Today, international start-up-converence, yearly hosted by Massachusetts Institute of Technology, a world renowned tehnological university, winds up in Tallinn. Among a few absolute world tops offering their bits of advice, the event also featured one of Silicon Valley’s most successful venture capitalists Steve Jurvetson (46), who, due to being extremely busy, performed via Skype and was interviewed by Postimees over e-mail.
What do you know about Estonian start-ups, have any of them caught your attention recently?
I can’t speak about companies that pitch us (the company Draper Fisher Jurvetson – editor) as we need to protect their confidentiality.
What should a technology start-up be like to catch your eye?
It should be run by a passionate entrepreneur with a unique idea for how to change the world by disrupting a traditional industry. We look for companies doing something new, and something unlike anything we have seen before.
Just recently Microsoft replaced Hotmail with Outlook. As you were the founding VC investor in Hotmail, did that decision affect you in any emotional way or do you see it just as a logical and natural end of an era?
The foundation of communication on the internet was something that we identified early, and Hotmail was one of the first to define the future of mail as a free cloud service. I see it less as «end of an era» than a natural evolution that occurs when technologies and consumer behaviors change, and how companies adapt to stay relevant. We also invested in Four11, which became Yahoo mail, and more recently Skype and Tango, each of which pushed the power of communication over a data network to new levels.
You have been honored as «The Valley´s Sharpest VC», Forbes named you one of «Tech’s Best Venture Investors» and for the last year you were honored as Deloitte’s «Venture Capitalist of the Year». What is your secret? What makes a successful venture capitalist?
Oh, I think there are many different backgrounds among successful VCs, and too often we presume that our particular background or personality trails are the key to that success. For me perhaps, it’s the love I have for the job as a way to learn from fascinating people doing fascinating things.
Your current board responsibilities at Draper Fisher Jurvetson include SpaceX and Tesla Motors. As there are thousands of tech entrepreneurs looking for venture capital, how do you, as a venture capitalist, spot someone among them who has these rare characteristics, innovative ideas and knowledge and dedication to bring them to life?
It’s easier to see than to describe. If they have an infectious enthusiasm that gets us jumping out of our seat to join them, they will likely have that same effect on people they hire, companies they partner with along the way, and ultimately their customers as well. We also look for leaders who have enough self-confidence to be humble, and question the areas where they do not have the answers.
I have worked with Steve Jobs and Elon Musk. I would say that Elon Musk is remarkable for having forged success in several completely different industries (across aerospace, automotive, financial services and energy).
There are lots of people in the world who think they have a great and innovative idea but they are not sure if they can handle the risk - quit their daily job and turn the idea into a profitable business. What kind of advice would you give them?
As a culture, we need to cherish failure, and learn from it. If an entrepreneur has a bolt of passion for their project, they will not stop out of fear.
What are the three most important technological innovations that are going to change our everyday lives in the next ten years?
The broad application of machine learning across industries, from self-driving cars to better education systems (from primary education to vocational training and retraining).
Synthetic Biology will usher a new era in industrial biotech, with early applications in nutrition, vaccines, chemicals and fuels.
In the next 10 years, three billion people will come online for the first time (via inexpensive smart phones and tablets) and contribute to the global pool of innovation and ideas. They will be customers, entrepreneurs and crowd-sourced labor pools – interconnected within the global economy to an extent this world has never seen.
Can people keep up with the rapid tempo of innovations in (consumer) technology? Is there a chance that they can´t fully adopt with all the changes, because they happen too fast and they grow apart from them?
It’s an important question. The accelerating pace of change is leaving some people behind. Changes in human nature and culture are glacial compared to the pace of technology change. Technology has become the primary vector of our evolution as a species.
Are there any new technologies or innovations that you are really excited about right now?
Quantum Computers, Robotics and AI, synthetic meat and microbial agriculture.
We are entering an Intellectual Renaissance interwoven across the sciences. There is no better time to be a student of technology, no better time to start a company, no better time to learn something new. Individuals with good ideas are empowered as never before.
What motivates you? Do you have ambitions that are yet to be fulfilled?
I am motivated by the playful pursuit of lifelong learning and the quest for symbolic immortality. I also plan to fly around the moon in an orbit not far from the surface. And I am betting that Elon Musk will make that affordable.