Foundry Group Announces Major Shift In Investment Strategy
(Boulder): Today, Foundry Group, a venture capital firm that invests in U.S.-based seed and early stage technology companies announced, via video, a major change to their investing program. Previously, the firm has focused on cutting edge technologies within their well-known investment themes. Effective immediately, however, the firm will focus on more proven technologies that present less technology risk.
“We really believe that the golden age of technology occurred 30 to 40 years ago and we intend on identifying and investing in the best entrepreneurs in these older, key technologies,” said Seth Levine, Managing Director.
When asked to detail which types of companies this might include, Managing Director Ryan McIntyre offered “While the smartphone ecosystem has enjoyed tremendous growth, we believe with dropped calls and other software issues, people will eventually move 100% back to landlines. For that reason, we will begin to invest in corded phone technologies.”
Managing Director Jason Mendelson explained why the firm chose the medium of video to announce the news. “We expect that many folks will not fully understand this decision and potentially think we are making a mistake. The video was produced to visually show people the ineptness of current technology and clearly show how much better off we were yesteryear.”
When asked for further comment, Managing Director Brad Feld was unreachable after replacing his office iMac with an Apple II computer connected to a Hayes 2400 Baud Modem. Apparently, he has yet to figure out how to connect to the Internet and will revert from using email to dictating messages to his assistant.
To see the live announcement, please see the following:
So, seriously? Why did you guys release another music video?
A little over two years ago we released I’m a VC, a video that poked fun at the venture capital deal process while promoting Venture Deals, a book that Jason and Brad had released. With over 90,000 views, we were pleasantly surprised by the response. We also had a ton of fun making it.
Last December, while at our quarterly partner offsite, we discussed plans for 2013. Seth mentioned that “we should make another music video.” Jason quickly countered “you mean I should make another video since you guys can’t write one yourselves?” To this, Seth agreed and further requested that Jason make the next song a rap since neither he, nor Brad could sing well. Giving Jason no other direction than that, it seemed unlikely that anything would come of it.
One day, Jason sat down to think about what the subject matter would be. Having made fun of venture capitalists, who else was a fun target? After discarding the idea of drummers and lawyers (both of which Jason has been in prior lives), he settled on technology, as he remembered a great rant by Louis CK on the subject. Then a few days later, he heard the classic rock song Best of Times by Styx and immediately conceived the idea of the Worst of Times video.
While sitting poolside at the Holiday Inn Express in Escondido, California (a very underrated breakfast bar, by the way), Jason and Ryan wrote the lyrics. Shortly thereafter, the vision of the video began to form and culminated with us filming the video in late August. Today, we are proud to show you what we came up with.
Bottom line: The four of us love each other. We enjoy working together as well as having fun together. We have thoroughly enjoyed our experience to date at Foundry Group and love the creativity that emerges when we are together. We don’t take ourselves seriously and don’t play golf. So why not another music video? We hope you enjoy it. And even if you don’t, we are pretty sure you are curious what we each look like in drag.