More than anything else, it has been the people that I have learned from the most. It is the people that have made MFP. Below is a list of some of the people that have made this program amazing and how they have helped me learn.
I was incredibly fortunate to have a great number of mentors over the course of the past nine months. They were all incredibly giving in their time and have provided me with more learnings than I ever could have imagined.
Soon after I was accepted into the program, I was assigned Scott Bowie (BSME, '98, MSE, '00, MFP '98) as my alumni mentor. I found this funny because he was one of the few MFPers I already knew. I had actually talked with Scott as I was applying to the program. He was very excited that Mechanical Engineers were applying. The mentorship turned out great. Scott was also Mechanical Engineering, and as it worked out, had eerily done almost the exact same things that I had either done or was planning on doing. And in E145, Scott was a great help in guiding us through our opportunity analysis project. Scott has always been there when I've needed advice, and can play a mean game of pool. Thanks Scott for all of your help. It has meant a lot to me.
Mike also comes from the product design realm (some time ago), but has moved on to the more lucrative area of venture capital. Mike has been great for Susie and me, giving us his frank and honest opinion of companies in the valley and inviting us over for dinner at his place. His dedication to the community and to Stanford is a model that I hope to follow as I enter the working world of the valley.
Clarence's and my mentoring sessions with David were some of the most memorable experiences I had over the summer. David's truly strived to think outside the box, both in ideas and in management. His maturity and focus are of a man well beyond his years. He constantly stressed to us that you always need to be external looking, making sure you do not miss key market opportunities that you might not have initially focused on. I also admired David's listening skills. He always stayed extremely focused on what we were saying and truly valued our opinions. Throughout the summer, I was able to learn from his communication skills and hope to develop mine to a similar level.
Steve was our original mentor at Zaplet, and after Alan came in, still offered to meet with Clarence and me, which we truly appreciated. Steve specialty was operations, and stressed the need for operations experience in start-ups. I also admired his desire to get true feedback from those he worked with without being defensive or insecure. By looking objectively at mistakes, he had been able to learn from them to make better decisions in the future.
Alan came into Zaplet in early July and I was immediately impressed by his leadership ability. From the first meeting I had with him, I noticed his willingness to learn from others. It was clear that he wanted to take people's opinions into account when making a decision, and because he listened, people respected him for the decisions he made, even though they might disagree. Alan also help everyone to a high standard, expecting a lot out of people, but at the same time, entrusting them to do a good job. Alan's ability to confidently lead was something I looked carefully at throughout the summer and I hope to be able to take on some of his leadership characteristics.
Marc Andreessen kicked off the IE292 series with a storm and a bang. What
I found most inspiring was his vision of building a company to last, an idea brought
into the limelight by Jim Collins and Jerry Porras in their 1994
book Built to Last and
again more recently in Collin's March edition Fast Company article Built
to Flip. When he spoke in spring
quarter, there was still much talk of the new economy, and many companies were started with the hopes
of incredibly fast growth followed by a quick sale to an existing company. These ventures are often
more interested in turning a fast buck over anything else. One of the key problems Andreessen had
with built to flip companies is their effects on the employees. Employees often join a venture
with the belief that they are in something ambitious and important. When this company they believed
in is sold to an industry monster, employees could feel like their venture "sold out". They cannot
leave after the sale, however, if they are interested in having their stock options vest.
These "golden handcuffs" lock the employees into a company they might not care about or believe in. A
contradiction I noticed in Andreessen's speech is his belief in building a company to last but at the same
time having a seemingly intense distaste for industry giants, calling them "big dumb companies". But
it is impossible for a company that successfully grows and lasts over time to avoid becoming a big
company. One last key idea Andreessen had was that in this new economy, companies must focus
on one thing, do it well, and outsource everything else. This is part of the reason why Andreesson
formed Loudcloud, which offers a product for internet companies that he compares to "pouring rocket fuel" on
a start-up.
John Doerr brought up key
insights into the current state of the economy and America when he came to speak
at the Industry Thought Leaders seminar in spring. One of the most
interesting insights I saw was the comparison between the old and new
economies--in particular, he compared the old economy's Berlin Wall to the new
economy's Web. During the time of the Berlin Wall, the people in the
East wanted everything on the other side. Today, the Web is its own sort
of wall--creating a digital divide between the haves and the have nots (my
interpretation). Lastly, I was very impressed with Doerr's value system.
While Doerr could choose to only focus on building great companies, he does
not--he also has taken a strong interest in the state of California's
educational system. Doerr seems to realize that investing in education is
investing in our future. By helping our children, we are helping America
remain strong into the next generation.
At IE292, Guy Kawasaki and his
top ten list offered key insights into getting a high-tech venture started.
As CEO of garage.com, this is right in his area. Kawasaki stressed that
when getting a company funded, one should focus on the value of the investment,
not the valuation. Getting funding from a top tier investor adds
credibility to the venture. Also, top tier venture capitalists are
becoming increasingly a branding and marketing factor. A company that is
funded by KPCB, Mayfield Fund, or Redpoint (as examples) can use the support of
these VCs to leverage partnerships, gain customers, and secure later funding.
Like we have heard so often before, dilution of your shares does not matter--the
key is the per-share price. A little piece of a huge pie is better than a
big piece of a little pie.
Kawasaki also warned about being paranoid. While many people feel that a
key trait of entrepreneurs is paranoia, Kawasaki disagrees. Kawasaki says
that an entrepreneur will not be taken seriously if he or she goes into a VC and
asks for him or her to sign an NDA. He also commented that the key to a
venture is the implementation and not just the idea. Kawasaki offered very
useful advice in picking a venture capitalist. One of the things that
stuck with me was the Stanford Shopping Mall test, which is: If you see your VC
across the plaza in the Stanford Shopping Mall, you have three choices.
1. Go over and say hello.
2. Say hello if he or she notices you.
3. Avoid him or her at all costs.
Kawasaki recommends to only work with a VC that you would choose option 1 for.