Mark Suster, the kind of VC every entrepreneur needs but most don’t get…
The uBeam story raced like a wildfire through the media for all the usual reasons. This note is not about uBeam though. They are taking their shot at building a truly transformative company and I applaud them.
My comments are about Mark Suster and UpFront Ventures.
Damn! Mark just does it so well. We all appreciate what Mark has written over the years and it is no surprise that the note he wrote late last night about uBeam speaks to everything he stands for. Be professional always, speak and write with equanimity and stand by your people because building companies is audacious and hard.
Here are the lessons I see in Mark’s note.
1) As an investor, know what you are getting into. Do your due diligence. We are paid to measure and take risk. If you’ve done your work, live with the outcome.
2) The team is the main reason why you invested, but not everyone should or can stay on the bus until the finish. These transitions can be complicated and good investors help coach their management teams through them. Sometimes, the most regrettable circumstances must be filed under “life's too short and move forward” events. It looks like uBeam has.
3) Communication is CRUCIAL at all times. Everyone hates to be surprised. Unfortunately, shit happens and the quicker you get your trusted people wrestling with the issues the better the potential outcomes. A constant, open discourse gives all stakeholders the opportunity to contribute, which in a crisis becomes even more important, and can mean the confidence to step up and give support in numerous ways.
Hat tip to Mark for again showing why he is one of the best in our industry and to the team at uBeam for having the vision and grit to shape the future.
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