by Brad Feld
When we wrote the first edition of Do More Faster in early 2010, Techstars had been approached by people in more than 50 U.S. startup communities who wanted to bring Techstars (or something modeled on it) to their city. And today, in 2019, we’ve had thousands of inquiries from people wanting a Techstars program in their community. The interest from people seeking to build a community ecosystem for entrepreneurship has been amazingly flattering and we’ve tried to help however we can.
Part of helping has been having an open source philosophy about Techstars. We’ve published our complete results (see techstars.com/companies) and have blogged and been interviewed extensively about our philosophy and approach to Techstars. We also have an open and transparent philosophy about our core values, embodied in our Code of Conduct. We practice giving first, acting with integrity, and treating all with respect. We believe that each company and person we work with is an ambassador for Techstars and for each other. Our Techstars community is a living public and we hold ourselves and others accountable to these three principles.1
Earlier in this book, you read about our belief that quality trumps quantity. We could have built a franchise model and pumped out dozens of programs all over the United States. However, we didn’t believe we could do this and maintain the same level of quality that we have had historically. We believed that others would replicate our mentorship-driven approach, and that this is generally a good thing for entrepreneurship in the United States. That’s why we’re happy to be helpful, especially when we believe the efforts of people wanting to build entrepreneurship in their community are credible.
David has said in several public interviews that he will run Techstars forever, as long as it doesn’t lose money. Nothing is more gratifying to him than helping people succeed in building a business. But you don’t create a program like Techstars just to make money. You do it because you want your startup community to be better. You do it because you understand that mentorship is a scarce resource for first-time entrepreneurs. You do it because you know that a culture of sustained mentorship will have a tremendous impact for both entrepreneurs and mentors. You do it because you love your community, and because you love entrepreneurship.
In 2010, when we wrote Do More Faster, we were early in our growth and conservative in how expansive we wanted to be. We mentioned that we were “not going to be dotting the country with Techstars programs.” But if you’re doing it for the right reasons and you’re bringing meaningful, structured mentorship to bear, please know that we’re your number-one fan.
Techstars in 2019 and Beyond
In 2010, in the first edition of Do More Faster, I wrote, “To all who have asked, for now, I can only say that this is about to become more interesting.” Fast-forward to 2019, and I can assure you that things have become very interesting. We have expanded our Techstars programs to over 45 accelerators—some in partnership with companies and nonprofits—in North America, Europe, Asia, Australia, and the Middle East. We created Startup Weekend, delivered in over 630 cities, in 110 countries, and with over 70,000 attendees—annually. Our Startup Week takes place in 147 cities in 16 countries with over 100,000 participants annually.
But entrepreneurship is not solely the domain of a single founder or small team of founders, and we’ve found broad acceptance of our principles within global corporations that need to drive innovation. Our Network Engagement program connects early-stage startup companies with Fortune 500 corporations looking for disruptive innovations. The startups provide insights and disruptive technological solutions; the corporations provide business development, market insights, proof-of-concept resources, and potential investment capital. Rather than be stunned when a new disruptive innovation emerges, as CVS and Walgreens were when Techstars’ PillPack entered the prescription dispensing business, corporations can collaborate with disruptors and take advantage of emergent market opportunities. The Network Engagement Program, in essence, promotes two-way mentorship between startups and established companies.
Our Innovation Bootcamp is an intense, 54-hour internal corporate program to identify and rapidly advance new business ideas. Cross-functional teams pitch their ideas to a panel of judges who determine which new businesses will receive funding and priority resources to accelerate time to market.
The principles of Do More Faster have the potential to positively impact the lives of people, whether those people are pursuing an idea, working within a corporate structure, or creating an entrepreneurial ecosystem within their community. If you’re one of those people, or would like to be, reach out to us and we’ll help you get started.
One final note. For those of you who have asked, “What ideas do you have for entrepreneurs who are not just starting out but want to scale their business?” We have you covered. We are working on another book, called Do Even More Faster, that tackles exactly that, the challenges startups face going from early-stage to sustainable and profitable. Stay tuned!
—David Cohen
Techstars Foundation: Increasing Diversity in Entrepreneurship
The world of startups and entrepreneurship is largely lacking in diversity, yet from our decades of experience we know that diversity improves outcomes and increases innovation. The Techstars Foundation’s mission is to foster diversity and inclusion throughout the entrepreneurial ecosystem by breaking down barriers to entrepreneurship worldwide. The foundation collaborates with nonprofit organizations, corporations, and individuals throughout the world by providing grants, educational resources, and increasing engagement with the Techstars Network to increase diversity in entrepreneurship.
Through our network of thousands of companies and startup programs worldwide, we have a massive opportunity to alter the trajectory of entrepreneurship on a global basis. We believe that it is vital to promote diversity and inclusion early in the life of a startup as the company culture is being cultivated, and to weave it into the fabric of company identity. We encourage each founder to be a leader who actively seeks to include people without regard to race, ethnicity, gender, gender identity, sexual orientation, or ability.
But it’s not just our experience that links diversity with performance. A study of 500 U.S. businesses found that companies with diverse teams outperform their less diverse competitors—generating higher sales revenue, more customers, greater market share, and greater profits.2 Another study found that companies in the top quartile for gender diversity are 15% more likely to perform above the mean in their industry, and those in the top quartile for race/ethnic diversity are 35% more likely to outperform others in their industry.
That’s why Techstars is working to improve opportunities for women and underrepresented minorities throughout the global ecosystem and to be a leader in inclusive entrepreneurship. We know that diversity not only brings diverse perspectives and a wealth of innovative ideas, but the potential to outperform less diverse companies.
We are committed to actively breaking down barriers to entrepreneurship. All the author proceeds from this edition of Do More Faster are donated to the Techstars Foundation.
After all, if you’re not part of the solution, you’re part of the problem.
Techstars VP of Diversity and Inclusion Jason Thompson announces a strategic partnership with digitalundivided.
Notes
1The Code of Conduct can be accessed at. https://www.techstars.com/code-of-conduct/.
2See Cedric Herring in the American Sociological Review74, no. 2 (2009), 213. See the McKinsey Quarterly article, “Diversity Matters,” 2015.
Appendix 2:
Original Edition’s Foreword
While entrepreneurs come in all shapes and sizes, they all share the drive to do things that have never been done before, the belief that they can accomplish anything they put their minds to, and the need to get everything done as fast as they can. For a first-time entrepreneur, this can be daunting, but Techstars is like a turbo rocket booster for the beginning of the journey.
Zynga is my fourth company.
When I started it, there were only a few venture capitalists who I wanted to work with, and Brad Feld was one of them. The past few years have been a wild ride. We talk about doing things at “Zynga Speed,” so when Brad asked me to write a foreword for a book titled Do More Faster, I was humbled and eager to have the opportunity to share some thoughts, as this is a concept that is close to my heart.
If you aren’t familiar with Zynga, we are the makers of popular social games such as FarmVille, FrontierVille, and Mafia Wars. When Brad’s firm Foundry Group invested in Zynga in the fall of 2007, we were a team of 10 people. Today, three years later, we are a family of more than 1,200 people. To get there, we certainly had to do more faster.
Before starting my first company in the mid-1990s, I worked at several well-regarded companies. However, I was somewhat of a misfit. I challenged the status quo and didn’t necessarily follow protocol. I was a bit naïve and rogue in my desire to deliver the smartest and most strategic results without being concerned with procedures. That wasn’t necessarily the best way to ensure a career in corporate America, so I decided I was better suited to be an entrepreneur, where I could do things my way.
At the dawn of the commercial Internet, I cofounded Freeloader with Sunil Paul. As first-time entrepreneurs, we learned as we went along and made plenty of mistakes along the way. What we lacked in experience, we made up for in drive, and before we knew it, we were at the helm of a hot new Internet company funded by Flatiron Partners and SOFTBANK. Four months after our first round of financing, Freeloader was acquired by Individual, Inc. for $38 million. While this was viewed as a success, the acquisition happened well before the moment of truth for our business.
When I founded my second company, SupportSoft, I had a bit more experience and made building a great startup team a priority. We accomplished exciting things together and built the company into a leading provider for service and support automation software. As the company began to achieve customer and revenue traction and acceleration, I agreed to move into the position of chairman, as the board wanted to bring in a more seasoned CEO. SupportSoft was successful, went public, and everyone was happy, but I still didn’t feel like I’d had a chance to build a great company.
My third company was Tribe Networks. The idea of social networks was starting to emerge and Tribe was one of the very first. I like to say that Tribe was a great idea, just ahead of its time. We had early success, raised money from venture capitalists, but over time we stumbled. I was once again promoted to chairman and this time the new leadership failed to execute. Near the end, I stepped back in as CEO and repositioned the company around white-label hosting of social media. We sold the company for a modest amount to Cisco, but we missed a huge opportunity to create a next-generation Internet company.
So, in 2007 when I started thinking about social gaming, I decided that my goal with Zynga was to create a company that consumers would know and love. I wanted to create an Internet treasure. Unlike at my previous companies, I focused my early recruiting efforts on attracting investors who would act as peers, respect what I wanted to accomplish, and help coach me through the ups and downs of the business. In addition to Brad, I was fortunate to attract Fred Wilson, Bing Gordon, and Reid Hoffman as investors and board members to Zynga early on. We’ve accomplished a lot in the past three years and I believe we are well on our way to creating a company that will stand the test of time and have a lasting impact on consumers and the Internet as a whole.
When I reflect on my entrepreneurial experiences over the past 15 years, I recognize the critical importance of learning from mistakes. Every company had roadblocks and challenges, and at each step and with each setback, I became smarter. It took a long time and a lot of ups and downs to get to the point where I was ready to embark on the creation of Zynga. I wish I’d had more of that knowledge and insight when I started FreeLoader or had access to the wisdom and experiences like those shared in this book.
The entrepreneurial journey is an amazing one that I encourage anyone who has the inclination to embark on. There are few things as rewarding as starting a business from nothing, creating jobs, and building something that matters. There is something unique that ties all entrepreneurs together, and we have a strong desire to see one another succeed and a belief in the importance of entrepreneurship. I am encouraged to see the support and tools that first-time entrepreneurs today have, such as Techstars, books like Do More Faster, and the support of many great experienced entrepreneurs, including those in this book. I am honored to be one of those mentors and am excited to see what the next wave of entrepreneurs create. They will learn, just as I did, that they can always Do More Faster!
Mark Pincus
August 2010
Appendix 3:
Where are the Techstars Companies Now?
It’s been over a decade since the first Techstars cohort (2007), and most of the companies discussed in Do More Faster are from the first several accelerators. Following is what has happened to the companies featured in this book since then, and where the founders are, in 2019.
DailyBurn (2008). Founded by Andy Smith and Stephen Blankenship, DailyBurn is a streaming fitness video service for TV, computer, tablet, and smartphone with 2.5 million users. DailyBurn has over 1,000 videos, 20-plus workout programs, and a daily live 30-minute fitness workout class led by certified master trainers. It was acquired by IAC in 2010 for an undisclosed amount. Andy Smith is currently on the board at Urban Engine, a Huntsville, Alabama, accelerator. Stephen Blankenship lives in Denver with his family and consults in technology.
DigitalOcean (2012). Founded by Ben and Moisey Uretsky, DigitalOcean provides developers cloud services that help to deploy and scale applications that run simultaneously on multiple computers. Since its founding, DigitalOcean has raised over $305 million in funding and has 19 million monthly visitors. The company has 12 data centers globally and is the third largest web-hosting company in the world. Ben left as CEO and is spending time with his newborn and Moisey is mentoring startups.
EventVue (2007). Founded by Rob Johnson and Josh Fraser, EventVue was an application to help event and conference organizers to increase registrations. After receiving $500,000 in funding, EventVue was shut down. The decision to shut down, including mistakes made that led to the failure, are detailed by Rob Johnson in Chapter 43. Rob is currently head of product at Twitter (Boulder). Josh cofounded several startups including his current company, Origin Protocol.
Everlater (2009). Founded by Nate Abbott and Natty Zola, Everlater is a site in which users can record travel experiences, share them with friends and family, and discover new travel ideas from social networks and other travelers. The company received $750,000 in funding, was acquired by AOL, and was merged into MapQuest in 2012. Nate continued at MapQuest, worked at Airbnb, and is currently head of product at Front. Natty continued at MapQuest and is currently a managing director at Techstars, coming full circle in his own journey, and is now funding new startups.
Filtrbox (2007). Founded by Ari Newman and Tom Chikoore, Filtrbox delivers critical market intelligence to executives, sales professionals, investors, and marketers, as well as discovers new articles in a range of online sources and delivers a daily list of qualified results based on its clients’ business logic. The company received $1.9 million of total funding and was acquired by Jive Software in 2010. Ari later joined Techstars for a five-year run and left in 2018 to travel with his family for a year. Tom is currently working with startups in the greater Denver area.
Foodzie (2008). Founded by Emily Olson, Nik Bauman, and Rob LaFave, Foodzie is an online marketplace where consumers can discover and buy food directly from small artisan producers. Foodzie received $1 million in funding and was acquired by Joyus in 2012. Emily and Rob cofounded Din, which failed, and are currently starting food business number three, a farm-to-cone, plant-based ice cream company in Kauai. They’re also parenting a newborn. Nik started the company Tonx, acquired by Blue Bottle Coffee, and owns a coffee shop in
Los Angeles.
Graphic.ly (2009). Founded by Kevin Mann and Micah Baldwin, Graphic.ly was a platform for publishers offering digital distribution, conversion, and self-publishing. Initially a site for comic books, Graphic.ly later added children’s books, art books, and magazines and served over 3,500 publishers and 10,000 creators. The company received $10 million in funding and was acquired by Blurb in 2014. Currently, Kevin is manager of interactive technologies and innovation at Animmersion and Micah is executive director of Create33 at Madrona Venture Group.
Have My Shift (2009). Founded by Drew Gilliam, Randy Janzen, and Sean Corbett, HaveMyShift was a web-based platform helping employees trade shifts with their coworkers and providing options in their work schedule. HaveMyShift gives people the option to choose a work schedule that fits their personal goals. The company raised $12,000 in funding but ultimately shut down. Drew is currently a principal consultant at Inspire11, Randy is a platform product manager at Parkwhiz, and Sean is CTO at Hire Abby.
Intense Debate (2007). Founded by Isaac Keyet and Jon Fox, Intense Debate is a blog commenting system that allows blog owners to track and moderate comments from one place with features like threading, comment analytics, user reputation, and comment aggregation. Intense Debate raised $515,000 in funding and was acquired by Automattic in 2008. Isaac is a product freelancer (UI/UX/IA) in Sweden, and Jon cofounded and was CTO of Torbit, acquired by Walmart Labs where he is the team lead for Torbit.
J-Squared Media (2007). Founded by Joe Aigboboh and Jesse Tevelow, J-Squared Media (now PlayQ) is a mobile gaming company building games for iOS, Google Play, Amazon, and Facebook. The company received $15,000 as a Techstars accelerator participant but has never raised capital since then and is still privately held. PlayQ created Taste Buds, Charm King, Bubble Blitz, and Hot Shot. Jesse is managing partner at BlockTeam Ventures and Joe is still CEO of PlayQ, which relocated to Los Angeles and has been very successful.