Yossi Vardi is one of the people I’ve had the pleasure to get to know since starting TechCrunch. You can find him at technology events worldwide – just look for the smiling, wild-haired guy surrounded by a pack of people.
To understand what he has accomplished, see his wikipedia entry. He is most famous for being the original investor in ICQ, but he’s also invested in over 60 other companies.
Yossi was generous enough with his time to join our panel of expertes at TechCrunch40 last month. At one point in the discussion of a group of startups he quoted Theodore Roosevelt from a 1910 speech given in Paris, and drew an analogy to today’s entrepreneurs:
It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
I spoke with Yossi this week and asked him about his investment approach. He generally invests in young entrepreneurs and only takes common stock. If someone has failed before he’s even more likely to invest – “It makes them want to win even more,” he said. He generally doesn’t look at business plans at all, and just invests in the individual.
I am not nearly as eloquent as Roosevelt or as smart as Vardi, but the words ring true to me, and it was a very special moment at the conference when Vardi spoke about this. If you are an entrepreneur (or think you may be), forget the critics (even us) and the naysayers and just do what your heart tells you to do. You may be wasting your time, but at least you got into the arena. And if you fail, make sure you fail while “daring greatly.” Then, get into the arena again, having learned from your mistakes.
I qualify! I am an individual. My face is marred by dust and sweat and the wild-eyed stare of a fanatic. Furthermore I have failed not just once but twice before, which makes me want to win even more than even more. Can I get Yossi’s number?
There’s so much criticism of people and companies, especially on the blogosphere (and some of it coming from journalists and bloggers like myself) that it’s good to read something as upbeat as that. Roosevelt nailed it.
No you can’t because if you can’t learn from your 1st mistake then its likely you won’t learn it from the second failure too
Anyway, I’m glad people like Yossi are still there and who believe in power of the people. I’m sure he believes it strongly that its the people who drive business and not business which drives people.
Being one of those individuals marred by dust and sweat, i find that quote very inspiring…
I love it when people look at the positive side of things.
It is very easy to criticize but very hard to do something right…
Great post Mike. Techcrunch has dished out its share of compliments, insults, praises and also scathing criticisms. But it is a blog, above all, that should inspire entrepreneurs and those taking those first heart-pounding, nerve-wracking and adrenaline pumping steps of the great entrepreneurial journey. If this post and Vardi’s delivery of Roosevelt dont make you get up in the morning to give it your best shot, nothing will.
Shafqat
http://www.newscred.com
Nothing better than a little inspiration going into the weekend. Maybe you should make it a regular Friday thing as it keeps us going strong into the weekend as we recharge. Thank again and thanks for TC.
Great Speech
I almost Tears when I read it…
“Entrepreneurship is living a few years of your life like most people won’t, so that you can spend the rest of your life like most people can’t”
Sounds like Winston Churchill. Thinking about it, Hovis Bread will be proud. He should of finished it with “Yours is the Earth and everything that’s in it, And – which is more – you’ll be a Man my son!”.
I must be getting old — I’m surprised people haven’t heard of this before.
Whoops I guess I should RTFA. Props to Roosevelt nice speach.
good advise, you should do a TalkCrunch session with him.
Hey Mike – maybe you can get Yossi (or in fact other VCs mates of yours) to do guest posts once a month?
Yes, after TC40 there was some dirt, but for me this picture sums up my determination and drive to create useful & life enriching technologies!
http://www.flic...016/1430158277/
I really enjoyed the article
It is, and always will be, about people. There is a small group of people such as Yossi in the world, and it’s great that he’s in a position to discuss his faith in the individual.
There are many of us who have failed, been denied opportunities, or simply ignored. I certainly qualify for all three. There are many times when you wish for a break, and it seems like forever before it comes. You will be criticized, judged, and battered because of your dream.
Thinking back to Randy Pausch, it’s all about your dreams — Really Achieving Your Childhood Dreams. Whether you err or succeed, the drive to succeed can never be wrong.
Fuck the naysayers. Fuck the egotistical bastards. Fuck the so-called “experts.” Fuck the rich and blind. Fuck the powerful and ignorant. Fuck everyone those who walk with sticks up their asses. Fuck the “number crunchers.” Fuck the executives and bankers who lack an imagination. Fuck those who maintain private and closed circles. Fuck those who never call back. Fuck those who waste time just talking. Fuck those who don’t fucking matter.
Dream on, whether you fail or succeed. Keep trying until you get it right, and ignore those who come running when you do and give them a swift finger, with a sharp slam of the door in their face.
Micheal,
If you remember the panel from tues afternoon, i guess the kids have have other choices besides to just use their courage and brains to work for other start-ups, say like Mahalo.
At least someones not an “idiot” and can give mentoring and motivating advice!!
thx so much made my day and night best wishes
Inspiring post! Thanks!
I asked him to be on our board of directors, he told me to go hew myself?
http://fakestev...er.blogspot.com
For those of you that have met Mike and spent any significant amount of time with him (i.e more than a day), you’ll learn that he actually means this, and is truly a champion of the young, the little guy, the entrepreneur, the startup, the crazy person who is trying to defy all odds to make it happen.
Sure he can come across as an a-hole sometimes, has strong opinions about things, but in the end, he actually cares about seeing the guys in the arena strive for greatness…
Anyways, great post Mike. I hope I’ll have a chance to run into Yossi sometime. Sounds like a great guy, and I can see why it what he said resonated with you.
First thing I read this morning, and what a great change of pace. Appreciate you posting, Mike.
I’m so pumped, I could run through a wall right now.
Great post (a nice changeup). I second comment #12.
Very timely, I needed a reminder of why I left the corporate world. Very uplifting indeed.
This is the best posting Michael has ever done. Vardi is really an encouraging guy. I will like to meet him personally.
Thanks.
Our very first investor had a similar approach, invested in us as individuals without a business plan. Having two startup failures under the belt myself over the last 10 years, very few formal angels I know of (especially here in conservative Toronto) would have made the dive based on just the concept, no matter how solid.
The one thing I must say is that it’s inspirational to see this type of investing happen on an ongoing basis. No matter how solid your business plan or idea, it’s the people that execute and make it happen. Judging an entrepreneur by their past mistakes or bad timing is a mistake itself. It’s whether they repeat them that’s the real gauge of their potential.
Do you have the proper copyright to use my quote?
Great post mike
Inspiring post! When someone is strong willed and determined, there is always going to be a way and an expected end regardless of the bashing that one may encounter along that way.
I second 12 & 13.
I’m a movie buff so here’s an appropriate quote from The Shawshank Redemption”:
Andy Dufresne: Get busy living, or get busy dying.
As individuals we know our souls best and you can do either of above…get busy “making it happen” or get busy “sitting in your own misery”.
Thanks Teddy for saying it and thanks Mike/Yossi for refreshing it in our minds.
Ok…now I’m off to my next learning opportunity.
I may be biased, buried in the fallout of my last attempt. Maybe I’ll reread this rather inspirational post again when the dust has settled. For now… not so much.
In the end it always comes down to the foundation of the people running the show.
Mike: nice to see that there is some soft tissue beyond that crusty ego.
I like Francis Bacon on boldness.
http://www.auth...s-bacon-13.html
…”Certainly to men of great judgment, bold persons are a sport to behold; nay, and to the vulgar also, boldness has somewhat of the ridiculous. For if absurdity be the subject of laughter, doubt you not but great boldness is seldom without some absurdity. Especially it is a sport to see, when a bold fellow is out of countenance; for that puts his face into a most shrunken, and wooden posture; as needs it must; for in bashfulness, the spirits do a little go and come; but with bold men, upon like occasion, they stand at a stay; like a stale at chess, where it is no mate, but yet the game cannot stir. But this last were fitter for a satire than for a serious observation.
This is well to be weighed; that boldness is ever blind; for it seeth not danger, and inconveniences. Therefore it is ill in counsel, good in execution; so that the right use of bold persons is, that they never command in chief, but be seconds, and under the direction of others. For in counsel, it is good to see dangers; and in execution, not to see them, except they be very great.”
That’s actually my favorite quote of all time. Thanks for the encouragement, Mike. Much appreciated.
What’s the deal with Vardi’s “Roaming Circus of Start-Ups”?
This guy is just a wannabe Steve Ballmer!
http://fakestev...er.blogspot.com
Michael,
this gives hope back to the ones trying every day to succeed and willing to give everything to bring their idea to life.
Thanks
Yea but does he have a FACEBOOK account!! …kidding…
Great post MA!
Thanks for the post. I needed that today.
So very true.
And having done all that, Yossi is still one of the kindest, most approachable, (and funniest if you have seen his TED ‘07 performance on the risks of blogging with a laptop of your laps) of our industry.
If you have the opportunity to sit down and chat with the man at one of the many conferences he attends, I strongly suggest it.
Yossi is a force of nature. He reminds me of Thomas Fogarty, another medical device inventor and venture capital investor legend.
That is good, when people look at improving your strengths over concentrating and working hard on your weaknesses.
http://vidsonly.blogspot.com
Let’s face it, one of the beautiful things about the technology arena is that this industry not only forgives mistakes, it often rewards them. American technology entrepreneurs lose little when they fail, which is certainly not true of other industries, or even tech in other countries. Glory and honor to the serial tech entrepreneur. Imagine if we all exhibited that kind of endurance and fortitude!
One of the most inspiring posts i’ve read in a while. As someone suggested it’s not a bad idea to have such inspiring posts every once in a while. So folks who go into the TC deadpool, be inspired and get right back into what you do best Innovate!!
Wow, I have been on the path to try and raise money for a venture that I am firmly grounded in as a subject matter expert, and the reception has been so cold from the valley VC community.
Maybe I’ll keep on keeping on. I could tell you all stories about who is getting the funding…many well known persons that have burned several ventures over the years, showing nothing but cloned social networking and video services, and walking out the door with another deal.
Suck it up…..big breath.
Many who post on this blog, including the writers here, can’t and haven’t created anything technology oriented. Yet they stand here and pontificate about technology.
A critic is a man who knows the way but can’t drive the car.
-Kenneth Tynan
Great post, Mike.
‘The Man in the Arena’ has long been my favorite quote – proud to say I can recite it by heart, and continue to find many reasons to whisper it to myself. Glad to see it here on your site.
A close second for me is the famous ‘We CHOOSE to go the the Moon’ out take from President Kennedy’s speech…equally inspiring for the entreprenuer…
“We choose to go to the moon. We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard, because that goal will serve to organize and measure the best of our energies and skills, because that challenge is one that we are willing to accept, one we are unwilling to postpone, and one which we intend to win.”
okay so vardi’s MO is buckshot-investing with a think layer of anthony robbins/EST on top
Thanks for the encouraging post.