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2018-06-03#

Ran Across Today#

John Doerr#

TNBT

  • Green Technology and energy is a big deal and currently it is not sustainable with "Global Weirding". Thinks Africa will starve due to can not grow crops.
    • Opower good
    • NEST good
    • Not good TSLA
    • Apple will build a Car
    • Better batteries is the key and it is a storage and a Energy Density and is the KEY to rapid Electric cars deployment.
  • Digital health
    • Magic Leap
  • Social Local and Mobile (SoLoMo) (Local and on-demand)
    • Health Care
    • Education
  • Security - hacking etc.

What makes a startup great: (In Order)

  • Technical Excellence - Not because of the people there but the ability to Attract the talent.
  • Outstanding Founders and Management - The leadership and commitment will allow Speed of Execution (Thomas Edison said innovation without execution is a hallucination) Execution matters enormously.
  • Strategic Focus on Large or unserved market
  • Execution That is How Fast do you execute
  • Reasonable Finances - Some raise too much some raize too little.

If making money is your number one goal is not by cutting a tough deal with an investor or a venture capitalist so by being ruthlessly intellectually honest about what the risk is in your venture.

Evaluate new fields: Hang out with Really smart innovators people.

  • MIT Technology Review

Qualities in Oppruntuneers

  • Gut feeling
  • People you just know you will get into trouble with.
  • Jeff Bezos - intensity -

Learning and Growing#

If running a startup:
  • Know how to sell
  • Lead a team
  • Personal Networking
  • Public Speaking - Big deal
  • Get in on ground floor as they have smart people.
  • Passion
  • Teams make it happen
  • Book The Monk in the Riddle

Mercenaries vs. Missionaries #

Ideas are easy but execution is everything and only Team do execution.

Health Care#

Education#

20% of kids in american public schools fail to know how to read. Saul Kahn - Kahn Academy Smartphones 70% of teenagers use Mobile in Classroom.

Higher education is a great national treasure yes is leading there despite some of the archaic tenure base systems and the pressure that there are on these institutions globally we know that education higher education taught costs too much and it's not available to enough people MOOC will not

so I think these MOOCs are not going to replace the physical universities and indeed if you look at Coursera two-thirds of their students are outside the u.s. 60% of them are not enrolled in any kind of formal undergraduate program and they're just getting started so I think this whole area is pretty exciting but it's going to take a long time because fundamentally it's the second largest most screwed up part of the American economy the teachers the parents and the students are not linked in any rational economic system.

Well that begs the question John what is the most screwed up part of the American economy who thinks yeah health care any other answers no it's health care why is that it's because same thing the patient's the providers and the payers are not linked in any rational economic system who knows how much it really costs to have their last health care procedure an independent of what it costs who knows how much you paid for it who knows how to measure whether or not that work health care in the United States is a three trillion dollar industry.

I just want to put that in context you know excited we are about Facebook and Google and Twitter and all these ad based online systems online advertising globally is about a 250 billion dollar industry it's less than 1/10 the size of just health care in the US he took US health care and made a country out of it it'd be the fifth largest country in the world just our Health Care the only bigger countries would be the United States itself of course Germany Japan China and then there's U.s. Health Care bigger than all of France all of the gross domestic product of France of 66 million people is less than three trillion dollars and we know a third of its wasted a trillion dollars is unnecessary it's over utilization.

It's mistakes and errors u.s. doesn't have demonstrably better health care than in other countries and so this is this is a system that's well positioned for improvement and the really exciting thing about where we are right now in time this moment in time is the combination of data big data innovation changes that are possible due to the Affordable Care Act entrepreneurs there's an entrepreneur here in the audience who's launched a stealth company there's going to I believe transform the healthcare industry these forces are coming together in a way that if I was building my career right now I think I'd major in computer science and big data and go to work for a company in this field because this is valuable work when people lose their health care.

insurance or people they love they die or they go bankrupt or they get divorced or it cuts very very deep and so health care health care innovation you asked the question about the FDA and the FDA has improved its act slowly during the Obama administration but you know fundamentally they were using procedures to approve clinical trials that didn't exploit the targeting in the personalization of gene based therapies they're gradually making changes in that part of the system so let's see we touch education online we touch healthcare

China#

global how do Western companies succeed in China I don't know there's very few examples of it there's a strong commitment on the part of the Chinese government to foster and encourage national winners there's a law that's been fast-tracked for both the second and third reading next month in the middle of March that would require any provider of innovation or work technologies to host all the data on the Chinese citizens on their ground to provide a front door not a back door of access to those to provide their Source code data and this has been put forth not by the Ministry of of information but by the national security agencies and I believe if past if fast-tracked it would cost companies like Apple to leave China and that would be an extraordinary change this is not in the interest of the Chinese people but it's a it's a very difficult place to do business I think if you're going to succeed in China the way LinkedIn has the way Evernote has its you're required to partner with local national champions. And of course pretty famously Google says we won't tolerate their censorship we won't be part of it we're going to pull out of the out of the country. Really know we don't have the data to decide yeah tough call largest market in the world maybe being there we'll move it towards democracy.

Women#

but maybe not I haven't talked about women in technology I'm the proud father of two adopted daughters and the tech industry is terrible with respect to women and you know how in a time when we can't get enough technical talent we haven't figured out how to address this problem I don't know I talked to John Hennessy the president of Stanford about it and I said why aren't there more women who stay the course right through CS he says look they look at the work that's done in CS the exercises the use of talents and this is just crummy you know you're programming in a solitary environment you're not leveraging your leadership or your ability to connect with and motivate others and so I think it's a combination of the curriculum I think it's the role models it's a lack of mentoring and and this is this is a national waste the venture capitalist industry is even worse than than the tech industry per se the average number of females in the venture industry is 4% what kind of message do you think that sends to female entrepreneurs I'm proud my own partnership has 20% of our general partners and investing professionals as female in therefore first of all we make better decisions and second of all I think we're more attractive to female founders which I I want to back I want to be part of their innovations in changing the world as much as anyone else's this is a problem we're finally starting to talk about it I hope we do something about it I hope we get results fast.

last question hi I'm ash I'm a political science student um a senior and I was wondering you mentioned that the industry average in VC firms is at 4% of women if you're a woman and you're hoping to break into the VC industry what would you suggest a woman do women in DC my advice here applies to women and men in VC and I think if you want you cannot buy the right to be on a board of directors you do not buy the right to advise entrepreneurs you gotta earn that right you better earn it by virtue of experience maybe you'll be extremely lucky but my advice is go be a successful entrepreneur. Figure out how hard it really is to raise money to make a payroll to fire one your co-founders to inspire a team to grow an organization how about how hard it is to manage through managers and managers when you don't know the names of everybody that's in your company you figure out how to do those things and you will be highly sought after by venture firms by venture firms. because that's the real deal venture capital is a service industry and so my partners and I while we've started companies we're not confused about what our role is we do not run these companies we are there to serve the entrepreneurs to provide them with the best advice that we can when they want it and sometimes when they don't and then to back them to help accelerate their vision and after all the reason we invested is their vision much better than ours I don't think there's anything wrong with hanging around venture firms like getting a summer internship there or getting a sense of it go to companies that have been backed by good VC firms if that matters to you but for the most part.

When I first came to Silicon Valley I thought I wanted to intern at and work at a venture firm why because I heard they had something to do with starting companies and the advice I got was d'Or forget it actually no VC firms would hire me they said go get a job at a real tech company and there was this little chip company getting started called Intel and that's what I did I'm one of the luckiest people in the world it worked out really well.

Resume#

oh the resume question names burnishing your resume internship I go for substance over resume but I wouldn't even an intern at Google and somebody looks that you've been at Google that's going to move you higher up in well it's a great place to network it's a well respected technical company and that applies to a number of other companies as well it's just kind of the truth and that's what I'm sticking with how do I keep my networks alive it's a network you got to communicate and you got to be choice 'fl about who you want to communicate with it be clear about what you want to do and hopefully have some fun while you're doing it as well I do like to say there's always extra points for humor so communicate like crazy use the social networks use the professional networks live live life to the crazy fullest as you possibly can.

I'll tell you what I've run a little over time now it's it's 6:05 I think what we're going to do is close with four more questions and if anybody wants to leave right now you certainly can yep we get a mic there can you talk a little bit more about the sharing economy and which company is your thing you're really hot in the area yes especially wish which is sub vertical should we be looking into sharing economy love to do that let's get three more questions up here what do you think about social entrepreneurship and this new fascination with impact social entrepreneurs love them love to talk briefly about resumes internships.

sharing economy#

Sharing economy I just made a commitment to an amazing company well we're big investors in uber and that's looking good so far I think that's going to work out but

ok two more um hi I'm Lucas I'm a mechanical engineering student and I would like to see what you think about companies like SpaceX and like space exploration space.

Food#

there's a lot of interest in food right now how many people use Sprigg ever not so many people can you buddy use Montreat here yeah more mantri by a factor of six to one I'm gonna go see Spring tonight mantri on Thursday this week so did I miss one more question

social entrepreneurship#

On social entrepreneurship regardless of the field here's the definition of entrepreneurs entrepreneurs do more than anyone thinks possible with less than anyone thinks possible. That's the amazing thing they do more than anyone thinks possible with less than anyone thinks possible and that can be in a Silicon Valley VC startup that can be in a non-profit like a hospital that can be Muhammad Yunus in creating micro loans that can be bottle in the red organization in raising the global fund to bring antiretrovirals to an AZ t2 largely women in Africa with AIDS there's great work to be done for social entrepreneurs and a lot of ways that's harder it's hard to recruit great people to entrepreneurial organization but both the satisfaction and the impact of the work the degree to which it changes the world certainly can be greater than your next incremental photo web sharing site that too many people are pursuing.

Books#

you asked about my three favorite books for problem solving I told you how to find out about those that's just send me your three

Failures#

How about ventures that kind of met those criteria but in the end didn't win and I think the reason is they got sometimes they were too early so Friendster and MySpace they were too early but other times primarily they don't execute ideas are easy executions everything it takes a team to win

there's never been a better time#

so did each of you there's never been a better time than now to build an entrepreneur of the career there's never been a better time now to start a venture and I did say go join a big company but if you're the next Mark Zuckerberg I'd like to see you right after this meeting thank you very much.

jdoerr@kcdp.com Send him 3 your favorite books ask for slides.

More Information#

There might be more information for this subject on one of the following: ...nobody