5 Things I learned from Fred Wilson & Mark Suster

I was recently flipping through AVC.com and saw this interview by Mark Suster of Upfront Ventures. He talks in depth with veteran in the VC world, Fred Wilson.

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Here’s a more in-depth blog post on Mark’s interview with Fred Wilson from Union Square Ventures.

1. I’m not into debt

Around the 20:25 in the interview, Fred is discussing a period in his career before some of his first big investments, where things were financially challenging. He makes a rather candid comment about personal debt:

“I’m not that kinda person. I don’t like debt. I’m not into debt”

I think this is key. I also think it frames the whole way people approach business & career.

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2. Brains & hustle is key

Among the most successful entrepreneurs there are certainly many who are very intellectually astute. Meanwhile there are others who are great speakers, who can sell an idea, and persuade, but perhaps not as deep product wise or deeply technical.

The very best though, tend to have both brains & hustle.

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3. Best technology doesn’t win markets

Around 11:45 in the interview, Mark & Fred are discussing Novell & Banyan.

“That was when I learned that best technology doesn’t win markets”

t’s interesting because as you hear the story of how Banyan lost out to Novell, it resonates today with companies that often have the best tech, but don’t win in markets. Interesting.

Read: Why Airbnb didn’t have to fail

4. Find answers through blogging

β€œIt’s like Venus Fly Paper. When I write about topics that are relevant, suddenly anybody with a startup solution in that field will approach us. This works brilliantly.”

Indeed, I’ve found blogging to be crucial myself to career building. It helps in a myriad of ways.

Blogging brings visibility, as your blog gains in popularity. That is certainly big. But also it helps you craft & formalize your voice & your vision. Blogging asks you everyday to think about your perspective, and share it in a way that appeals to a broad audience. And analytics give you real feedback that you are saying something of value to people.

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5. Listen to the younger generation

Around 1:11:15 in the interview, there’s an interesting point where Mark asks Fred if there were any deals that they regret not getting into. Fred responds that AirBNB was such a deal, as it was a quintessential Union Square ventures company.

As it turns out they didn’t invest because they couldn’t imagine using the service. Meanwhile the younger members of their team had a different perspective.

“We’re not gonna reject anything that we wouldn’t do and the younger team would.”

Interesting point. I think of Venmo as another example of this. I personally wouldn’t use the service, meanwhile it is clearly very popular among teen & twenty something demographic.

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