“Do you know where we are?” asked Milo.

“Certainly,” he replied, “we’re right here on this very spot. Besides, being lost is never a matter of not knowing where you are; it's a matter of not knowing where you aren't – and I don’t care at all about where I’m not."

We Invest In What We Use

Since I began spending more time outside of the Penny Black office meeting entrepreneurs and investors, I’ve noticed that often the first question I’m asked is what type of company we invest in. Given that we’ve invested in a pretty broad range of startups, I’ve given a pretty broad range of answers.  But after a year of doing this, I’ve noticed that the startups I most enjoy working with on an ongoing basis are those that make products and services that I actively use.

A great example of this is Rapportive, which I used (and loved) for a long time before being introduced to Rahul, one of the founders.  It’s simply a great idea, that creates an immense amount of value for me on a daily basis. And given my general interest in information overload, I was very excited to be involved.

At first I thought that we had to sit down and divide up sectors of interest and expertise in order to provide the greatest value-add to our startups. What I didn’t consider, however, was that by default you become an expert in what you use simply in the process of selecting the tool. It took me a long time to find the best project management tool to manage my last startup’s team, and once I found it I noticed that I quickly became the expert among my friends in online project management software.

So what do we invest in? Most of what I do on a regular basis involves consuming, producing, and connecting data (and people), so naturally I’m fascinated by anything in that arena. Would we look at a medical device company, or a women’s media platform? Sure. There are tons of amazing startups outside of my immediate “usage sphere,” and I love meeting bright entrepreneurs. But when it comes to investing, I’d much rather focus on what I use.   

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Juventas Fugit  is designed and written by Justin Wohlstadter, who, when not writing in the third person, can be found in a coffee shop talking about startups, thinking about the future of education, and generally procrastinating something important.

  • Passions: startups that positively affect the world, education innovation, good design, learning, and meeting those with an equally insatiable curiosity.
  • Play: director of product design at Enterproid and partner at BOLDstart Ventures.
  • Previously: built the early-stage venture arm of Penny Black. And many other crazy, less successful ventures involving fire extinguishers, measuring philanthropic impact, and creative spaces.
  • Pedantry: most of the important stuff I taught myself or learned from friends, but I’m fortunate to have (barely received) degrees from Harvard and Oxford. At Oxford I wrote my dissertation on how internet innovation will disrupt access to higher education.
  • Procrastination: can be found on Twitter, Linkedin, AngelList and other web spaces, and be reached via email at my first name at this domain.
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