This episode of Tia power is brought to you by Pacific Western Bank, Pacific Western is the leading provider of venture debt. In banking services to startups groceries companies and their investors go to pack west.com to learn more. Welcome to the podcast about Venture Capital. Where investors and Founders awake can learn how least he's make decisions and reach conviction. Your home is Nick Moran and this is a full ratchet.
Welcome back for another edition of investor stories. On this special segment. The experts described the most important lesson that they've learned and how that has changed the way they invest. This is the special segment call Lessons Learned.
At a special segment. We have Julie, wroblewski, Julie, can you tell us a story highlighting, a critical lesson that has changed the way you invest.
I am currently managing several Investments, alongside incredibly aligned and supportive investor syndicates. And I think that you know, in the early days of investing I may be thought a lot about, you know, the specific investment itself and didn't prioritizing the value and and importance of having an aligned and trusted investor Syndicate around the table. And I'm seeing that in several cases, where we have a company is where it just makes everything a lot easier. And as a lot of value when you have trust in po, investors around the table. That's something I'm thinking about a lot more as we build new investor syndicates.
Anthony special segments, we have Mike Evans, co-founder GrubHub, and co-founder of fixer. My can you tell us a story highlighting, a critical lesson that has changed your approach to leadership a critical lesson. That's really, that's that evolved my approach to leadership for. The last twenty years has been however, much, you think people matter, they matter even more than you thought they did.
It astonishes me that I'm still learning this crappy, like, I've learned it 15 times already, right? You know, one thing that a lot of startup people will say is you hire hire slow, Fire fast. If you can fire fast, you're not a good leader.
You should be creating such a connection with the people that you work with the firing is outrageously painful and you should take a lot of steps before you just do it. You're good at firing people. You can't be a good leader and so you need to be willing to invest in people and to give them chances and lots of chances and try and get to the point where they're really driving and I I mean I feel like I just learned that again and again, if that pairs with no earlier GrubHub, I wasn't thinking about diversity and inclusion. We started thinking about it but halfway through the business really thinking about like, how do we get more women on the leadership team? How do we get more women involved in the board?
And that's been a big issue, a picture to just, we have room to do better.
So, we had to spend a lot of time thinking about are hiring platforms, how we talk about our jobs, how we get representation at every stage of the interview process. At, we don't just rely on our networks for hiring because our networks tend to be a genius, and we are heterogeneous iron sources. And so, yeah. I mean, that's the thing that's just, it's been again and again, and again, investing in people giving them the credit, giving them the responsibility and the authority to do the things they need to do.
Hey, this is Nick e r. I wanted to send a quick message to the founders out there. If you're raising your first round of capital and you're not located in the Bay Area, New York City or Boston, we'd love to connect with you. You stack weeds deals for Founders that don't fit the standard Silicon Valley profile and are located in undercapitalized areas. If that describes you or if you know a startup that fits that description, please send us an email, its team at new stack. BC. Now here's a word from our partners. This episode of is brought to you by Pacific Western Bank. Pacific Western specializes in providing Financial Services to startups Grosse, tete companies and their investors helping to navigate Financial obstacles by providing access to phones and expertise. Pacific, westerns customized products in Team adventure, picking specialist provides a banking experience designed specifically with startups and feces in mind, if you run a tech company or if you invest in tech companies, it's strongly advisable that you build a relationship with the folks at Pacific West.
Go to pack west.com to learn more of ubiquity Ventures. So they all can you tell a story highlighting, a critical lesson that is changed the way you invest.
The very first portfolio company that failed early in my Venture career when I was at Bessemer Tommy, very important lesson. This particular company was a developer or two old witches in my sweet spot. I felt like it fit with how I thought about the tools were evolving and they had a working demo, which looks great. They had a wait list of demands by a thousand people on a Google form. That said, they want to use a product, they had technical chops. So all of this was was very exciting to me at the time and over the invested, join the board and overtime, six months, 12 months, 18 months, the team slowly fell apart and this was, you know what? I was telling you, I found the coming Sunday. I didn't say nothing about the team, especially team chemistry. So that was something I discounted. I didn't know to look for, like I knew I wanted it back to more people, but I didn't think about the soft skills and the way they interact with one another and that will a
What happened with one? Co-founder laughed and other co-founder left you and slowly was a major cause of the company's demise was a team Dynamic. There's a professor Noam, Wasserman is done research on this nice. Do you say that? That's one of the biggest biggest causes, found, her fights early on Friday early, early stage companies fall apart. So now, the lesson for me is that I monitor observe very closely the micro movements that the small Dynamics and found her pictures. So I'll give you an example of if 250 even over resume and one of them starts talking and the other says, oh no, no no. It's actually like this right back. He's a big deal to me. It didn't used to be a big deal, but just seeing micro fights or a lack of alignment or someone jumping in front of somebody, your spare them, I'll be in St. Pete. If they can hold it together for the 30 minutes were spending together. They won't be able to hold it together for the next 10 years. So founder chemistry co-founder, she's critical piece that I was ignoring you now. I never
That will conclude this installment of investor stories. If you're enjoying the program and would like to see it. Continue take a moment and leave a 5-star review in iTunes also if you'd like updates on new content from Tia far, as well as the top 10 VC articles every week, go to full ratchet. Net and sign up for the newsletter, okay? That we'll wrap things up for today. Until next time over prepare choose carefully, and invest confidently. Thanks for joining me.