On Episode 4 Sean Wise sits down with the other co-founder of techstars, one of the initial and most successful accelerators in the world, Brad Feld (@bfeld). He is also an investor, which he has done since 1987 and is currently doing through Foundry Group, a venture capital firm that invests in early stage software/ internet companies.
When he’s not investing in companies he’s collecting art and running, a lot, with a goal of running a marathon in each of the 50 states.
Brad spoke at length about the hiring decision entreprenuers need to make when it comes to their startups, distilling the factors to two, culture fit and competence. While, having someone that’s high in both aspects is important, Brad had this to say if the person doesn’t.
“High Culture fit and low competence is a little trickier. Those individuals are good to maintain contact with, for the future”.
Take into consideration the amount of talent that Brad has seen come and go over the years as an investor and the co-founder of techstars, as you take in such a statement. There’s no denying the importance of talent, in fact it was Ryan Cohen who last episode spoke about how talent is king. Yet, culture in many ways is the essence of a company and as a result it can be just as big of a factor in the success of a startup.
A thing to consider for Entrepreneurs would be to either rethink the position of the individual that fits into your company culture. Rethinking how the competence of the individual lines up with your company need could lead to a successful hire.
When that isn’t a possibility, which it can be for young companies, another solution is to stockpile talent for future opportunities by keeping in contact with that person. Down the line, as you expand or start a new business that person might very well fall into exactly what you’re looking for.
If you think Brad is an interesting guy his blog, FeldThoughs, might be interesting to you too
And if you’re interested in that whole startup scene, techstarsTV, is pretty cool too.
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