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I recently had the opportunity to chat on a Dallas CNN Radio affiliate about LivingSocial, Facebook privacy and the location based games 4Square and GoWalla. The host, Winston Edmondson, has a popular show and we had fun kicking around some issues of the day.
Here is a link to the interview
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My father spent his career in the Central Intelligence Agency. His specialty was communications. Which for the CIA includes traditional communications and eavesdropping or listening devices. The anniversary of his death in 1997 passed recently and it caused me to consider him, his influence on my life and my current career.
You see, Cold War spies taught me a lot about being a good Venture Capitalist.
Now I didn't know my father worked at the CIA until later in my teen years when he retired, but when I did find out that he worked there, it was enlightening. Some loops closed.
Some things made sense to me that previously hadn't quite added up. Like the personal thank you note to my father from Richard Nixon. Or why was I born in 1959 Pendaiya, Cyprus in British Army hospital in the middle of a war to throw off British colonial rule. (Succeeded in 1960, Good job, Colonel Grivas!History ) Or why we had an unusual number of home movies of the Berlin Wall from the early 1960's, for example, or why my father was friends with all the Watergate burglars (who had all been to the house). Or who or what were the most intriguing group of people I've ever seen gathered in a room -- they were Cold War spies. The real kind of spy. The one who parachutes in, gets something done and gets out by whatever means that are available to them. No secret extraction mission. No bus or plane ticket out. The spy who seeks to cause a riot, or foment a revolution or steal a secret without leaving a footprint, fingerprint or trace of their involvement. The one who does this knowing, that if caught, the United States Government will disavow them completely. The one who does it again and again for all intrinsic reward. People who worked at great risk for little money.The spies were gathered in the living room on our home in Kailua, Hawaii in the summer of 1970 on Sunday afternoon. Drinking beer, watching sports, talking quietly. They were just different in a way I couldn't grasp. It was a busy time for the CIA then as the Viet Nam war was current. As was a secret CIA war in Laos. And then, of course, the C.I.A and the people gathered there were working on a massive project to raise a sunken Russian submarine from the ocean floor nearby to steal its secrets. (The Glomar Explorer)
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But to me, at 10 years old, I sensed the gentlemen present were very different than regular people or anyone I'd ever seen. There was the guy who could cross his legs at the knee and put both feet on the floor. Hadn't seen that before or since. He was quiet and small but not dismiss-able. Power in a small package. Or the quiet middle aged man who was completely non-descript. You really had to pay attention to see him in any group, he was adept at fading into a room or crowd unlike anyone I've ever met. I saw him years later as an adult and was even more impressed by his ability. He had spent a great deal of time in the Middle East and spoke Arabic. Not that he would tell you that. It might be better to say he understood Arabic but rarely spoke it as that would let others know he understood them. He was fine with them thinking he didn't know what they were saying. Or the big, boisterous, Irish guy, who when I ran him into years later responded to the traditional "what are you up to?" with the response "If you knew, I'd have to kill you" when that retort was still 10 years from being a commonplace joke. Given his history of parachuting out of planes into African backwater countries, it all had a palpable resonance and prompted an uneasy grin.
I asked my father, "who are these guys?" and he responded that he worked with them in his job as a civilian working for the US Navy in Pearl Harbor. Which I accepted on face value. But in the years, that followed I would ask about them, where they were and how they were doing. I tracked them conversationally, in a manner of speaking and to the degree that I was told the truth, for twenty years. They fascinated me from the time I met them. They were extraordinary people who did level best to appear as normal as possible. And they made more aware of the fact that extraordinary won't often appear that way on the surface.
The spies ascribed to certain principles including understanding that one can achieve great things and influence the course of events without leading the parade or, for that matter, being in it. That there is no substitute for courage either in your convictions or your actions. And sometimes one's greatest achievements won't ever be recognized, but that doesn't really make them any less great. That there is no less dignity working in the shadows than the limelight.
So, as a venture capitalist, I attempt to find extraordinary people. And they do a good job of appearing normal. I have to sort them from people who are normal but present themselves as extraordinary. I seek to influence the course of events in the companies I back without a heavy hand and certainly without leaving any mark. I make decisions which rely on the courage of my convictions. And I don't worry about whether any one understands my role in the outcome. For the Cold War spies then and for me now, it is about the outcome. And achieving a great outcome, or being part of one, is reward in itself.
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The Capital Connection companies were announced yesterday and feature a mix of early and later stage companies from around the DC/Baltimore Area. MAVA has expanded the programming via additional speakers and panel discussions to create a more engaging event. Additionally, Capital Connection welcomes the broader entrepreneurial community nowadays and local entrepreneurs are encouraged to attend regardless of a current fund raising initiative.
This year, Grotech Venture companies, Invincea and Clarabridge will be presenting. The full list of companies presenting this year is at MAVA Capital Connection 2010 Companies .
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Nonetheless, the quick secession of financing rounds and reported high valuations has caused some to refer to this as a "frothy" market akin to the dot com boom. The dot com boom did differ materially from the current social commerce market as the former valued users alone while the latter adds revenue to the equation. And revenue is a preferable way to value a company. So these valuations are as 'frothy' as their revenue dictates they should be in my opinion.
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It is great to have LightSpeed aboard at LivingSocial and the company clearly has the capital it needs to continue expansion.
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"HelloWallet gives financial advice to Americans" -- President Bill Clinton on CNN's Larry King Show
Earlier today, we announced our leadership of the Series A Round at HelloWallet with Jean and Steve Case's Case Foundation Ventures. For Grotech Ventures and myself, it is an opportunity to reprise our successful teamwork with Case Foundation Ventures at LivingSocial with another consumer oriented enterprise. Here again, one based in Washington, DC. The quality of start ups in the Nation's Capital is well represented by LivingSocial and HelloWallet.
This is an exciting company that promises to provide financial advice and guidance to the 80% of Americans that lack access to sound financial advice today. HelloWallet, which launched in March 2010, is already providing its service through partnerships with companies and other organizations that employ or serve more than 3.5 million people.
The company founder, Matt Fellowes, is a thought leader related to consumer financial management. In addition, he has written extensively on the "High Cost of Being Poor in America" which describes the higher costs lower income families encounter for all manner of products. Lower income Americans, for example, bear the brunt of $38B of bank overdraft fees annually, pay more for loans and credit cards, and typically place their savings in the wrong types of accounts. Ironically, 70% of people paying bank overdrafts have adequate funds in the same bank that could have prevented the overdraft.
All that said, HelloWallet is a "double bottom line" company that will provide a free subscription to its product to lower income families for every five subscriptions paid by others. While HelloWallet is useful across all strata of income and is a for profit business, it can easily afford to do some good while it does well thanks to software as service approach.
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Regardless of one's financial standing, HelloWallet can provide useful insight into financial alternatives and decisions. With information from thousands of banks and other financial institutions, advice is available on bank accounts, credit cards and other products. All that information is based upon sophisticated analysis that isn't driven by a commission from the financial institution. Americans increasingly understand the importance of financial literacy and the need for transparency in financial markets. HelloWallet is a next generation financial management tool.
HelloWallet helps users track and proactively manage their personal finances. While other personal finance management solutions look backwards by focusing on spending history and trends, HelloWallet also looks forward to proactively uncover savings opportunities and potential threats for its members. Unlike many financial management sites, HelloWallet does not allow banks to advertise or promote products, so its trusted recommendations are not influenced by any business interests. It can be an enabling tool for lower and middle income families to change their financial outlook and situation.
Try it yourself, for free, at HelloWallet
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BusinessWeek Article, "Will HelloWallet Transform Online Financial Advice?"
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