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The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Dick Costolo on The Balance of Vision and Realism in Startups, The Biggest Challenge in Scaling Twitter & How To Optimise Decision Making Internally

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 12 February 2018

⏱️ 24 minutes

🧾️ Download transcript

Summary

Dick Costolo is the Chief Executive and co-founder of Chorus, a startup that is reimagining the path to personal fitness. Dick is also a Mentor @ Index Ventures, one of the world's leading venture funds, which he joined in 2016. Costolo was most recently Chief Executive of Twitter from 2010 to 2015, where was at the forefront for their hypergrowth onto the main stage of tech. Prior to joining Twitter, Dick co-founded and ran three startups, including FeedBurner, which sold to Google in 2007. The former improv comedian has been a consultant on HBO’s “Silicon Valley” and currently sits on the boards of Patreon and IfOnly.

In Today’s Episode You Will Learn:

1.) How Dick made his way from Improv Comedian to founding a startup acquired by Google and then becoming CEO of Twitter?

2.) Why does Dick believe that starting a company is like an improv stage? What were Dick's biggest personal learnings from his drama career that he has applied to being a better leader today?

3.) Having given up the comedy dream for tech, how does Dick balance the entrepreneurial unwavering vision with a realism of when things are not working? What is the inflection point?

4.) What was the biggest challenge over the 5 years in scaling Twitter? What strategies did Dick utilise to combat this? How does Dick think about creating a culture of accountability without fear? How does this change the ownership of decisions?

5.) What is Dick's biggest superpower and super weakness? Why must all entrepreneurs have to have a fundamental ability to compartmentalize? In terms of temperament, what were Dick's biggest lessons from watching Youtube CEO, Susan Wojcicki, operate?

Items Mentioned In Today’s Show:

Dick’s Fave Book: Creativity Inc.

As always you can follow Harry, The Twenty Minute VC and Dick on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

Cooley are the global law firm built around startups and venture capital.  Since forming the first venture fund in Silicon Valley, Cooley has formed more venture capital funds than any other law firm in the world, with 50+ years working with VCs. They help VCs form and manage funds, make investments and handle the myriad issues that arise through a fund’s lifetime. So to learn more about the #1 most active law firm representing VC-backed companies going public. Head over to cooley.com and also at cooleygo.com.

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Transcript

Click on a timestamp to play from that location

0:00.0

Welcome back for another week on the 20 minute VC with me, Harry Stebbings, and you can find me on

0:04.0

Snapchat at H. Stebbings and Instagram at H. Stebbings, 1996. Now, today's guest has a very special

0:10.5

place in my heart. As fun fact, it was his commencement speech at Michigan that gave me the courage to

0:15.7

follow my dreams, leave law school, and do the 20 minute VC full time, which for that I will obviously

0:20.8

be eternally grateful.

0:22.2

So who is this mystery person? Well, I'm very honored to welcome Dick Costolo to the hot seat today.

0:26.9

Dick is the chief exec and co-founder of Khoris, a startup that's reimagining the path to personal fitness.

0:32.7

Dick is also a mentor at Index Ventures, one of the world's leading venture funds, which he joined in 2016,

0:38.1

and Dick's also most recently been CEO of Twitter from 2010 to 2015, where he was at the

0:43.3

forefront for their hypergrowth onto the main stage of tech. And prior to joining Twitter,

0:47.7

Dick co-founded and ran three startups, including Feed Burner, which sold to Google in 2007.

0:53.0

If that wasn't enough, the former improv comedian's been a consultant on HBO's Silicon Valley

0:57.4

and currently sits on the boards of Patreon and if only.

1:00.3

I'd also want to say a big thank you to Julia Hartz at Eventbrite for the intro to dick today,

1:04.6

without which this episode really would not have been possible, so we so appreciate that, Julia.

1:08.5

However, before we move into the show today, Cooley are the global law firm around startups and venture capital. Since forming the first

1:14.5

venture fund in Silicon Valley, Cooleys form more venture capital funds than any other law

1:18.6

firm in the world, with over 50 years of experience working with VCs. They help VCs form and

1:23.5

manage funds, make investments and handle the myriad of issues that arise through a fund's

1:27.9

lifetime. So to learn more about the number one most active law firm representing VC-backed

1:32.4

companies going public, simply head over to coolly.com, or you can check them out at coollygo.com.

1:37.3

And do not forget to check out Zoom, the fastest growing video and web conferencing service,

...

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