Brad Feld’s Startup Survival Guide: Navigating Uncertainty in Turbulent Times
Renowned venture capitalist Brad Feld, co-founder of Foundry Group and Techstars, has released a new book titled The Startup Community Way: Evolving an Entrepreneurial Ecosystem. Co-authored with Ian Hathaway, the book explores how to strengthen startup ecosystems globally.
In a recent interview, Feld shared actionable insights for founders facing unpredictable challenges—like the COVID-19 pandemic—and how to adapt when the unexpected strikes.
Key Takeaways from Brad Feld
1. Focus on Influence, Not Control
Feld’s Advice:
“The first step is getting rid of the notion that you can control complex systems. Instead, focus on what you can influence—that’s where you should direct your energy.”
Practical Application:
- Engage Investors Early: Ask existing investors about reserved funds for future rounds. Even vague answers provide a framework for planning.
- Scenario Planning: Use investor feedback to model different financial outcomes and adjust strategies accordingly.
2. Adapting to Crisis: Cost-Cutting and Pivoting
For Startups Impacted by COVID-19:
- Immediate Action: Slash costs to extend runway. Feld emphasizes this should have been a priority early in the pandemic.
- Performance Expectations: Investors may evaluate 2019–2021 performance holistically, acknowledging 2020 as an outlier (like an abbreviated sports season).
3. Strategic Pivots: Lessons from Formlabs
Case Study:
- Challenge: Formlabs, a leading 3D-printing company, saw its dental market revenue drop to zero during lockdowns.
- Solution: The company repurposed its bio-certified printers to manufacture nasal swabs for COVID-19 testing, partnering with hospitals to certify and scale production.
- Result: Hospitals began purchasing Formlabs printers to produce swabs in-house, opening a new revenue stream.
4. Assertiveness and Situational Awareness
Traits of Successful Founders:
- Proactive Communication: Regularly update investors on shifting realities.
- Avoid Linear Thinking: Even booming sectors (e.g., telemedicine) can face sudden shifts. Feld notes: “Telemedicine advanced 10 years in four weeks—but that momentum isn’t guaranteed.”
The Bigger Picture: Embracing Complexity
Feld highlights the tension between entrepreneurs’ urgency and investors’ risk tolerance. Startups must balance long-term vision with agility, especially when external shocks accelerate or derail industry trends.
Final Thought:
“Innovation thrives in chaos, but survival depends on focusing on what you can change—not what you can’t.”
For deeper insights, Feld’s book delves into building resilient startup communities and navigating systemic unpredictability. Stay tuned for more from our interview, including his views on the “measurement trap” and post-funding challenges.
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