Andy Weissman (Union Square Ventures) and Andrew Yang (Venture for America)

Andrew asked Andy several questions about his experience at Union Square Ventures and working in the tech industry. Andy talked about the momentum and rebirth that is happening in New Orleans, which are both great ingredients for creativity and start ups.

• What are you seeing in terms of companies who are pitching now? What are the attributes that make you take notice and consider investing?

1. Every venture firm should have a different perspective and point of view/focus.
2. At Union Square Ventures, they have a wide view of why the internet is important - because it’s a network, it has the power to create transformational businesses and opportunities.
3. We are at a unique point, where we are seeing the early days of the informational economy. This is a major transformation from before, in what we now produce, including software, content, services, ideas, and applications. This is where the greatest growth will occur. The internet connects people, data, business, etc. As a network, it will destroy the incumbent and create new things in its place.
4. USV look for networks, market places and platforms for the exchange of information, ideas, etc. 

• Do you have advice for entrepreneurs in cities like New Orleans, which may be considered non traditional tech hubs, versus NYC or Silicon Valley?

1. There is no such thing as a non-traditional tech hub anymore. Anyone can build from anywhere now. VCs are only limited by how quickly they can meet with people. Union Square Ventures looks for large networks of engaged users.
2. They don’t care where they are. You just need a geographic density and creative group of people. That builds energy where an eco system can sustain itself, including investors, creatives, schools, developers, etc.

• What are the magic ingredients to a successful start up?

1. If your company doesn’t work out, it can become something else.
2. Just go for it. 1/3 of all investments will not work out. USV has a 67% failure rate. 
3. It’s important to find and create a service that will help people. 
4. Silicon Valley has taken the friction out of failure by enabling easy rebirth. It’s an ongoing process. Start again if you fail. Eventually some things may work out in a different iteration.
5. It’s ok to make mistakes - but not the same ones over and over again.
6. Be transparent - publish first and edit later.

• Do you have any advice for those who are trying to create a start up?

1. Just get into it - find a company you love and get involved.
2. New Orleans provides a great environment for this - people are open here and want to hear from you and talk to you. Reach out to them.
3. This may be true about the industry as a whole.
4. Twitter and someone’s online presence is a great way to check their references.
5. Use your networks to find people who are interested in the same things as you and reach out to them.
6. Keep going until someone says yes.

• Being an investor is hard; it includes:

1. Pattern recognition to identify trends in successful start ups.
2. Gut feelings and moving on those start ups that just feel right.
3. The ability to revisit ideas; sometimes VCs change their minds.

• (Audience question) How do you deal with increased competition in the Angel Rounds?

1. More transparency, more competition is good. There is nothing wrong with it - it makes the VCs have to work harder to get to invest, to understand what they can bring to a company. 
2. Money is a commodity. VCs are a good model for pushing capital to the start ups. VC customers are the entrepreneurs.