Some Reflections on Entrepreneurship and Life

Two years ago, I quit my job and founded Portico. 

At the time, I questioned the prudence of launching a business catering to an industry in cyclical — and perhaps structural — decline, and markets where fewer and fewer investors seem keen to tread. I mean, all the books say that you’re supposed to ride the wave of a growing industry, or at least choose one in which the customer base isn’t shrinking.

But, the thing about journeys is they start where you’re standing. So, I took the first step with a disregard for the macro and industry cycles. 

Two years later, those founding doubts persist.  (more…)

Favorite Podcast Episodes (2017)

In The Inevitable, Kevin Kelly says that at least 27 new podcasts launch each day. That’s nearly 10,000 per year! And I bet that number has grown since his book was published.

I haven’t looked very hard for a solution, but one of my biggest headaches with podcasts is discovery: finding a new voice / perspective to which I want to listen. Since most podcasts target a niche, then by definition, to each listener, most podcasts are shit. (more…)

Favorite Books of 2015

The holiday season is upon us, so I thought I’d take to the blog once more to share some of the best books I read during the year.  Following fortuitous retweets from Marc Andreessen and Conor Sen last year, these annual posts have become the most frequently visited pages on the blog, with the 2014 and 2013 iterations attracting nearly one in five views.  So thanks!  I hope you find one or more of the books listed below to be an enriching read. (more…)

A Quick Take on Farhad Manjoo’s Piece About the Public / Private Market Conundrum

Farhad Manjoo has a thought-provoking piece on tech companies staying private. This is a dynamic that Benedict Anderson recently highlighted in an Andreessen Horowitz presentation on the state of U.S. Venture Capital / Tech Funding that deservedly generated a lot of buzz (see: US Tech Funding).  Both are worth reading if you’re into these sorts of things.

In a rare hour of silence I took to the blog to jot down some thoughts / questions that occurred to me while reading the article. (more…)

Reflections on a Winding Road to EM Private Equity

In late 2005, I would arrive at the office early and catch up on the latest news of sectarian violence in Iraq.  It made for gruesome reading—bodies discovered in vacant houses, tied to chairs with clear evidence of torture.  A favorite tool seemed to be power drills, which were used on knees, ankles, heads.

There were suspicions that Iraq’s interior minister—Bayan Jabr—was at least partially responsible, and that members of the National Police force that he oversaw were effectively operating as Shia death squads, exacting vendettas against Sunnis and former elements of Saddam Hussein’s regime.  The sectarian violence seemed to be increasing until February 2006, when militants bombed one of Shia Islam’s holiest sites, the Golden Mosque in Samarra, kicking off an orgiastic spate of bloodletting that brought Iraq to the precipice of a full-blown civil war. (more…)

Lagos: Reflections on the Epicenter of the Frontier Market Phenomenon

Nigeria is not a great country. It is one of the most disorderly nations in the world. It is one of the most corrupt, insensitive, inefficient places under the sun … It is dirty, callous, noisy, ostentatious, dishonest and vulgar. In short, it is among the most unpleasant places on earth!1

It’s dirty and an environmental nightmare, with piles of rubbish literally everywhere, and its natural resources have been stripped bare. Nothing works and everything is seriously dilapidated, the infrastructure is totally inadequate, there are frequent shortages of fuel, electricity and water, and vehicle traffic and human congestion are tremendous … It’s appalling and awful, fascinating and appealing, and funny and sad, all at the same time; Nigeria is that extreme … But if you’re up to the challenge, it’s one of the most exciting and engaging countries in the world and I have been treated with nothing but friendliness and helpfulness at all times.2

I would say that Ikoyi island is fine to wander but VI might be a bit dodge. I can only share the story of a [brewing company] employee who wandered home from a bar in VI drunk and, after a brief express kidnap, found himself deposited in the middle of the third mainland bridge wearing only his Y-front underpants and facing a long walk home …3

To say my expectations for Lagos, Nigeria were low would be an understatement. They were positively subterranean. Despite the intervening three decades since Chinua Achebe composed The Trouble with Nigeria—source of the opening quote to this post—virtually everyone I knew who had visited Nigeria believed it to be an accurate description of the country today, and they left me with the distinct impression that I (1) was an idiot; (2) had signed up for a miserable experience; and (3) may very well not make it home alive. I was half convinced I was going to be kidnapped by Boko Haram. (more…)