Karen Hyman forwarded my name and email address over to Abi a couple of weeks ago. Considering that we have similar interests, I thought it would be best to jump on a telephone call. Long story short, we kicked it off. After much discussion, we thought it would be a great idea to work on a side project together.
Inspired by Andrew Hyde’s VC Wear, we created Hacker Tees, t-shirts only programmers could understand. 10% of the profits will go to a 2010 TechStars company (more details to come – there will be a contest)!
Please check out our site and buy a shirt before they all run out! Thanks!
Last summer, I was fortunate to spend time interning at TechStars. For those of you who do not know, TechStars is a mentorship-driven seed stage investment fund. TechStars fills the experience gap by bringing together the best and the brightest in one place and surrounding you with incredible proven mentors for the summer. TechStars was founded by David Cohen, Brad Feld, Jared Polis, and David Brown.
Recently, I spoke with David Cohen to ask a few questions about TechStars and more…
Where do you see TechStars five years from now? Have your original goals for TechStars changed since the launch in 2007?
DC: Honestly, I have no clue. We tend not to plan ahead too much. Each year after the program we get together and discuss what, if anything, should change. Our goals haven’t changed since inception – it’s just that we’re now doing it in two cities (Boulder and Boston). The current goals were to enhance the entrepreneurial community itself, while hopefully finding some interesting investment opportunities. This is the same today, it’s just that we’re now a part of two communities.
How did you come up with the name? When did you have your ‘calling’ to start TechStars? Or has this been something you have wanted to do since the beginning?
DC: I’m not very good and naming stuff, so I’ve always just sort of gone with the first name that made sense to me and that people could easily understand. It’s simple, we’re in Tech, and we’re looking for new Stars. As far as the “calling”, I had been doing angel investing for a while and had found parts of it to be amazingly fun and other parts to be unsatisfying. TechStars was my attempt to fix that was unsatisfying – namely, to a) have an early impact on the companies, b) help surround the entrepreneurs I was working with with amazing people and other resources, and c) to be able to get to know entrepreneurs better before investing larger amounts of money. It was not something I envisioned a long time ago – rather, it was a response to my direct experiences with angel investing.
Has TechStars passed on any companies that have become really successful? Do you plan on creating a TechStars ‘Anti-Portfolio’ similar to what Bessemer has done?
DC: I’d be surprised if we haven’t passed on some companies that have or will become very successful. In fact, I’d be shocked. I sincerely hope that it has or is happening now. While I am not aware of any specific examples, I’m sure some exist. I probably will keep an “anti-portfolio” as a simple list once I become aware of these. I wouldn’t go out of my way to research it though. I have certainly passed on non-TechStars companies in my angel investing career that are very successful today. Sometimes you just pick stuff that you want to work on – people forget that angel investors are motivated by much more than just money.
What are your top three favorite books?
DC: 1) Blueprint to a Billion – I loved this book because it is so data oriented.
2) The Art of the Start - simple, straightforward advice that is timeless.
3) Pale Blue Dot - reminds you that none of this really matters all that much and that you only live once – so you had better make the most of it.
Who are some of your mentors today? Do you have a favorite entrepreneur?
DC: Brad Feld, Jason Mendelson, Howard Diamond. I learn an amazing amount being around all of them. They’ve really invested in me personally, and I am so thankful. My dad died some time ago, but he is still a mentor to me. I regularly reflect on how he was as a person, and it still informs me today. I don’t have a favorite entrepreneur – there are too many to name. Mostly they’re the ones I’ve invested in.
What is David Cohen’s definition of success?
DC: Success is enjoying life, maximizing the chances you get in life, and being content with who you are.
