20 VC 037 How To Get a Job at a Startup, Startup Lessons and Brad Feld's 'Open Office Hours' with Tak Lo, Director @ Techstars

In episode 37 of "20 Minutes VC," host Tari Stebbings interviews Tac Lowe, Director at Techstars London, who shares insights from his journey from the U.S. Army and management consulting to entrepreneurship and venture capital. Lowe emphasizes the challenges of entrepreneurship, the importance of support systems like a "co-founder in life," and the value of action over words in the startup world. He discusses Techstars' dedication to aiding founders, the need for founders to develop leadership through reading and real-life experience, and the role of serendipity in networking. Lowe also touches on sectors ripe for disruption, such as Agrotech, and the benefits of open office hours inspired by Brad Feld for fostering investor-entrepreneur relationships. Finally, he highlights resources for entrepreneurs and the significance of geographical differences in startup valuations.

• Tac Lowe is the director at Techstars London.
• He has a varied professional background including time in the U.S. Army, management consulting, and entrepreneurship.
• Tac co-founded two tech startups before joining Techstars in New York and later moving to the London office.

"I was an entrepreneur for about two and a half years before I joined Techstars in New York. And when the London office opened, I came here as well."

This quote explains Tac's transition from entrepreneurship to joining Techstars, highlighting his personal experience as an entrepreneur before taking on a directorial role in the organization.

• Tac has a global background, originating from Hong Kong and spending a lot of time in Asia.
• His career began in the United States Army, followed by management consulting roles.
• His entrepreneurial ventures included co-founding two tech startups in the travel and digital books spaces.

"I co-founded two tech startups, one in the travel consumer app space and the other one was in the kind of digital books publishing space."

Tac provides specifics about the industries his startups were involved in, giving insight into his direct experience with tech entrepreneurship.

• Tac learned some front-end coding but does not consider himself an expert.
• He used Codecademy as a resource to learn coding skills.

"I did learn some front-end. I can't profess to be absolutely good at it, but yes, I did."

The quote reveals Tac's initiative to acquire technical skills, which is often essential for tech startup founders, even if he does not claim to be highly proficient.

• Techstars brings passion and tenacity to support founders, with many team members having been entrepreneurs themselves.
• The team's understanding of the challenges faced by entrepreneurs drives their commitment to providing assistance.

"I think what Techstars brings is this kind of passion, tenacity to help the founders."

Tac describes the core ethos of Techstars, emphasizing the organization's dedication to actively supporting startup founders through their own entrepreneurial experience.

• Entrepreneurship is celebrated but also extremely challenging.
• Tac acknowledges the daily struggles and the mental toll it can take on individuals.
• The biggest lesson he learned is the difficulty and complexity of being an entrepreneur.

"It is damn hard to be an entrepreneur. The literature and all the stories right now celebrate entrepreneurship. And it should. And they should."

Tac Lowe acknowledges the societal celebration of entrepreneurship but also brings attention to the often under-discussed hardships that come with it.

• Relationships play a crucial role in overcoming the challenges of entrepreneurship.
• Tac credits his wife for providing significant support during tough times.

"I would say it's really relationships. And I really have to say my wife actually helped."

This quote highlights the importance of personal support systems, such as family and close relationships, in navigating the entrepreneurial journey.

• The concept of having a "co-founder" is integral both in personal life and in the startup ecosystem.
• Co-founders provide support, a sounding board for ideas, and help navigate through challenges.
• The presence of a co-founder can be motivating as they depend on you, which can be seen as a dual-edged sword.

"So knowing that there's someone, it's a dual edged sword, right? So I know someone's depending on me, but on the other hand, there's someone that I can talk to is really important."

This quote highlights the duality of having a co-founder: the pressure of responsibility coupled with the benefit of support.

• Single founders are backed by investors despite the challenges they face.
• Examples of successful single founders include Alec Farmer from Ospre and the founder of Listable.
• The success of single founders is acknowledged, though it is recognized as an incredibly tough path.

"We do. But as I mentioned, it is incredibly, incredibly tough. Sure. But yes, we do. I mean, there are some spectacular single founders that can do a ton, right?"

This quote confirms that while it is more challenging, single founders can still receive investment and achieve success.

• Reading and real-life experience are essential for developing leadership skills.
• Content-specific reading about other entrepreneurs and leaders can help improve decision-making and leadership.
• Expanding one's emotional intelligence (EQ) and empathy is crucial for leadership.
• Real-life leadership experience requires making tough decisions and learning from mistakes.

"I think there's two things. I think definitely reading a ton helps. Reading... there's no substitute for real life leadership."

The quote emphasizes the importance of both theoretical knowledge through reading and practical experience in leadership development.

• Tac Lowe subscribes to and highly recommends blogs by Fred Wilson, Brad Feld, and Thomas Tunguz.
• Thomas Tunguz's blog at Redpoint uses data to reveal non-obvious ideas, similar to Stephen Levitt's approach in Freakonomics.
• Christopher Jans from Point Nine Capital is also recommended for his insights, especially in the B2B space.
• These blogs and authors are considered valuable resources for anyone interested in startups and venture capital.

"Fred Wilson is someone that I subscribe to... Brad Feld... Thomas Tunguz is someone that I respect a ton... Christopher Jans from 0.9 capital out in Berlin, I think. Awesome."

The quote lists several influential bloggers in the startup and venture capital sectors, highlighting their importance as resources for learning and insights.

• Tac Lowe uses apps like Feedly and Pocket to aggregate and manage reading content.
• Due to time constraints, Tac Lowe batches readings and saves them for later consumption.
• The use of content aggregation tools is a practical way to stay informed and efficiently manage information intake.

"I don't have enough time to read so I batch all my readings. So I put everything together and then feetly. So I actually wrote a blog post about this. I use feetly to aggregate all my newsfeeds and all the content and then I save them into pocket for later."

This quote explains Tac Lowe's approach to managing and organizing reading material, which is particularly useful for busy professionals.

• The transcript is cut off before Tac Lowe can fully elaborate on choosing the right job in the startup world.
• There is a mention of a blog post Tac Lowe has written on the subject, suggesting that there are specific strategies or considerations to keep in mind when making such a decision.

"One thing I wrote about in my blog post before was you just got t"

The incomplete quote indicates that there was additional advice on the topic of choosing jobs in the startup industry, but the transcript does not provide the full context.

• Proactivity is key in seeking jobs within startups; actions are valued over mere words.
• Demonstrating value through tangible results, like creating a launch page and showing traction, can be a strong argument for hiring.
• Even without startup experience, showing initiative can compensate and impress potential employers.
• Hustling and creativity may be more appealing than extensive experience in some cases.

"But action. In what we do, action speaks louder than words. And so get out there, hustle right? Prove to a startup why they should hire you."

This quote emphasizes the importance of taking initiative and demonstrating one's worth through actions rather than just talking about potential contributions.

"And if you can prove traction with a launch page, you can use that as part of your unit process and say, look, this is what I could do just with any old launch page, this is what I'm prepared to do for you as well."

Tac Lowe suggests using real-life examples of one's capabilities, like creating a successful launch page, to impress and persuade startups during the hiring process.

"I think it's always a plus, right? It adds to the cv. But from my perspective, if I'm hiring somebody and I see someone who's super eager, hustling, especially very creative, I think I would take that over someone who actually has a lot of experience."

Tac Lowe states that while experience is beneficial, a strong display of eagerness, hustle, and creativity can be more influential in hiring decisions.

• The tech industry is fast-paced and often unstructured, which isn't always understood by those outside of it.
• Success in the tech industry requires adaptability and the ability to make quick decisions.

"I think that's probably one thing that I think a lot of people don't quite understand unless you've kind of worked in a startup environment, how fast paced it is, how day to day decisions have to be made, and how kind of probably unstructured things are."

Tac Lowe addresses the common misunderstanding about the dynamic and sometimes chaotic nature of startup work environments.

• Networking is crucial, and attending events can lead to serendipitous opportunities.
• Websites and meetup groups can help individuals find relevant events.
• Consistent attendance and openness at events can foster valuable connections over time.

"Just go out and meet. If there's anything, you'll meet new people. Second, there'll be free beer and pizza, so you get a free dinner."

Tac Lowe encourages attending events not only for networking but also for the additional perks, highlighting the informal and community aspects of tech industry gatherings.

"So believe in serendipity when networking and."

Tac Lowe suggests that an open-minded approach to networking can result in unexpected and beneficial encounters.

• Agrotech is a sector of interest due to the anticipated changes in food supply chains over the next few decades.
• Startups in the agricultural technology space are poised to disrupt the current systems.

"I think one thing that I'm really interested in is Agrotech. So agricultural technology, I think food supply chain is going to fundamentally change the next 2030 years."

Tac Lowe expresses a keen interest in Agrotech as a field that will experience significant transformation and offers potential for innovation and disruption.

• Tac Lowe has observed a few startups in the agricultural space, such as Freight Farm from Texas, Boston.
• Freight Farm is known for transforming freight containers into farms.
• Tac Lowe is also looking into a few supply chain startups, but feels that the envelope hasn't been pushed yet in this sector.

"I think it's freight farm from Texas, Boston, that makes kind of freight containers into farms. There's a couple of supply chain things that I'm looking at as well, but no one's really done the really. I think no one's really kind of pushed the envelope yet."

The quote explains Tac Lowe's current observations in the agricultural tech space, highlighting Freight Farm's innovative approach to farming and his interest in supply chain startups, though he believes there is still room for significant innovation.

• The concept of startup office hours was inspired by Brad Feld and David Cohen from Boulder.
• Techstars, co-founded by David Cohen and Brad Phelps, embraces the practice of open office hours.
• The purpose of these office hours is to inspire with new ideas, help entrepreneurs with brainstorming or introductions, and keep things fresh.
• It aims to lower the barriers between investors and entrepreneurs, promoting openness.
• There is no formal pitching or business plan presentations; it's an entrepreneur-driven conversation, which can include introductions or brainstorming sessions.

"You should ask Brad Feld about it because I got the inspiration from him."

This quote indicates that Brad Feld was the inspiration behind Tac Lowe's startup office hours, suggesting the significance of Feld's influence in the entrepreneurial community.

"It's just a chat. It's really entrepreneur driven, what the entrepreneur really wants to talk about."

Tac Lowe clarifies that the office hours are informal and centered around the entrepreneur's needs, whether it's for making introductions or brainstorming ideas.

• Tac Lowe considers one of his drill sergeants, Sergeant Willie, as the greatest leader he's known.
• Sergeant Willie's leadership was impactful because he instilled self-belief in Tac Lowe and was highly regarded by those under his command.

"He made me believe in myself when I didn't quite believe in myself."

This quote highlights the personal influence Sergeant Willie had on Tac Lowe, emphasizing the role of leaders in fostering self-confidence in others.

• Tac Lowe points out that Asia is not a monolithic market; it consists of multiple markets such as Seoul, Japan, China, Hong Kong, and Singapore.
• He finds Seoul particularly interesting due to its revolutions in the tech ecosystem, which are not widely known because of its insular nature.
• There are significant differences in startup valuations based on geographic location.

"I think Seoul is very interesting. Why? Because Seoul is actually very, they've done at least one or two revolutions in the ecosystem, but no one really knows about it because they're very insular."

Tac Lowe expresses his interest in Seoul's tech ecosystem, noting its significant but under-recognized advancements, which reflects the diverse and complex nature of Asian markets.

• Tac Lowe's current read is "Team of Rivals."
• He recently enjoyed "Give and Take" by Adam Grant, appreciates "Zero to One" by Peter Thiel, and often quotes "The Hard Thing About Hard Things."

"I think my favorite book that I've read recently was Adam Grant's give and take."

This quote reveals Tac Lowe's interest in Adam Grant's "Give and Take," which may reflect on his values in professional relationships and entrepreneurship.

• Tac Lowe's most recent investment was in a startup named Knitting, which develops controllers for hardware devices that knit items.
• He was attracted to the investment because knitwear constitutes a significant portion of the apparel market, and he was impressed by the team's hustle and ability to secure contracts.

"Knitting knitwear is about 50 or 60% of the entire apparel market. And it's an awesome team. It's a great team. They hustle a lot."

This quote explains Tac Lowe's rationale for investing in Knitting, highlighting the market potential of knitwear and the commendable qualities of the startup's team.