WEBVTT - Business Schools Opening Doors for Startups

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<v Speaker 1>You're listening to Bloomberg Business Week with Carol Messer and

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<v Speaker 1>Tim Stenebeck on Bloomberg Radio.

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<v Speaker 2>What do Josh Hicks, the co founder have plated, Jenny Flies,

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<v Speaker 2>co founder of Rent the Runway and Guilt Group, and

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<v Speaker 2>glam Squad founder Alexandra Wilkis Wilson all have in common.

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<v Speaker 2>They're all entrepreneurs. Of course, they also went to Harvard

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<v Speaker 2>Business School, but they have something else in common.

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<v Speaker 3>Well, and they were once a head of startups that

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<v Speaker 3>became so much more right. They're also all featured in

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<v Speaker 3>a new book written by two startup founders and angel investors.

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<v Speaker 3>The book is called Smart Startups What Every Entrepreneur Needs

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<v Speaker 3>to Know Advice from eighteen Harvard Business School founders. And

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<v Speaker 3>we've got the authors of the book here, Katalina Daniels,

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<v Speaker 3>venture partner at Entrepreneurs Roundtable accelerator, and Jim Sherman, Angel

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<v Speaker 3>investor and entrepreneur here, both in our Bloomberg Interactor Broker Studio. Welcome, Welcome,

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<v Speaker 3>congratulations on the book. My guess is your world you're

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<v Speaker 3>constantly thinking about the startup community in terms of what

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<v Speaker 3>you do at Harvard.

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<v Speaker 4>Well, in terms of thinking about the community. Yes, because

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<v Speaker 4>we've both been startup founders ourselves, actually so myself with

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<v Speaker 4>having launched or exited three different companies, Catalina as well.

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<v Speaker 4>And we came together, I guess about six years ago.

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<v Speaker 4>We were classmates at HBS, but we came together to

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<v Speaker 4>write this book really because we wanted to impart our

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<v Speaker 4>own wisdom from having spent time as entrepreneurs. But we

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<v Speaker 4>also thought it would be super special to write the

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<v Speaker 4>book including many other HBS founders of companies, and to

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<v Speaker 4>learn about the collective wisdom that they bring to bear

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<v Speaker 4>as well.

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<v Speaker 1>Well.

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<v Speaker 3>Maybe by saying it Harvard, I meant like, what is

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<v Speaker 3>it about what's the secret sauce? Because we've gone to

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<v Speaker 3>a lot of business schools, done broadcasts, and there is

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<v Speaker 3>something about certain environments that are just right for entrepreneurship.

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<v Speaker 3>Oh is that fair to say that?

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<v Speaker 5>Yes? I mean you mean in business school what the

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<v Speaker 5>secret sauce is? I think it all starts with, uh,

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<v Speaker 5>you know, admission, the type of people that they admit

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<v Speaker 5>to the school. Harvard Business School is now doing a

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<v Speaker 5>great job in terms of entrepreneurship. I mean has a

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<v Speaker 5>huge number of Unicorn founders, huge number of founders in

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<v Speaker 5>general to be an entrepreneur. To be a founder, you

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<v Speaker 5>need to have a certain personality. You need to be resilient,

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<v Speaker 5>you need to show passion, you need to be willing

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<v Speaker 5>to go for it. And I think it all starts

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<v Speaker 5>with the admission, you know, admitting people that have these traits.

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<v Speaker 5>That's one thing. But then you know, there's so many

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<v Speaker 5>courses at business school taught by wonderful professors that probably,

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<v Speaker 5>well we were studying at the time that there were

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<v Speaker 5>only two entrepreneurship classes, so we missed up.

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<v Speaker 6>We missed out quite a lot.

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<v Speaker 1>It's probably a lot.

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<v Speaker 5>Yeah, it's it's it doesn't is there really? And you know,

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<v Speaker 5>wonderful professors. You must know that a business school, the

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<v Speaker 5>Harvard Business School is based on a case study methods.

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<v Speaker 6>We mentioned it all the time, so you know, I

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<v Speaker 6>mean there is something between recruiting the right people, putting

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<v Speaker 6>them in front of the right people, talking about the

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<v Speaker 6>right topics that should inspire.

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<v Speaker 5>These people to basically go out do something and become successful.

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<v Speaker 3>We're going to talk about those successful people and some

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<v Speaker 3>of the companies they've started and the commonality. We're going

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<v Speaker 3>to come back continue talking on smart startups. It's a

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<v Speaker 3>new book right here on Bloomberg. I want to get

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<v Speaker 3>back to the authors of a new book, Tim.

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<v Speaker 2>Yeah, Katleena Daniels, and James Sherman. They are the co

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<v Speaker 2>authors of Smart Startups, whatevery entrepreneur, entrepreneur needs to know

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<v Speaker 2>advice from eighteen Harvard Business School founders. They're here in

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<v Speaker 2>our Bloomberg Interactive broker's studio, Jams, I want to just

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<v Speaker 2>ask you the question that I think you probably get

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<v Speaker 2>a lot which is a lot of entrepreneurs would would

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<v Speaker 2>sort of scoff at the idea even going to business school.

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<v Speaker 2>They say, we don't need to go to business school.

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<v Speaker 2>I mean, we'll get some of the most prominent entrepreneurs

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<v Speaker 2>out there today. Mark Zuckerberg dropped out of Harvard, didn't

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<v Speaker 2>go to graduate school. Bezos did not go to get

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<v Speaker 2>an MBA.

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<v Speaker 1>What would you say to those folks, Well.

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<v Speaker 4>I'd say that you certainly can be successful if you

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<v Speaker 4>don't go to business school. And you mentioned a few

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<v Speaker 4>great names of people that became huge successes. So you

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<v Speaker 4>don't have to go to business school to be a

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<v Speaker 4>successful startup founder. But I think you're going to increase

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<v Speaker 4>your odds of success if you do, especially these days,

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<v Speaker 4>at the school where they've got a tremendously robust set

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<v Speaker 4>of courses around entrepreneurship. So you will learn fundamentals, you

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<v Speaker 4>will learn frameworks, you will learn.

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<v Speaker 1>Case study through the case study method.

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<v Speaker 4>Successes and failures, and I think that can only help

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<v Speaker 4>and improve your odds of success. And by the way,

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<v Speaker 4>that's very important because the fact is seventy percent of

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<v Speaker 4>seeded startups are going to fail. Seventy percent, So keep

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<v Speaker 4>that in mind.

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<v Speaker 1>Odds are not with you.

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<v Speaker 4>Yeah, exactly, so you improve the odds as best you can.

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<v Speaker 5>Yeah.

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<v Speaker 3>No, it's interesting that you say that. Come on back in.

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<v Speaker 3>As you guys worked on putting this book, what was

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<v Speaker 3>it that kind of stuck out for you or stood

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<v Speaker 3>out for you in terms of the individuals you profile,

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<v Speaker 3>the businesses you profile, the entrepreneurs that you profiled.

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<v Speaker 5>Well, many things, actually, and we don't have that much time,

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<v Speaker 5>so I'm not going to mention everything, but a couple

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<v Speaker 5>of things stood out. For example, there is this myth

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<v Speaker 5>with within the entrepreneurial ecosystem that you need to have

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<v Speaker 5>a certain team to start with, not go for it alone,

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<v Speaker 5>but have two or three co founders, a ceo, CTO,

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<v Speaker 5>a cmo or I would.

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<v Speaker 3>Say, no, no, and no, is that true? Do you

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<v Speaker 3>need it?

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<v Speaker 5>Well, I mean it's you can need it, but you

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<v Speaker 5>don't have to. What I mean by that is what

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<v Speaker 5>came out of our research and our interviews is multiple

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<v Speaker 5>models can work, and it's there is no myth about

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<v Speaker 5>the twosome or the freesome. We had a we had

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<v Speaker 5>multiple solo founders. We had a team of five recruited

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<v Speaker 5>by headhunters or by one headhunter. We had a mom

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<v Speaker 5>and her son, we had a married couple, we had

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<v Speaker 5>best friends. So you know, this was a bit of

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<v Speaker 5>a surprise because as an angel investor, you know you're

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<v Speaker 5>in the middle levon these discussions. Should we invest in

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<v Speaker 5>that team or not? Well, I mean they don't have

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<v Speaker 5>a CTO, or he or she is alone. Well, I

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<v Speaker 5>mean look at these cases. It was all over the place.

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<v Speaker 5>So that's one example. There are multiple examples. I think

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<v Speaker 5>that's why the book is interesting. You know, Jim and

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<v Speaker 5>I started with an idea of what we would write

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<v Speaker 5>about because we've both been entrepreneurs, were angel investors operating

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<v Speaker 5>the tech ecosystem. But I can assure you that the

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<v Speaker 5>result is different than what we had in mind. When

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<v Speaker 5>we started come.

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<v Speaker 4>On in well as Catolina was beginning to give you

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<v Speaker 4>just one exit example of some surprises that we had

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<v Speaker 4>not expected, I mean, another one, if I were to

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<v Speaker 4>think of it would be how creative people were invalidating

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<v Speaker 4>the demand for their service before raising money or anything

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<v Speaker 4>material in terms of fundraising. And that was really impressive

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<v Speaker 4>with how creative they were in coming up with ways

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<v Speaker 4>to validate that consumers or businesses would be interested in

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<v Speaker 4>their product or service. So, for example, rent the Runway,

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<v Speaker 4>which everyone knows today a very successful company, public company

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<v Speaker 4>rental of dresses. The way they began to prove that

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<v Speaker 4>model was not even putting up a website. They actually

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<v Speaker 4>did pop up stores at several college campuses to demonstrate

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<v Speaker 4>that women were interested, not only interested in renting the dresses,

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<v Speaker 4>but were passionate with this opportunity, and they videotaped it

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<v Speaker 4>further so that they could document that passion, which was

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<v Speaker 4>very impressive when they then presented those findings to venture

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<v Speaker 4>capitalists later. So, these kinds of creative methods to validate

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<v Speaker 4>the demand was something that really surprised me.

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<v Speaker 2>I do forgive me, but I have to push back

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<v Speaker 2>a little bit with a couple of the examples in

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<v Speaker 2>the book, just because you know, sometimes they enter their

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<v Speaker 2>life as a public company and things don't necessarily go

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<v Speaker 2>totally as planned. Shares of Rent the Runway have plummeted

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<v Speaker 2>this year. It's been tough since the IPO Blue Apron.

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<v Speaker 2>I mean I was there at the New York Stock

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<v Speaker 2>Exchange when the company went public. It's a shadow of

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<v Speaker 2>its former self today. I mean it's you got an

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<v Speaker 2>eighty three million dollar market cap. Talk to me a

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<v Speaker 2>little bit about how things are still. There's still speed

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<v Speaker 2>bumps after you know, quote unquote successful exit.

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<v Speaker 4>I mean, to be fair, we don't cover what happened

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<v Speaker 4>after the exits for the companies. We don't get into

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<v Speaker 4>that because when there's the exit, we do analyze whether

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<v Speaker 4>we think it might have been successful or not right.

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<v Speaker 4>If it was a fire sale exit and investors didn't

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<v Speaker 4>get their money back, that's one scenario. If there's an

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<v Speaker 4>exit where everyone did get a return, that's something else.

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<v Speaker 4>But we we actually don't attempt to cover what happened

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<v Speaker 4>years later after going public in this case.

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<v Speaker 3>But I do wonder it's like venture capitalists when you

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<v Speaker 3>guys are looking at you know, offers or ideas that

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<v Speaker 3>are out there. An entrepreneur comes to you.

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<v Speaker 6>Can you tell the difference.

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<v Speaker 3>Between something that may have some legs, may go public,

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<v Speaker 3>but you don't know if it'll be a longer, longer,

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<v Speaker 3>longer term play versus something you're like, okay, this is transformative.

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<v Speaker 3>Do you know as a venture capitalist and I know

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<v Speaker 3>you guys play at a different part well of the

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<v Speaker 3>spectrum and a lot of ideas go out there.

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<v Speaker 5>Yeah, So just to be clear, we're we're angels, which

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<v Speaker 5>is just very very you know, so you really don't

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<v Speaker 5>know basically, I mean, but you need to look at

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<v Speaker 5>a couple of things which you're willing to throw right,

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<v Speaker 5>because it's not always a ton of money, right, but

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<v Speaker 5>willing to invest in a bunch, yeah, because they're always startup.

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<v Speaker 5>But so the model is, or you know, the way

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<v Speaker 5>you think about it is, is this a team that

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<v Speaker 5>has some of the traits we talked about two minutes ago,

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<v Speaker 5>you know, the passion, the resilience, et cetera. As as

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<v Speaker 5>a founder, I mean, there are a lot of things

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<v Speaker 5>you don't control. So the very first thing is you

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<v Speaker 5>invest in a team.

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<v Speaker 1>How can I tell that about a team?

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<v Speaker 5>Though?

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<v Speaker 1>Just by meeting people I feel like it's like when

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<v Speaker 1>you so tough.

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<v Speaker 3>I don't know if you ever like I had to

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<v Speaker 3>try out to be an ra and they actually had

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<v Speaker 3>to do like this team dynamic and that was such

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<v Speaker 3>a big part of the interview. You see how we interacted.

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<v Speaker 5>Who was the body.

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<v Speaker 3>But I'm wondering how you guys do it well.

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<v Speaker 5>I mean, you know, I don't know if we've got

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<v Speaker 5>the answer. But basically, you look at.

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<v Speaker 3>Do you invest if you don't like them, I.

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<v Speaker 5>Don't invest if well maybe sometimes that's that's that's that's

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<v Speaker 5>something else. I mean, you know, you don't need to

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<v Speaker 5>be best friends with the I don't have.

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<v Speaker 3>To like my doctor. But if I know they're good,

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<v Speaker 3>I'm good exactly.

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<v Speaker 5>But but there is something within the investory community where

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<v Speaker 5>you know that some investors have nose for a good startups,

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<v Speaker 5>et cetera. And we talk about that in the book.

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<v Speaker 5>There is this set the dominos thing. I mean, if

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<v Speaker 5>you find a good investor that invest in you, maybe

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<v Speaker 5>other ones will funnel. They might not be in love

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<v Speaker 5>with you as a person, but they might look at

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<v Speaker 5>somebody else that has done very good investments in the

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<v Speaker 5>past and think, okay, this is a good opportunity. You know,

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<v Speaker 5>I'm not in love with the person or the people

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<v Speaker 5>pushing the opportunity, but it's a good opportunity. It's the

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<v Speaker 5>good time, a good time to get what they're trying

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<v Speaker 5>to say, a set of good investors, you know, and

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<v Speaker 5>you could do it, I think, Jim, did you could?

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<v Speaker 1>Did you go ahead? Jim?

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<v Speaker 5>No?

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<v Speaker 1>No, no. I was just going to add that.

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<v Speaker 4>I think a lot of times people as an angel

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<v Speaker 4>investors or vcs talk about founder fit. Are they a

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<v Speaker 4>right fit for the opportunity, And you have to be

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<v Speaker 4>very careful as well about founders who are a practical

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<v Speaker 4>and charismatic and can sell a vision and a story.

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<v Speaker 1>Because by the way, they have to.

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<v Speaker 4>They are the chief sales officer, but not just in

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<v Speaker 4>closing sales, in terms of hiring in her getting partners,

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<v Speaker 4>getting suppliers. They're constantly out there selling the vision and

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<v Speaker 4>moving things along. It has to be part of the job,

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<v Speaker 4>right that as part and parcel of the job. But

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<v Speaker 4>they can't be delusional as well. They can't be delusional

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<v Speaker 4>and you know, because investors can sniff that, and they

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<v Speaker 4>can't be annoying because if people are going to have

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<v Speaker 4>to want to work for this founder. So that's really

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<v Speaker 4>I've seen many things.

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<v Speaker 3>You wonder about. I was just like, we're running out

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<v Speaker 3>of time, but you make you know, you wonder about

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<v Speaker 3>these individuals who attract a ton of investor money really quickly,

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<v Speaker 3>just quickly.

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<v Speaker 1>Yes, you know, like the Adam Newman's of the world.

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<v Speaker 5>Number the eighteen founders that we interviewed raised one point

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<v Speaker 5>seven billion dollars at time of writing. So yeah, so

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<v Speaker 5>they obviously like, so you know, whatever measure you used,

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<v Speaker 5>many made it.

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<v Speaker 1>Many made it and some didn't. And we talk about both.

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<v Speaker 3>Well, it's very interesting. It's called Smart Startups. What Every

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<v Speaker 3>Entrepreneur Needs to Know Advice from eighteen Harvard Business School

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<v Speaker 3>founders Katalena and Daniels and Jim Sherman. They are the

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<v Speaker 3>co authors