one another. Therefore, he might be thought of as a heroic figure. Most Noticeable Fahrenheit 451 Essay Topics Six of my friends are shot in the past year alone. To do this, you must do numerous things. Guy's meeting with Clarisse is quite significant since it opens him to the though t procedure. Got so many, starting a couple of years past, we had the distinctive machines built. Whatever They Told You About Fahrenheit 451 Essay Topics Is Dead Wrong...And Here's Why It supplies the reader a view of what sort of life they'd live if dictatorship were the kind of governance in our era. To begin with, you must establish why defying authority isn't right. Dystopia is frequently used as an antonym of utopia,'' an ideal world often imagined existing later on. You must be proficient in the topic, have an overall idea about the chosen issue and can get the best arguments to demonstrate your thesis. Definitions of Fahrenheit 451 Essay Topics The cost of an essay rides on the quantity of effort the writer has to exert. The essay isn't the simplest task to master. To get started writing your assignment you would want to encounter an interesting and promising topic. Therefore, many students and employees decide to acquire inexpensive essay rather than writing it themselves. Fahrenheit 451 Essay Topics for Dummies An individual might discover that it's really hard even after reading the book many times. But at precisely the same time, Bahrani didn't wish to entirely eliminate physical books from the movie. Individuals aren't permitted to read books, and that's the most extreme type of censorship which exists. Books are thought to be evil since they make people question and think. The Battle Over Fahrenheit 451 Essay Topics and How to Win It Bradbury's trust in the virtue of the person and his belief in the inherently corrupt character of government is a fundamental notion of Fahrenheit 451. Everybody has a book in his mind and they start their journey in order to split the knowledge to people who need it. While, the prisoner who receives a taste and glimpse of earth would be Montag. The story demonstrates how an individual's humanity can be stripped away slowly until there's nothing more but an idea that may be stepped on like an i nsect. Folks hold conversations on Facebook and text in place of speak to one another in individual or on the telephone. They can even become addicted to technology and lose touch with the world outside of their screens. They can just sit around and watch TV all day. Dystopian fiction has existed for quite some time. Rather, the author alludes to a range of causes. A dystopia, thus, is a terrible location. Discuss Clarisse's function in the novel. Fahrenheit 451 Essay Topics - the Conspiracy Can't have too many individuals reading, it is going to ruin it for the remainder of us. As an example, The Scarlet Letter is all about Christians, but that isn't necessarily a theme. Rather than the rest of society, who's ignorant to how books aren't something which ought to be outlawed but something that ought to be treasured. There's no wrong, and there's no right. Through the characters of Montag, Faber, and Granger, you can observe how one individual may make a difference in society if that 1 individual can fully realize the value of her or his past, in addition to be prepared to fight for the chance to express himself or herself. Positive mental attitude was touched upon since the notion of free will, but but develops the value of positive thinking for a principle to success. Maybe you should consider and consider the issues of free speech and fundamental rights that you might not have considered before. Fahrenheit 451 Essay Topics - the Conspiracy If you wish to take a larger challenge you can also pick a topic considering Guy Montag as the tragic character. It's significant because the most important character, Guy Montag, and the remainder of the firemen burn books since they are illegal. If one is given the present of thought, then there's no reason which he or she should not utilize it. An alyze the growth of Guy Montag as a character from the start of the book through the center and to the end.

Stefan’s Diaries Origins Chapter 31 Free Essays

I crept through the house, cringing every time my foot hit a loose floorboard or a creaky corner. From the light at the far end of the house, I could tell Father had left the sitting room and was already in his study, no doubt writing down the record he and Jonathan had concocted in his own journal. I stood in the door frame and watched him for a moment. We will write a custom essay sample on Stefan’s Diaries: Origins Chapter 31 or any similar topic only for you Order Now His hair was snow-white, and I saw age spots on his hands. Despite the lies I’d heard earlier, my heart went out to him. Here was a man who’d never known an easy life and who, after burying a wife, now had to bury two sons. I took a step toward him, and Father’s head jerked upward. â€Å"Dear God †¦,† he said, dropping his pen to the floor with a clatter. â€Å"Father,† I said, holding out my hands to him. He stood up, his eyes darting wildly. â€Å"It’s okay,† I said gently. â€Å"I just want to talk with you.† â€Å"Y ou’re dead, Stefan,† Father said slowly, still gaping at me. I shook my head. â€Å"Whatever you think of Damon and me, you have to know that we didn’t betray you.† The fear on Father’s face abruptly turned to fury. â€Å"Y did betray me. Not only did you betray ou me, you betrayed the whole town. Y should be ou dead, after the way you’ve shamed me.† I watched him, anger rising up inside me. â€Å"Even in our death, you feel only shame?† I asked. It was something Damon would say, and in a way, I felt his presence beside me. I was doing this for him. I was doing it for both of us, so that at least we’d die with truth on our side. But Father was barely listening. Instead, he was staring at me. â€Å"Y ou’re one of them now. Isn’t that right, Stefan?† Father said, backing away from me, slowly, as if I were about to lunge and attack him. â€Å"No. No. I’ll never be one of them.† I shook my head, hoping against hope that Father would believe me. â€Å"But you are. I watched you bleed and take your last breath. I left you for dead. And now I see you here. Y are one of them,† Father said, his ou back now against the brick wall. â€Å"Y saw me get shot?† I asked in confusion. I ou remembered the voices. The chaos. Vampire being yelled over and over again in the darkness. Feeling Noah pull me off Damon. Everything fading to black. â€Å"I pulled the trigger myself. I pulled it on you, and I pulled it on Damon. And apparently it wasn’t enough,† Father said. â€Å"Now I need to finish the job,† he said, his voice as cold as ice. â€Å"Y killed your own sons?† I asked, anger of ou my own coursing through my veins. Father stepped toward me menacingly, and even though he thought I was a monster, I was the one who felt fear. â€Å"Y were both dead to me as ou soon as you sided with the vampires. And now, to come in here and ask forgiveness, as if what you did could be excused with an I’m sorry. No. No.† Father stepped away from his desk and walked toward me, his eyes still darting to the left and the right, except that now it was as if he were the hunter, rather than a hunted animal. â€Å"Y know, it’s ou a blessing your mother died before she could see what a disgrace you’ve become.† â€Å"I haven’t turned yet. I don’t want to. I came to say good-bye. I’m going to die, Father. Y did ou what you set out to do. Y killed me,† I said. Tears ou sprang from my eyes. â€Å"It didn’t have to be this way, Father. That’s what you and Jonathan Gilbert should write in your false history, that it didn’t have to be this way.† â€Å"This is the way it has to be,† Father said, lunging for a cane that he kept in a large vase in the corner of the room. Swiftly, he broke it in two on the floor and held the long, jagged end out toward me. Quickly, without thinking, I sidestepped Father and yanked his free arm back, sending him tumbling sideways against the brick wall. Father screamed in anguish as he hit the floor. And then I saw it. The stake was protruding from his stomach, blood spurting in all directions. I blanched, feeling my stomach rise to my chest and bile fill my throat. â€Å"Father!† I rushed over to him and bent down. â€Å"I didn’t mean to. Father †¦,† I gasped. I grabbed the stake and yanked it out of his abdomen. Father shrieked, and immediately blood gushed like a geyser from the wound. I watched, horrified, but also entranced. The blood was so red, so deep, so beautiful. It was as if it were calling to me. It was as if I’d die that second if I didn’t have the blood. And so, unbidden, I moved my hand to the wound and brought my cupped hand to my lips, tasting the liquid as it touched my gums, my tongue, and my throat. â€Å"Get away from me!† Father hoarsely whispered, pushing himself away until his entire back was pressed against the wall. He scratched my hand in an effort to bat it away from the wound, then slumped against the wall, his eyes closing. â€Å"I †¦,† I began, but then felt a shooting, stabbing pain in my mouth. It was worse than what I remembered about being shot. It was a feeling of tightness, followed by the sensation of a million needles sticking into my flesh. â€Å"Get away †¦,† Father breathed, covering his face with his hands as he struggled for air. I pulled my own hands from my mouth and ran my fingers over my teeth, which had become sharp and pointed. Then I realized: I was one of them now. â€Å"Father, drink from me. I can save you!† I said urgently, reaching down and pulling him up to a sitting position against the wall. I took my wrist and brought it to my mouth, allowing my newly knife- sharp teeth to easily rip the skin. I flinched, then held the wound toward Father, who backed away, blood continuing to gush from his wound. â€Å"I can fix you. If you drink this blood, it will heal your wounds. Please?† I begged, looking into Father’s eyes. â€Å"I’d rather die,† Father pronounced. A moment later his eyes fluttered shut and slumped back on the floor, a pool of blood forming around his body. I placed my hand on his heart, feeling it slow until it stopped. How to cite Stefan’s Diaries: Origins Chapter 31, Essay examples

The LinkedIn Network and the Problem of Employment

Table of Contents A Brief Overview of Technical Communication A Practical Approach to Technical Communication Completing the Profile Conclusion A Brief Overview of Technical Communication The contemporary economy provides the population of the globe with new quests every day. Challenges that should be achieved are encountered every moment; these tasks require creativity and an idea of what to do. The problem of employment can be considered one of the burning issues of the contemporary world community. Advertising We will write a custom assessment sample on The LinkedIn Network and the Problem of Employment specifically for you for only $16.05 $11/page Learn More So, every person that seeks for a job opportunity should apply the most appropriate methods to place an application, establish useful contacts, and find a good job. In this respect, it is necessary to mention about the technological progress and helpful innovations that are aimed at facilitat ing the process of searching for necessary information, its synthesis, and assessment. Some programs are created for professional use only whereas others can be implemented in fields that do not require in-depth knowledge of computers, software, and technology. One of these programs is the LinkedIn that is used by ordinary users to facilitate the access to their personal information, establish contacts to use those in future, and help employers hire them to the most appropriate positions. Though there are many social networks aimed at helping users from all over the web to search and share information, it is clear that all these applications have some features in common and certain differences as well. So, the main features that help to differentiate between the LinkedIn and other social networks include the opportunity to share information about job objectives, establish connections of different degrees, and present one’s profile in a professional manner. All users should find it useful and easily applicable to their resumes because a user can use the existing profile with a resume or create a new file that can be used to fill in the boxes required to complete the profile. A Practical Approach to Technical Communication One of the greatest benefits of the Internet is that people from different parts of the world can share information, search for information, and store different facts, files, and sources in the Internet databases. Advertising Looking for assessment on communications media? Let's see if we can help you! Get your first paper with 15% OFF Learn More In this respect, the LinkedIn network facilitates the process of searching for definite people in terms of their education, career, objectives, and other parameters. So, if you have graduated from a university, you are sure to find your peers by means of searching for them by name through a specific search box tool. The same operation can be performed by employers who want to find an applicant for a certain position. The benefits of this network are obvious, especially for those who spend a lot of time searching for specific information through the Internet. Moreover, recruitment can be accelerated by means of using the LinkedIn network because recruiters do not have to scan databases while searching for applicants hence being able to view more applications at once and choose the most appropriate. The more people talk about the usefulness of the internet and technological innovations that can be applied to almost all fields of science and technology, the more relevant these innovations seem to be in terms of their application to management and career planning. Though some people find it daunting to learn simple rules and implement those in practice via completion of a LinkedIn profile, it is really simple in application and useful in terms of results. Thus, every user can increase his/her chances to find a relevant job by means of using the LinkedIn. A s every step requires good grammar, you can complete the profile with the help of a Word processor and then transfer the data to the profile. Completing the Profile One can find clear instructions on the steps to be taken while completing the profile with the help of the LinkedIn network on the Internet. There are instructions and comments concerning every step and every aspect to bear in mind while filling in the boxes. One of the most important aspects that you should take into account while completing your profile is that you should not talk about your preferences or hobbies because this network is used for employment: some people search for a job and find good positions while others are looking for appropriate applicants for certain positions. So, your resume information is the basic data to include into your professional networking profile. The next step concerns the connections to establish and expand. If you are a student or/and are looking for work, you can use a special bo x to mark the field that interests you most in terms of professional activity to be engaged in. If you already have a job but want to keep in contact with your colleagues, peers from the university, and other people who have a profile on the LinkedIn, you can find those people via a special search engine and expand your connections adding friends of your friends to your network.Advertising We will write a custom assessment sample on The LinkedIn Network and the Problem of Employment specifically for you for only $16.05 $11/page Learn More Though the information from the profile is used basically for professional networking, it contains a specific section that contains some data about your preferences, hobby, and other things that can be related to your professional activity or be simply useful for an employer to know about. In this respect, you have to be creative to produce the most positive impression. Note that spelling and grammar errors should be eliminated from the profile; every fact should be checked before saving the information. Moreover, you can add more information by means of asking your instructors (if you are a student and searching for a job) or colleagues/employers (if you already have a job) to provide some references and recommendations. A picture is an integral part of the portfolio because people should know how you look; the more professional you look in the picture, the more seriously your portfolio will be treated by employers and colleagues. If some websites contain links to your page or provide additional information that can be useful for people interested in your application, you should include links to those websites. Help other Internet search engines identify your profile and link to it. Conclusion Every word written about you on the Internet can be helpful in terms of searching for your profile and offering you a certain position. The LinkedIn network is a social network used for professional conn ections, sharing information on the job opportunities, and finding people that can help you in building other connections. The more detailed and valid information is included into your profile, the easier can be access to it. Besides, the way of presentation used in the LinkedIn profile enables applicants and employers to find the most appropriate opportunities and options. Every box of the profile increases your chances to succeed while searching for a job. This assessment on The LinkedIn Network and the Problem of Employment was written and submitted by user Red Rh1n0 to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.