In this post Dea Wilson, Lifograph founder, is doing a quick-fire interview with Adam Draper of Boost.vc.
Adam is a 4th generation venture capitalist. His father is Tim Draper of Draper Fisher Jurvetson.
His grandfather is Bill Draper of Draper Richards, whose father, General Draper, founded the first VC firm on the West Coast.
Adam runs Boost.vc, an early stage incubator and is an investor in Path and MinoMonsters.
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What is an immediate turnoff in a pitch? Why?
Someone who makes assumptions about selling their product when they haven't tried yet.
What sparks your immediate interest when listening to a pitch? Why?
How passionate someone is. Generally it pulls me into their story.
List 3 things pe don’t know about you
I want to build an Iron Man suit
My favorite color is green
I don't like chocolate
What was your first job? What did you learn from it?
I was a tennis instructor for many summers. I learned a lot about giving guidance and having patience.
Who are your business idols? Why?
My dad and grandpa. They are both good with numbers, people, and try to make deals that make both sides of the table happy. Also they are awesome.
What do you like to do for fun?
Play basketball, watch movies, eat a Dutch Goose hamburger.
If you were not a VC, what would you have been?
An animal of some sort. Probably a dolphin.
What are the most important traits an entrepreneur needs to have?
Passion, determination and passion. Also you have to be crazy enough that you think you can change the world.
What is the craziest idea someone pitched to you?
Depends how you define crazy. I invested in an 18 year old who said he was going to create the greatest video game brand that has ever existed. But if you mean bad ideas, someone pitched me a sleeping chamber that had good acoustics for listening to music.
What was your first deal as a VC and what did you learned from it?
I invested in Path. I'm still learning from it, but I learned to invest in great people. That team is amazing.
What would you consider the biggest mistake you’ve ever made?
Drinking the water in Mexico.
What would you consider to be your most significant accomplishment?
What is your secret talent?
I can read minds sometimes.
What skill you wish you had?
The ability to fly.
What advice would you give to a first time entrepreneur?
Build it, then sell it, then repeat for 10 years.
What is the hardest thing about being a VC?
You don't know if you are any good at it until 5 years down the line.
What is your favorite quote? Why?
"I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times I have been trusted to take the game winning shot and have missed. I've failed over and over and over again in my life. And that is why I succeed." - Michael Jordan
Its at the bottom of every email I send. It's the very definition of being an entrepreneur.
What tips would you give an entrepreneur looking for funding?
Someone recently told me this, "If you are looking for money, ask for advice: if you are looking for advice, ask for money"
What is your investment philosophy?
Passion + Awesome Idea + Good Team = Great Company.