The Uncovered Podcast

Episode Summary:

Our Boston founders series kicks off with guests Paul English, Cofounder and CTO of Lola.com and Mike Volpe, CEO of Lola.com. Hosts Rob May and Matt Hayes visit Lola’s headquarters in Boston to learn more about the founding of Lola (Paul’s 5th company to date), and how Mike and Paul's different work styles provide a well-balanced leadership approach.
Uncovered in this episode:

• Fun facts most people don't know about Paul and Mike
• Why Paul English transitioned from CEO to CTO and how they made it a smooth and successful transition for the Lola team
• Hiring at Lola.com; making it fun to come to work; and building a culture around collaboration and learning
• Why vulnerability is important to discuss and how implementing one simple practice has helped both Paul and Mike drive stronger managerial relationships

List of resources mentioned in episode:

• Hiring Religion by Paul English: http://paulenglish.com/hiring.html
• Learn more on Lola: http://www.lola.com

About Mike Volpe:
Mike Volpe is the CEO at Lola.com, the corporate travel SaaS platform that helps companies stop wasting time and start saving money on their business travel program. He has been asked to speak at numerous conferences on sales, marketing and growth, as well as people operations, leadership, hiring and culture and is a strong advocate for building great teams with a wide range of talent.

Previously Mike was CMO at Cybereason, a cybersecurity SaaS company, where he helped the company increase its sales pipeline by 650% in a single year and grow revenue by five times during his tenure. He was also part of the founding team at HubSpot, where he spent eight years growing the company from five people to over 1,000 employees, $175m in revenue, and a successful IPO.

Mike is well-known and active in the Boston SaaS and startup communities as a member of the board of directors of Validity and Privy, and as an angel investor in more than 30 startups. He holds an MBA from the MIT Sloan School of Management and a BA from Bowdoin College. Check him out on Twitter, LinkedIn, and Instagram.

About Paul English:
Paul English is the CTO and co-founder of Lola.com, where he oversees product strategy, definition, design, and development, working closely with customers to make sure that Lola’s newest features are well received by users, and that they become “must haves” not “nice to have”. He also makes sure Lola’s products are innovative, fast, and beautiful with the objective of completely shattering the soul-sucking experience today’s business travelers must endure when planning travel.

Paul was previously the CTO and co-founder of Kayak (took public then sold to Priceline), and he also co-founded GetHuman (ongoing), Boston Light (sold to Intuit), and Intermute (sold to Trend Micro). Separately, Paul is an investor in dozens of startups, and he sits on six nonprofit boards. You can read more about Paul at PaulEnglish.com.

Episode Summary:
In episode 7, we speak with John Swanciger, who runs strategic alliances at Toast. John shares the unique path that brought him to corporate development after many years working in tech as a C-level executive, and his advice for others who are considering corporate development. He discusses what it has been like joining Toast after its first acquisition, and how the team thinks about staying true to Toast’s culture with the partnerships they pursue.

What is Uncovered:

• John’s path to Toast and why he became interested in corporate development
• The 3 buckets to corporate development: corporate development strategy, deal execution, and integration
• How Toast thinks about corporate development and the bucket they spend most of their time in these days
• Inbound vs Outbound and how Toast thinks about building relationships
• The lessons John has learned thus far at Toast and being part of the post-integration process
• John’s thoughts on how COVID-19 has impacted the restaurant business and if there have been changes to the way acquisitions are looked at within their market
• Advice to listeners looking to pursue a career in corporate development

Learn More About:
John Swanciger John Swanciger leads Business and Corporate Development at Toast. He is a proven results-driven executive with over 20 years of experience building and growing innovative businesses globally. Recognized as a creative thought leader skilled in structuring and managing high-value partnerships from startups to Fortune 500 companies. Previously, John was CEO of Manta (acquired in 2018) and held leadership positions at Starwood Hotels, Hotwire, and Switchfly. He holds a BS in Finance from Boston College.

Toast Launched in 2013, Toast powers successful restaurants of all sizes with a technology platform that combines restaurant POS, front of house, back of house and guest-facing technology with a diverse marketplace of third-party applications. By pairing technology with an unrivaled commitment to customer success, Toast helps restaurants streamline operations, increase revenue and deliver amazing guest experiences. Toast was named to the 2019 Forbes Fintech 50, 2019 SXSW Interactive Innovation Finals, 2018 Forbes Cloud 100, and recognized as the third fastest-growing technology company in North America on the 2017 Deloitte Fast 500. Learn more at www.toasttab.com.
Quotes from John:

• In regards to the Integration process:“Most importantly we haven’t changed our culture and values with serving the customer first. If an issue arises and requires more support we have always followed through on that promise to deliver.”
• In regards to COVID-19: “The Big question here is what does it look like post-vaccine and post-vaccine plus 6 months. It used to be a multi-year plan and now I view it as “in COVID” and “after COVID.” Nobody knows what that may look like. I don’t think we are any different than a lot of the businesses and that whatever the next phase of this looks like, we need to be prepared for it.”
• On a career in corporate development: “In corporate development a lot of us have banking, consulting or finance backgrounds. There are also a lot of product people who are coming into corporate development because they are often involved in diligence process, which is how it started for me”

This episode was recorded on September 23, 2020.

Episode Summary:
Our first guest of Season 2 is Anders Bialek who talks to us about his role as VP of Strategy & Corporate Development at iRobot. Tune in as Rob uncovers more about the ins and outs of working within corporate development as well as the strategies & secrets for both founders and corporate development teams to know ahead of a M&A.

What is Uncovered:

• How Anders got started within corporate development at iRobot & the common tracks folks take towards this career
• How the team is structured at iRobot and what the day to day may look like for someone working within corporate development.
• The benefits of having M&A & strategy teams work in tandem under corporate development
• The importance of being proactive, clear on strategy with M&A teams and effectively communicating with bankers on what you are looking for in terms of deals
• How the process of corp dev works specifically at iRobot & why establishing relationships and conversations early on is the best strategy for both parties
• Common things that cause deals to fall apart - from both the buyer and seller side
• Misconceptions on how M&A work and how the press can influence this misperception
• As a founder, to understand your valuation, control, and the expectations of your board members which can all have a profound impact on the M&A process
• Trends Anders is seeing within the consumer robotic space
• Is there a right time to sell?
• Why you should hire an advisor early on (whether it be a banker and/or board member whose been through M&A process) to help navigate conversations on purchasing

Learn More About:
Anders Bialek:
Anders Bialek leads iRobot’s Corporate Development team which is responsible for Strategy, M&A, Partnerships and Venture Capital. Prior to iRobot, Anders worked as a management consultant at McKinsey & Company in Europe serving clients in a variety of industries including telecommunications, financial services and private equity. Prior to management consulting, Anders spent several years in the technology sector in Boston, MA. Anders holds an MBA from INSEAD and a BA from Hobart College.About iRobot:Founded in 1990 by Massachusetts Institute of Technology roboticists with the vision of making practical robots a reality, iRobot has sold more than 30 million robots worldwide. The company has developed some of the world's most important robots, and has a rich history steeped in innovation. Its robots have revealed mysteries of the Great Pyramid of Giza, found harmful subsea oil in the Gulf of Mexico, and saved thousands of lives in areas of conflict and crisis around the globe. iRobot inspired the first Micro Rovers used by NASA, changing space travel forever, deployed the first ground robots used by U.S. Forces in conflict, brought the first self-navigating FDA-approved remote presence robots to hospitals and introduced the first practical home robot with Roomba, forging a path for an entirely new category in home cleaning. With more than 30 years of leadership in the robot industry, iRobot remains committed to building robots that provide people with smarter ways to clean and accomplish more in their daily lives.
This episode was recorded on March 10, 2020.

Episode Summary:
Vishal Vasishth is the Co-Founder and Managing Director of Obvious Ventures, founded in 2014, and investing in both early and growth stage companies. In this episode we speak with Vishal on his path to starting Obvious Ventures - from his time at Patagonia which greatly influenced the way he thought about brand and culture to his entrepreneurial path focused on how to solve real problems in the world. Tune into this episode to learn more on the parallels between building a company and venture funding, the importance of a clear focused thesis and how to build trust with key stakeholders.

What is Uncovered:

• Vishal’s journey to starting Obvious Ventures
• The process and experience of getting those first few LPs to invest
• The biggest difference between being a venture capitalist and an entrepreneur
• The parallels between venture capital and starting a company
• Biggest challenge running Obvious Ventures thus far
• How Obvious Ventures is growing and differentiating themselves in a competitive VC landscape

Learn More About:

Vishal Vasishth

Vishal invests in values-driven founders and companies that dramatically improve healthcare outcomes, create more human-centered financial systems, and reimagine consumer services from the ground up.

He leads Obvious’ investments in full-stack healthcare with Virta, Galileo, and Devoted Health; financial technology startups such as Hedvig, One, Corvus, and Openly; and purpose-led consumer services like Good Eggs and Block Renovation.

Before co-founding Obvious, Vishal was the founding partner of Indian-based fund SONG Investment Advisors. He also served as a senior executive at Steve Case’s Revolution, LLC. Prior to his career as an investor, Vishal spent a decade at outdoor gear and apparel retailer Patagonia, in roles ranging from product manager to Chief Strategy Officer. He was selected as a Henry Crown Fellow of the Aspen Institute and a Next Generation Fellow of the American Assembly, both recognizing value-based leadership. Vishal earned a B. Tech degree in India, an MS from North Carolina State University, and an MBA from UCLA’s Anderson School of Management.

Vishal grew up in the fast growing city of Chandigarh, India. He is an avid cricket fan and aspiring batsman.
Connect with Vishal on LinkedIn

Obvious Ventures:

Obvious is a venture capital firm investing in startups reimagining trillion-dollar industries through a world positive lens. Our three investment pillars are Sustainable Systems, Healthy Living, and People Power. We invest at both early and growth stages. Learn more by visiting their website at https://obvious.com/.
Quotes:

• On raising money for follow-on investments: “It's a journey. I think it's similar to building companies and operating companies, which is ultimately building trust. You need to be building trust with all the stakeholders, including internal teams, external teams, customers, and showing progress, day after day, which enables you to get more people involved in your tribe.”
• “You are becoming better by doing the things which have brought success and learning from the failures”

Episode Summary:
Join us for episode 2 where we speak with Managing Director and Co-founder of General Catalyst Partners, David Fialkow. In this episode, we learn more about David’s journey from documentary filmmaker to venture capitalist and the common thread they share.
What is Uncovered:

• David’s unique path to starting General Catalyst alongside his long time friend Joel Cutler
• The importance of mentorship and following your passion
• The lessons that Joel and David learned while starting their own travel company (last-minute travel)
• The story behind David signing up and completing his first Ironman with only 90 days of training
• Why David and Joel saw themselves as B entrepreneurs and how this realization was the impetus to starting GC Partners
• What makes a successful VC firm and GC’s early wins
• The common thread between founding a venture capital firm, a start-up, and creating documentary films.

Learn More About:
David Fialkow is a co-founder and managing director of General Catalyst, a venture capital firm that partners with founders from seed to growth stage to build companies that withstand the test of time. David's focus areas include financial services, digital health AI and data analytics, as well as leading General Catalyst’s XIR program. His portfolio of investments includes Casana, Catalant, Crossfit, CLEAResult (acquired by General Atlantic), Datalogix (acquired by Oracle), Datto (acquired by Vista Equity Partners), Highwinds (acquired by StackPath), NotCo, OGSystems (acquired by Parsons Corporation), PathAI, TrueMotion, and Vitrue (acquired by Oracle).

Before going into business, David studied film at Colgate University, earned a law degree from Boston College and made documentary films. David has raised millions in dollars in philanthropy to support kids’ programs by biking, running, climbing, and rowing. He and his wife Nina produce documentary films focused on social justice. Their film Icarus won the Academy Award for Best Documentary Feature in 2018. His non-profit boards include Facing History and Ourselves, The Pan-Mass Challenge (former chairman), the Dean's Advisory Council at the MIT School of Engineering, and the Council on Foreign Relations. He is chair of the Investment Advisory Committee of The Engine (launched by MIT).

Select Current Investments: Casana, Catalant, CrossFit, Elysium, NotCo, Outdoor Voices, PathAI, and TrueMotion

Alumni Investments: BBN Technologies (acquired by Raytheon), CLEAResult (acquired by General Atlantic), Datalogix (acquired by Oracle), Datto (acquired by Vista Equity Partners), Highwinds (acquired by StackPath), Index (acquired by Stripe), OGSystems (acquired by Parsons Corp.), Rue La La (acquired by GSI Commerce), Vitrue (acquired by Oracle)

Education: BA Fine Arts from Colgate University; JD from Boston College

General Catalyst: General Catalyst is a venture capital firm that provides early-stage and growth equity investments. They provide ongoing momentum that accelerates ideas, careers, and companies toward standout success. They create the ideal conditions for growth, surround clients with the right people, and offer mentorship based on deep experience.To date, General Catalyst has managed eight venture capital funds totaling approximately $3.75 billion in capital commitments.

Quotes from David Fialkow:

• “Founders need empathy to drive their vision and dreams."
• “Great firms are defined by great funds and great funds are defined by great companies”
• “In order to win, you need people to win with, nobody is so good that they can do it on their own.”