YouSaid · the spoken record

Keith Teare

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2015-04-16
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2015-04-16
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  1. “me and get back all of the numbers of those beacons and the metadata associated with them that says what store they're in and which department and whether there are any offers today that's the lookup system you need those two things context plane is building context registry and context directory to allow the real world to be browsable just like the web is”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “It's a bit like having to have a browser for each website. And that's because today beacons are tied to the app that deployed them. And that's built into the rules that Apple created when they did iBeacon. What you really need is the ability to walk around and see the real world on your phone from a single, you know, maybe from a map, think of it as the first browser for the real world where you can walk around the real world and have the equivalent of mosaic as it was back in the day, but now for the real world. Well, for that to happen, you need two things. You need an open registration system for beacons that puts the numbers, pertain to each beacon into a database. That's a registry. And secondly, you need a directory service that allows any app to ask the question, what is around”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Well, in the world of real world beacons, that experience isn't available. You can't have an app that lets you walk around a shopping center and see all of the offers in all of the stores. You have to have an app for each store.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “And I would have added chat center, but I already mentioned it, so I'll choose context plane. Context plane is a stealth incubation, not yet released again. Although if you go to contextregistry.com, you'll see a bit of a webpage. What it is building is the DNS of the real world. If you think of DNS as the piece of technology that when you type in Yahoo.com in your browser, the web page appears. And if you then go and type Google.com, a different web page appears”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “iOS first, which is very typical here in the valley. No one does Android first unless they are somehow politically minded to make that choice. No rational business person does that.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Second one would be windy. Greek couple spelt W-E-N-D-Y-N, which the joke is that's how Greeks say the word windy. What Wendy is doing is building an app called Sunshine, which is not yet released, which will take readings from the barometer built into the most recent smartphones to create highly predictable seven-hour weather maps for microclimates everywhere in the world.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Downtown, which is a German 23-year-old founder here in the valley, putting eye beacons under tables in restaurants, eye beacons are low-power Bluetooth transmitters. and has built an automated ordering and payment system that allows you to go in, sit down, choose from the menu, eat and drink what gets delivered and leave without ever having to go to the counter. Downtown app in the app store.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Some of my political colleagues, I was well known to be a bit of a lad back in the days, which British listeners will appreciate what that means.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “It's what I'm working on now, and I'm very excited by it. And the future is always the highlight of your career never the past.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “But the funding environment has kind of got a delayed reaction. It still acts as if it is cheap and it thinks you can do a lot with $100,000, which you can't.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “And that was somewhat true in the Web 2.0 era when It's really no longer true in the mobile era where you have to build an Android app, an iPhone app, a cloud service, and probably a web service as well.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “You know, I think it's evolution. It's a number of variables that have come together almost accidentally. And it's ended up with Silicon Valley that is not best serving the needs of either innovation or entrepreneurs. The first thing that happened is the bubble burst in 1999-2000. And that led to limited partners, the people who give venture capitalist money. To become very conservative and hold accountable the VCs for what they're investing in. So that conservatism led to the desire to invest later when more was proven So the early stage was kind of abandoned. And that made a space available that Y Combinator and 500 startups and others grew into in 2004, 2005, 2006. The second variable, which aligns to that, is the lean startup movement grew in 2004-2005 that led to the belief that it's now very, very cheap to build something.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Correct. There's about $5 billion available at the sea stage for all the companies every three to five years. There's about $1 to $2 billion available at the A and B stage. And then at the growth stage, at the other end, there's more than $100 billion available if you are lucky enough to get traction and become an Uber or a Snapchat.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Impossible now. The most recent developments in venture capital in the valley are characterized in America as the barbell ecosystem. That is to say there's two big weights at either end and a thin pipe in the middle connecting the two. And on the left-hand side is all of the seed money where a company can raise $120,000 from Y Combinator of 500 startups or other incubators, spend three months, build something, do a demo day, and hopefully get another million or two from VCs out of the demo day. 114 companies did that for Y Combinator two weeks ago. Not all 114 would have gotten funded subsequently, but some would. About 98% of those companies die. And they died because there is no money to fund the next step, which is to build a team and build something really substantial.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “in absolute terms focused on taking risk and consciously choosing to take risk with big ideas that are half baked. So as an entrepreneur, you can, certainly when I came, it's changed now actually, but you could get a big idea funded prior to it being built.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Well, the first thing is you get the benefit of being a foreigner. And when you're a foreigner, people can't pigeonhole you into their own ecosystem. So like an American in London, if he says I went to San Jose State, nobody says, oh, well, you know, Europe is a shit because they don't really know what San Jose State is. And the same here when people say they went to Canterbury, no one says, oh, that's not a great university because they have no clue. So as a foreigner, you get judged on your merits actually easier than Americans. Americans, you know, they do ask which school did you go to to each other? And it does matter what the answer is. But if you're a foreigner, that doesn't play a role. So there's a benefit of being a foreigner almost anywhere in the world. The second is the risk culture. There's a lot of money in America small as a percentage of available dollars, but big”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Yeah, I mean, I felt like an outsider in England due to my, you know, North Yorkshire working class origins going to Canterbury, not Cambridge, you were not made to feel welcome.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “You know, in the UK, I never got venture funding. EasyNet in Siberia didn't. Siberia did get some angel funding from Morris Sarchi and Jagger and others. EasyNet never did. And that was because at that time, me and David Rowe were from the wrong side of the street. I've got to Yorkshire accent. He's got a Plymouth accent. Neither of us went to Cambridge. So Rothschild's Ventures and 3I, which were the only games in town at that time, took a wait-and-see attitude. And so we grew the business from revenue from day one. And we never raised venture capital before we floated on the end market Because we couldn't. We couldn't. We tried. We just were not able to get them to give us money because we weren't the right kind of people. I hope it's a little bit different these days. And that prompted me to move to the US, by the way.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “No, we span it out after about a year when it was obvious that it was going to be successful. And that was because the economics didn't make any sense. Within Archimedes, I was the majority shareholder. Within TechCrunch, he was really the guy. I was his mentor. I certainly will take credit for teaching him a lot about tech and trends, Web2O and all kinds of stuff. And we're still very close friends to this day. And I characterize myself as his teacher more than his business partner. That worked out really, really well. And because we span it out and we were able to adjust the equity equitably reflecting each of our roles, we never fell out because we were mature about it.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “What it's great for Mike, and it's a really good story for all entrepreneurs because TechCrunch never raised a penny ever. And so Mike was vastly the majority shareholder in TechCrunch. I did extremely well, by the way, as well, but he did really, really well. He's really set up for life as a result of it. And he never raised venture capital. So, you know, in this world where everyone thinks that the key to success is raising venture capital, he's a great example that the key to success is just building. And he really did, by the way. I mean, he worked Every hour of the day for years from two thousand five to 2010 he was working end to end every day”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “And TechCrunch was our first project, along with another one called Eggio. And we were partners in Archimedes Labs. It was really one of the first incubators. And I still run that today. And TechCrunch was one of the first projects. It was really his project, not mine. In fact, I even tried to persuade him not to do it. On the basis that the outcome might be too small to be worth the effort. Because, you know,”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “was the lawyer assigned to me at Wilson Uncini to work with me on the formation of real names and on all the corporate development stuff. And it was very clear very quickly that he was a much better business development professional than he was a lawyer. Not that he was a bad lawyer, but he was really good at business development. And so I asked him to leave and he joined me at real names. And this was 98, 99, 2000. And, you know, the company excelled, he excelled. We raised $130 million. We filed for a one and a half billion dollar IPO in 1999. The same people that took Facebook public were our underwriters for that, Morgan Stanley. At some point, Michael left. To do other things. Three years later in two thousand five, we got back together and started an incubator called Archimedes Labs.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Yeah, so the first thing to say is that Michael really is the guy. My founder status is an easy story to tell. Michael and I first met each other when I first came to the US. That was in 1997, a year after EasyNet had floated on the end market in the UK. And I came here to do a company called Real Names, which was innovating in web addressing. We created the first ever multilingual web addressing system where you could have web addresses in Chinese, Korean, Hebrew, Arabic, Cyrillic, and every single character set the human race uses, which was a very, very big effort during the late 1990s, early 2000s.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “But the truth is the structural position of women is barely changed. Except, you know, you can point to very high profile exceptions, very similar to the structural position of African Americans or African Europeans who, you know, you can get a high-profile African-American who's the president, but it doesn't stop three guys being shot by cops on the streets in the last month.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “Only at the level of rhetoric, structurally, I joined the women's liberation movement back in the 70s when I was in college, as most guys did in those days. It was obligatory on you as a member of society in those days to support gay rights, to support women's rights, to be anti-racist, and to be anti-imperialist. Those were the four things every reasonable human being under the age of 30 did. And, you know, it was after the 60s, it was a different time to now, where people thought about others first and not themselves. And in that time since then, which is a long time, I mean, it's 40 something years. Women's position has changed rhetorically. So you can get Cheryl Sandberg writing about leaning in.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Free Charles, yeah, free childcare. I mean, it seems to me that would be civilized. And, you know, we all aspire ever since ancient Greece. Our goal has been to improve civilization. Well, allowing women to work would seem to be a pretty big step, even more important than allowing women to vote. Because with money comes power. And freeing women of the responsibility for individually raising their children goes right to the heart of that. Not that they would be forced to, but they'd have the option. And neither the man nor the woman would have to leave their job.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Well, it's a male dominated world in the internet reflects the world probably in an exaggerated way due to the computer science basis of it. I mean, women are structurally discriminated against by virtue of the fact that they give birth to children and society does not accept a societal burden of raising children. It's an individual responsibility. And therefore it's very, very hard for a woman who is a mother to be equal to a man who is a father. The man is not expected to give up his job and look after the child. The woman is. And that's a structural discrimination that women suffer that's extremely easy to fix. You just have to make preschool creche facilities legally required by employers.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “So it was extremely reflective of the male-dominated internet at the time, except for there was a very strong women's emphasis. So Shinead O'Connor was always in there, for example”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “We did two things. We started EasyNet, which was the first consumer ISP in Europe. I was the CTO, so I learned networking and all the back end stuff. And David was the CEO. And we did it in a building in Goody Street, just off of Goody Street, behind Goody Station, Whitfield Street. And that building had a front-facing shop window, and we put a cyber. No, it was never intended to be a woman only space. That derived from the fact that Ava and Jenet ran it and became very, very famous. And it was extremely active with women.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “That's jumping forward about five years. So in 1994, I was a little bit bored with databases and networks and I discovered the internet. At that time in England, there was an ISP called Daemon, which was really an ISP for universities. It wasn't really for consumers at all. And the experience was DOS-based. So it was no Windows internet. It was all DOS. And around the world, people had written code that would allow you to do internet on Windows. There was an IP stack called Trumpet Winsock. There was the first browser that mosaic and the CERN browser as well. There was news readers. There were email clients like Eudora. But no one had put it all together and built a Windows-based ISP. So in 1994, me and David Rowe, Ava Pasco and Jeannie McPherson, Ava is David's wife and Jenny's my wife.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Networks on behalf of various companies that ask me to help them. And before you knew it, I had a pretty thriving company, which today is called Clarkswell. It still exists in London. My brother actually is a senior engineer there still. And we were doing work for people like Mobile Oil or Warner Brothers Music. We wrote the A&R database for Warner Brothers Music. And supporting those customers. So started to make a lot of money by the late 80s, early 90s. That was a pretty decent business. And that paid for me to be pretty much a full-time political guy.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “And the structure of programming, the logic of programming. And as a political guy, I was also very struck by logic. I was a great fan of Hegel, who wrote a book called Logic. So, you know, social science, there's two kind of strands in it. One is empirical, which is just gathering data and seeing what it says. The other is logic-based, which is creating systems in the abstract and understanding all of the variables that make those systems work. And I was in that second camp. I took to programming pretty quickly. And even though I wasn't getting paid because I was doing a PhD and was a political activist at the same time, most of the early 80s, I started writing database programs and installing”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “Well, you know, even when I was in high school, we learned Fortran 4 and we had a link to the North Yorkshire mainframe from our school. And this was a secondary modern school, actually, not a grammar school. So we learned Fortran 4. So we learned the basics of if-then-else loops and things like that.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “Interface that glued together a Commodore 64 to a typesetting machine so that when authors wrote stuff, we didn't have to retype it before it could be typeset, which was in about 1982 or something, which was way ahead of its time.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “I was... 1920. And I wrote a book actually about it called Under Siege, which is a penguin special that John Pilger wrote that forward to, who's still a well-known journalist in the UK. And anyway, I was very active. I was well known. I made speeches. And in order to pursue all of that as a sociology and political science graduate, I learned to code. And I learned to code for things like creating mailing lists for fundraising or when we wrote books and distributed in the bookstores managing the accounts and the distribution of the books. So I got very, very technical. In fact, me and one of my cohorts, a guy called Norman Lewis, we made an”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “And so I became a political activist for a long time. I started one of the troops out of Ireland movements. I started a group called Workers Against Racism in the East End of London, helping mainly Bengalis who were being physically attacked by skinheads in those days.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “Oh, wow. We need more than 20 minutes to answer that question. I went to college in Canterbury in the mid-70s and the mid-70s for those youngsters listening was a time of political turmoil. It was when the Vietnam War was in full throw, when both labor and conservative governments were bringing in discriminatory laws against immigrants when British troops were in Northern Ireland and shooting people like a bloody Sunday. So my generation was very political. We were angry against the government on behalf of people who we felt were victims of the government. And immigrants, Irish Catholics, Vietnamese Anyone who lived in a British colony were the people we identified with.”

    2015-04-16 · The Twenty Minute VC · 20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare · IDENTIFIED FROM THE TRANSCRIPT · source