Former TaskRabbit CEO Stacy Brown-Philpot discusses learnings from helping launch the SoftBank Opportunity Fund and investing in underrepresented founders.
Insight
Brown-Philpot: Founders should delay forming a formal board until Series A
“Don't put a board together until you need one. And sometimes it's perfunctory and you feel like, well, I have to have a board. Think hard about, if you're raising a seed round, do you really need a board yet? Maybe you don't need a board member until there's t…”
Insight
Brown-Philpot: Enterprise AI requires human intervention for the final 0.1 percent accuracy
“Even with companies now trying to bring a, elements of artificial intelligence into how they run their business, it's not plug and play, because the data isn't secure enough, or It's not a hundred percent accurate. It's 99.9% accurate, which is not enough if y…”
Disclosure
Brown-Philpot: Diligence from major institutional LPs takes three to nine months
“We raised a lot of institutional capital. And when you're raising from Ford Foundation and JP Morgan and Mass Mutual and Goldman Sachs, these funds, these firms have a process, and their process is three to nine months, depending on when you start, how much yo…”
Insight
Brown-Philpot: The best board members ask questions rather than give advice
“The one thing that I learned from that board, the first thing that I learned was, it's not about the advice that you give, it's about the questions that you ask. The best board members in that room ask the best questions.”
Assertion Not checkable as stated
Sandberg told Brown-Philpot to lead Google's Black employee network herself
“And she said, no, because I'm not Black, and you are the person that needs to do it. And she says, Stacy, at one point, you have to realize that you're the person that we've been waiting for to make these things happen.”
Insight
Direct reports should speak for 25 minutes of a 30-minute one-on-one
“This meeting is about the person that you're leading, and that person needs to talk for 25 minutes in the 30 minute meeting in order to be effective in their job.”