Josh Baer

2026 New Year's Letter

2025 was a truly incredible year of growth.  As I wrote at the end of 2024 in last year’s letter, I had closed out that amazing year in Kerala, India in a very spiritual place and set my 2025 intentionality to be focused on the inner journey.  I certainly made that intention a reality, reading 55 books on consciousness, AI, quantum physics, and spirituality.  I also decided to write two books in 2025.  The first is The Lattice, my positive science-fiction novella covering the years 2030-2085 to process what I had learned about our reality.  I finished writing it on September 7th, just 1012 days since the launch of ChatGPT, and self-published it on Amazon shortly after.  My second was more ambitious and is titled Love Conquers Fear: Humanity, AI, and the Age of Abundance for All.  It’s a manifesto for humanity to make it to Abundance in this exponential of exponential curves that we all find ourselves in. I ’m working with a publisher, the Do More Good movement, for Love Conquers Fear, which is finished, in editing, and will be released in the first half of this year.  JD Messinger is the Executive Director of Do More Good and also the author of 11 Days in May, one of my favorite spiritual books (I loved it so much I listened to it on Audible twice in 2025.)  It feels good to work with a publisher that really gets me. I’m also working with my long-time editor, David Judson, who partnered with me on my first book, The Entrepreneur’s Essentials. He’s an amazing friend and a true intellectual thought partner.

I also decided to launch a podcast, Love Conquers Fear, to explore with friends, including JD Messinger, how humanity will make it to Abundance.  I launched it on September 24, the second day of Rosh Hashanah (the Jewish New Year).  As of today, 29 episodes of Love Conquers Fear have been released.  To mark the beginning of 2026, I decided to read The Lattice as an audio and video book on the podcast as a gift to all of my subscribers.  I’m fully booked to record new episodes through the end of February, and I’ve already recorded 36 episodes as of today.  The podcast line-up coming throughout 2026 is incredible.  I’ve been learning a lot and it has enhanced the Love Conquers Fear book as well.  It is going to take the best of humanity for us to make it to Abundance together.

God's Final Exam (a short story)

As I approach the launch of my podcast, Love Conquers Fear, I had a fun brainstorm yesterday. I called in the styles of Andy Weir, author of The Martian and Project Hail Mary (a book I’m currently enjoying, thanks to Josh Baer), as well as Jorge Luis Borges for character development to create this (thanks to Jason Stoddard for the reminder of Borges’ genius in this arena).

Love Conquers Fear: Humanity, AI, and the Age of Abundance for All is the most important book I’ve ever written and is a true soul-calling for me and a love letter to humanity. The next ten years will define whether we are well on our path to the Age of Abundance for All or whether we are going to extinct ourselves. I’m 95% certain that we’ll make it, as we have before with smallpox and nuclear weapons. This book, and the accompanying podcast (simply named Love Conquers Fear), is my best attempt to make sure we do. I’m not alone, of course — many are bringing the Light, including Dr. Fei-Fei Li, Mira Murati, Eric Schmidt, Demis Hassabis, Mustafa Suleyman, and so many others, from spiritual teachers to investors to entrepreneurs to philosophers.

Ok, now onto the short story, God’s Final Exam, which is a visioning exercise for me on how we may be able to make it. I hope you enjoy it:

An open letter to tech CEOs and leaders on the importance of diversity

Dear fellow tech CEOs and leaders,

I’m writing to you on this chilly Sunday in Austin because 2020 has truly been an eye-opening year for me as a long-time tech entrepreneur and CEO. I’ve been founding tech companies and movements since I was 24-years old, and I’ve never thought more about the power of diverse teams than I have this year. 2020 is truly one for the history books on so many levels, including my own personal growth as a leader.

Let me be upfront. My goal in this letter is to help you see what I’ve concluded, and I apologize that it took until 2020 to work so hard for this:
I believe that the more success you earn, both by grit and luck, and the more educated you become on the very real history of racial inequities in our country, the greater moral imperative you have to strive for a much more diverse, equitable, and inclusive workforce in tech.

This has been building for a long time within me, and I feel extremely fortunate to have had the learning experiences I’ve had. My realization about the importance of diversity in tech is the result of many friends and institutions investing in me, and then me taking the time to invest in myself. In this open letter, I’m going to do my best to share the resources that have most helped me and I believe will help you. I’ll also go beyond theory and give you a prescriptive call to action. I’ve put so much time into this because I believe it is critical to do so for those that are fortunate enough to be in a position of leading (and that is a much bigger tent than you may think).

Seven critical lessons learned in angel investing

I had dinner with my good friend and Bazaarvoice co-founder, Brant Barton, on Tuesday at the new Sway in West Lake Hills (yummy) and we talked about lessons learned in angel investing. It was on my mind as I’m doing an AMA (Ask Me Anything) webinar with my good friend and often investing colleague, Josh Baer, on Tuesday, Feb. 5 from 4-5pm CT (you can sign up here). During my conversation with Brant, I distilled down to seven lessons learned (in the spirit of Lucky7, of course). Brant is reading Jason Calacanis’s book on angel investing and told me that many of these are in there (maybe all of these, I haven’t read the book), so you may want to turn to that to really dig in as I’m going to do my best to keep this post short. My hope in sharing these with you is that it ignites more angel investing in Austin - it is vital to our startup ecosystem here. We are doing better on that front in Austin than ever before, but I believe we are only scratching the surface here. And I hope these lessons have an impact beyond Austin angels and startups as well.

Back in the arena: the beginning of data.world

It has been a long time since I wrote anything on my Lucky7 blog and there is good reason for that.  Back in June, I started to brainstorm my next big idea with long-time friends Jon Loyens and Matt Laessig (both of whom were amazing at Bazaarvoice and had moved on to HomeAway).  Bryon Jacob (a 10-year veteran at HomeAway) soon got involved as an idea he had been thinking about was better than anything we came up with and one thing led to another until we founded data.world.

It may feel curious to my regular readers that I would jump back into the arena as the CEO of a company built from scratch.  After all, our investments in startups and venture capital funds have been performing well, including a recent exit with Deep Eddy Vodka being acquired (and us subsequently investing in Clayton Christopher’s VC fund, CAVU).  There are many factors that led to this calling for me:

Was 42 the answer to my life, universe, and everything?

Was 42 the answer to my life, universe, and everything?

Today is my 43rd birthday. As I think about the last year, my good friend and CEO coach, Kirk Dando, comes to mind. On page 141 of his excellent book Predictive Leadership, Kirk writes:

Why big life transitions are so hard and why it is so worth it to keep at it

Why big life transitions are so hard and why it is so worth it to keep at it

Life is like a record album, composed of songs to form the whole. From age 24 to 40, I had been playing the song "entrepreneur". I set a goal when I was 25 to one day found a tech company and take it public - by the time I was 40. Fifteen years later, I achieved that goal (my ultimate BHAG - "Big Hairy Audacious Goal"). Society didn't know about this very personal BHAG (only a few friends, my parents, and my wife did), and they expected me to keep playing the same song over and over again. This was natural, expected even. But as I wrote about in my "time is money or is money time" post, I was determined to step back and think deeply about my next move post being the CEO of Bazaarvoice. I didn't want to just set the same goal all over again (i.e., "now I'll found a sixth company and take it public again"). I knew I wanted to help entrepreneurs - I had always enjoyed doing so while I was at Bazaarvoice or Coremetrics but I had done so very sparingly due to the time constraints that I had (managing high-growth ventures takes a lot of time). I had love in my heart for Austin and thought I should do my part, along with many others like Josh Baer of Capital Factory, to help our scene evolve. So I jumped into that part of the arena - but in a more "grandfatherly" role as opposed to being the actual "man in the arena" (a nod to Theodore Roosevelt's powerful speech in 1910). As far as becoming an entrepreneur again and going back to that song, I had to think very deeply about it.

What I love about angel investing

What I love about angel investing

Today is my 43rd birthday (you can read about what I learned over the past year inmy Lucky7 post about age 42). Looking back on my last year, I've grown to really love angel investing. My wife, Debra, and I run a family office that we call Hurt Family Investments. She takes the lead on philanthropic projects, and I take the lead on startup investing. For the past two years, we've invested the same financial amount in non-profits as we have in startups. We always agree on what to invest in - she has to meet the entrepreneurs before we make a decision - and that leverages the best of both of us. Debra is a contrarian thinker and was also born to entrepreneur parents. We both learned a lot about entrepreneurship growing up, and we actually started Coremetrics, my fourth business, together. She has terrific entrepreneurial instincts and there are a number of companies that I haven't started because I listened to her (thankfully), when I was playing the song "entrepreneur" on my record of life. Now, we are involved in 34 startups (mostly in Austin) and multiple VC funds that give us exposure to at least as many additional startups (you can see our portfolio here).

Investing in natural network effects in SaaS

Sometimes startups we meet with (I've personally seen over 1,000 pitches in the last two years) talk about their network effect in a hopeful way. But most of the time it is just that - hope, and hope is not a strategy. But Bazaarvoice actually has a working network effect that benefits all participants: retailers, brands that sell through those retailers, consumers that shop at those brands and retailers, and Bazaarvoice and some of its partners. In other words, the more participants that are on the Bazaarvoice network, the great the effect of that network for the benefit of all. I wrote about this in detail in my first annual shareholders letter after Bazaarvoice became a public company.

Why B2C is so hard to get funded in Austin

Why B2C is so hard to get funded in Austin

My good friend and the founder of Capital Factory, Josh Baer, wrote a post last year saying that he will invest in your B2C startup. Well, so will we. We wrote the first check for ROIKOI, which went on to raise well over $1 million, and also made investments in Bigwig Games, Blue Avocado, Deep Eddy Vodka, Dropoff, and Threadover the past two years. We were also one of the first checks for Wisecrack, but that is based in Los Angeles, and invested in the Series A for talklocal, based in DC. And we are investors in several venture capital funds, including Lead Edge Capital, which holds early positions in Alibaba Group, BlaBlaCar, and other large-outcome B2C companies but these are not in Austin so I guess I'm diverging from my point of this post. In any case, that is a total of eight B2C company investments (if you include Wisecrack and talklocal) out of a total of 33 startups we are involved with, representing 24% of our portfolio (and 18% if you exclude Wisecrack and talklocal).Real Massive also has a kind of B2C dynamic, even though it is B2B, so maybe I should count them too as they are Austin-based. But our primary focus is SaaS, for which we have holdings in 19 startups (57% of our portfolio). Both Bazaarvoice and Coremetrics were/are SaaS businesses and we have the most experience to bring to that category. SaaS is also far less risky than B2C, and that brings me to the real point of this post.