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* Almost 40% of candidates from outside the Bay Area (including 10 different countries on 5 continents)Prior work experience varied dramatically but the most common employer was Google (perhaps influenced by our own networks). small number of applicants who mentioned supporting founders as their motivation for considering venture capital; too many who focused on what they wanted out of venture Almost 40% of candidates from outside the Bay Area (including 10 different countries on 5 continents) * Prior work experience varied dramatically but the most common employer was Google (perhaps influenced by our own networks). Surprisingly small number of applicants who mentioned supporting founders as their motivation for considering venture capital; too many who focused on what they wanted out of venture (it’s a service industry folks! )

I recorded an episode of the Angel podcast with Jason Calcanis that was published a couple of weeks ago. It was a wide-ranging conversation, covering everything from cryptocurrencies to company culture to our portfolio companies. Because the podcast and Youtube video run nearly an hour and twenty minutes, I thought a transcript might be helpful for people who’d prefer to read and save some time. As with most transcripts, apologies for any errors and inaccuracies.

The beginning of the year is the traditional time for annual performance reviews at most startups (if you don’t do them, check out Homebrew’s guide to Performance Management at Startups). And handling firing people well is also important for the remaining team’s morale and sentiments about the company. Empathy, not apology: Firing someone is emotional for both sides, but there’s no question it’s tougher for the person being fired. Do it in person: The person you’re firing was your teammate for some period of time.

The board meeting gives us and the founders the opportunity to step away from the tactical, day-to-day issues to focus on 1-2 critical questions the company needs to answer in order to reach its next milestone (typically raising a Series A). The meeting also helps all of us make sure that we’re in alignment about the company’s goals and what needs to be achieved so that we collectively want to take the additional risk associated with raising more capital. In our first fund, 16 companies have gone to market to raise Series A capital and 15 of them have been successful in raising a Series A led by a new investor. Further, because we agree on what needs to be achieved to raise the A (through the Stand-Ups and Board Meetings), the companies tend to go to market when we collectively believe that they’re able to raise from a position of strength, with both strong stories and solid results.