Venture Voice – interviews with entrepreneursAuthor: Gregory Galant
30 Nov 2020

Venture Voice – interviews with entrepreneurs

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Muck Rack & Shorty Awards cofounder/CEO Greg Galant interviews the world's best entrepreneurs and creators, including the founders of LinkedIn, The Vanguard Group, Yelp, Brooklyn Brewery, Trello, Twitter and Stack Overflow.

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    How John Bogle started Vanguard Group and invented index funds

    To an entrepreneur, a corrupt industry with a lot of inefficiencies means one thing: There’s a huge opportunity to innovate. When he founded The Vanguard Group in 1975, John Clifton “Jack” Bogle created the first index mutual fund, an idea that was innovative in its simplicity. By keeping management costs low, he was able to pass the savings on to investors. It sounds like common sense, but it goes against the grain of how most mutual fund managers think and operate. In fact, at the time, his idea was ridiculed as “un-American” and “a sure path to mediocrity.” But Jack was undeterred. If anything, he was even more motivated by the naysayers.

    This interview was recorded in 2006 when Jack was 75, and what stands out is that his idealism and interest in “having the good fight” hadn’t wavered in the slightest. He’d just released his fifth book, “The Battle for the Soul of Capitalism,” and was still relentlessly focused on taking on corruption and abuse in the industry. He wasn’t in it for the fancy perks or the money. He was in it to fight the good fight and to build a better world. Jack passed away in 2019, but his legacy is stronger and more relevant than ever. I feel fortunate to have been able to spend this time with him, both on the mic and off. I think you’ll see why

    ***

    If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than a minute and helps us continue to attract the entrepreneurs you want to hear and learn from.

    For show notes, past guests and transcripts, visit venturevoice.com

    Sign up for the Venture Voice email newsletter at venturevoice.substack.com/welcome

    Follow and connect on social:

    On Twitter: twitter.com/gregory

    On Instagram: instagram.com/gregory

    On YouTube: youtube.com/c/GregoryGalant

    On LinkedIn: linkedin.com/in/galant/ 

    Learn more about Muck Rack at muckrack.com and The Shorty Awards at 

    shortyawards.com


  • Posted on 23 Nov 2020

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    Todd McKinnon's journey taking Okta from $0 to a $25+ billion public company

    I can still remember logging in to PeopleSoft at my first job to see what deductions had come out of my paycheck. Now, all these years later, I’m interviewing the man who wrote that very code. Todd McKinnon, my guest on this episode of Venture Voice, began his career at PeopleSoft before moving on to Salesforce and ultimately founding Okta. Todd’s company is now worth over $25 billion. This episode takes you on Todd’s entrepreneurial journey, from the Powerpoint deck he presented to his wife (subtitle: “Why I’m not crazy” for quitting my job at Salesforce) to the initial product idea (with a name that sounded “like a French perfume”) to successfully completing an IPO. Listen now on Apple Podcasts.

     

    “You had to be able to have enough confidence that you’d be able to build this iconic tech company around this initial idea. A lot of initial ideas — people will pay for them but they don’t have that long-term staying power. They become a feature.”

    Todd McKinnon is the founder and CEO of Okta, a $25 billion publicly traded software company that you may never have heard of, but it solves one of the most annoying 21st century problems: having to remember all of your various log-ins and passwords. Thousands of companies use Okta Identity Cloud to manage access and authentication for their employees. 

    I can relate to Todd’s experiences as a scrappy entrepreneur and the challenges of founding and growing a business. My job as CEO has changed tremendously as my own companies, Muck Rack and The Shorty Awards, have grown from just a few employees to about a hundred today. I wanted to learn how Todd scaled to thousands of employees.

    “I think I try to combine the best parts of Salesforce and the best parts of PeopleSoft and throw in a little bit of my personality on the side, and let the chips fall where they fall.”

    As you’ll hear in this episode, Todd got his first taste of what technology can do for customers while working at PeopleSoft. From there, he moved on to Salesforce, where he had a front-row seat to the early days of SaaS — as well as the opportunity to work for Mark Benioff before he became a multi-billionaire. Todd was the first person to lead the Salesforce engineering team, scaling it from just over a dozen people to hundreds. Those professional experiences and the cultures of the two companies would stick with him and inspire many of the decisions he made as he embarked on his own start-up journey. 

    “There was part of me that wanted to be the boss, and part of me that wanted to attack the challenge of creating a company from scratch, knowing that the odds are very long… I couldn’t be the person who didn’t take a shot.”

     

    Todd points out that whenever there’s a big disruptive technical shift — like the transition to the cloud — there’s an opening to build a new business. And young companies, which don’t have all the baggage of the bigger, more established players, are often better positioned to take advantage of that opportunity. Still, the odds are long. So when he sat down to sell his wife on the idea of quitting his very good job at Salesforce to start his own company, he says he “did what anyone would do, you know. I wrote her a PowerPoint deck presentation.” The deck included nine slides that explained how, when it didn’t work out, he could just get another job. Fortunately, though, he didn’t end up having to fall back on Plan B.

     

    “As a CEO, my decision-making process really slowed down…you have to make sure that you get involved in the right decisions, you don’t overly involve yourself in all of them. And you have to be ready to make them.”

    Now matter how much experience and insight you have from working as a leader in a big company, you’re going to encounter a steep learning curve once you start scaling your own business as its CEO. I was interested to hear how Todd adjusted to that role and how he grew into the job. As he shares, he had some good advisers on his side, but he also had to face the reality that he didn’t have all the answers — and that not having all the answers was ultimately a good thing. It helped him build the kind of collaborative culture he wanted, where employees have a stake in the decisions.

    “It was very important that the company, while we celebrated [going public], that the company didn’t use it as a reason to stop pushing or a reason to be satisfied.”

     

    Todd likes to compare the experience of going through an IPO to high school graduation. It’s a rite of passage, but you don’t want it to be the best day of your life. Like many entrepreneurs, Todd is motivated by challenge, and he is always on the lookout for the next big wave on the horizon. While it was challenging to build a successful business, he’s energized by the thought that the biggest challenges are still ahead of him — and so is the opportunity to build “an iconic technology company that will be remembered for decades in the future.”


  • Posted on 09 Nov 2020

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    How Reid Hoffman convinced us to put our resumes online

    LinkedIn founder Reid Hoffman was one of my first guests on Venture Voice, back in 2006. Even though LinkedIn had 7.2 million users by then, it was still very much a niche platform and had only 56 employees. Putting your resumé online for all the world to see was pretty uncommon at that time. But Reid was driven by a simple goal: to change the world. Revisiting this interview now, you can pick up on some of the clues as to why he would become so successful. He takes an almost philosophical approach to business, putting himself in the user’s shoes and focusing on creating valuable media objects that would have a transformative effect on society. He also discusses the value of PR, something that stuck with me as I later launched Muck Rack. And he talks a lot about his peers — Mark Pincus, Peter Thiel, Stewart Butterfield — fellow entrepreneurs who hadn’t yet made it big but went on to do big things and continue to support each other. I was a fledgling entrepreneur when I spoke with Reid back in 2006, and these conversations were hugely instructive to me as I was growing my businesses. Between my companies Muck Rack and The Shorty Awards, we’ve now grown to about 100 employees — more than LinkedIn had at that time. I’ve found that I’ve discovered new insights by revisiting this conversation about what a mammoth company like LinkedIn was thinking about when they were first getting started. Listen now for an inside view of LinkedIn on the cusp. *** Thank you to our sponsor SteadyMD. Find out more about them here: steadymd.com/venturevoice If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than a minute and helps us continue to attract the entrepreneurs you want to hear and learn from. For show notes, past guests and transcripts, visit venturevoice.com Sign up for the Venture Voice email newsletter at venturevoice.substack.com/welcome Follow and connect on social: On Twitter: twitter.com/gregory On Instagram: instagram.com/gregory On YouTube: youtube.com/c/GregoryGalant On LinkedIn: linkedin.com/in/galant/ Learn more about Muck Rack at muckrack.com and The Shorty Awards at shortyawards.com

  • Posted on 26 Oct 2020

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    Why Mark Cuban ditched his watch after selling his company

    Mark Cuban has built and sold more than one company and invested in plenty of others, but you might be surprised to learn that what he values most is something a lot of entrepreneurs find much more elusive: time. It’s a lesson this natural-born businessman learned from his father and took to heart at an early age. This episode begins with a trip back to Mark’s early years and explores how he made his first million (and then billion) — and why he continues to be driven by the pursuit of freedom that comes with having control over your own schedule. He also talks about some of his productivity habits, including why 40 unread emails is his limit, and how he uses Muck Rack Alerts to keep track of his press mentions. As someone who’s not shy about talking to the press but who also knows how valuable time is, Mark offers this advice for CEOs: “Some of the best time that you can spend is getting to know people that cover and write about your industry.” Listen in to hear Mark’s journey from a self-described “lousy employee” to billionaire Shark who’s accumulated significant wealth in both time and money.

    Thank you to our sponsor SteadyMD. Find out more about them here: steadymd.com/venturevoice

    If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than a minute and helps us continue to attract the entrepreneurs you want to hear and learn from.

    For show notes, past guests and transcripts, visit venturevoice.com

    Sign up for the Venture Voice email newsletter at venturevoice.substack.com/welcome

    Follow and connect on social:

    On Twitter: https://twitter.com/gregory

    On Instagram: https://instagram.com/gregory

    On YouTube: https://www.youtube.com/c/GregoryGalant?sub_confirmation=1 

    On LinkedIn: https://www.linkedin.com/in/galant/ 


  • Posted on 13 Oct 2020

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    VV Show #60 – Larry Kramer of MarketWatch

    Today’s media executives plotting to charge for their content would do well to hear how Larry Kramer beat Jim Cramer’s TheStreet.com by resisting pressure to put most content behind a pay wall while not relying entirely on advertising. To the average consumer, MarketWatch.com


  • Posted on 27 Sep 2009

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