Extending and Expanding Aid – Some Policy Ideas
I was recently asked to put together some ideas for consideration for the next economic package that congress is currently working through and which I hope will both extend existing programs put in place to dampen the blow of the economic crisis brought on by Covid-19 but also extend that aid to critical areas of the economy that aren’t yet being supported by current programs. I touched on some of the issues in two OpEd pieces I co-authored with Elizabeth Macbride in the last two weeks (here and here in case you missed them). There wasn’t space in those to really flesh out a number of ideas that I think are worth thinking about, and I was only in the process at that point of putting this together. I leaned on a number of people for their advice to come up with what I describe in more detail below. Specifically I’d like to thank Doug Rand, Delaney Keating and Dan Caruso for their input. I’ve had some discussions about this with members of congress and am hopeful that at least some of these ideas will be considered in the upcoming 4th aid package. I’d love your feedback (as well as other ideas). I have an ongoing line of communication in congress about these and other ideas. Overall, despite the size and scale of the existing aid packages, I think more needs to be done to help prop up the economy and especially to target some of the businesses that need and deserve help but are being left behind by the current programs. …
April 19, 2020· 6 min read
What Policymakers Don’t Understand About Small Business
Entrepreneurship in the United States has been changing in ways that many people have not yet recognized. I’m working on a much more extensive piece on these changes (and have been for some time – more on that project in a future post) but as the Covid-19 crisis took root, it became clear to me and my writing partner, Elizabeth Macbride, that policy-makers fail to understand the nature of entrepreneurship and small business in America (from the composition of entrepreneurs to the types of businesses they are starting to the rise of the “gig” economy) and that this failure was causing them to miss the mark on programs they were implementing to help. Last week, Elizabeth and I wrote an OpEd published on CNBC that describes the confusing landscape that businesses face trying to navigate the federal aid landscape. Earlier this week we penned a follow-up that describes at a high level some of the changes in the American entrepreneurial landscape as well as the ways in which policy can and must be adapted to keep pace. The text of our latest OpEd is below. …
April 16, 2020· 7 min read
SBA PPP Loans Aren’t for Everyone
There’s a healthy debate going on right now at many VC firms about whether venture-backed companies should apply to the SBA’s Payroll Protection Program (The Information had a good article on this yesterday (paywall), and Albert Wenger from Union Square Ventures put up an excellent post on the subject here). This program is designed to help businesses struggling with the Covid-19 crisis retain employees and pay for critical infrastructure (specifically rent, mortgage and utilities). I wrote an OpEd piece for CNBC yesterday with Elizabeth Macbride that outlined a number of ways that the program, as currently implemented, is failing to reach many of the businesses it was intended to support. The program is complicated, being implemented through only a subset of the banking sector, is being interpreted differently by different banks, and has a loan forgiveness formula that leaves out many critical businesses that are in desperate need of the money (specifically restaurants and hospitality businesses). …
April 7, 2020· 6 min read
We’re Not Doing Enough to Help Small Businesses
Elizabeth Macbride and I wrote an OpEd piece that was posted on CNBC this morning addressing what we believe to be significant shortcomings of the CARES Act and the SBA’s Payroll Protection Program (PPP). Specifically how the stimulus is failing to meet the needs of small businesses around America in this time of crisis. This is urgent and needs to be addressed as soon as possible. I’d encourage you to click through to read the full piece, but below I’ve outlined the key recommendations we make at the end of the OpEd: …
April 6, 2020· 3 min read
Tips For Working from Home From The Foundry Network
Over the past week I’ve been gathering work-from-home tips from Foundry Group portfolio companies. Here are some of the best suggestions – from WFH veterans as well as some newbies quickly getting up to speed. I highlighted a few that I thought were particularly good ones. Work Space Create a dedicated work space distinct from high traffic or personal areas. Make sure that it’s uncluttered, professional and comfortable. You will also want to have good lighting and A/V accessories. If a dedicated space isn’t feasible, get creative and find some workable nook in your home where you’re comfortable and can focus. Listen to some music. If you’re in a lot of meetings this can be hard, but try to squeeze it in when you can. Invest in a good desk chair. Your back will thank you. Yoga balls are cheap, available for quick delivery, and ergonomically healthy. Note: I actually stole back into our office this weekend to get my standing desk and my back is already thanking me. Work near a window and keep it open. The cold air is a game-changer. Light your favorite candle in your office. (For CEOs and managers): If a critical employee needs something, get it for them. Make sure people are comfortable and can be productive. If a key employee needs a monitor or a standing desk, order it for them. Make occasional tweaks. Move things around in your WFH space and try something new each week. Over time you’ll discover little boosts from mixing things up. Not every task necessitates a laptop or sitting at desk. Can you take that next meeting from the couch, and use your iPad for your notes? Can the meeting after that be from your phone and headphones while you take a walk? Routines …
March 31, 2020· 6 min read
CO #COVID-19 Talent Network
With so many jobs being lost to the COVID-19 crisis a group of us thought it would be helpful to put together a talent network to help support those looking for work during this challenging time. We know there are companies out there hiring, and that includes tech companies. The Colorado #Covid19 Startup Talent Network provides job seekers access to upload their profile information and job skills. It also allows companies to search for talent and sort on various job criteria. …
March 26, 2020· 2 min read
Job hunting in the midst of a crisis
My posts last week (which included predictions of pending lay-offs at technology businesses) prompted a number of people to reach out and ask a variant of the question: “How can I find a job in the middle of a shutdown/meltdown?”. I don’t know that I have a great answer to that but I thought I’d take a stab at it with the hope that some of these ideas will be at least somewhat helpful to those that find themselves in the position of being out of work during this crisis. …
March 25, 2020· 4 min read
3/19/2020 Thoughts
I had a few things on my mind related to the startup environment right now as it relates to Covid-19 and the massive market disruption that we’re in the middle of. It’s a struggle to get them all sorted out in my mind so apologies in advance if these are a little disjointed. As you can imagine we’ve been having conversations all week across the Foundry portfolio (which includes not just companies but also our ~ 35 fund investments; between those we have look-through into a few thousand companies). With that, here are some general observations on the market as well as a few things specific to startup companies (relevant across stages). …
March 19, 2020· 6 min read
Decision making in uncertain times
Making decisions for your business can be hard even in normal circumstances. Right now, in this time of great uncertainty and high emotional stress it’s even harder. I’m on countless calls a day now where I’m trying to talk through with people in our universe (CEOs, GPs of other funds, fellow board members, etc.) critical decisions that in many cases will define the future for the businesses involved. How to react in a time like this is complicated and in most cases is not obvious. Just how bad things may get is unknown, as is how long this will last and what effect that will have on various business sectors and on specifics businesses is unclear. Below are a few thoughts that I’m using to guide my own decision making in this time of crisis. …
March 18, 2020· 4 min read
Dealing with evolving information about Covid-19
Humans are, as a general rule, poor at changing their minds once they’ve developed a view about something. This can be the cause of plenty of arguments and I suspect is a significant reason we’ve become so much more polarized as a country in recent decades (that, and it’s ancillary effect of causing us to seek out only information and data that support our unbending view). But in the case of dealing with a pandemic like Covid-19 it can be downright dangerous. I thought it would be helpful – perhaps even important – to talk about why being open to new and evolving information is so critically important in a time when what we know about Covid-19 is changing so rapidly. …
March 15, 2020· 3 min read