That said, I do make the most of convenience and natural materials in my daily life (I fasted and donated or recycled all my clothes that contained plastic), so if you see me on the street, there’s a 90% chance I’ll look like a “vagrant” or not very stylish, probably in shorts and a t-shirt or workout top.
The most valuable garment I own is probably my leather jacket that I never wear because we live in Portugal and it’s so warm, or the tuxedo that I wore to my wedding but haven’t worn since.
You started Vungle in London and then moved to San Francisco to join the AngelPad incubator.
1/ No, I don’t think Vungle would have gotten as big as it did if we’d launched anywhere else. I think a big part of why Vungle was successful is because we tried (and failed) to launch in London and had such a hard time raising money and getting any progress. Then when we moved to San Francisco, it felt like the road was paved with gold. Everyone we wanted to meet was just a short walk away. We met great people, and they opened their business card books and introduced us to their friends. We had a lot of resources.
2/ These days things are becoming more accessible in more remote areas, and I haven’t been to the Bay Area in a few years so I don’t know how much of a benefit it still has. I’m sure its value has gone down a lot, but a lot of VC firms are still based there.
What off-the-beaten-path experiences would you recommend for visitors to the Bay Area?
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In what ways is mobile app user acquisition and app monetization significantly different today than it was when Vungle first emerged, and in what ways is it surprisingly similar?
When we started Vungle, banner ads were the primary way to monetize mobile apps and acquire users. Video is much more prevalent now, and that’s the main change. Also, with Apple cracking down on privacy, user data is much more limited. But the analytics and the things that apps and games take into account remain the same.
How marketing works – what do you think is the most common misconception among startups?
I highly recommend this book, “The PR Guide for Burned Out Bloggers.” I think too many startups give marketing a bad rap. It’s fashionable to say, “We’ve spent $0 on marketing!”, but instead they just get lazy and think they can send out a press release and get featured on tech blogs and in the news. Marketing is a job, and it can be approached thoughtfully. We did.
What is the difference between serving on the board of a public company and serving on the board of a startup? Which board have you made your most notable contributions to?
The public company boards I’ve been on have been like SPACs, so I don’t have any real experience being on the board of a hyper-growth company. But what I see is typically that public companies are more about compliance and committees than adding value. With startups, the board is often able to provide more hands-on help, recruiting help, etc. Currently, the board I’m most involved with is the charity Prison Math Project, where I’m involved in developing the tech side of the charity.
Having launched and exited a successful startup, you seem to have beaten the game of capitalism, yet Sam Parr described you as someone who says “enough is enough, no more.” What role does money play in your life today? How does it influence your decisions? Would you advise others to think less about money? Is it possible to think less about money? Is capitalism leaving us behind?
Money is a complicated issue, and in my case, I feel like I’m okay with that because I don’t have to worry about rent, housing, or food.
I also think you can think about money without thinking about getting rich. When I started Vungle, I didn’t want to get rich, I wanted to build a big company, only that will be judged through the lens of revenue and shareholder value.
As an entrepreneur, I think of myself as a sprinter. In the game I’ve chosen, the scoreboard for success is how fast I can run 100 meters. But I wouldn’t be satisfied if I ran 0.1 seconds faster than someone else. Similarly, making more money doesn’t make me “satisfied.” It’s just a scorecard.
He also does angel investments.
I haven’t been actively investing in startups for the past few years – it’s a dopamine rush that I’m trying to stay away from – but to answer your question, in theory it’s to diversify and make money, but in reality it’s because of the FOMO and dopamine.
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The primary lens through which I look at things is, “What are the penalties for violating bureaucracy?” In some places, many people say it’s “illegal,” but when you look into it more closely, the penalty is $5. Uber was a pioneer in “don’t ask for permission, ask for forgiveness,” but I think things are much different these days. I think you also need to evaluate the rules you’re looking at and think about whether there’s a way you can accomplish what you want to do within the rules.
Did Blackstone approach Bangle or did Bangle approach Blackstone? What were some of the tangible and intangible signs that indicated it was time to sell and that this was the right buyer?
Given the size of the company, which does hundreds of millions of dollars in annual revenue, Vungle is not at the stage where it can just email Blackstone 🙂 Vungle had bankers looking to sell for a while, and then Blackstone’s fund seemed like a strategic fit. I was no longer with the company when it was sold. My co-founders and I were interested in continuing to grow the company, but one thing that’s not so clear is that when you get VC funding, the clock is ticking to generate an exit. So many of Vungle’s investors were putting a lot of pressure on it, hoping and praying that the company would head for an exit and make some kind of return for the investors.
What is the most interesting project you are working on this week, and how do you decide which projects are worth working on and which aren’t?
The most “interesting” project I’m currently working on is finding a landscape architect to work on the Silent Break project – this will be an exciting milestone that will help shape the core sense of place we are trying to create.
I like to use the Eisenhower Matrix to prioritize what I need to work on. It looks at things through the lens of importance and urgency. That being said, I’m still not very good at it.
What’s something unexpectedly fun that you’ve enjoyed in the past year?
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What can an entrepreneur do if they experience burnout?
Currently: Going to Bali Silent Retreat. In the future:
Going to a silent retreat in Bali for about 10 days with a suitcase full of books was extremely healing and rejuvenating for me.
If a stranger on the internet asked you for a book to improve their life, what would you recommend?
I love the book The Burned Out Bloggers Guide, which is structured like a summary of blog posts, and I found it to be a really unique read because it gives you a glimpse into a variety of thought-provoking productivity concepts.
Why is prison reform important to you, and if possible, make the case that this is one of the most effective ways to raise funds.
This documentary made me want to learn more about and support the prison system, especially in the United States.
Many people in American prisons and jails are treated like animals. I’ve spoken to people who volunteered in prison kitchens and handed out meat that was labeled “not edible.”
I was inspired after volunteering as a mentor for a charity
Also, many innocent people end up in prison because they cannot afford a lawyer and a public defender is assigned to them 15 minutes before they are scheduled to appear in court. It’s a crazy story.
If you could change one thing about how the internet works for everyone, what would it be?
I believe the internet is addictive like alcohol, and in the future I hope that thoughtful internet consumption/use will continue to evolve rather than just being gamified and made even more addictive.
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