Back at Greylock

Today, Reid Hoffman shared the news that I’ve rejoined Greylock Partners at an Executive in Residence. I couldn’t be more excited to be back.

This is an unusual step for me, as it is the first time in my twenty-year career that I’ve decided to come back to a firm. Then again, Greylock is an unusual firm.

When I look around Greylock, I recall Warren Buffett’s famous advice* on what to look for in people:

“Somebody once said that in looking for people to hire, you look for three qualities: integrity, intelligence, and energy. And if you don’t have the first, the other two will kill you.”

Early in my time at LinkedIn, I remember Reid Hoffman modifying this a bit:

“You really want to look for people who are smart, trustworthy, and ambitious. Having just two of the three is a problem.”

Deciding who you want work with is one of the most important decisions that you make in your career. Not to embarrass John Lilly, but I think his advice from the New York Times is spot-on:

“…find your tribe. You should look around and figure out whose team you’re on and whose team you’re not on. And for the people whose team you want to be on, you need to invest in those relationships and treat them well and spend time with them.”

When I look around Greylock, I see nothing but people who are smart, ambitious, and trustworthy; people whose team I want to be on. I can’t think of a better environment for me as I explore and look for the next big thing.**

(*) If you are interested in the history of this flavor of advice, this post on Quote Investigator is fascinating. Goes back more than a hundred years to a German General named Kurt von Hammerstein-Equord.

(**) Might be time to re-read my Executive in Residence series from 2012…

New Hires Are the Lifeblood of Hypergrowth Startups

On September 29, 2014, in an impromptu moment, I decided to tweet out a series about the importance of new hires.  Since then, I’ve received enough positive feedback about the series that I thought it best to take a moment and capture those thoughts in a long form post.

New Hires Matter

Every new hire brings with them multiple gifts to the team: new talent, fresh perspective, boundless energy, and validation.  The new hire, in turn, receives from the team a new mission, friends, challenge, and of course, validation.  It has all the potential of a positive feedback loop of challenge & reward, if the new hire & team approach it properly.

Every new hire is a gift, as is every new opportunity.

At Wealthfront, I’m grateful for everyone who takes the leap and joins the mission.  Silicon Valley is an incredibly competitive market for top talent in engineering, design & research.  Every person who makes the decision to invest the next stage of their career with the company is making a tremendous statement about their believe in the team, the company & the mission.

If you continue to hire world-class talent, every new hire brings new skills and lessons to the team, and the energy to prove them out.m  In turn, the best new hires come in expecting to learn and grow. They join, not just to do their best work, but to do it as a team.

As CEO, every new hire feels like both a tremendous gift, and a serious responsibility.

When I started at Wealthfront, the company had just 17 full-time employees.  It will end 2014 with just over 60.  Every new employee bets on the company, and the company bets on them.  It’s one of the most human and yet often overlooked aspects of technology careers at startup companies.

User Acquisition, Virality & Mobile Distribution: Notes

On Friday, Brendan Baker put up his notes from my Greylock Discovery Fund talk on user acquisition, virality & mobile distribution.  It’s a great resource to see a combination of third party notes about the talk, as well as some of the Q&A from that session.

Greylock Blog: User Acquisition, Virality & Mobile – Notes from Our Session with Adam Nash

Last week, I also had the opportunity to give a similar talk at 500 Startups.  As promised for those who couldn’t attend, here is a short list of relevant blog posts from the past two years that provide more depth to the topic:

Product Leadership

Design Led Product

User Acquisition & Virality

Product Prioritization

The Real Apple / Microsoft Conversation about the Laptop Ads

This is what some bloggers would call a “throw away” post.  I will likely regret it in the morning.

There was some coverage today that Microsoft COO Kevin Turner actually stated that Apple had called Microsoft two weeks ago agitating to pull the “Laptop Hunter” ads.  If you haven’t seen these ads, they are somewhat poorly put together sequences where someone gets a thousand dollars to buy a laptop, and they of course decide that the $3299 17″ MacBook Pro is too expensive, so they buy a $699 PC with completely non-comparable specs.  But the ads do work, and have gotten attention.

Anyway, here’s the quote:

And you know why I know [the commercials are] working? Because two weeks ago we got a call from the Apple legal department saying, hey — this is a true story — saying, “Hey, you need to stop running those ads, we lowered our prices.” They took like $100 off or something. It was the greatest single phone call in the history that I’ve ever taken in business. (Applause.)

Here’s my version of how that phone call really went:

Apple: Hi, this is Apple, calling for Microsoft.

Microsoft: This is Microsoft speaking.

Apple:  Hi Microsoft.  Listen, these commercials you are running don’t make any sense.  I know Bill is pretty agitated about the Get A Mac ads, but this really isn’t helping.   Just some advice, but you should stop running them.  It’s embarrassing.

Microsoft: Ha, Ha!  Really getting to you, huh?  Prices too high, can’t compete!  Ha Ha.  If you can’t take the heat, stay out the kitchen!

Apple:  Seriously, we just lowered the price of the iPhone by $100.  We’re selling 20M of them.  You can get a 3G for $99.  Who cares about the price of a laptop anymore?

Microsoft: OMG!  I cannot believe you just said that!  I’m going to tell everyone!  You LOWERED your prices by $100 just because of these commercials?!?  Awesome!  Boo-yah!  He shoots, he scores!

Apple:  Forget it.  This is going nowhere.

Microsoft:  Smell you later.  Ha Ha.   Let me know when you can run a real operating system on your crappy computers!

OK, I’m no Fake Steve Jobs.  But it was worth a shot.

Forget the iPhone Nano, I want a MegaPhone.

Caught this news today – rumors of Apple ordering a large number of ten-inch touchscreens from the same provider of iPhone screens:

Apple Orders Touch Screens for Q3

I hope its true.  I’ve realized that my iPhone has really become my preferred portable computing device.  I’ve gotten very used to the swipes, the pokes, the pinches.  I’ve grown to appreciate and need the fluid animation, the transparency, the flow of the interface.  I believe I now prefer the iPhone interface to Mac OS X, and that’s saying a lot.

My iPhone is about Twitter (Tweetie is my client of choice), LinkedIn, Mail (Exchange integration gets me work email so much better than Outlook Web Access), and of course, the web.  The endless supply of applications doesn’t hurt either.

I realized a few months ago that, while I still have a large Mac Pro tower at home for heavy lifting, more often than not when I’m hope I just want a bigger iPhone.  On the go, I’m happy to have something that fits in my pocket.  At home, I’d like to have something bigger when I’m sitting at the table, on the couch, etc.  My wife has a MacBook today, and I tend to use it around the house for a lightweight machine.  But more and more, I find myself preferring my iPhone to the MacBook.  I just wish it was bigger.

All the rumors last year were about the “iPhone Nano”.  The analogy was simple, even if misnamed.  Apple initially launched the iPod with a larger device and a hard drive.  But they hit scale with a cheaper iPod Mini, and then, of course, the iPod Nano, which hit $99 and unprecedented unit sales.

Well, I don’t want an iPhone Nano.  I want a big iPhone, 4x the size, same operating system, applications, etc.  Just bigger.  Maybe boost the storage too, so I can fit larger resolution video on it as well.  I want a MegaPhone.

In fact, calling it a phone is a misnomer.  While I wouldn’t mind the ability to make a call from the device, I think what I’m really saying is I want a jumbo-sized iPod Touch.  The MegaPod Touch?


How Amazon Could Turbo-Charge Kindle Sales

It’s been about a year since my last post on the Kindle, and sadly, nothing has really changed.  I still see the device as popular among my more venture-savvy friends and colleagues, particularly if they travel frequently.  Overall, however, I find the prospect fairly uncompelling.

To restate my comments from a year ago:

I think the problem is that I’m emotionally attached to my library. I surround myself with my books. They remind me of what I’ve read, and even in some cases, who I was when I read them.

Unfortunately, while I’d love to flip through some of them more frequently, the physical form gets in the way. I know I would love to have all my books in electronic form, the same way that I have my CD library now on my iPod, or my DVD library on my AppleTV/Mac Mini.

I still feel like Amazon is not really pushing to convert book readers to digital.  However, there is a program I could get behind:

Let me send you my books. Yes, my physical books. When I send you them, give me download access to the e-book form, for my Kindle. Let me trade you my paper for electrons, in high quality form.

This is the same strategy that retailers like EB Games has been able to use to bring life back into video game retailing.  Set up a volume program to receive used books, and either resell them or donate them to recoup fractional costs.  Effectively subsidize the transition from paper to digital for readers who have large collections.  In fact, they could likely turn it into a phenomenal charity program, providing millions of books to needy libraries and schools around the country.

Once they have a majority of their works in digital form, the advantage of the Kindle takes over.  Incremental sales will be purely digital, and you’ll lock those readers into your format.

Sure, Amazon would need to negotiate some sort of “bulk rate” with publishers to effectively re-license the books to readers.  But if publishers are smart, they’ll realize that the likelihood of selling someone a digital copy of something they already own in print is close to zero.  In fact, the net dollars from such a program could actually even help justify better economics on the cost of the Kindle itself.

One of the things that has always impressed me about Amazon is their willingness to look past short-term financials toward long term strategic advantage and user needs.  I think that’s why I still believe that Amazon could be the type of company to make this type of program a reality.   If they don’t do it, however, I wonder if Google just might.

Let’s see if I have to write this post again in 2010.