How to Change the World (Ion Stoica, Executive Chairman & Former CEO of Databricks; & Co-Founder of Conviva)
Nov 21, 2019
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Ion Stoica, a two-time founder/CEO and Berkeley computer science professor, discusses building impactful companies like ConViva and Databricks, navigating boards and VCs as a CEO, scaling challenges, making real-world impact in entrepreneurship and academia, and the doubts faced when transitioning from academia to a startup.
As a CEO, decision-making should balance board input with personal expertise.
First-time CEOs should prioritize learning, hiring experienced executives, and establishing crucial processes.
Deep dives
Foundation Capital Funding Announcement
Foundation Capital announces the raising of their ninth fund, a $350 million fund named Foundation Capital, Fund Nine. With a track record of 28 IPOs including Netflix, the firm aims to continue partnering with early-stage entrepreneurs to build significant companies, focusing on the Kentucky Fraud Strategy and making 10 to 12 investments annually to provide dedicated support.
Lessons on Board Management
Jan Stoika shares insights on board management, emphasizing that as a CEO, one should listen to board members but ultimately make decisions based on their deep understanding of the company, market, and technical assets. He highlights the importance of using board members' pattern matching knowledge as additional insights while maintaining accountability for decisions. Stoika also stresses the significance of selecting investors who understand the market, provide valuable introductions, and exhibit patience during both positive and challenging phases of the company.
Advice for Founders
Stoika advises first-time CEOs to focus on continuous learning, surround themselves with experienced executives, and establish essential processes early on to avoid scaling issues. He emphasizes the need to make decisions quickly in the fast-paced startup environment and suggests showcasing significant success within four years to retain top employees in competitive markets like Silicon Valley. Stoika also underscores the importance of selecting board members and investors based on their market knowledge, chemistry, and ability to navigate challenges without overreacting.
Two-time founder/CEO, and Berkeley computer science professor, Ion Stoica chats with Ashu about what it means to have an impact and how to go from academic to entrepreneur.
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