I’ve been fortunate to partner with brilliant startup leaders during my career, and it’s often the companies that require the most grit that are the most rewarding experiences. The pursuit of great challenges is also something I look for in my personal life. I recently sailed – backwards – around Cape Horn (from east to west, while the winds and waves go from west to east). Fewer people have achieved this feat than climbing Mount Everest. In the same way, entrepreneurs are always pushing forward despite a tide of resistance.
The Uncharted Journey of Building a Company
Entrepreneurs drive global change, merging groundbreaking ideas and business interests with the support of venture capital, to create enduring companies. Our team has invested and collaborated for more than a decade. We serve as board members and advisors to our companies – working hand-in-hand to navigate the inevitable ups and downs that come with launching a new company. We’ve backed several notable startups that have helped shape and highlight the promise of the D.C. tech scene, including LivingSocial (acquired by Groupon), Framebridge (acquired by Graham Holdings), and Homesnap (acquired by CoStar).
The Economic Impact of Entrepreneurship
Startups are crucial to reducing dependence on obsolete technologies and pushing the innovation cycle forward. By creating competition within industries, they are a powerful force to enhance choice and affordability for consumers and businesses. Entrepreneurs also play an important role in boosting local economies and communities – in fact, most new jobs are created by startups under five years old. At Revolution Ventures, we support sustainable growth by offering operational advice, leadership counsel, and introductions to potential partners, acquirers, and co-investors.
The D.C. Startup Ecosystem
Over the past decade, the D.C. startup market has steadily gained ground, with seed- and early-stage deals growing from $269.7 million in 2011 to more than $1.2 billion by 2018. This momentum is supported by a rich network of universities, think tanks, and Fortune 500 companies. One challenge within the market is creating a connective fabric in a very transient city – with one administration to the next, there is a lot of movement of talent. Organizations like Halcyon House, 1863 Ventures, and the entrepreneurship schools at local colleges and universities have been pivotal in creating a more integrated and enduring ecosystem.
Expanding Venture Capital Reach
Historically, a key differentiator for Revolution has been where we invest – 99 percent of our capital is put to work outside of Silicon Valley. Over time, and particularly during the pandemic, other investors followed our lead and started to make more bets around the country. It was great to witness, but there’s still progress to be made in fostering a more geographically diverse future for entrepreneurship. At Revolution Ventures, we continue to uncover opportunities everywhere and back founders with a bold commitment and vision for ushering in the next great tech company.
