In this conversation with Ravin and Al, tech investor extraordinaire Rich Heise shares his journey from founding Magnitude Networks in 1995 to navigating the dot-com boom and beyond with Groupon.
He discusses the importance of timing in business, the challenges of family dynamics, and the lessons learned from his experiences with Starbelly and Inner Workings.
Rich emphasizes resilience, adaptability, and the impact of education on personal development, discussing the evolution of several companies including Echo, Media Bank, and Groupon.
They explore the challenges and triumphs of navigating IPOs, the dynamics of partnerships, and the role of luck in business success. The discussion also touches on personal motivations, community building through sports, and reflections on political issues and media bias.
Disclaimer: The Forged in America podcast features personal stories, experiences, and opinions from hosts Al Goldstein and Ravin Gandhi. This content is for informational and entertainment purposes only and is not investment advice, financial advice, solicitation of investments, or any form of professional recommendation.We strive for accuracy, but mistakes can happen and are unintentional. Nothing discussed should be relied upon for making financial, business, or personal decisions. Always consult qualified professionals before acting on anything you hear.Past performance or results mentioned do not guarantee future outcomes. Listeners are responsible for their own choices.
NOTE: A few clarifications from E11 regarding points mentioned in this episode, brought to our attention after publication:
Rich was not a co-founder of InnerWorkings (INWK), Echo Global Logistics (ECHO), or Groupon (GRPN). He was an early investor and board member in each company. Public filings for all three companies (including S-1s) list their respective co-founders.
Andrew did not reach out to Rich, which Rich clarified during the conversation. Groupon’s peak market capitalization was approximately $18–19 billion, not $28 billion.
