2015 LehighSiliconValley

#tbt to last week when we were in Silicon Valley at Wilson Sonsini Goodrich & Rosati's Palo Alto office discussing the importance and structure of a startup company's board with Tim Eades (CEO of vArmour). Cannot believe the trip went by so fast, wish we could go back! 

Thank you everyone for another great LehighSiliconValley experience! Read more about the LSV2015 program from the Lehigh University students who shared their observations through blog posts on each day of the trip (Jan. 4-10, 2015). From bean bags at the BoostVC accelerator, to exploring venture capital with VC pioneer Bill Draper, they came away with an unparalleled and personal exposure to Silicon Valley's startup culture. [View photos]

As students, we often spend time reading and hearing about entrepreneurship, yet the struggles, rewards, successes and failures are often not materialized into a true, real-world experience. LehighSiliconValley has provided me with that connection, offering further insight as to what it really takes to be an entrepreneur. From touring spaces such as WeWork & LUNAR Design, to holding conversations with the executives who run Andreessen Horowitz as well as top law firms like Wilson Sonsini, this week has been one of the most inspiring and transformative experiences of my life. The collaborative environment on the West Coast has been nothing short of intoxicating and is truly amazing. The conversations, and the overall exploration into the world of tech/innovation has surpassed my expectations of what defines this great program. I am proud to be a part of such a dynamic cohort, filled with 55 other young, motivated & hungry individuals. This has been an incredible experience for me, and one I wish every Lehigh University student should consider if one day they are aspiring to be an entrepreneur.

The future is looking promising & I'm ready for it! 

The banquet tonight was a culmination and celebration of our incredible journey in Silicon Valley and it was the perfect way to wrap up this program. The superlatives from the Baker Team were on point with my personal favorite going to: Justin “I forgot who I was talking to” Uzcategui. The skit that was performed on the “day and life at LSV” was comical and made me nostalgic for all the great times I’ve had on the trip.

From the kickoff banquet on Sunday to Dale's heartwarmingly long speech, this experience has been nothing but engaging and incredible. Everyone I met on the program had a wealth of experience and knowledge to impart and I couldn’t have asked for a better group of people to share this experience with.

I think it goes without saying that this program wouldn't have been as profound and enlightening as it was without Dale. The way he used the Socratic method to engage students and speakers in a dialogue was nothing short of brilliant. It allowed us to “drive the bus” and really allowed us to explore the world of venture capital and startups and for that I am very thankful.

In Dale’s closing speech, which he gave with his usual bravado and aplomb, he said that “[he] hopes in some way that this [trip] was an ignition switch”. For me, it was definitely that. Although LehighSiliconValley 2015 is now over, I will be sure to bring along the relationships and knowledge that I have learned on the journey that has yet to come.

- Ko Yazaki '15G, Accounting and Information Analysis

Wow. What a week.

LehighSiliconValley 2015 was a totally immersive learning experience. From the kick-off dinner to the mock graduation, LSV2015 steeped us in the San Francisco/Silicon Valley startup ecosystem. True to his word, Dale yanked us out of the doldrum that is a Lehigh classroom and introduced us to an entrepreneurial community built upon passion, hard work, and unyielding dedication to an idea. We met with VCs, founders, and executives at every stage of the organizational process. It was a learning opportunity unlike any we had experienced before. As the week progressed, some common themes emerged …

VCs—whether they be seed, angel, early, or late-stage investors—are in the business of pattern recognition. They look for a diverse, well-balanced team with the ultimate conviction in and commitment to their idea/product. For many VCs, the founder (and team) are more important in the decision to invest than the idea/product that they represent, and the market within which they operate. Ideas, products, and markets change—often forcing entrepreneurs to pivot in an unforeseen direction, and a scrappy, capable founding team can successfully navigate that changing landscape.  

We also learned about the importance for start-up companies to identify and partner with the early adopters of their product. Perhaps the most lasting analogy of the entire program came from Tim Eades. He explained, in such vivid imagery, the process of buffalo hunting. While the herd roams in the valley, wholly unaware of predators on the prowl, one loan buffalo stands lookout on the hilltop—ready to sound the alarm. The successful buffalo hunter first targets this lookout before attacking the herd. Many entrepreneurs may be tempted to attack the herd directly; in the process, scaring away their prospective customers. The savvy entrepreneur, however, will target the buffalo on the hill (or the early adapter) convincing him of his product’s inherent value. In an ideal world, the entrepreneur will treat his customers as partners in the product development process.  

Finally, LSV2015 emphasized the ultimate importance of communication and networking in the business world. As Adam Draper said, “likability and over-communication are the two most important qualities of a CEO.” The same can be said of any founder. As Dale illustrated throughout the program, you cannot overemphasize the importance of developing and maintaining a living, breathing network of like-minded individuals.

LSV2015 was truly a unique, one-of-a-kind educational experience. I have never had such an opportunity to fully immerse myself in an ecosystem and a culture. I feel truly privileged to have had the opportunity to be a part of such a diverse, inquisitive, keen-minded group of students and educators. Thank you and goodnight!

There was too much to say, and pictures are worth a thousands words so ...

We had no live case today, no Q&A, just personal time to enjoy the surrounding area with a dinner to officially wrap up a truly special week. During the day, I traveled into San Francisco with a number of fellow students to see some sights. We spent our day off in the Fisherman’s Wharf area which contains beautiful views of the Golden Gate Bridge and historical Alcatraz.

During our time there, myself, Garren, Matt, Will, Alex, and Mitchell made an impulse decision to rent bicycles. I had the pleasure of riding a tandem bike with Garren. Unfortunately, due to time constraints, we were not able to ride all the way to the bridge to get a closeup view. The bike ride was filled with laughter, chatter, and stops along the way to take some pictures so we can relive the moments shared.

The “graduation” dinner was filled with emotions. Great laughs with the student-improvised skit coupled with a strong goodbye message from the one and only Dale Falcinelli. One thing I forgot to mention during our group’s reflection was what a great opportunity this was to meet and network with MBA students, many of whom have experience in the workforce. I thoroughly enjoyed hanging out and talking with a number of them about their career paths and asking for advice.

As I mentioned earlier, this was my first time being exposed to anything here on the West Coast. The atmosphere, the culture, the way of conducting business, was all foreign to me before coming here and seeing first hand what this place is all about. I absolutely loved it. New York City has a certain energy and night life that most cities, including San Francisco, cannot compare to. However, the West Coast as a whole brings another set of positives that New York and the East Coast just cannot offer. In essence, my biggest takeaway from this trip was exposure to a whole new lifestyle embodied by the city of San Francisco. It has me thinking about my professional career path in a whole new way. A truly invaluable trip.

Cheers,

- Justin Uzcategui '16, Finance

Dale wrapped up tonight quite perfectly when he said that we all really shared a special moment together during this week in Silicon Valley. As I look back on the experience, it's hard to describe the unique environment that was created by the undergrads, MBAs, Dale and the Baker Institute team, and all of the amazing and intelligent people we got to meet with this week. Dale said that "the world stopped for a week," which I felt was entirely true as I was completely immersed in the San Francisco lifestyle.  

What I really took away from the week was an understanding of this lifestyle that entrepreneurs and venture capitalists share. What they all have in common can be summed up in the logo for the very first company that we visited this week, WeWork: "Always do what you love." I think this is a valuable lesson that all of the people we met with this week really embody and I hope I can find in my future career as well.  

Another personal takeaway for me was that because of the risk taking nature of the Silicon Valley area, that mistakes and failures are not only tolerated but oftentimes encouraged. Scott Kuper said to us at Andreessen Horowitz that if they aren't completely losing half of the money they invest (which is the average for that fund) then they aren't being risky enough in their portfolio of companies. This acceptance of failure is what really encourages creativity and a kind of controlled chaos which is also how I would describe the personality of LSV2015. This list of rules from LUNAR Design shows the kind of values of West Coast companies and are rules that I'm definitely going to try to follow as I move forward at Lehigh University and hopefully in a professional setting as well.

"If you stop learning, get out." - Tom Gillis

"Success is not measured in quantity of failures but quality of recovery." - Laura Mather

"Bad news can be tolerated, but not surprises." - Charles Hudson 

"VC is all about the slugging percentage, not the batting average." - Scott Kupor

"Do not hide things from your board." - Bill Draper

And of course, in the brilliant words of Tim Eades:

You have to train your board members.

Kill the buffalo on top of the hill, in order to make it through the herd. 

(Disclaimer: The rules aforementioned are conditional and not absolute. Other restrictions may apply.)

Throughout LehighSIliconValley we have seen many new and exciting companies. We have also been able to see the investors that fund new growth in these interesting markets. It has been an extraordinary experience. I think I speak for all of us when I say that this program would not be possible without Dale Falcinelli. Dale is a wonderful person with an unmatched enthusiasm for learning. The entire Baker Institute team did a fantastic job of putting together this program and making it different from any learning experience I have had before. Our final dinner was a perfect conclusion for the week embodying the fun and insight we have all gained together creating the 2015 LehighSiliconValley team. Thank you to everyone for making this experience possible.

Throughout the week Dale has made it quite clear that the goal of the LSV trip is to embrace the journey. We have spent very little time considering where we are going. I have taken advantage of the multiple bus rides each day by sitting next to a different person each time. During each conversation, I asked the same question; "What are you looking to get out the program and why did you decided to come?" I have heard a diverse range of answers from people interested in starting a company or working in venture capital to people just looking for a fun vacation. Regardless of the motive though, every person I have spoken to has gotten what they are looking for. I personally have gained incredible insight into the inner workings of this legendary startup ecosystem. All in all, although I only got my feet wet, I hope that I will soon be able to submerge my entire body in the metaphorical pool of excellence and optimism that exists only in this valley.

While, especially in today's startup world, private companies aren't necessarily unknown to the public, their equity cannot be bought or sold through public channels such as stock markets. Today we were exposed to an up-close and personal walk-through of the process that CareDx, a molecular diagnostics company, went through within the past year. 

While the focus of today's talk was somewhat different from the tone of the rest of the week (as we have previously reviewed companies that were founded on or investing in companies looking for a non-IPO exit strategy) it was still enlightening - as if it wouldn't be even if we just got to have lunch with these guys.

We got the opportunity to see the opening of a new chapter for a company that has just recently entered the public stock market. The ability to have full exposure to the process - especially the roadshow - of a company that is just beginning its ventures into the world of public companies was truly inspirational. Inspiration for me, as a student, does not only come from my appreciation of the process that CareDx has just gone through, but also to see the passion exuded from the company's leadership to make a change in the world and the lives of people.  

The insights that I took from Tim and Ken, starting with the quality of knowledge that they have for their business, has given me an understanding of the passion that an individual needs to have for success. It's not just today that we were shown the value of passion to success, but we have been taken through a tour that has shown qualities such as perseverance have a true outcome on an individual's success. 

Bill Draper, the man who started the West Coast’s first venture capital company, gave us a first-hand education on the expansion of Silicon Valley. He mentioned how his alma mater, Yale University, eliminated the engineering school in 1961. The needs of professions change as we enter new territories. Civil engineers were needed in relatively massive quantities over the past half-century. As we built our nation, engineers moved west paving roads and building bridges. Bethlehem played a role in this expansion, considering steel became America’s material of choice. We’re now expanding digitally, and silicon is the new steel.

This is my favorite picture from the week. BoostVC captured the spirit of Silicon Valley by creating a Tesla desk (license plate: risk manager). Model credits go to Raven Atkins.

- Elena Ramirez '15, Bioengineering