Time is the enemy

Today was a tough day. For the second time in my life I had to tell a great team of people that the idea they'd worked so hard on was going away. After 3+ years, our management team and board of directors has decided to scale back our operations at Judy's Book and seek a strategic acquiror.

As a CEO, I know this is the right thing to do for our investors. But as an entrepreneur it's disappointing to stop chasing an idea just when it's beginning to take root in the popular consciousness. We've (I've) made plenty of mistakes along the way with Judy's Book, but our decision last year to focus on local shopping wasn't one of them. Greg Sterling has been more eloquent about this opportunity than I'll ever be, but I'm certain the ideas we're pursuing here at Judy's Book will ultimately become a significant piece of the online and local
shopping puzzle, and I'm sorry that I and my team won't be the ones to carry the ball across the finish line.

Depending on how you count it, Judy's Book is my fourth or fifth startup, and it definitely won't be my last. It's hard to say goodbye to great ideas and even better people, but it's also exciting to be looking ahead to a new chapter. More to come...stay tuned. Don't turn the channel.

web 2.0

I'm one of those conference attendees that tends to hang in the lobby. I hear that there's a name for people like me -- "lobby lurkers". I think that fits. I get tired sitting in the big rooms listening to lecture style powerpoint presentations. I much prefer the dynamic of interactive networking and think that lobbies and coffees are best for it. I'll be hanging in the lobby by the coffee pot at the Palace hotel -- home of teh web 2.0 conference.  Hey ....just saw John Battelle....gotta go.

Seattle Start Up Shout Out: Blist is one to watch

I met with Kevin Merritt, CEO of Blist today. They're still in stealth mode and not talking much about what they're doing. But I assure when they do start talking, people will listen. Consumers, businesses, and investors will all listen. What they're doing is very cool!  When Kevin gives me the go ahead, I'll give you more of my opinions about the company. But in the meantime, keep an eye out -- blist is one to watch!

Cultural differences

Yesterday, I had the pleasure of teaching an entrepreneurship class to a group of visiting students from China. I was struck by a few things:

  1. There were a striking number of their questions were about copying businesses and how to protect oneself from competitive imitation.
  2. The students were interested why there weren't any Chinese brands in the US. They asked if I thought this was due to some cultural prejudice by the US. It was a good question that I wasn't able to immediately answer.
  3. I was impressed by their ability to speak English. Impressive.

Insane valuations

I was on the phone with an entrepreneur friend of mine and he was saying that valuations out there are getting pretty frothy and they are indeed!  It's no wonder that ebay finally had to take a $2.6 billion writedown on its skype acquisition.  No wonder indeed. And today at breakfast I heard that the rumour mill had Microsoft valuing a 5% stake in Facebook at $300 to $500 million, which places the value of Facebook at roughly $6 to $10 billion! Read about it here. Note that I wrote about this deal weeks ago and feel that I actually played a role in starting the rumour ;-)

Eat the anxiety

As pressure in business mounts, and I feel anxious about getting something done or accomplished. A mentor of mine once told me to eat the anxiety and use that anxiety as motivation.   I try not to literally eat the anxiety -- I am after all still watching my girlish figure but I do try to use the feeling as a motivator. And I love the saying -- "eat your anxiety". I find myself repeating the quote regularly.

O-wesome!


O, originally uploaded by a sack of seattle.

My wife and I were in Las Vegas over the weekend. We saw O at the Bellagio. Simply put, it was the best theatrical event I've ever seen in my life. Awesome! Awesome! Awesome! Worth every penny of the $170 per person ticket price! The event defies verbal description and just needs to be experienced. I recommend that everyone see it when they're in Vegas.

Poll: Bin Laden tops Musharraf in Pakistan

I found this article on CNN very disturbing. Below are a few quotes:

"We have conducted 23 polls all over the Muslim world, and this is the most disturbing one we have conducted," said Ken Ballen, the group's head. "Pakistan is the one Muslim nation that has nuclear weapons, and the people who want to use them against us -- like the Taliban and al Qaeda -- are more popular there than our allies like Musharraf."

According to poll results, bin Laden has a 46 percent approval rating. Musharraf's support is 38 percent. U.S. President George W. Bush's approval: 9 percent.

66 percent of poll respondents said they believe the United States is acting against Islam or has anti-Muslim motivation. Others refused to answer the question or said they did not know.

4 percent said the US had a good motivation in the war on terrorism."

74 percent said they oppose U.S. military action against al Qaeda and the Taliban inside Pakistan.

After American relief efforts following the October 2005 earthquake in Pakistan's Kashmir region, 46 percent of Pakistanis had a positive opinion of the United States, according to the poll. But as of last month, only 19 percent reported a favorable opinion.

A tribute to Anita Roddick


anita roddick, originally uploaded by a sack of seattle.

Anita Roddick died yesterday. It was a sad day. I've known Anita since 1994 when I was in business school. She was a pioneer in making business a force of change.  At that time, she and Ben Cohen were my business role models. 
In 2001, I ended up being Chairman and CEO of Body Shop Digital -- the bricks to click version of the Body Shop. Ultimately, this joint venture between Softbank and Body Shop never truly launched. We sold the company back to the corporate parent.  During that time, I had the pleasure of working with Anita and Gordon Roddick.
Anita was awesome. An inspiration to listen to and a true visionary. Fun to be around. She also was a bit kooky and crazy -- but I've always had a soft spot for kooky, crazy and passionate women. I will miss her. I think the world would be a better place if there more people like Anita :-).  Goodbye Anita.

A new business idea: funeral services for a doll!?

I spoke to a group of Japanese students last night about entrepreneurship. They're on an exchange program with the University of Washington.  One of the students wants to start a business that provides funeral services for dolls.  When I first heard the idea, I thought she was joking.  She wasn't! I inquired further. It turns out that of a class of 25 students, approximately 50% of the 20 year old students had a doll that they cared for regularly.   Furthermore, the students that did have a doll overwhelmingly thought that this students idea was a very good business idea. I don't know if it is or not but I thought this was fascinating.  Further evidence that understanding culture is critical when doing business.  Funerals for dolls....mmm. Makes you think doesn't it!

Microsoft buys Facebook!

Just my attempt at starting a rumor that should become reality.  Can't you see the headline now?

Here's why Microsoft should buy Facebook:
i) Facebook is the definitive social network platform play. Microsoft understands platforms.
ii) Microsoft has no capability anything close to Facebook.  It would get them current in the web world.
iii) Facebook has the largest engagement of the new developer community. This is the asset that made Microsoft so successful in the past and the asset needs to be renewed and reinvigorated.
iv) Plus, both founders went to Harvard....it'd make a good story.

MIT Enterprise Forum presentation

I'm presenting tomorrow night at the MIT enterprise forum on moving from idea to business.  Here's the cliff notes version to my presentation:

  • Ideas are cheap
  • Creating cash flowing business is a process. It’s expensive in terms of time, money and passion
  • Things I try to remember:
  1. KISS
  2. Cash Flow is King
  3. Customer Acquisition is Queen
  4. Listen to your gut
  5. Teams make businesses, not individuals