
This is software (AWS) generated transcription and it is not perfect.
Good question. So I would say my career path has been anything but linear. it's been very circuitous. So I graduated with a degree in creative writing of all things and then went and worked in the publishing and media industry for a while, first in Boulder, Colorado, and then a little bit in New York. I ended up kind of starting as an intern and raising up through the ranks and eventually becoming the president and publisher of a division of Time Inc. which was spun off to a Swedish media company called Bonnier. Through that experience, so I had grown up on the digital side of media on the professional side and kept butting heads with the CEO who thought that we could continue to make money through selling magazine ads forever and with the rise of, this was in 2000, so the rise of Facebook and all these other things that were happening at that point where media dollars, didn't exist before they were contained within other channels. TV, radio print, things like that. Now, all of a sudden, there's billions of dollars going into digital in things that weren't traditional publishers. So I was trying to propose solutions to get our kind of piece of that pie was told that we were a print media company would always be that and so I left. I went to work for a private equity firm in Denver that was focused on sports and entertainment and restaurant concepts I were there for a bit. And then about six years ago, I moved to work for a single family office here in Park City, Utah, where I'm based now. The family had kind of an entrepreneurial and philanthropic passed across multiple generations. Their latest in Denver was to found a ski resort here in Utah called Deer Valley Resort. I came over to help them on the operational side of Deer Valley and some of their other investments and then help them think about how to diversify their portfolio. And I guess it's important to note that I had no traditional background in finance at that point and still don't necessarily. My focus had been on the operating side and kind of in intrapreneurs endeavors at some bigger companies, but was able to parlay that into how you know, finding good entrepreneurs to work with making right-sized investments, and helping those companies grow successfully. So I did that for them for a bit for a few years for four years. And then we sold Deer Valley, which was really exciting. We sold it to a company called All Terra Mountain Resort. I left with the principal of the family office, to start his own single-family office, which is 1080 capital. And that's where I am now. So I managed all types of private investments for 1080, focused mostly on venture at all stages. So pre-seed, all the way through pre IPO, but do some other things as well. We're invested in a few funds and then some other alternative opportunities like credit, independent credit and debt facilities, and a Broadway production fund. Other things that we come across. In terms of incidents and experiences that shaped my career, I think the biggest thing was to always be open to new experiences to not sort of close myself to focus on a single industry or a single endeavor. But to really be open to meeting new people. Kind of coming into every conversation with an open mind and curiosity and interested in learning and appreciating the perspective of whomever I'm meeting and that's really served me well, just to be curious, to be willing to take risks, and to find good people to work with. I think that's another piece I had the dishonor, not dishonor. But I've had the opportunity to work with some not great people in my time. And that's really helped me understand what I look forward to in a manager and how I want to manage, how I wanna work with people, the types of entrepreneurs that I choose now and why I choose them. And the people that I get to work with now. So, I don't know that there's any particular incident or experience other than to say that, when I was in media, it was early in my career. I thought I was on a phenomenal path. It was a great kind of blend of lifestyle and professional for me. I kind of hit a wall and I realized I needed to open my mind more and find some different opportunities and look outside of the track that I that I'd set myself on.
Yeah, so in terms of investment philosophy, we sort of have three pillars. And these, go into team and industry and business model and stages to some extent too. So those three pillars are, and these are foundational cultural pillars to 1080 as well. So taking care of our people. So that means within 1080 Capital, we want to make sure that we have this sort of mutual success model but if I succeed by choosing an investment in having, bringing that investment all the way through to harvest successfully, that the other team members are rewarded as well. So we all want to be very well aligned around taking care of each other. The second is taking care of our partners. So in the same way, I can't expect a company that we invest in, entrepreneurs that we invest in to perform in an outstanding way. If I derail the track that they're on if I try to take over the company myself and we're at the end of the day, we're investing in people and ideas, and their ability to execute, not my ability to find a good concept and take it over, So taking care of our partners and then the third for us is taking care of the world. So we like to invest in companies and people that are creating the world that we want our children and grandchildren to inherit. So it's a very light impact lens if you will, but it's definitely a guiding one for us. It restricts us from investing in a few industries, but for the most part, it's sort of a guiding principle to help us find the right opportunities and sectors and people to support. Outside of that, my mandate is to be opportunistic. So I invest as I said it all stages, so precede all the way through pre IPO. We generally invest in all industry sectors too on different types of business models. We largely stay away from life sciences, and other things that are more binary in terms of outcome and an extremely capital intensive. So we like capital-efficient businesses and business models and we like opportunities that have a reasonable likelihood of becoming significant businesses, but don't necessarily have to be a billion dollar business is in order to create successful returns for us, so I think that sort of all plays into the investment philosophy. More than anything, along with the kind of being opportunistic and looking for companies and entrepreneurs that are creating a world that we hope to help create, it's really not necessarily betting on the binary outcome. So as a single-family office and not a venture firm, I don't have to make 50 investments and hope that three of them return the fund and kind of boost me into top quartile or top decile performance benchmarks. I would rather have, 50 investments, with 75% of them returning 2X and a couple of them going under and a few of them outperforming. But, kind of getting to a two or three x overall benchmark by betting on likelihoods of good exits, not great exits, and then in terms of founding teams, I definitely like a mature team. So not mature in terms of old, but people who have been through the operations of a company. I think it's it's challenging to make a bet on a first-time founder who, straight out of university because they haven't necessarily face the challenges of being in business or being part of a broader team, in a way that businesses have to perform. Although we have made a few investments in those types of founders, in terms of industry demands, as I said, we generally stay away from life sciences, we're heavy in enterprise software and kind of marketplace models that are either B2B or B2B2C and so I guess that goes into business models too, so mostly b2b, a little bit of B2C and then on the market ply side, kind of B2B and B2B2C and then stages. As I mentioned before, we're stage agnostic, so investing from pre-seed all the way through pre IPO.
That really all depends on stage I think. So in an earlier stage company. So anything that's seed or earlier, just starting to developed product-market fit develop some initial customer traction, or even before that, in some more sort of deep tech, kind of companies that are focused on building their product before they go out to market. What I really want to see is the passion, the why, the reason that the entrepreneur is interested in this space, and what's going to get them out of bed every day to try to solve the problem that they're solving? That's what's most important to me. I think if there's not, if the entrepreneur doesn't have passion, it's really difficult to support them, knowing some of the challenges that are going to come in front of them. As an example, I've come across a lot of entrepreneurs that have found big market opportunities with big problems and they have a solution for them, but not necessarily direct experience with that problem or a really burning need to get up and solve that every day, and those people may come up to good outcomes. They may grow significant companies and gain a lot of customers and revenue and IPO, but when things get hard, when you're trying to figure out how to make payroll next week and none of your investors will step up, there's gotta be more than a, "I want to make a lot of money" reason that helps you find that particular solution. It's got to be this, as I said, burning need, burning desire to solve the problem, for humanity if it's an altruistic sense or just because you felt that pain and you need to solve it for yourself and you know that others have felt that as well. So I'd like to see that more than anything, as companies get a little bit later in stage. I don't necessarily need to see a slide deck, but I want to understand sort of their growth rates and their revenue traction. In a very top line way, considering it's the first email. But again, the why is very important to me.