In episode 26 of the 20 Minutes VC, host Harry Stebbings interviews Chris Redlitz, founding partner at Transmedia Capital, discussing his unconventional path from Reebok to pioneering in the digital space, including founding the first online Yellow Pages. Redlitz emphasizes the importance of investing in people over products, sharing insights from his experience with successful acquisitions by tech giants like Snapchat and LinkedIn. Additionally, Redlitz details his work with The Last Mile, a program he co-founded with his wife Beverly to teach technology and entrepreneurship to inmates at San Quentin, aiming to facilitate their reintegration into society. The program, which includes a rigorous coding curriculum, is set to scale nationally, with graduates potentially leading its expansion.
"He is a founding partner at Transmedia Capital whose portfolio includes the likes of Snapchat, Twitter, Facebook and LinkedIn, just to name a few. Furthermore, in 2011, Chris and his wife Beverly, co co founded the last mile in San Quentin prison."
This quote introduces Chris Redlitz as a significant figure in the venture capital world and highlights his philanthropic work through The Last Mile.
"I started investing in the mid 90s individually, and we formalized our fund almost six years ago."
Chris explains his progression from a career in sports and athletics to becoming an investor and eventually starting his own venture capital fund.
"And Transmedia's portfolio includes the likes of Snapchat, Twitter, LinkedIn, and Angel list, just to name a few, leading me to ask, where do you personally believe are the crucial determinants of a startup's success, and how do you compete to be in such competitive rounds of funding?"
This quote sets up the question of what Chris believes are the essential elements for startup success and how he competes in high-stakes investment scenarios.
"So that's how we have positioned those companies. We focused on very early stage, we focus primarily on the entrepreneur, but we're also somewhat sector specific where we invest in digital media, mobile commerce, marketing automation platforms, things like that. So we have more of a sector focus."
This quote summarizes Redlitz's investment approach, highlighting the emphasis on early-stage companies, entrepreneurial leadership, and a sector-specific focus.
"You have to really know what you're investing in, or else you shouldn't invest in it. And that's really what I've done. I stayed really in areas that I know well, but it really still about people."
Redlitz's quote underscores his investment philosophy, which involves a deep understanding of the sectors he invests in and prioritizing the people behind the companies.
"People every time."
This succinct quote reflects Redlitz's conviction that the people behind a company are the most critical factor in his investment decisions.
"Companies will pivot in their product, in their strategy. But if you have a strong team, you can get through those times."
This quote emphasizes the value Redlitz places on leadership and the ability of a strong team to navigate through changes and challenges in the business.
"I was involved in the online Yellow Pages, which sort of is a curferly in media, and I just kind of stuck with that."
The quote explains how Redlitz's early work with online Yellow Pages influenced his continued focus on the media sector.
"Saw the disruption pretty early on that online will disrupt traditional media. And obviously that's come true."
Here, Redlitz reflects on his foresight regarding the impact of online platforms on traditional media, reaffirming his sector specialization.
"Yeah, we started about five years ago, and I really had no background in prisons."
Although incomplete, this quote suggests that The Last Mile is a program that Redlitz co-founded about five years ago, unrelated to his prior experiences since he had no background in prisons.
"And I was invited in there to do a talk about entrepreneurship to a group of men, and I really didn't know if they would understand what I was talking about or be interested, but the response was so overwhelming that it really got me thinking about things that we do every day in the valley working with young entrepreneurs."
The quote explains the origins of The Last Mile program, which began after Chris Redlitz recognized inmates' interest in entrepreneurship during a talk he gave at San Quentin.
"We teach them to build a business plan, they create that plan, and then we actually have a demo day inside the prison where they present their ideas."
This quote highlights the practical approach of the entrepreneurship track, culminating in a presentation of business plans to external visitors.
"In the coding side, it's very immersive. They are meeting Monday through Thursday, 10 hours a day."
This quote details the intensive nature of the coding track, indicating the commitment required by the inmates to learn new skills.
"But one of the reasons we did the virtual instruction is because we are going plan to go to multiple prisons and that's the best way to do it."
Chris Redlitz explains that virtual instruction was chosen to enable the program's expansion to more prisons, indicating the program's potential for national adoption.
"And what's been the most challenging aspect of your journey with the last mile and how"
This incomplete quote suggests that challenges exist but does not provide details on the specific obstacles encountered during the implementation of The Last Mile program.
I think it's working with government agencies not to say that they're resistant, but whenever you're doing something new and different, we're used to disruption, this whole idea of disruption in the startup environment, but when you're dealing with legacy agencies, that's something that's a little scary.
This quote underscores the inherent tension between the fast-paced, disruptive nature of startups and the cautious, established procedures of government agencies. Redlitz highlights the need for patience and education in navigating this relationship.
I see it national and I see many of the guys that are graduates actually running the program, and I see myself stepping back a bit.
Redlitz expresses his aspiration for growth and leadership transition within The Last Mile, indicating a strategic plan for scalability and sustainability by involving graduates in the program's future leadership.
Right in your neighborhood, losing your virginity by Richard Branson is a really good one. Startup of you by Reed Hoffman, and one that I actually give you two, I'm going to cheat. Good to great is always like the Bible. Absolutely. And leadership lessons from the Civil War is really kind of a unique one.
Redlitz offers a curated list of books that provide insights into entrepreneurship, personal development, business strategy, and historical leadership, reflecting a diverse set of resources for professional growth.
We actually have two that we've done recently. I think one was a company called Nuco. That's the CEO is John Batel, and John is very well known in media. He's done multiple startups, and it's really kind of a unique approach to conferences, creating festivals, and there's a lot of offshoot benefits to that. So he's a very experienced guy.
The quote highlights Redlitz's investment strategy, which includes a focus on the leadership's experience and the unique value proposition of the company, as exemplified by Nuco's innovative approach to conferences and festivals.
If you would like to hear more about the last mile, Chris and his wife Beverly did an incredible interview with an inspirational graduate of the program, Horatio Hearts, on Stanford's entrepreneurial thought Leaders podcast.
This quote serves as a pointer for listeners to gain further insights into The Last Mile and the impact it has on its graduates, through additional content provided by Stanford's podcast series.