Don’t be a D*** (DBAD)

The value of good feedback

Before starting our last fund I met with a number of founders that I knew and trusted. I wanted to learn as much as possible from them before we began.

What did they really think about VCs?

What would they change about VC if they could?

Some of the answers were depressing. I found this motivating at the time and still do. We can and must do better.

One particular conversation I will never forget was with a founder I’d previously backed. I was proud of our relationship because the company hadn’t worked out as expected and yet we were still good friends. We’d kept in touch and often discussed big decisions with each other.

I confided on this occasion that I was nervous. I’d never started a fund from scratch and I wanted to get it right. How could we stand out from the crowd? How would we make a real difference to founders? What did the market need?

The founder in this case was an engineer by background. He looked at me blankly as if he didn’t understand my concern and then offered his simple solution:

“just don’t be a DICK!”

I’ll never forget it. Humbled in an instant.

He then pointed me at the software precedent for this — the DBAD public license.

I think of this conversation every time I face a difficult decision as an investor (and in life generally).

Bringing it back to basics

Trust and reputation are everything in our industry. They take years to build and only an instant to lose. We strive to build our reputation as all-star investors— one of the greats — but we must first nail the basics. You can’t become great without earning and keeping your place on the court.

I’m grateful for this particular conversation (you know who you are) and to all the founders who have been good enough to give really honest feedback when I needed it most.