Steve Jobs

The collaborating executive

I received a text a little over a week ago from a CEO I coach (I've served on his Advisory Board for years now and have loved seeing his company prosper - and him grow so much personally through a lot of adversity).  It read, "How much collaboration with the rest of leadership would you expect from your [insert executive title here] when it comes to [insert critical for the entire company task]?".  Obviously I'm being careful not to disclose the details to protect confidentiality.

Here we find ourselves on Martin Luther King Jr. Day - a celebration of one of history's ultimate collaborators and change-agents.  Everyone in American schools studies MLK, of course, but I got to go a little deeper on his leadership in my studies at The Aspen Institute as a Henry Crown Fellow.  One of our readings was "Letter from Birmingham Jail" and I couldn't recommend more highly that you read it (you can do so here).  It is one of the most amazing leadership readings I've ever been introduced to.  It is a systematic, gentlemanly takedown of one of the most challenging times in American history - by the ultimate collaborative leader.  Pay close attention in the letter to how MLK challenges his opposition to collaborate with him by looking within themselves and within their own religion.  The religious undertones are reminiscent to what is probably the best speech I've ever read, also introduced to me by The Aspen Institute, by Frederick Douglass.  It is titled "What to the Slave is the Fourth of July?".  It is also a systematic takedown with a strong uppercut punch (you can read it here).  I highly recommend you study both of these incredibly historic speeches on this MLK day - the most appropriate day to do so.  At a minimum, all lovers of leadership should bookmark and read these pieces in 2018.

Facebook made the most epic tech company pivot of this decade, and on pivots in general

Facebook made the most epic tech company pivot of this decade, and on pivots in general

Pivots are gut wrenching. The more eyes there are on the company, the tougher they are. Therefore, public-company pivots are usually the most gut wrenching. Many public companies of the past ceased to stay public because their leaders couldn't face the pivot (change is a bitch - who moved my cheese?!), their business radically declined, and they eventually got delisted from NASDAQ or the NYSE.

What I learned from my top three Lucky7 posts in 2013 … and my biggest busts

December 5th marked my first year of blogging personally (I had previously been a corporate blogger for 7 years at Bazaarvoice). I began blogging primarily as a service to entrepreneurs - a form of giving back to the community that I believe is the greatest force for change. I named my blog Lucky7 as a tribute to my amazing mother, who passed away last year. My first Lucky7 post on December 5, 2012 was a revisit of my manifesto to Bootstrap Austin on March 15, 2005. Looking back, it was clear I deeply cared about the development of our entrepreneurial community in Austin. That caring - and passion - drove a year of many highs in 2013. I've been actively investing in startups since December of last year with my wife, Debra, and I formally chose this as a career a few months ago, forming Hurt Family Investments. We've made 14 startup investments so far, 9 of them Software-as-a-Service (SaaS) companies. I've also joined the Advisory Board of 6 additional companies, all of them SaaS. Out of the 20 startups we are involved in, 16 are headquartered in Austin.

At age 46, he started his first company and it failed miserably… but then, on his second…!

At age 46, he started his first company and it failed miserably… but then, on his second…!

For all of us Austin fans, I'm talking about Cotter Cunningham, the founder and CEO of RetailMeNot. Last night, Cotter was one of our keynote speakers, along with Mark Cuban, at the University of Texas for Longhorn Startup Demo Day (the event was just fantastic, by the way, and Josh Baer, Ben Dyer, and Bob Metcalfe deserve a huge round of applause for it).

As of today, RetailMeNot is worth $1.33 billion as a public company (it went public in July and just filed for a follow-on offering). It is just four years old - for a value creation of $333 million per year. Who says Austin can't do B2C now? HomeAway is another one of our five tech IPOs in the last five years. It is worth $3.4 billion today as a public company (it went public in 2011). It is just nine years old. Yes, we haven't produced a Facebook or Twitter size outcome - there needs to be a higher volume of failures (entrepreneurial experiements) to do that, but don't forget we did produce a Dell, a National Instruments, and a Whole Foods.

My keynote to the U.T. Austin McCombs MBA class at their Orientation

Last Monday, I had the honor of keynoting the Texas MBA Class of 2015 Orientation. This is the McCombs School of Business at the University of Texas at Austin's largest class to date - I believe around 270 students. Around 80 spouses were also present. Tina Mabley, Assistant Dean of the Full-time MBA Program, introduced me. She introduced me as the Vice Chairman and Co-founder of Bazaarvoice and also as the incoming Entrepreneur-in-Residence at McCombs, a position I'm glad to begin in September. My grandfather, James Mann Hurt, taught at U.T. Austin for his entire career and I'm proud to follow in his footsteps. I promised the students I would post my speech, complete with links, and that is what follows here:

Coffee with Melissa Lombard and her five-year project - an interview

I recently had the pleasure of meeting Melissa Lombard at Gary Hoover's open house for the iSchool (U.T. Austin's Information School, a top-ranked program for it's kind in the nation). Gary is one of my favorite people in Austin, and he is generously serving as Entrepreneur-in-Residence for the iSchool after doing so a few years ago for McCombs (U.T. Austin's Business School). He invited "friends of Gary" to attend and Melissa was there with her husband. Melissa told me about her 5-year project to have coffee with 260 strangers and live this mantra:

It is all about the journey, so take (many) photos along the way

It is all about the journey, so take (many) photos along the way

If you want to build a strong company culture, then you should care about your company close to as much as you care about your family. That was my goal at Bazaarvoice as our CEO (you can read my 7 lessons learned on the journey from founder to CEO), and I deeply thought about how our family showed that we care about each other. One thing we are particularly good at, especially my wife, Debra, is taking photos while we are on vacation. We want to document the very important time we spend together, and we know that our children will only be this age once. This, of course, is the natural thing for most families to do, especially with young kids (as their appearance changes so much from year to year).

How to leverage advisors and investors as your extended team

As an entrepreneur, I fostered an unusual communication practice with our investors and advisors. I treated them as I would have wanted to be treated if I were in their shoes. This is the Golden Rule in action.

You need to have empathy for those that you raise money from. They aren't the "man in the arena" (one of my favorite quotes from Theodore Roosevelt), but they can be very supportive - should you choose to treat them as part of your extended team. They are putting their money (if they are angel investors) - or their investors' money (as is the case for venture capitalists) - into your venture and you should treat that capital as if it were your own. And if it were your own capital ask yourself, "What kind of updates would I want?" My guess is you would want to always know how the business is doing and how you could help the business - and therefore help your investment. Part of the thrill of investing is to see the entrepreneur succeed - both changing their life and many other people's lives in the process. Investors enjoy telling their friends - other investors and family - about the success of your business. The journey is more important than any return they get (although to be clear they don't want to lose either their money or their investors' money). The more they help you, the more they live vicariously through you - and their fingerprints are all over your business. This is called a "helper's high" by my good friend and CEO coach, Kirk Dando (you can read more about Kirk and the value of CEO coaches in my Lucky7 post about the 7 lessons learned on the journey from founder to CEO).

Steve Jobs on asking for help, and the DNA of 1776 and Israel

This 1.5-minute long interview with Steve Jobs from 1994 has been floating around the Web recently and I love it. It is a philosophy that a good friend, Auren Hoffman (a serial entrepreneur himself), taught me when I was 26 and he was 24. I was lucky to have Auren as a neighbor when he was the founder and CEO of BridgePath and his office was right next door to mine at Coremetrics when Debra and I lived in San Francisco (Auren still lives there and has greatly prospered). Auren had a very popular lunch club for the Silicon Valley elite. There was always a compelling speaker, like the CEO of Exodus back when Exodus was a big deal. He invited me to attend with him, and I think the two of us were the most junior entrepreneurs there. So after attending several of these and being amazed at the networking opportunities each time, I asked Auren over lunch one day, "how the heck do you do it?". He told me about how he was fearless to reach out to anyone - but he did it in a particular way. Instead of approach them with the typical, "I'm a young guy and would like to learn from you", he would approach them with a very informed perspective and opinion about their business, something they said, an organization they are involved with, etc. This required more research, but it was very effective. It worked because of Auren's passion and genuine desire to connect and not waste the other person's time. So it wasn't just a little bit of research - it was an authentic interest in what he had learned about that person and their business. In other words, it wasn't a "cursory" or "shallow" amount of research. And it is the same reason why Bill Hewlett took the time to spend with Steve Jobs when he was only 12, as he talks about in this interview. How many other 12-year olds do this? Very, very, very few.