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20VC: MongoDB CEO, Dev Ittycheria on Why Sometimes You Have To Be Inefficient To Be Effective, The 2 Different Types of Decisions and How Great Leaders Respond To Each & Why Value To Overhead Ratio Is The Metric To Use When Selecting Investors

Aug 10, 2020

In this discussion, Dev Ittycheria, President and CEO of MongoDB, shares insights from his impressive background in tech and venture capital. He reveals why being inefficient can lead to greater effectiveness in leadership. Dev dives into the importance of vulnerability with investors and the three core benefits it brings. He also tackles the challenges of scaling organizations, emphasizing the risks of information asymmetry. Lastly, he reflects on the fine line between promoting from within versus hiring externally when growing a team.

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ANECDOTE

Path to Startups

Dev Ittycheria's parents encouraged engineering or medicine, but he found his passion in sales.
He enjoyed engaging with customers and understanding their problems, leading him towards startups.

INSIGHT

Vulnerability as Strength

Many CEOs hide problems due to imposter syndrome, but vulnerability is key.
Sharing bad news early builds trust with investors and motivates them to help.

INSIGHT

Bad News Travels Slowly

Bad news travels slowly upwards, often distorted in the process.
Leaders should create a culture of quickly sharing bad news to solve problems faster.

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Dev Ittycheria is the President and CEO @ MongoDB, recognized as the world's most popular next-generation database and the first database company to go public in over 26 years. Prior to their IPO, MongoDB raised from some of the best in the business including Sequoia, USV and NEA to name a few. As for Dev, before Mongo Dev was Managing Director at OpenView Venture Partners, Venture Partner at Greylock Partners, and CEO/Co-founder of BladeLogic, which was acquired by BMC for $900 million. Dev has also sat on some incredible boards including AppDynamics, athenahealth and BazaarVoice.

In Today’s Episode You Will Learn:

1.) How Dev made his way into the world of startups? How Dev made his entry into the world of venture? How that led to his joining Mongo as CEO?

2.) How has Dev seen his style of leadership change over the last few years? What are the 3 core benefits of being vulnerable with your investors? Why does Dev believe you sometimes have to be inefficient to be effective? What element/trait would Dev like to improve and develop as a leader?

3.) Where does Dev believe the majority of leaders make mistakes when it comes to scaling their teams and orgs? How does Dev think about the debate of whether to promote internally or hire externally for a role? Why does Dev believe the asymmetry of information there is dangerous?

4.) What has been Dev's biggest lessons when it comes to the speed that information is relayed within orgs? How does this differ between good news and bad news? What can leaders do to create environments where bad news is shared freely? Where do many go wrong here?

5.) How does Dev advise founders on the criteria they should use to determine which investors to work with? What has been so impressive to Dev about working with Sequoia? How would Dev describe Roelof Botha's style of board membership? How can investors crucially build trust with their CEOs?

Items Mentioned In Today’s Show:

Dev’s Fave Book: High Output Management

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