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Linda Rottenberg

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2017-07-12

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2017-07-12

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1. “Masters of scale is a weight what original. The show is recorded on site in California and produced at the studio Inside SY Partners in New York. Our executive producers are June Cohen and Darren Triff. Our producers are Chris MacLeod, Jenny Cataldo, Dan Kedmy, and Ben Manila. Our supervising producer is J. Punjabi. Original music is by the Holiday Brothers. Mixing and mastering by Brian Pew. Special thanks to Jessica Johnston, Seeda Sepieva, Elisa Schreiber, Chris Yea, David Sanford, Stephanie Kent, and Rafina Maud. Visit Masters of Scale. com to find the transcript for this episode and be sure to subscribe to our email newsletter.”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

2. “So let's stop worrying about where the next Silicon Valley might take root. It's a far less interesting question than how many Silicon Valleys can take root. How can we kickstart an international ecosystem where entrepreneurs scale fast, pay it forward, and let a thousand entrepreneurial hubs bloom? It starts with a change in our mindset, a willingness to get a little bit corny and say, the next Steve Jobs might be driving a cabin Buenos Aires or launching a startup in Louisville. They only need the courage and connections to stay put. I'm Reed Hoffman. Thank you for listening”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

3. “Endeavor isn't just forming connections between entrepreneurs, but connections between entrepreneurial hubs around the world. Successful entrepreneurs in emerging markets can now come to Kentucky and say surely you can scale a startup here too. This isn't theoretical, it's happening right now.”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

4. “You'll recall though that Endeavor works on a pole model, and several US cities were clamoring for an endeavor like program to jumpstart their startup sector”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

5. “I have a prediction No one in China is going to ask Linda for help any time soon because China is already on a self sustaining path. And so where does that leave our other contenders? Should they abandon all hope? Not for a second Here's what I find so encouraging about Linda's work, the lessons learned from one city can be telegraphed to just about any other city. What works in Buenos Aires or Istanbul may work for struggling cities here in the US as well. Linda herself never imagined Endeavor would be of any use to American entrepreneurs. But lately, she's been rethinking that assumption.”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

6. “Scale favors the Swift, and you can find few startup scenes as fast moving as China's. But I would argue that the greatest asset to China's tech scene is not just the speed by which massive companies have taken over the market, it's the talent that now resides in those companies. The executives, programmers, designers, marketers, who know how to scale a team from a few founders to several thousand employees. They form a critical mass that can scale the next generation of employing startups at blistering speeds, and perhaps the surest proof that this whole process is self sustaining is that Linda has yet to launch an entrepreneurial network in China. I asked her why? The short answer No one is asked.”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

7. “Shenzhen is just one of several cities in China that blow other contenders for the next Silicon Valley out of the water. I would argue Beijing, Shanghai, Hangzhou, and possibly Shangdu are all far ahead of any of the cities we've discussed so far, and there's a common thread running through their successes. First, they have an enormous number of users through which local companies can scale their services, and second, they work fast, so fast that Andrew sets an entirely different schedule for his staff in China.”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

8. “How do I describe a tech scene as vast and dynamic as China's? I can only give you a snapshot. The fact is, China's tech industry is evolving so rapidly it catches veterans off guard and was until recently the chief scientist of Baidu. You might call Baidu China's answer to Google. Andrew says you can't really appreciate the pace of innovation that's taking place across China's major metropolises until you see them for yourself. Seeing it as simple as looking out the window.”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

9. “So basically Jewish mothers and their equivalents in every culture are the ultimate startup incubator. I could go on pointing the startup scenes around the world, which might plausibly become the next Silicon Valley, New York, Chicago, London, Berlin, but in truth at this moment in time there is only one contender, and I won't use hedging language. It's not that this contender might give rise to Nexilic Valley. It has already given rise to Next Silicon Valley, and arguably multiple Silicon Valleys. Beyond Silicon Valley itself, I believe that the next Silicon Valley is undoubtedly China.”

   2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

10. “Yossi listed all the usual reasons that Tel Aviv has been so buzzworthy. Strong universities, a thriving tech sector, a workforce that speaks so frankly the higher ups it verges on insubordination. But Yossi finds those answers unsatisfactory”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

11. “But long before LA slipped into the running, Tel Aviv has been a leading contender for years. We reached out to Yosi Vardy, who's often called the godfather of the Israeli tech scene. Yossi personifies the sort of pay it forward scale entrepreneur Linda talks about. He's helped build more than eighty startups. Our producer, Dan Kedmey, asked him to make the case for his hometown.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

12. “Today, Juliana estimates there are another 12 hackerspaces like iHub in Nairobi alone. Bear in mind they've all opened in less than a decade. I asked Sam Altman, the president of Y Combinator, about its unconventional pick for the next Silicon Valley.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

13. “Since 2008, Ushihidi has become the mapping platform of choice for nations caught in a crisis. Activists have used Ushihidi to map all kinds of events from a seven point eight magnitude earthquake in Nepal to sexual harassment in the streets of Cairo. Juliana also co founded a shared workplace called the IHU.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

14. “That's Juliana Rotic, the co founder of the mapping platform Ushihidi. Ushihidi means witness or testimony in Swahili, and it was originally launched in 2008 to help citizens report violent incidents across Kenya in the wake of a contested election.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

15. “Is there a density of talent sharing, swapping, and learning from each other's experiences? Once you take this broader definition of Silicon Valley as a hub of entrepreneurial excellence, beyond the high tech stuff, then the truth is you can find the next Silicon Valley just about anywhere. Entrepreneurial networks form spontaneously and grow at stunning speeds. Take, for instance, the Nation Network in Nairobi, Keny”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

16. “And it's not just a coffee shop, but any number of common spaces where the varied creatures of entrepreneurial life mingle and learn from one another. Classic examples include Buck's Restaurant in Menlo Park, where the venture deals get done, the coffee shops like Coopa Cafe or University Cafe, where programmers and students tend to mingle and get recruited, accelerators like Y Combinator, where entrepreneurs swap insights and commiserate about the insanity of startup life. I'd argue these common spaces are just as vital to Silicon Valley as the headquarters of Facebook, Google, or LinkedIn. Conversations tend to spill out from the company walls and across the valley. Think of Silicon Valley as a vast deep learning machine that sends information creaming through its network, and this, I believe, gets to the essence of what we should look for when we ask where's the next Silicon Valley. Forget the tech and focus on the talent.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

17. “Successful founding team at Google, Facebook, wherever, spawns its own little network, and there's nothing magical about the networks in Silicon Valley. They can take root just about anywhere that you have a few successful entrepreneurs willing to pay it forward. Linda has a great example from Turkey. A pole in Turkey asks college students to name their top three entrepreneurial role models. Number one was Steve Jobs, number two Mark Zuckerberg, and number three was Nevzat Idin. He supplanted Bill Gates. He's not just an icon, though. Linda explains how Nevzat pays it forward quite literally.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

18. “constantly. If you have four or five people who are really dedicated, who trust each other, who are working together, they can be the core of an exponentially larger network around them because they can be forming it. They can be setting the rules, the norms, they can maybe be facilitating, bringing the projects to life because part of what we were doing in the PayPal Mafia is, hey, I'm looking at this company. You think we should invest in this? Yeah, I think we should invest in that. Or hey, I'm starting Yelp. Who are the people we should talk to on financing? What do you think about talking to these people? And so more and more companies grow up around them. And then as those additional companies, now you have a much denser network of people with successful companies, resources, talent pools within those companies, a knowledge base about what to be doing, that gives you a diversity and knowledge and companies to create a whole ecosystem. I want to be clear, we are not the original gangsters of Silicon Valley.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

19. “So, the term PayPal Mafia refers to the original PayPal crew, like me, Peter Thiel, Max Levchin, Elon Musk, David Sachs, Jeremy Stoppelman, and a few others who have since gone on to launch their own companies and invest in others. And I do hate that term paypal mafia. Mafia has this kind of sordid undertone, you know, the bodies are buried in the backyard. And, you know, it makes it for a sexier magazine cover. It kind of gives you that little bit of sizzle for what the thing is. I prefer the term PayPal Network, but that's not going to sell magazines. In any case, as a confirmed member of the PayPal network or Mafia, or whatever you want to call us, I can tell you about our private conversations. They're not as salacious as, hey, Elon, I found the perfect marsh where you can hide the engineer's body. Instead, we talk about little fish that might become big fish, and we talk about it”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

20. “What does it take to build a flourishing ecosystem so it eventually grows organically without the assistance of Linda and Endeavour? Linda argues that it only takes a few success stories, like Wences Casares, to set the whole process in motion.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

21. “Listeners, Bob, here, if you listen to rapid response on Masters of Scale, you may be missing half the show because every Friday we release a second rapid response exclusively in the rapid response feed. The guests and topics are just as compelling and timely from Ford CEO to NASA's administrator to the lessons from the Devilware's Prada. It takes about 10 seconds to find just search rapid response wherever you listen to podcasts and hit follow to make sure you never miss an episode. I hope to see you there.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

22. “There's an awesome metaphor here. Silicon Valley is like the great barrier reef. It's so big and complex that we assume we could never create an ecosystem on that scale from scratch. Then Linda comes along, plants a little colony, and says Look, this mind boggling growth process has already begun.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

23. “Those hard won victories have changed the way that scientists think about coral reef conservation. They are now eager to understand the conditions under which coral thrive, and their finding that coral are super finicky about real estate. But super hardy once they find the ideal location.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

24. “Marhaver invents methods to plant these crafty little embryos in the wild with a hope of cultivating new coral reefs, but getting those eggs to find their footing on the seafloor, it's a bit like helping the world's unknown would be entrepreneurs get their crazy ideas out of the shower. They die a million microscopic deaths.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

25. “That's Kristen Marhaver. She's a marine biologist at the Karmabi Research Station on the Caribbean island of Curacao. She's also a TED fellow, and you may know her from the short talk she gave on saving baby coral. She is a real soft spot for those baby coral.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

26. “This headline, Big Fish Feeding the Little Fish, is funny, but it's also profoundly important. If you're a big fish, like those magnets sitting around that table with Linda in Mexico City, you need the little fish. Paradoxically, your long term survival depends on feeding them instead of eating them, because a flourishing business ecosystem needs entrepreneurial life at all scales. Great way to picture this is to imagine a coral reef. Coral reefs are beautiful productive ecosystems that support every level of life. But coral is itself a living creature and every coral reef started with a few baby coral who landed there and took root. So, what are the secrets that allow an ecosystem to thrive? We asked a marine biologist what we could learn from coral reefs.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

27. “With the success of Wences, Linda began enlisting impressarios across Latin America to think globally and invest locally.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

28. “Linda is La Chica Loca. She actually wrote a book called Crazy is a compliment, which explains why she didn't care if Wentz's thought Endeavor was a cult. She convinced Wentzes to join anyway.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

29. “So Linda now has $200,000 and a successful entrepreneur who is ready to play the role of mentor. She only had to find one final node in her embryonic network, an entrepreneur to take a chance on, and she found one. A former sheep farmer with a flare for big ideas.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

30. “Not clear its user base would have scaled as swiftly in the Bay Area. But unless you have a truly compelling reason, such as staying close to your customers, I believe that you currently have to come to Silicon Valley to scale a tech company, and I wish it weren't such a stark choice for entrepreneurs. We all lose when a great entrepreneur can't scale an idea due to an accident of location. And the fact that this unequal access drove Linda crazy. In nineteen ninety seven, she launched Endeavor, a nonprofit that would connect high impact entrepreneurs to their nation's business elites. Now you might think her plan to cultivate a generation of disruptive entrepreneurs would place her in opposition to the so called impersarios, the businessmen with the political connections and the Swiss bank accounts. On the contrary, those are precisely the people she turned to get this network up and running. To her it was clear that they could be powerful.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

31. “You assemble the airplane on the way down. And there's a bunch of ideas that are compacted in that metaphor to make it very simple. Part of it is that the really committed entrepreneurs will move to wherever they need to be in order to be more successful because they already know they're taking this huge risk. So if you're in New York or LA or Austin or Boulder or wherever, and you don't say, I'm going to move to Silicon Valley to build this company, the question is why. You might say, look, I've got a whole swath of great engineering talent here. I can raise the capital myself. I know there's a capital edge. You go to market edge, a talent edge, and everything else in Silicon Valley, but I will overwhelm it from the other innate advantages that I have, and I'm just willing to take those risks. That's fine. And by the way, some of those companies happen and succeed. Groupon was smart to stay in Chicago because it's a sales-driven business, and sales is not Silicon Valley's strong suit. Kickstarter benefited from New York's thriving art scene.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

32. “Every business idea involves some measure of risk, but the most scalable business ideas don't just sound risky, they sound downright crazy. And if you haven't heard the Masters of Scale episode called Beauty of a Bad Idea, I'd suggest listening to that next. You'll get a sense of how hard it is to take a scalable idea out of the shower and into the world of skeptics. And the further you move away from Silicon Valley, the harder it is to find someone who will take a crazy idea seriously. Because Silicon Valley has styled itself as an Eldorado of crazy thinkers, a place where bold investors champion misfit entrepreneurs. Few people would actually say this, but I'm going to. You're taking a huge risk if you try to start a tech company anywhere outside of Silicon Valley. The metaphor that I use for entrepreneurship is you jump off a cliff and”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

33. “Linda was convinced that high impact entrepreneurs can be found anywhere, and we might hear from them more often if only they could push through their own kitchen table moment.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

34. “Sure, it took decades for Silicon Valley to develop its talent for scaling, and Linda would have to start from scratch in every community she worked in. But you have to start from somewhere, right? Linda and her co founder, Peter Kellner, started at the kitchen table.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

35. “So here's what's so unusual about Linda. She might have reasonably concluded that she had underestimated the challenges young entrepreneurs face in these countries. Surely, they knew the obstacles to starting a business better than a New England Yankee with an idealistic bent. How could they possibly compete with the connected families on an uneven playing field? It would take years of legal and structural form. It might not even be possible. Linda begged to differ. She was convinced that if she could point to one local success story, a Steve Jobs or Mark Zuckerberg of South America, she could short circuit the debate one iconic entrepreneur could stand as living proof that you don't have to move to Silicon Valley to scale a business. If that's true, why shouldn't a thousand Silicon Valleys bloom?”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

36. “I can't think of a better person to ask than Linda Rotenberg as CO of Endeavour. She spent the past two decades growing Silicon Valley like ecosystems in more than thirty countries. She's a consummate networker. If LinkedIn's sprouted legs and started talking, I might imagine it would sound like Linda. Drop her in any country and she will start making connections. But in the course of her connecting, Linda noticed a chronic disconnect. In many of the places she visited there was a gaping hole between the bright young entrepreneurs and the investors who might take a chance on them. That conversation she recalled from the cab in Buenos Aires played out again and again in her travels across South America.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

37. “Silicon Valley is so much more than an archipelago of thriving tech companies. It's a deeply interconnected ecosystem, and that's what you need. You need entrepreneurs with ideas, yes, but you also need people who are skilled at every discipline needed at every company, at every stage. Not just engineers and product managers, but also lawyers, accountants, marketers, recruiters, operational geniuses. You need places for them to gather and media outlets to share their ideas. You need world class universities where their constant supply of young talent, and venture capitalists to invest in them. And importantly, you also need successful entrepreneurs who pay it forward. These are the things that make Silicon Valley unstoppable for now. So which city might claim the title of the next Silicon Valley?”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

38. “Can see their headquarters clustered along a roughly 50 mile drive between San Francisco and San Jose. Head south from San Francisco and you'll pass most of them within an hour. Once you've passed the Netflix headquarters in Los Gados, your tour is over. The multi billion dollar companies peter out, you're back in the normal business world.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

39. “This is Masters of Scale. I'm Reid Hoffman, co-founder of LinkedIn, investor Greylock, and your host. I believe that Silicon Valley's collective wisdom for scaling a startup is currently unmatched, but I also believe that other Silicon Valley's can be built elsewhere in the world. It's just that it's really, really hard. You need more than startups. You need a constant stream of entrepreneurs and ideas and capital and companies of all sizes. You need an entire ecosystem to create a Silicon Valley. To fully understand that, it helps to demystify Silicon Valley's recipe for success, and it is mystifying when you think about it. Silicon Valley has a population of three million people. That's less than 0.1% of the world's population, and yet they've launched nearly half of the world's most valuable tech companies with a valuation of more than $100 billion.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

40. “I agree you can change that mindset. You can build other Silicon Valleys anywhere in the world. But you should know that it's really, really hard. You need the mindset, the mentors, and the entire ecosystem to create a Silicon Valley. So, when and where might it happen, and how can you help your region get ahead? You're about to find out. On today's show, we go and search of the next Silicon Valley.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

41. “Wasn't just a single word lost in translation, it was a whole mindset. You might call it the animating spirit of Silicon Valley, because what truly draws entrepreneurs to Silicon Valley is a founding mythos, a shared belief that any entrepreneur can disrupt any industry, even if that industry is run by an army of impresarios. You have to believe that investors and talent will flock to you like a flash mob and overwhelm your mightiest competitors. Government connections and Swiss bank accounts be damned. And this is a hard myth for the rest of the world to swallow.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source

42. “That's Linda Rotenberg, the co founder and CEO of Endeavor, a not for profit that connects entrepreneurs to local investors in more than 30 countries. You might wonder what prevents investors and entrepreneurs from finding each other. Surely the invisible hand should be clapping these two groups together, but it doesn't always happen, and it definitely wasn't happening in Latin America in the 1990s. Linda got her first clue during a cab ride through Buenos Aires.”

    2017-07-12 · Masters of Scale · The next Silicon Valley is...? w/Endeavor's Linda Rottenberg · IDENTIFIED FROM THE TRANSCRIPT · source