Mike Smerklo (Next Coast Ventures) - What it was like working for Ben Horowitz, How he set up a search fund and bought a company, Why he invests in consumer when he comes from enterprise

My guest today is Mike Smerklo, Co-Founder and Managing Director of Next Coast Ventures and author of Mr. Monkey and Me. Next Coast is investing in a new generation of entrepreneurs building disruptive companies in big markets. We discuss why Mike invests in consumer when his operational experience is in enterprise as well consumer trends he’s passionate about, How he organized a search fund and purchased a company and ran it, and his SHAPE formula and how entrepreneurs could think about mental toughness.

Here are the questions I ask him:

1. What was it like being recruited by Marc Andreessen and Ben Horowitz at Opsware?
2. How did you end up purchasing ServiceSource? Why did you?
3. So you have all this software and enterprise experience, when and why did you become interested in consumer?
4. How did Next Coast Ventures start?
5. I know you believe that in order to win today you have to build a community over relying on social media. What does community mean to you? What brands are building amazing communities that should serve as case studies?
6. Do you need to stand for something to win in consumer?
7. What is the future of retail in your mind?
8. What are some of your investment themes?
9. What has been your reaction to the pandemic as you think about new consumer behaviors and opportunities?
10. What’s your diligence process?
11. What’s some of the most common mistake you see entrepreneurs make?
12. Would love to learn about your SHAPE formula and how do you think about mental toughness for entrepreneurs?
13. What’s one thing you would change about VC?
14. What’s one book that inspired you personally and one book that inspired you professionally?
15. What’s one piece of advice you have for founders?