The Exchanges

Q So this is my next question. With the appointment of Lars recently, uh, what's the kind of assessment like when looking for a new partner? How, what kind of criteria do you go through?

A Yeah, every firm is different. Um, you know, for us, a big, a big part of it is, um, is, you know, first of all, someone who's really achieved something really interesting in their career already. Um, the reason for that is partly because, um, you know, you, you, you want people who have, who have lived, quote, unquote, because that helps our own companies. You know, we, when we, when we, when we help entrepreneurs, they, they want to have partners on their board or investment partners who've, um, you know, who, who've been through difficult experiences and who've been through challenging times because they're going to go through those, you know, without doubt. And it just helps to have someone who's lived through some of that themselves in some other region or some other arena in some way. Um, so, you know, Lars really has, if you look at his background, he's a very early employee of both Uber and Dropbox. So he's, you know, witnessed incredible growth in two very interesting complex areas. He was also an early advisor at WhatsApp, so he knows what it's like to be on one of these rocket ships. Um, so, you know, there's, there's a lot of kind of experience and understanding and knowledge that comes from that kind of lifestyle before, before joining a venture firm.

AI assessment note: “someone who's really achieved something really interesting in their career already”

Q Now, I'd love to dive into your background, so can you give us a brief snapshot of the Sir Angus story?

A I'm not sure it's that exciting, but yeah, I'm originally an engineer, so I studied computer science at university, um, and technology was definitely my first love, uh, from an early age, um, and I, that led me to working for a number of different technology companies, uh, both in Britain, where I grew up, but also in the US, um, and the last of those really was Autonomy, which is a Cambridge-based software company that I started working for in the UK, but then ultimately moved me to the US, and I became their Uh, US CTO for a number of years over in San Francisco. Um, and that took me to the Bay Area. And when I got there, I sort of started to fall in love with the whole startup culture and this idea that anyone could start a company as long as they had a good idea and a great team. Um, and you know, I was sort of really biding my time for that opportunity. Um, and before too long, it came along and me and a couple of my friends at, uh, autonomy started a project internally that, um, gained a lot of traction, um, looks very interesting. And we, uh, Uh, we and the autonomy team decided it made more sense to spin it out and make it a separate company, so we, we founded the new entity. Now that company was, um, it was, uh, basically based on some of autonomy's technology originally, um, around the analysis of video content, but like many great startups, it pivoted about three or …

AI assessment note: “I'm originally an engineer, so I studied computer science at university”

Q And are you altering your investment strategy then accordingly to those, uh, sectors that you've just mentioned?

A Yeah, I mean, look, like any, any portfolio, like any portfolio business, venture capital is a matter of, um, balancing your risk by making a variety of investments in a variety of areas. Um, but for sure, as a firm, we are going to make some really interesting, very futuristic investments, and we have made some already, and we'll do some more. Many of them are under the radar because that's the way these things are usually. Um, you know, we, we just announced, um, our investment in, uh, in, in Curious AI, for example, it's a fascinating company that's That's building a complete AI, complete artificial intelligence in a whole new way that people hadn't thought was possible until quite recently. Um, so there are some interesting sort of big bets in the real future. Um, but then there'll also be a lot of stuff, as I say, that's shorter term, but it's really to do with the fact that society is changing and therefore the nature of the tools we will all need will change. So look at a company like Nutmeg, which is, you know, allows people to, you know, manage and plan their pensions online. Um, part of the reason that many people pick it is because it's cheap and it's efficient and it's You know, frankly, better than a lot of the options on the high street. But the other reason why it's really important is because more and more of us will have to look after that kind of thing for our…

AI assessment note: “for sure, as a firm, we are going to make some really interesting, very futuristic investments”

Q So this is my next question. With the appointment of Lars recently, uh, what's the kind of assessment like when looking for a new partner? How, what kind of criteria do you go through?

A Yeah, every firm is different. Um, you know, for us, a big, a big part of it is, um, is, you know, first of all, someone who's really achieved something really interesting in their career already. Um, the reason for that is partly because, um, you know, you, you, you want people who have, who have lived, quote, unquote, because that helps our own companies. You know, we, when we, when we, when we help entrepreneurs, they, they want to have partners on their board or investment partners who've, um, you know, who, who've been through difficult experiences and who've been through challenging times because they're going to go through those, you know, without doubt. And it just helps to have someone who's lived through some of that themselves in some other region or some other arena in some way. Um, so, you know, Lars really has, if you look at his background, he's a very early employee of both Uber and Dropbox. So he's, you know, witnessed incredible growth in two very interesting complex areas. He was also an early advisor at WhatsApp, so he knows what it's like to be on one of these rocket ships. Um, so, you know, there's, there's a lot of kind of experience and understanding and knowledge that comes from that kind of lifestyle before, before joining a venture firm.

AI assessment note: “a big part of it is, um, is, you know, first of all, someone who's really achieved”

Q Now, I'd love to dive into your background, so can you give us a brief snapshot of the Sir Angus story?

A I'm not sure it's that exciting, but yeah, I'm originally an engineer, so I studied computer science at university, um, and technology was definitely my first love, uh, from an early age, um, and I, that led me to working for a number of different technology companies, uh, both in Britain, where I grew up, but also in the US, um, and the last of those really was Autonomy, which is a Cambridge-based software company that I started working for in the UK, but then ultimately moved me to the US, and I became their Uh, US CTO for a number of years over in San Francisco. Um, and that took me to the Bay Area. And when I got there, I sort of started to fall in love with the whole startup culture and this idea that anyone could start a company as long as they had a good idea and a great team. Um, and you know, I was sort of really biding my time for that opportunity. Um, and before too long, it came along and me and a couple of my friends at, uh, autonomy started a project internally that, um, gained a lot of traction, um, looks very interesting. And we, uh, Uh, we and the autonomy team decided it made more sense to spin it out and make it a separate company, so we, we founded the new entity. Now that company was, um, it was, uh, basically based on some of autonomy's technology originally, um, around the analysis of video content, but like many great startups, it pivoted about three or …

AI assessment note: “I'm originally an engineer, so I studied computer science at university”

Q And what do you think makes a great CEO then? Is it sheer hard work, or is there some inner being that makes one better than another?

A I don't know. I mean, I, I've had the, you know, the pleasure of working with some really, really great CEOs and seeing them in action up close. I think there are a number of traits that sort of matter, but there are different combinations of these traits, and there are very, very different successful CEOs, uh, if you look at sort of people who've done well out there. Um, I think that certainly in technology, if we just sort of focus in on that, one thing that's key is someone who is viscerally understands the product that they're building and the marketplace that product lives in. Um, you know, if you look at someone like Steve Jobs, that's what he understood. If you look at someone like Bill Gates, that's what he understood. I think that's, that's crucial. It doesn't mean you have to be a technical person, but you certainly need to understand, understand what it is you're building in a very visceral way. It can't be analyzed through just data and, you know, by, by sort of reading lots of things. It's something you've got to just get in your blood. Um, and then apart from that, I think the other big thing about being CEO is sort of judgment, knowing when you have to lean in and take charge and do things. Um, And when you have to actually step away and get out of the way. Um, and that's a really, really hard balance because of course it's very, very contradictory. There are tim…

AI assessment note: “one thing that's key is someone who is viscerally understands the product that they're building”

Q It's very interesting that you mentioned Jack Dorsey, and I, you know, I'm sure you'll, you'll say yourself that being a CEO is completely overwhelming and full-time job completely, and any work-life balance is very difficult. So how do you think Jack Dorsey will be able to manage being CEO of two companies of such stature?

A Yeah, I think, so, I mean, honestly, it sounds like a bit of a joke, but I, I, I think the only way you can do it is by not really having another life outside work. Um, I think, you know, most CEOs can pull off sort of two things in their life. So, you know, maybe they have a family and they have a job, you know, you can probably pull off that, you know, certainly when I was CEO, I felt like I had a family and I had my job and didn't really have much of anything else beyond that. No hobbies, no social life, nothing like that. Um, so maybe Jack can do it by basically not having social life, family or anything else. I don't think he's married, you know, So maybe he can do it by just, um, by just, just working essentially. Um, the good news is the companies are not, um, conflicting in any way, so there's no chance of him having some kind of awkward situation where he feels he's on the fence because he sort of has two different companies to, to deliver value to. And the other good thing, um, is that actually because they're so different, I think that creatively he will find them fun to switch between. Sometimes a change is as good as the rest. Um, and so I think that that will probably energize him a lot as well. So it's probably doable, but you know, he'll be, He'll be working quite hard.

AI assessment note: “the only way you can do it is by not really having another life”

Q And how do you find that balance then? Is there any ways you can determine which side to fall on?

A Well, I think, um, you know, so a good CEO is both at different times. So the question really is when a sort of situation occurs, um, what, you know, when do you do which? Um, and look, it's really, really hard to, to call that. Um, I think a lot of it is to do with hiring the right people beneath you. Um, if you have the right team around you that you're working with, then many, many decisions, um, are decisions for the team. So if you have a great CTO, then, you know, what technology decisions should be his or hers? Um, if you have a great, you know, chief marketing officer, then, you know, any, any, any PR, you know, crisis you're dealing with should be his or her problem. Um, and you should really listen to them and take their advice. Um, I think where you step in is in the areas in between these, you know, when, when, when things contradict, when there are, Um, topics that are sort of owned by multiple departments at the same time, or where you just know you have a weak team.

AI assessment note: “a lot of it is to do with hiring the right people beneath you”

Q Why do you think there is this kind of slightly fearful trait in, in prominent European technical CEOs that are around today? Why do you think that exists?

A Yeah, I think that, um, you know, there's a sort of belief, um, in technology, there's been a historical belief that the technical person who comes up with the innovation of the product probably shouldn't be the CEO. Um, I think that idea has well and truly been, uh, replaced in the U S where it's okay to do that if you want to do that, but it's also okay to stay in charge. So you have, you know, very, very prominent cases like someone like, um, Mark Zuckerberg, for example, or, Um, Jack Dorsey, for example, who, you know, you know, product and technology people who've stayed in charge of their companies and, and being the CEO. Um, and I think that, that, um, belief and that sort of, you know, um, that, that model of, of bringing in a professional CEO, someone who has an MBA, um, you know, it, it doesn't really exist in the US, but it's, it still exists to a certain extent here in Europe. And I certainly suffered from it, um, you know, back when we were starting our company, which we, you know, now is almost 10 years ago.

AI assessment note: “historical belief that the technical person who comes up with the innovation... shouldn't be the CEO”

Q And what do you think makes a great CEO then? Is it sheer hard work, or is there some inner being that makes one better than another?

A I don't know. I mean, I, I've had the, you know, the pleasure of working with some really, really great CEOs and seeing them in action up close. I think there are a number of traits that sort of matter, but there are different combinations of these traits, and there are very, very different successful CEOs, uh, if you look at sort of people who've done well out there. Um, I think that certainly in technology, if we just sort of focus in on that, one thing that's key is someone who is viscerally understands the product that they're building and the marketplace that product lives in. Um, you know, if you look at someone like Steve Jobs, that's what he understood. If you look at someone like Bill Gates, that's what he understood. I think that's, that's crucial. It doesn't mean you have to be a technical person, but you certainly need to understand, understand what it is you're building in a very visceral way. It can't be analyzed through just data and, you know, by, by sort of reading lots of things. It's something you've got to just get in your blood. Um, and then apart from that, I think the other big thing about being CEO is sort of judgment, knowing when you have to lean in and take charge and do things. Um, And when you have to actually step away and get out of the way. Um, and that's a really, really hard balance because of course it's very, very contradictory. There are tim…

AI assessment note: “one thing that's key is someone who is viscerally understands the product”

Q And then which CEO would you say you respect and admire the most personally? Is there one you kind of hold?

A That's a, that's a difficult question. Um, I, look at it, there've been lots of great CEOs. I think, um, I'm a huge Bill Gates fan, and I'll say that because a lot of people aren't, uh, for whatever reason, and I think that's really, people misunderstand him. Um, you know, he is Um, has an energy and an attention to detail that's absolutely phenomenal. If you listen, if you talk to any early Microsofty about, you know, how much Bill G, as he was known internally, the product, um, you know, it's just sort of legendary. You know, you'd get emails from him at any time of the night or morning, you know, asking you questions about detailed bits of your code or whatever. Um, and also he's an incredibly strategic thinker, you know, for, for, for two or three decades, he thought ahead of everybody else consistently every single time. Um, which is, which is pretty remarkable. You know, I mean, I can't think of many other people who've been able to achieve that. Um, I think the power of what he did has become sadly visible since he stepped away from Microsoft day to day, because unfortunately, although Steve Ballmer and so on are, you know, great executives, clearly very smart, very able people, um, it struggled because that job is really hard. Um, and I think, I think it shows, you know, since he stepped away that that's happened. Um, the good news is, of course, he's doing, you know, a…

AI assessment note: “I think, um, I'm a huge Bill Gates fan”

Q It's very interesting that you mentioned Jack Dorsey, and I, you know, I'm sure you'll, you'll say yourself that being a CEO is completely overwhelming and full-time job completely, and any work-life balance is very difficult. So how do you think Jack Dorsey will be able to manage being CEO of two companies of such stature?

A Yeah, I think, so, I mean, honestly, it sounds like a bit of a joke, but I, I, I think the only way you can do it is by not really having another life outside work. Um, I think, you know, most CEOs can pull off sort of two things in their life. So, you know, maybe they have a family and they have a job, you know, you can probably pull off that, you know, certainly when I was CEO, I felt like I had a family and I had my job and didn't really have much of anything else beyond that. No hobbies, no social life, nothing like that. Um, so maybe Jack can do it by basically not having social life, family or anything else. I don't think he's married, you know, So maybe he can do it by just, um, by just, just working essentially. Um, the good news is the companies are not, um, conflicting in any way, so there's no chance of him having some kind of awkward situation where he feels he's on the fence because he sort of has two different companies to, to deliver value to. And the other good thing, um, is that actually because they're so different, I think that creatively he will find them fun to switch between. Sometimes a change is as good as the rest. Um, and so I think that that will probably energize him a lot as well. So it's probably doable, but you know, he'll be, He'll be working quite hard.

AI assessment note: “the only way you can do it is by not really having another life”

Q And how do you find that balance then? Is there any ways you can determine which side to fall on?

A Well, I think, um, you know, so a good CEO is both at different times. So the question really is when a sort of situation occurs, um, what, you know, when do you do which? Um, and look, it's really, really hard to, to call that. Um, I think a lot of it is to do with hiring the right people beneath you. Um, if you have the right team around you that you're working with, then many, many decisions, um, are decisions for the team. So if you have a great CTO, then, you know, what technology decisions should be his or hers? Um, if you have a great, you know, chief marketing officer, then, you know, any, any, any PR, you know, crisis you're dealing with should be his or her problem. Um, and you should really listen to them and take their advice. Um, I think where you step in is in the areas in between these, you know, when, when, when things contradict, when there are, Um, topics that are sort of owned by multiple departments at the same time, or where you just know you have a weak team.

AI assessment note: “where you step in is in the areas in between these”

Q Do you remember we all laughed at it when it came out?

A People, people laughed at it a lot that, you know, that anyone would spend a billion dollars on a company like that with whatever it was, 12 employees and, you know, a photo app company was, I think, the way people sort of derived it. Um, but he understood the trajectory it was on and the direction it was going in, and he was absolutely right. Think about how big Instagram feels now and how big it actually is if you look at the actual numbers. So, you know, he, he, he has the guts to do that kind of thing, and I'm, you know, I'm, I'm looking forward to seeing, you know, WhatsApp, which is a, you know, huge acquisition. And of course, Oculus Rift, also a huge acquisition that seemed weird at the time, um, that we're beginning to understand now. So, you know, it's, it's great to see someone have, you know, the energy of youth and kind of excitement and dynamism that he has with the sort of checkbook and kind of ability to change the world that he has, you know, still very, very much in his game.

AI assessment note: “People, people laughed at it a lot that, you know, that anyone would spend”

Q And are you altering your investment strategy then accordingly to those, uh, sectors that you've just mentioned?

A Yeah, I mean, look, like any, any portfolio, like any portfolio business, venture capital is a matter of, um, balancing your risk by making a variety of investments in a variety of areas. Um, but for sure, as a firm, we are going to make some really interesting, very futuristic investments, and we have made some already, and we'll do some more. Many of them are under the radar because that's the way these things are usually. Um, you know, we, we just announced, um, our investment in, uh, in, in Curious AI, for example, it's a fascinating company that's That's building a complete AI, complete artificial intelligence in a whole new way that people hadn't thought was possible until quite recently. Um, so there are some interesting sort of big bets in the real future. Um, but then there'll also be a lot of stuff, as I say, that's shorter term, but it's really to do with the fact that society is changing and therefore the nature of the tools we will all need will change. So look at a company like Nutmeg, which is, you know, allows people to, you know, manage and plan their pensions online. Um, part of the reason that many people pick it is because it's cheap and it's efficient and it's You know, frankly, better than a lot of the options on the high street. But the other reason why it's really important is because more and more of us will have to look after that kind of thing for our…

AI assessment note: “Yeah, I mean, look... for sure, as a firm, we are going to make”

Q And then which CEO would you say you respect and admire the most personally? Is there one you kind of hold?

A That's a, that's a difficult question. Um, I, look at it, there've been lots of great CEOs. I think, um, I'm a huge Bill Gates fan, and I'll say that because a lot of people aren't, uh, for whatever reason, and I think that's really, people misunderstand him. Um, you know, he is Um, has an energy and an attention to detail that's absolutely phenomenal. If you listen, if you talk to any early Microsofty about, you know, how much Bill G, as he was known internally, the product, um, you know, it's just sort of legendary. You know, you'd get emails from him at any time of the night or morning, you know, asking you questions about detailed bits of your code or whatever. Um, and also he's an incredibly strategic thinker, you know, for, for, for two or three decades, he thought ahead of everybody else consistently every single time. Um, which is, which is pretty remarkable. You know, I mean, I can't think of many other people who've been able to achieve that. Um, I think the power of what he did has become sadly visible since he stepped away from Microsoft day to day, because unfortunately, although Steve Ballmer and so on are, you know, great executives, clearly very smart, very able people, um, it struggled because that job is really hard. Um, and I think, I think it shows, you know, since he stepped away that that's happened. Um, the good news is, of course, he's doing, you know, a…

AI assessment note: “I'm a huge Bill Gates fan”

Q Do you remember we all laughed at it when it came out?

A People, people laughed at it a lot that, you know, that anyone would spend a billion dollars on a company like that with whatever it was, 12 employees and, you know, a photo app company was, I think, the way people sort of derived it. Um, but he understood the trajectory it was on and the direction it was going in, and he was absolutely right. Think about how big Instagram feels now and how big it actually is if you look at the actual numbers. So, you know, he, he, he has the guts to do that kind of thing, and I'm, you know, I'm, I'm looking forward to seeing, you know, WhatsApp, which is a, you know, huge acquisition. And of course, Oculus Rift, also a huge acquisition that seemed weird at the time, um, that we're beginning to understand now. So, you know, it's, it's great to see someone have, you know, the energy of youth and kind of excitement and dynamism that he has with the sort of checkbook and kind of ability to change the world that he has, you know, still very, very much in his game.

AI assessment note: “People, people laughed at it a lot that, you know, that anyone would spend”

Q Why do you think there is this kind of slightly fearful trait in, in prominent European technical CEOs that are around today? Why do you think that exists?

A Yeah, I think that, um, you know, there's a sort of belief, um, in technology, there's been a historical belief that the technical person who comes up with the innovation of the product probably shouldn't be the CEO. Um, I think that idea has well and truly been, uh, replaced in the U S where it's okay to do that if you want to do that, but it's also okay to stay in charge. So you have, you know, very, very prominent cases like someone like, um, Mark Zuckerberg, for example, or, Um, Jack Dorsey, for example, who, you know, you know, product and technology people who've stayed in charge of their companies and, and being the CEO. Um, and I think that, that, um, belief and that sort of, you know, um, that, that model of, of bringing in a professional CEO, someone who has an MBA, um, you know, it, it doesn't really exist in the US, but it's, it still exists to a certain extent here in Europe. And I certainly suffered from it, um, you know, back when we were starting our company, which we, you know, now is almost 10 years ago.

AI assessment note: “that model of, of bringing in a professional CEO... still exists to a certain extent”