Brad Feld on 'Give First' & Mentorship

The Power of Giving First: Brad Feld's Philosophy

Brad Feld has operated throughout his career guided by a core tenet: offering assistance without anticipating a return. This approach, he clarifies, extends beyond simple reciprocity. It centers on supporting others with the understanding that genuine connections and opportunities will arise naturally over time through such actions.

From Blog to Book: A Distilled Approach

The entrepreneur and venture capitalist, who initiated angel investing in the 1990s, gained recognition through his insightful blog, “Feld Thoughts.” This platform offered unprecedented transparency into the venture capital landscape, sparking widespread debate within Silicon Valley.

After years as an investor and as a co-founder of both Techstars and Foundry Group – the latter of which supported hundreds of companies over 18 years before ceasing new fundraisings in early 2024 – Feld has synthesized his business and life experiences into his latest work, “Give First.”

Reflections on Mentorship and Boundaries

What prompted you to commit these ideas to writing at this particular moment, given that you’ve been contemplating the “Give First” concept for over a decade?

This represents my ninth book, and I was nearing completion of my nonfiction writing goals, with an interest in exploring science fiction. The convergence of potentially this being my final nonfiction book and a strong desire to capture these concepts led me to begin writing approximately three years ago.

The initial concept surfaced in 2012 within my “Startup Communities” book as a section titled “Give Before You Get.” The core idea was that fostering a thriving startup community necessitates individuals willing to invest energy without predefining their expected returns. This isn’t purely altruistic; benefits will accrue, but the timing, source, duration, and form remain uncertain.

Returning to Engagement

You previously stepped back from public life. What motivated your re-engagement?

I made a deliberate decision to disengage from public-facing activities. I was experiencing fatigue and burnout. My focus shifted to behind-the-scenes endeavors, which allowed my wife, Amy, and me to spend considerable time together, free from external distractions. This period proved deeply fulfilling.

When David Cohen resumed his role as CEO of Techstars a year ago, I offered my support to the extent he desired, though I remained hesitant to return to public visibility. Collaborating with him on strategic initiatives re-immersed me in the field. I also revisited the book draft, assessed its quality, and concluded it was worthwhile.

Protecting Givers: Avoiding Burnout

Your book delves into mentorship and the importance of establishing boundaries to prevent burnout. How can mentors safeguard themselves while remaining generous with their time and expertise?

I’ve openly discussed my experiences with mental health to help reduce the stigma surrounding these issues. There aren’t definitive solutions, however. A challenge arises when one is inclined to contribute without expecting immediate returns, as some individuals are unable to reciprocate or are inherently exploitative.

Adam Grant, in “Give and Take,” outlines a spectrum ranging from givers to takers, with traders occupying the middle ground. While takers may achieve short-term success, givers tend to thrive over the long term, particularly when success isn’t solely defined by power and wealth.

The Value of "I Don't Know"

You stress the significance of admitting “I don’t know” during mentorship. Why is this so vital?

It’s detrimental to emerging founders when seasoned, successful individuals present themselves as possessing all the answers. The essence of entrepreneurship lies in formulating hypotheses, rapidly testing them, and learning from inevitable failures.

Currently, there’s a tendency to present ideas as facts rather than hypotheses. The blurring of opinion and reality is problematic. Effective mentors offer data and hypotheses, not definitive prescriptions.

A key principle from my mentor manifesto is “guide, don’t control.” While you may sometimes know the answer, experienced managers understand that the best way to secure commitment is to empower individuals to reach their own conclusions.

Navigating Conflicting Advice

Founders often seek advice from multiple mentors, potentially receiving conflicting guidance. How should they navigate this situation?

When I solicited feedback on my initial book draft from 25 individuals, I inevitably received divergent perspectives. The more mentors can frame their feedback based on personal experience, the more valuable it becomes. Instead of prescribing a course of action, they should share relevant experiences and the actions they took.

If mentees approach feedback in this manner, conflicting advice becomes less problematic; it’s viewed as multiple data points from diverse experiences. It shifts from a “choose your own adventure” scenario to synthesizing information relevant to their specific context, making a decision, communicating it to mentors, and seeking their support.

Who Can Be a Mentor?

At what stage does someone become qualified to be a mentor?

The unique aspect of mentorship is that the most effective relationships evolve into peer-to-peer connections where both the mentor and mentee learn from each other. Consequently, anyone can be a mentor at any point in their journey.

I’ve gained invaluable insights from individuals early in their careers – students and first-time entrepreneurs. My friend Rajat Bhargava was only 21 when we began collaborating in 1994, and the mutual learning has been extraordinary.

There are highly successful, experienced individuals who make poor mentors, and those with limited experience who excel at it. Mentoring effectiveness isn’t tied to success or experience; it’s a mindset.

Navigating Uncertainty

How does this philosophy apply in the current climate of tech layoffs and disruption from AI?

Currently, predictive accuracy is exceptionally low. We lack a clear understanding of what will transpire. The most vocal and extreme predictions carry the least weight I’ve ever observed.

We’re in a turbulent period, but I believe these principles remain timeless. My intention with this book isn’t to be proven right; it’s to encourage different thinking or to reinforce existing perspectives.

Stepping Back from Traditional Venture Capital

You’re still involved with funds and assets accumulated over nearly two decades. Any concluding thoughts on transitioning away from the conventional venture capital model?

Amy and I often reflect on the inevitability of mortality. We don’t know when our time will come. How will we spend our precious lives? The number of individuals clinging to relevance well into their 70s and 80s… if that provides meaning, that’s wonderful. But for many, the answer is no.