Business Is Boring Why great operators can make for great venture capitalists
May 19, 2025
Barnaby Marshall, a partner at Icehouse Ventures and former owner of I Love Ugly, shares insights on venture capital's impact on startup growth. He discusses how his entrepreneurial experience helps him identify promising businesses and founders. The conversation explores when venture capital is beneficial and when it may not be the right fit. Barnaby emphasizes the importance of empathy and market understanding in investing, while also touching on the evolving landscape of venture capital in New Zealand.
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Barnaby's Entrepreneurial Start
- Barnaby Marshall started as an entrepreneur with businesses from age 14, including an online underwear business before partnering with I Love Ugly.
- They innovated early with online retail, finding product-market fit and launching an online store in 2011 that quickly took off.
Fashion Innovation Stories
- I Love Ugly disrupted traditional fashion by requiring retailers to pay upfront and launching monthly product collections.
- They built a strong lifestyle brand using social media early, scarce product releases, and continuous monthly launches.
Success Requires Timing & Failure
- Success needs market timing, execution, and strategy all aligned—timing is the most crucial.
- Barnaby values experience with failure as it reduces overconfidence and teaches real-life lessons essential for entrepreneurship.