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Jeff Fagnan

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25
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2018-08-13
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2018-08-13
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  1. “Harry, this has been fun. It's been delightful talking to somebody that has the context around Fred, the context around Atlas, and I've seen some of the things we've done.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “That's one of the things coming into this business. You have to understand the time lags and you have to understand how those time lags are going to affect you emotionally and that everything you're doing today is just creating a small microdose of a probability that that company, that project, that individual is going to be more successful.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Like everybody around the business, from employees to partners to his investors to himself. And I looked at him and I was like, court, we want to be in. And we just did a fairly large Series A, us and First Mark Capital out of New York. The company's in New York. And very excited. And it's interesting, my last three investments that I've made have all been with people that I've known at least for 10 years. And it also just shows the time lags in this business on. You have to do so much in building a relationships and thinking about things and doing right for so long before some of these things come into fruition that actually result in an investment and then take it from that stage to how long it takes to exit. And I was laughing with Patrick Morley from Carbon Black yesterday about the S1. And it's been a long road. Patrick and I were just laughing. And I was like, look, I was like, I think we only know one way to do these things. These are epic arduous voyages where you have a lot of trust in people.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “My most recent investment is a company called Perch Homes. And perch homes is founded by court Cunningham, who we were just talking about, who is on the board of Inside Squared, is the best independent board member I've ever worked with. Court was CEO of a previous company called Yodel. I had wanted to invest in Yodel. I didn't get the chance. We maintained a relationship. He came in on Insight Squared. So I've known court for over 10 years. And basically, I always thought that no matter what court was going to do, I was going to be part of it. So I have a group of individuals that I always discuss kind of my star list, which means you're going to do steak knives.com. I'm like, we're in. You know, like it doesn't matter what you're going to do. I want to be in business with you. And corpor brought in this really interesting real estate idea, but I didn't know the market. I didn't know the space. But I knew court. I knew his analytical ability. I knew how hard and how determined he was going to be. I knew how intellectually honest he was going to be.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Partnership is about trust. I always trusted knowing Fred was out there working hard. He was going to bring great deals. He was going to have judgment. And these were going to translate into very good returns. I think the con was Fred can operate as a lone wolf. And so can I, to a certain degree. And so in that some ways, you know, that would perpetuate my lone wolf behavior. So Fred, I remember back when he was actually in Switzerland, I believe it was when we were at Atlas and he was in a farmhouse and he would Skype in and everything like this and Fred would just get in his kind of mastermind head the types of things he wanted to do and chase after him and there wasn't a lot of collaboration and I think venture is a really interesting place where you need that lone wolf conviction and you need that lone wolf kind of work ethic but then you also need this team oriented collaboration and I think this is where the best partnerships are amalgamation of skills sets experiences and characteristics where you have to kind of really push each other like be out of your comfort level and I think sometimes like Fred and myself we both can be”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Oh God. This may be part three. No. So what I loved about Fred was, and this is where Fred was a great partner for Ryan to me, was Fred has a fear of failure, just like myself and Ryan, like paranoid that if I'm not out there creating, I'm not doing enough. So Fred had just such a strong work of ethic. He was so outbound oriented around his own storefront and creating deal flow and making sure that that deal flow was unique and differentiated. And Fred then had really interesting stock picking ability, calling Pill Pack very early on, calling a bunch of other kind of bazupla, which was just one of probably the most controversial investment I could remember at Atlas. And Fred was really good with these kind of thematic things that he very much believed in and then having the conviction to pound his fist on the table for these things. So I never, you know, like when you think about being partners with somebody, a lot of”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Empathy but altitude, and then responsiveness. So you need somebody who's empathetic to, I am here, I want to be here because I'm helping an early stage company and I understand what you're going through, but still the altitude to have the right level of judgment and make those tough decisions. And then you've got to be responsive. I mean, it's so funny. I think boards can be one of the worst things in startup companies.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “We discussed is like building these things up, ground up with entrepreneurs one company at a time and investing small bit of dollars in the winter it's working, invest larger, it's not clear about venture capital is a real scalable approach. It may just be a cottage craft yet we sometimes think about scaling how to hire other people how to build the org here and accomplice how to build an org with a west coast office all these things and I'm thinking about it and we're trying to do things more of a player coach. I actually am teaching something every Monday internally here called jump school which were 18 years of investment. I tried to distill it down to a few lessons, a few case studies. We did the angelist case study a month ago and we talked about how this company is actually going to monetize how this actually ever came into fruition. We talked about valuations. We talk about brands. We talk about we even talked about how you shut companies down and how to do it in the most humane way. And I realized that part of the scalability is that Ryan and myself, a lot of the stuff that you've been doing for so long becomes second nature. How to explain”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Things, how to achieve the right balance at this part of my professional life? And I don't mean balanced by my home and my kids and work. That is ridiculously difficult in itself. It's just like I built a career on being accessible to entrepreneurs, really paying it forward, thinking about not what's going to translate into a transactional deal, but really helping and cultivating an ecosystem that took a tremendous amount of time. I hate it when somebody says, hey, I'm trying to get on your calendar and I just can't get on it for a couple weeks. I was like, oh, God, you know, that's terrible. Like, how do I achieve that balance? I used to have very proactive thinking around kind of different investment theses, whether it was like quantum computing or other things that I wanted to go chase down. And I find myself being too reactive versus proactive today because reactive is you've got this email inbox. You've got people coming in and everything like that. So that balance is hard. The other thing is how we get scalability with our model. And I think so much of our brand is like.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “My favorite book is Marie Sindeck, Where the Wild Things Are. And I like it because it's all about embracing who you are. Like there's a really dark side to that book around really kind of exploring yourself and understanding yourself and, you know, your demons and what, and facing your demons in different ways. And Jerry Colona is a great friend, and he's also my professional coach. And I think Jerry's always like, you just have to understand yourself. If you like to play with knives, understand why you like to play with knives. And every time I think about that book and everything and how it kind of describes me and the demons that I face and one of the reasons I work so hard, it always brings me back to that book. So if you haven't read it in a while, read it.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “We're serving them. And I think that if you go out there and you talk to the entrepreneurs that we've even been in business with, and I'm sure your partner, Fred, will tell you this about us. It's just like, that's where our brand just excels. It's like when the chips are down, thank goodness I had these guys win. Adversity hit, you know, they're my first call. Every time this happens, they're my first call. They're SLA around getting back to people. And we win a lot of deals with the competitive deals with bigger brands when people actually take the time to go reference our body of work with other entrepreneurs.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “I remember, and I went and told Ryan this, and I was like, Yeah, that's probably not going to work. And Ryan's like, why don't you just invite him to come hang out for a few Mondays? And boy, he nailed it. So then Sam started coming over and then all of a sudden Sam was like, oh, I get it. You're different. You guys are entrepreneurs. He's like, you're entrepreneur and you're thinking. You're trying different things. He's like, you're company builders. He's like, you guys aren't just sitting around looking at spreadsheets. He's like, you're outbound oriented. You're not just waiting for things to come in and kind of pass judgment on him. And he's like, and you guys are freaking crazy. He's like, I love this. And he's like, I want to be part of this. And what you guys are trying to do here in Boston, how you're thinking about different things, spearhead, maiden lane. He's like, I love it. Let me in. And I think similar to CAC, similar to Mike, it's really been convincing people of our mission-driven philosophy, what we're trying to create, how we're trying to tweak this craft. But at the same time, while we're tweaking the craft, continue to think about we're in the service industry. Day after day, our brand is built by the entrepreneurs where”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “So, I think the funniest would be a story about Sam Clemens. So, Sam is a founder at InSight Squared, and we think Sam is probably one of the most talented product individuals in Boston, if not the most talented product individual in Boston. And we always knew Sam. We always knew his intellect. We always knew that he had a following out there. And I had forgotten that Sam had spent time after Harvard Business School at Greylock before becoming an entrepreneur. So I invited Sam over for lunch and we sat there and we talked about the business. We talked about different technology trends. We talked about people and I finally said, Sam, I think he'd be terrific adventure. What do you think about coming over here and working with us? And he looked at me with absolute disdain. He was like, really? He's like, I've worked in Venture at Greylock during 2000. He was like, it was terrible. He's like, I like energy. I like building things. He's like, I really like the entrepreneurial thinking and I like crazy people and everything like this. And so Sam left.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “To something super tight and something that worked with peer-to-peer water cooler conversations and a lot of camaraderie. So we thought about it and we said, let's only do this if we believe we can kind of build this out in this way. So we want to actually very much out with a one team unified approach. We hired a wonderful partner, Kack Wilhelm, and even so much so that CAC's first board, she's working here in Boston with a really interesting company called AppQs. And I'm going out there. She's coming here, Ryan. We are all kind of on planes chasing opportunities in the geos that we care about.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Yeah, I think we had been look, I'm on several West Coast boards, including Angelist. We always have had really interesting flow from Naval Nivi, other entrepreneurs that started here that went out there and just add an ecosystem. We were getting flow. It was just really hard to execute on that flow being 3,000 miles away. And it was one of these things where there were examples of lots of red-eye flights back and forth. And, you know, it was one of these things. Also, just with that flow, we weren't as good as helping those companies if we had kind of boots on the ground. So we didn't go out to set up a West Coast office or a West Coast strategy. We really thought about it as one team, one unified strategy, doing investments everywhere, but with people on the ground in San Francisco. And this was a big decision for us because we had gone from the spread of Atlas and the video conferencing and the lack of communication.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “To get to that point where somebody else made that decision just meant either of it we did not have the right data fast enough or we weren't reacting on that data and we have completely changed now at a dashboard level how we think about our portfolio companies you know like every Monday my partner Ryan and we've worked together now for I mean I guess we've been in venture together for 18 years like Ryan has this dashboard and you know the lazy man used to be Jeff how's Edgewise doing and I'd be like oh they're doing well here's our POCs they've got with SurveyMonkey etc boy I think really highly of these guys are going to raise the next funding probably in September October I suggest we do our pro rata and instead of that we're now like if we like it we see the data let's go concentrate capital in it right now forget about whether around happened or not let's just go see if there is a deal and a structure for the entrepreneur that makes sense and for us that makes sense forget about whether the company is actually thinking about doing a round or not and it's really fundamentally changed how we think about capital concentration and for a 200 million”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Yeah, so it's interesting. So, most of our investments, call it the million to two and a half million dollar level. We're not even calling them seeds because like the whole nomenclature. So over here we call them spears, which means go throw it, dick it, and have a lot of conviction behind what you're throwing right there. And then we're tracking data. And absolutely, you know, we will see somebody come in and invest in one of our companies where we have a spear and they might put a valuation on it that is high. And we may decide that we're not going to follow on or try to compete at that valuation range. And I would say that's happened probably 10 to 15 times across the portfolio. And, you know, we used to sit there, and I think this just kind of shows how backwards we were. You know, we'd kind of like slap each other in the back and applaud ourselves for being price disciplined. And we'd say, you know, like we're price disciplined. The truth of the matter was we were slow because we had the data. We'd already been working with this company. So by the fact of allowing”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Also, when things get very big from a valuation perspective, it doesn't necessarily mean that we don't think those are good investments, but those reserve dollars may be better off putting something, let's say, $30 million valuation in a portfolio. And somebody would be like, well, that company's not as good as that company. Yes, but it's got more of an opportunity from a magnitude of what that next dollar can be. I think forced ranking at an early stage portfolio is really dangerous. And I know most funds that have actually done it have gone back and just said, wow, like not only did we get it wrong, we created a bunch of perception that probably helped reinforce some really bad decisions. So we talk about every company. We talk about what the dollars that are in right now, what we're trying to prove or disprove on those dollars. We talk about milestones. I think we're trying to be very careful not to be like this company's better than this at this stage because, again, when we look at it and we've been building companies in some of these cases 10, 12, 13 years, it's not really obvious the first few years in a company's journey, which are the ones that are going to be most”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “I think it's one of the most difficult questions in the craft of venture capital is how you do effective reserve titration and investment. We have started to think about maybe like every company needing to truly earn its next check and earn those reserves. And so we think about it like when we write an initial seed check of say a million and a half, we are usually not reserving behind that company. We're looking at that as this is a spirit. Let's go get data. Let's figure out what it's like to work with this entrepreneur. And then let's wait until we see the data until we understand that working relationship and we're really making that a lifecycle investment. And then now we're going to commit reserves. But even then we're kind of thinking about what is the right way from a reserve structure. You know, we are an early stage fund. We want to invest and raise $200 million every two and a half years. That's kind of how we think about this. So at that level, every check that we think about, we want to see at least a 5x.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “It's a really hard question because, like, I feel like one of my favorite individuals, Mitch Lasky from Benchmark, once told me that partners are there to save each other from themselves. So basically trust people's individual convection. But then when somebody's gone too far the other side, that's when you have to save them from themselves. And I always thought that was a really interesting statement. And it's how we credit work here and accomplice and how we tried to do things at Atlas is, look, most of everything is built on true individual conviction in teams, market opportunities, dislocation around different types of paradigms. And not everybody's going to see it in the same way. And so I think we try to do that, but then we try to say, hey, like, are you being balanced? Are you having the right altitude? Are you thinking about this in the right way? And, you know, it's still kind of, we really try to set it up as a champion in challenging culture. I'll be very honest. Like if somebody is going to pound their fist on the table, they will get something done. Now, if somebody pounds their fist on the table so many times and it doesn't”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “You know, look, I do think we're in a different shift. And I think that look, there was a compute paradigm happening then. I think there's a couple compute paradigms happening now. So I absolutely think it's different. I do get a little concern that kind of crypto reminds me of some of the behavior that happened back then. But if you look at what happened back then, a lot of people lost money into trading of internet stocks, but nobody sat there and said, all right, this didn't work. Let's rode the internet. And I think it's the same kind of in crypto today. I think you're going to have a bunch of people that lost money on things that did not have fundamentals, but blockchain and some sort of cryptocurrency and distributed ledgers and federation, you know, this is here to stay. So with each one of these things, I think there tends to be a hype cycle and then a reality cycle. And I think that's just super healthy.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Their skis, the ones that were super intellectually honest with themselves about their business and with others about their business. And just businesses I thought that could truly last. And I will say that if I probably would have joined Venture a year earlier, I would have done a bunch of dumb investment and probably would have been, who knows what I'd be doing now, but I don't think I would be doing what I'm doing.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “It fundamentally shape my thinking. Sometimes when I teach at HBS or MIT, I remind people that when I join Venture, I went to three IPO parties in my first month. I'm about to attend my first one since then, 18 years later. So, you know, it was at a time where I remember like I joined Nasdaq was 5200. It was vodka luges. It was absolutely insanity. And I remember at the time when things started collapsing that it was this whole thing that was built on really fuzzy fundamental business models. You know, you would watch companies just become completely over their skis from a burn rate perspective without kind of a fundamental understanding of the customer acquisition costs or lifetime value or even what a product roadmap would look like. And it really shaped my thinking and I didn't do any investments during that first year and a half because I just watched that carnage. And I think that carnage in watching the ones that actually did withstand that carnage and were going to be the things for years to come, I thought, I want to model what I do after these things that have worked, after the entrepreneurs that did not get too ahead of it.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “I don't want that. I want to be an entrepreneur. And I'm thinking about the things I want to do, or I want to really join an early stage entrepreneurial team and be a core member of that team and try to help something. And this partner at the time convinced me to come out and interview and join SoftBank. And he was like, look, this will just give you a little bit of a glimpse of what you want to do as an entrepreneur. And that was March of 2000. And I went out to Mountain View, and here I am talking to you 18 years later. And I guess I've been at the dark side ever since.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Did not want to be a venture capitalist. I wanted to be an entrepreneur. I was working at a consulting firm Booz Allen and Hamilton. I was working in Chicago and in London. And I always thought that what I really wanted to do was this is kind of an advent of so many web services in the internet. I was part of setting up Orbits when I was at Booz Allen, which was not a technical Marvel, which was just around the airlines agreeing to kind of share inventory and agree to partner and collaborate instead of be directly competitive with everything. I was also part of something that was trying to set up in order to deliver e-commerce thing for General Motors and all these experiences plus that I had written a bad piece of software way back for the forest service industry. I was like, hey, I really want to be an entrepreneur. And one of my former partners at Booz Allen ended up as a partner at Softbank on the West Coast. And he called me and I actually was in London at the time working with Booze. And I forget what project I was working on. But he said, hey, how would you like to be an associate at Softbank? And I said, God.”

    2018-08-13 · The Twenty Minute VC · 20VC: Why Partners Are There To Save Each Other From Themselves, Why Effective Reserve Allocation Is The Hardest Question In Venture & What Makes The Truly Special Board Members with Jeff Fagnan, Founding Partner @ Accomplice · IDENTIFIED FROM THE TRANSCRIPT · source