Running Through Walls

Curious about cryptocurrency? Venrock’s David Pakman talks to Adi Sideman and Yonatan Sela about the upcoming launch of PROPS, a new cryptocurrency. The YouNow team pioneered mobile live video and they were the first to introduce an economy around interactive video, where on the one side people can buy a virtual currency, and on the other side, creators who perform can earn that currency. They discuss what led them to this point, and how YouNow is setting out to distribute network value broadly across users and break up the centralized control of media with the PROPS project.

Brian O’Kelley, CEO and co-founder of AppNexus, started his entrepreneurial endeavors early, first in high school refurbishing old Apple II computers and later in college creating websites in the nascent days of the internet. Venrock partner Mike Tyrrell talks to O’Kelley about his path from odd jobs to CEO of a $1 billion company. He discusses the tough times at Right Media that led to his firing, and how he turned that experience into a positive one with the founding of AppNexus. And in the tough times of building the business, O’Kelley shares how his commitment to the vision of programmatic advertising led him to keep pushing. He also discusses how he mentors employees and promotes company spirit through all things orange, even his polished toenails.   

As the CEO of medical technology company ZELTIQ, Mark Foley was on the front lines of a major business transformation. Venrock’s Bryan Roberts talks to Foley about turning the company around by changing the business model and swapping out the majority of leadership, culminating in the successful acquisition by Allergan for $2.4 billion in April 2017. But the exit wasn’t all smooth sailing. Foley shares details on the initial failed bids that rocked the company’s culture, how he managed morale during this tricky time, and what led to the successful deal in the end. He also shares how investors can recover after an initial stumble, and how he made the transition from VC to CEO successfully.  

Steve Walske founded Parametric Technology Corporation in 1985 and is now on the board of several prominent Silicon Valley companies including Synopsys and 6sense. Venrock partner Brian Ascher talks to Walske about his unique formula for building a strong sales team and striking a balance between managing and empowering salespeople. Walske believes in efficiency above all else, and that means turning down opportunities until the company establishes a real sales presence in the area. They also discuss the truth about “bowling league syndrome” and why employee turnover doesn’t faze him.

Steve Papa, founder and CEO of Endeca through its acquisition by Oracle in 2011, has thrived in many roles throughout his career: neighborhood Mr. Fix-it, entrepreneur, founder, CEO, mentor and angel investor. In this week’s podcast, Venrock’s Bryan Roberts talks to Papa — now founder and CEO of Parallel Wireless — about his early aspirations and founding Endeca during the rapid expansion of the Internet in 1999. The company survived through two major economic downturns and went through a smooth acquisition under Papa’s direction. He shares how he managed the team during these events, what he learned about perseverance and grit, and how he advises companies facing similar obstacles today.  

Venrock partner Nick Beim talks to Mark Gerson, co-founder and Chairman of Gerson-Lehrman Group, about his early entrepreneurial pursuits, why society should promote entrepreneurism and why it’s a bad idea to keep all of your ideas to yourself when first starting out. When Gerson’s innovations stretched to providing first-response services and healthcare for underserved populations, he came to the realization that philanthropy, like any other venture, focuses on the amount of return — social or financial — on any project. From a healthcare foundation operating in areas like Malawi and Kenya, to a network of first responders that treat victims of pre-hospital trauma in Israel, Gerson shares his wisdom on building connections and social awareness through business.

Part two of the discussion between former Genentech and Facebook CFO David Ebersman and Venrock’s Bryan Roberts centers on Ebersman’s time at Genentech, where he started working in his 20s and worked up his way up, eventually becoming CFO. He shares anecdotes about working with another executive dynamic duo, Art Levinson and Sue Desmond-Hellmann, and what he learned about problem-solving after working closely with them for several years. Ebersman also discusses Roche’s hostile takeover of Genentech in 2009, and his perspective on financial modeling following the deal.   

In the first part of his discussion with Bryan Roberts of Venrock, former Genentech and Facebook CFO David Ebersman shares what he learned about leadership from the dynamic duo of Mark Zuckerberg and Sheryl Sandberg at Facebook, and discusses his experience taking the company public in 2012. Now CEO and founder of Lyra Health, Ebersman discusses how Lyra solves the problem of finding quality care for mental health conditions, and talks about the most surprising aspects of being a startup founder after stints at large companies. 

Virta Health CEO Sami Inkinen took a circuitous path to CEO, having grown up on a farm in Finland and studying physics before embracing his passion for computers and pursuing entrepreneurship. Inkinen speaks to Venrock partner Bob Kocher about what led him to co-found the real estate startup Trulia and now Virta, an online medical clinic that’s on a mission to reverse diabetes in 100 million people by 2025. They discuss how this goal impacts decision-making at the company and helps with hiring and motivating employees. Inkinen also shares the differences he’s encountered in healthcare after starting his career in tech.

When Matthew Prince and Michelle Zatlyn met in business school, they didn’t envision a class project turning into a billion-dollar company, but that’s exactly what happened. Bryan Roberts, partner at Venrock and Cloudflare board member, talks with the co-founders about the early days of company building and how their initial mission statement has remained the same years later, a rarity among Silicon Valley startups. Prince and Zatlyn discuss their measured and thoughtful approach to hiring, and why slower growth helps them keep Cloudflare’s culture strong. They also share their experience with public policy, and a time when they took drastic measures to protect the privacy of a Cloudflare user.

Bruce Cozadd was a musician in his early years, but a passion for science and business led him to enter the biopharma industry. Venrock partner Camille Samuels talks to Cozadd, now CEO of Jazz Pharmaceuticals, about his journey to co-founding Jazz and the people who helped him along the way. He shares the joys of starting Jazz with a team that had worked together in the past, but also highlights the downside: that his team lacked diverse prior experiences to rely upon while building a company. When Jazz’s stock price fell to just $0.53 a share, Cozadd persevered and relied on grit and determination to turn the company around. He also shares his wisdom about managing people through all stages of their careers, and reveals what his mentor taught him about treating people well no matter how difficult a situation the company is in.

Hill Ferguson joined Doctor on Demand as CEO in 2016. Venrock’s Bob Kocher talks to Ferguson about his first day on the job and hallmarks of a successful founder to CEO transition, including the delicate balance of fixing problems while preserving what’s already great with the company. Ferguson was on the employee side of this transition in previous roles, and learned the importance of creating an environment where all employees, regardless of position, feel comfortable asking questions. They also discuss Ferguson’s product expertise, and how he views all products as solutions to problems. What products inspire him? Those that help humanity and create economic value while improving people’s lives. Hint: not foie gras delivery. Ferguson also shares the nuances of recruiting doctors for telemedicine and what a good day looks like for Doctor on Demand’s physicians. 

Steven Aldrich, Chief Product Officer at GoDaddy, has thrived professionally at both large companies and startups, something Brian Ascher of Venrock notes is unusual during this interview. Aldrich shares lessons startups can learn from more established companies and vice versa, noting that startups often try to be scrappy and do things internally regardless of expertise, while hiring someone with expertise would save them time and money. Conversely, big companies need to encourage experimentation and find ways to maintain the sense of urgency that energizes a team around problem solving. Aldrich says having a growth mindset (Carol Dweck, Mindset) is at the bedrock of how he hires and manages, while fixed mindset folks have no place in Aldrich’s organization. Aldrich also talks about GoDaddy’s famous Super Bowl commercials and what impact they had on the company then and today. Spoiler alert: you will see a new GoDaddy commercial during the upcoming Super Bowl.

Matt Rogers, co-founder of Nest, started his career as an intern at Apple and it was during that first week on the job when he met his co-founder Tony Fadell. While speaking with David Pakman of Venrock, Rogers talks about stretching people to help them grow, why he and Fadell chose to reinvent the thermostat, and why Apple is a breeding ground for entrepreneurs. Nest was going after a market dominated by well-entrenched players, but Rogers says they were prepared for a fight and ultimately these older companies have made it easy for Nest to stay one step ahead. Rogers also recalls a low point in the company’s growth – a product recall – and how they navigated that situation with transparency and continued focus on the whole customer experience. Now a part of Alphabet, Rogers says it’s hard to know what to expect when your company is acquired, but building a good relationship with the acquirer is key. Roger’s kryptonite? Large crowds!

Founded as Microbia to explore and develop antifungal and antibacterial drugs, Ironwood Pharmaceuticals now has two drugs on the market helping patients with IBS and Gout. After nearly 20 years and many different approaches and targets, founder and CEO Peter Hecht tells Venrock’s Bryan Roberts that he is proud of the failures along the way as the end goal was always to build an enduring pharmaceutical company. The key is to kill programs that aren’t working early and not let them go too long – research is cheap, development is hard. Hecht also talks about managing people when you have a moving target. You have to have great people with the right skill sets and you have to help people who don’t have the right experience move on to a new challenge. Hecht’s superpower? Knowing what he doesn’t know. Though Roberts thinks it is Hecht’s ability to attract a variety of assets – people, ideas, capital...

Gio Colella, co-founder of RelayHealth and Castlight Health, speaks with Bryan Roberts at Venrock about starting companies and the importance of surrounding yourself with amazing people. Colella advises other entrepreneurs to find partners you can trust, who are very different from you, and who are aligned with the vision for the company. Colella and Roberts also talk about the early days of Castlight and the iterative process that revealed the foundation of the company, as well as the challenges related to managing through the highs and lows as a public company. They also talk about what made RelayHealth’s acquisition by McKesson so successful, in a world where M&A horror stories are rampant. Colella immigrated to the US from Italy and left his psychiatry practice to answer the call of entrepreneurship.

Farzad Mostashari, founder and CEO of Aledade, speaks with Bob Kocher at Venrock about bringing a data-driven approach to solving problems and the importance of knowing the question you want to answer, so you can apply the appropriate analysis. Mostashari, who went to medical school, knew quickly that he would not pursue a traditional career as a physician. In medical school he was an outlier, asking questions about population/public health, and then during his residency was mostly curious about the systems, so it’s no surprise that Mostashari went on to hold positions with the Centers for Disease Control and Prevention, New York City Department of Health and U.S. Department of Health and Human Services. Despite loving government service, Mostashari saw an opportunity to improve healthcare through Accountable Care Organizations, that would be better for patients, better for doctors and better for society. And in 2014 Aledade was born.

Sam Mazin, Founder and CEO of RefleXion Medical, speaks with Colin Cahill at Venrock about managing a big project with a lean budget, raising money, and communicating an evolving and complex vision. They explore the evolution of RefleXion’s addressable market as clinical data showed better results than the standard of care, and what that means for some cancer patients.  Sam and Colin also talked about learning to manage “on the job” and how you manage people who have more experience. Sam’s research as a postdoc at Stanford led to the idea of combining radiotherapy with PET imaging, and RefleXion Medical was born.      

Ryan Gilbert, co-founder of SmartBiz Loans, speaks with Brian Ascher of Venrock about building a fintech company and what went wrong along the way. The company mastered the art of pivoting and ultimately found its niche in small business loans. Gilbert advises new fintech entrepreneurs to partner with large banks rather than focusing on disruption, as banks have started to embrace new technology. A catch-phrase master, Gilbert wonders where truly novel technology can be found in the finance industry – where is the tech, in fintech? They also discuss the war for talent, giving non-obvious candidates a shot and promoting loyalty. Gilbert also talks about becoming a VC and what has surprised him most about his new role.

Anne Wojcicki, founder of 23andMe, speaks with Bob Kocher of Venrock about her path to entrepreneurship, the importance of authenticity and health as the ultimate equalizer of humanity. Wojcicki was dismayed by the lack of transparency in healthcare, which led the company to sell direct to consumers and empower them with information to get the care they want. In addition to understanding how their genetic information impacts their health, 23andMe has allowed people to engage with their genetic information to understand where they come from. Ancestry has been an addictive component of the product for consumers as people are often surprised to find that their roots and connections may not be exactly what they thought. Long lost cousin? Mostly, Wojcicki loves the honesty in healthcare.