1. Tell us about yourself! Who are you and how are you involved with the Brandery?
I am a Partner at SoftBank Capital, a venture capital fund focused on mobile applications, social media, ecommerce, online advertising, gaming, and cloud computing. I have been a mentor at the Brandery since its inception. Dave Knox, who had been a great mentor to companies in our portfolio, encouraged me to join the program when it launched.
2. Why are you passionate about the startup community in Cincinnati?
I grew up in New Hampshire but my parents both came from Cleveland, so I have personal ties to Ohio and great fondness for Cincinnati (except when the Bengals are playing the Browns). Dave, JB, Rob and Bryan laid out a vision that would leverage Cincinnati’s industry leading consumer companies and wealth of design talent. The timing was perfect given the evolution of the web, as open source solutions and utility computing leveled the playing field a bit on the infrastructure side, enabling a new wave of innovation at the application layer. Great branding and design, which the Brandery and Cincinnati represent, are the key elements to differentiation at this layer of the stack.
3. As a specialist in investments and venture capital, what is your biggest piece of advice for applicants and aspiring entrepreneurs?
One of the most important things an entrepreneur does in his or her company’s infancy, is to hire the right people to build their team. The same diligence that is put into the recruiting and hiring process should be applied when selecting mentors and investors. Having the guidance of Mike and the team at the Brandery can help entrepreneurs identify the mentors and investment partners that are optimal for their business goals and culture.
4. If you started a company, what would it be?
Many of the greatest startups, particularly on the enterprise side, are built by people that are attempting to solve a problem they’ve experienced firsthand. Being a VC is an incredible job, but one pain point in the job is email. We network with an extraordinary number of people in order to help our portfolio companies and identify new entrepreneurs to back. I am constantly behind on email and feel bad about responding slowly. My dream company would be one that completely disrupts email with a more efficient form of communication.
5. What are your goals for the Brandery as a mentor?
My goal is to share my perspective in areas where I have significant experience and to help make connections with experts in areas where I don’t. One of the things that I learned early on as a VC, from my partners who had decades of experience operating and investing, was to understand your strengths and weaknesses as a mentor. Just because you help control a lot of investment dollars, people may assume you’re an expert on every facet of being a startup, or worse off, you may believe it yourself! Our team has investors from a variety of backgrounds, ranging from sales to product to tech to finance. We aim to leverage those talents across our portfolio, and I try to take the same approach to my mentorship role at the Brandery.
My goal as a mentor representing SoftBank Capital is also for us to find great companies to invest in, which we did recently with FlightCar. I mentored the team at the Brandery, and we are thrilled to be investors in the company. The Brandery helped the brilliant young team at FlightCar craft a powerful brand message that is clearly resonating in the market.
For more information about Joe Medved or any of our mentors, visit www.brandery.org/mentors!