Eric is a technology and finance geek who grew up in Massachusetts and moved out to Chicago in 2005 to join a small startup called FeedBurner. In his spare time, Eric co-founded TECH cocktail with his friend Frank Gruber. After the sale of FeedBurner to Google in June of 2007 Eric spent some time at Google where he focused on partner development and then he joined "the dark side" (i.e. Venture Capital). He's currently an associate at DFJ Portage Venture Partners in Chicago.
Blog: EricJohnOlson.com/blog
Twitter: EricOlson
Knowist: Tell me a little bit about your work.
Eric: My work as an investor and as a co-founder of TECH cocktail really focuses on finding great technology companies in areas outside of the Valley and sometimes funding them but always supporting them and helping them in any way I can. I am very passionate about building technology based companies either as an operator or as an investor and I am lucky to be able to pursue that passion each day.
That passion also spills over onto my blog, Olson's Observations (former title: The Wannabe VC). I have written for a number of years about new venture models, new technologies, the state of technology and other business and non-business related topics. Writing has always been an outlet for me and I would do it even if no one read anything I wrote. Lucky for me some people do read my stuff and provide me with incredible feedback.
Knowist: What do you enjoy about being an entrepreneur?
Eric: What don't I enjoy? That's really the question. Building something from the ground up is incredibly exciting. You get to create a concrete manifestation of your DNA, your ideas, your values and you get to work with great people to make your dream come true. Sometimes you even get to change the world just a little bit.
That said, there are ups and downs. Lots of them. Its a roller coaster really. Sometimes you're on a high because some deal is about to close or you are about to launch something new. The next you may be on a low because a deal fell apart, the product broke or you realize you may not make payroll next week. That's all part of being entrepreneur. I am not sure that anyone ever gets used to the ups and downs and that is why I think entrepreneurs really need to have a passion for what they are doing. That is what keeps them moving forward on good days and bad. Along those lines I am not sure anyone can understand what it is like to be an entrepreneur unless they have done it.
Knowist: What do you enjoy about being an investor?
Eric: Being an investor is a blast. You get to meet with smart, talented and creative people each and every day and help them shape their companies. I love heading to one of the universities around the Midwest and spending a day in the labs or simply meeting entrepreneurs for tea at Argo Tea in the Loop to hear their new ideas. You can just feel the energy, the anticipation of what is coming. At times it is hard not to just jump right in and help to operate the business in some way but there are other rewards that come in the form of getting a company a connection that lands them a huge deal or helping them recruit their new CTO.
What is hard about being an investor is that you have to say no a lot. Sometimes you have to say no to guys with perfectly good businesses just because they aren't venture plays (in that they don't look like they will scale exponentially). Some folks call these types of companies "lifestyle" companies and that term now seems to carry a negative stigma. I think that if someone is excited about their business and it can cash flow nicely they should go for it but yet I still have to turn them down in terms of funding. Its tough to do that but it is better than funding something only to see it continue to grow linearly and then have to push the entrepreneur and their business in the wrong direction. Bottom line: every business has a "right size" and there is nothing wrong with that.
Knowist: What experiences in your past evoke nostalgia as you've grown through this circuitous path?
Eric: I love the fact that there is a revolving door between entrepreneurship and venture capital. It is healthy to have guys in venture who have worked in a startup before or have even founded one. They can empathize with the entrepreneurs and help them by sharing the experiences that they have had on the operating side. It is also healthy to have venture guys in startups. These guys can help startups in many areas including on the financing side, which can often be tricky to navigate.
Back to your question-- I am very nostalgic for the FeedBurner days: My first day when I built my desk and chair and my computer still hadn't come in yet from CDW so Steve gave me a Forbes magazine to look through. The day when I brought my first big publisher on board. The evolution of our ad network. The conferences, the flying monkey and, of course, the team. Working with all of those guys everyday is something I wish I could do again.
That said, I am proud of what we built at FeedBurner and I am excited about the future, about what else we'll be able to build and about how we can all change the world (the last two "we's" refer to all innovators, investors and entrepreneurs).
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