Episode Transcript
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Carl Grant (00:09):
Welcome to
rainmakers. I'm here with Bill C
llier, director of the Marylad venture fund. And Bill, you've
got duties beyond your Marylad venture funds. So why don't
ou go ahead and give us the ful scope of what you do.
Bill Collier (00:22):
Thanks, Carl.
Yeah, so I am the director ofMaryland venture fund focusing
on business development. And thesame goes with the tedco Seed
Fund, which is an earlier stageseed focused Fund, and the tedco
builder Fund, which is the DNIfocus fund. So super excited to
support all three of thoseplatforms.
Carl Grant (00:41):
And so for our
listeners who don't know what
DNI is, it's diversity andinclusion. And this has become a
big thing in the investmentcommunity, and a focus of a lot
of funds. So appreciate youlaying all that out for us,
Bill. So Bill, venture capitalis the hardest industry in the
world to break into, as far as Iknow. So I imagine you had to do
a bit of networking and gettingto know the right people to
(01:03):
break in. Tell us about how youwent about doing that?
Bill Collier (01:07):
Yeah, totally. So
the the story that I had to
share with with with my network,and the skills that I leveraged
and leaned on to secure my role.
were heavily in sales. Right. Soright out of college, I had a
SAS software sales role at thelocal startup called
weddingwire. Extremelytransactional role, closing
(01:29):
three to five deals, deals aday, getting in front of people
that may have not even heard ofthe product and closing them on
the spot. In the reason why mycurrent team was interested in
having me join the team wasbecause they needed someone who
was going to pound the pavement,and get build pipeline and get
(01:49):
deals in front of the team. Interms of how I got the role,
it's actually funny, because Iknow we're going to touch on
this later, Carl, but my wifewas at a networking event at
Cooley capital call event, andmet a few team members from from
Maryland venture fund. Andthat's how I got the role. I got
had an introduction through mywife, and the rest is history.
Carl Grant (02:16):
Well, so why don't
we go ahead and skip ahead. So I
think she also enlisted me toput in a good word for you at
the time. So that's how thisgoes. We so in full disclosure,
Angie Collier, who was on twoprevious episodes ago, is your
wife and she is a connector. Andso you've benefited from being
married to a connector? So talka little bit more about that.
(02:37):
And do you just sponge off offof her relationships? Or do you
actually go out and develop yourown?
Bill Collier (02:42):
I try? Look, it's
a it's a symbiotic relationship,
right? If it was one, if it wasa one way street, it wouldn't,
it wouldn't work out. And andno, we help each other. We put
each other in contact and intouch with with warm leads. And
try to support each other, thebest we can from deal flow to
(03:05):
introductions to supporting inhelping execute projects. So
it's actually really funnybecause the episode that you and
Angie recorded, it kind ofresonated with me because pre
COVID we were out in eventstogether. And I saw her you
know, this is my wife, right?
But she was your businessdevelopment data. Exactly.
Exactly. So she's my businessdevelopment date my wingwoman.
(03:29):
Right. And it would be like wewould lay out the plan. You'd
say, hey, I want to talk to thismany people are I want to meet
five net new companies tonight.
And we're not leaving until wedo that. Right?
Carl Grant (03:43):
This is totally
funny because this totally
validates the whole thing. Wetalked about Angie and me,
right? Yeah, geez. husband goesout as a BD date with her. So.
So yeah, thanks for sharing.
Yes, it's pretty funny. She'sgreat. So and then you also
involve my spouse in an eventthat you did some time back
where you had her make apresentation. And so it's all in
the family.
Bill Collier (04:06):
Yeah, it's all in
the family. And look, that's
what it's all about, right?
Growing that that ecosystem,knowing who the point people are
and who you can point companiesthat needs specific and tailored
support. You want to you wantto, you want to put quality
company and quality deals infront of quality people and be
impactful on both ends, right.
(04:27):
And that's how it kind of workedout with you, Jeannie. And
Angie, it's all in the familyand Carl the cherry on top is
being able to work with networkwith and spend time with in a
professional professional sensewith people you enjoy being on
to. Right so that just makes itthat much more fun.
Carl Grant (04:46):
Yeah, your wife is a
blast to hang out with. So look,
you've got to at the end of theday, you've got to show up with
great companies to invest inthem. And there's a lot of
investors vying for thosecompanies. How do you network to
find those companies and andwhat do you do to make sure that
you're in the flow?
Bill Collier (05:02):
Good. Good
question, Carl. It really comes
down to just being out there inthe market, being present being
at events like, you know, coollycapital call that our staple
events for the region, and nownationally, because you expanded
it. And being there, making theconnections, having the robust
(05:25):
networking ecosystem built. Sowhen someone says, hey, I've got
a Maryland based tech company,who do I put them in touch with,
I need to be top of mind for allof those players in the
ecosystem, and be the automaticguy that they funnel those deals
to. But if you're not out, andif you're not building your
brand, and if you're not top ofmind for people, then then
(05:47):
you're gonna lose out on deals.
Carl Grant (05:49):
And how do you stay
in touch with those people?
Because look, for the past year,most of us haven't been out.
We've, because COVID we've beenwe've been left out. So how do
you stay top of mind with thosepeople?
Bill Collier (06:02):
You know, what I
like to do is set up either
monthly or quarterly touchpointswith with my friends and
colleagues and have zooms maybeeven working lunches where over
the lunch hour, we keep itreally casual and catch up on
everything from the latest andgreatest on Netflix shows two
deals that we're working on inhaving those touch points is
(06:25):
extremely again, important forstaying top of mind. Carl,
should we redo that one? Becausewe had that background noise?
Carl Grant (06:31):
Nah, don't worry
about it. These happen all the
time. So Bill, so you get acompany, not all of them are a
fit. And and you pass on some ofthem? Do you just pass you just
say I don't like your company?
Or do you try to find otherplaces to send that company to
generate? You know, goodwill?
Bill Collier (06:49):
Yeah, great
question, Carl. So look, I see
me and my team see 1000s and1000s of deals a year, we can
only invest in a handful ofthem, maybe 10 to 15 a year,
right. So a small percentage ofeverything we see. So what I
like to tell companies and otherinvestors as I help more
companies, then the companiesthat I invest in, because if I
(07:12):
if I only helped those that I'mcutting checks for I'm not doing
my job. So what I tried to do isidentify other, or ecosystem
players, connectors, otherinvestment funds that are good
fit for those companies, and tryto make a warm introduction. And
I want to I want to double clickon this a little bit, Carl,
(07:34):
because a lot of it comes downto quality, right? Your brand.
And when people think of you,you want to make sure that they
they know that if you're sendingthem something that you did a
little bit of diligence, alittle bit of vetting, and
you're sending them a qualitylead. So that's something that I
try to focus on a lot beforemaking an introduction.
Carl Grant (07:54):
Yeah, so bill, that
that what you said reminds me of
when I was back atPricewaterhouseCoopers, many
years ago, this was back duringthe first internet boom. And we
were seeing so many companiesthat it was, you know, it was
crazy. I mean, everybody had,you know, you could get a web
domain and raise $3 million backback in those days. And while
(08:15):
most of those weren't, theyweren't a fit, because because
we only wanted to take oncompanies that could go public,
right. And so almost everythingthat came to us was was a no.
And so we had to come up with away to just like you, you see
1000 companies, and you can howmany investments you to do a
year,
Bill Collier (08:32):
Probably across
all of the funds, let's say 12
to 18 to 20. 12 to 20 or so.
Carl Grant (08:41):
Yeah. So you're
saying a lot of nose, right. And
so we were rejecting a lot ofcompanies. And and we so we
wanted to do it in a way thatwas nice. So we developed this,
this big manual that, you know,because I had five interns
working for me at the time, itwas called the reject referral
manual. And the new interns comeon in and you know, learn like
if we get a company that doesthis, but it doesn't, you know,
(09:04):
doesn't quite have thesecharacteristics, what to do with
it, like who in the communitycould deal with these earlier
stage companies. And we actuallymade a lot of good friends that
Wait, and you'll be surprisedhow many came back later with
their act together with a newcompany on a new management team
or with an improved businessplan. And it really paid to take
the time to just not you know,brush them off. And so I take
(09:26):
heart.
Bill Collier (09:26):
Carl, Carl And I
gotta tell you, that's been a
story for us. Right? That's beena trend, if you will. So we've
made two investments the lastquarter. And we've known these
entrepreneurs for two plusyears. And it's exactly how you
explained it. The first time wetalked to them. They were a
(09:48):
little early for us. They neededto work out some kinks. They
needed to hone their strategy abit. But over the last two and a
half years or so we've reallyseen them improve. Got to know
them in Watch them pivot inExcel. And we're happy to say
that, hey, now's the right timeto engage. And we actually made
a few investments that kind offit that, that storyline and
(10:10):
profile. So it's great.
Carl Grant (10:14):
That's a great
story. And then also, you
mentioned the diversityinclusion companies, right? So
So these, these companies thatare that are LED, say, by a
black entrepreneur, or Hispanicentrepreneur, or a female
entrepreneur, like, nowadays,investors really want to invest
in these companies, right? Itwasn't always this way. But what
you're looking for these deals,and a lot of funds, like yours
(10:36):
have a mandate to do thesedeals, but not every one of them
is going to be a fit for you.
Like, if you have one that'sdoing some services, businesses,
not really a venture fit, butyou want to take care of that
entrepreneur, right? You don'twant to just say no, right? So.
So do you go out of your way totry to find what you know,
especially with your diversityand inclusion, fun to find
others that might be a fit,because there are other
(10:56):
resources out there, you know,to do these things.
Bill Collier (11:01):
Yeah, exactly. And
what we aim to do is support all
businesses, all technology basedcompanies, businesses,
entrepreneurs, despitebackground, we, we are here to
help companies get to the nextlevel. And like you mentioned,
if if, for whatever reason, it'snot a good fit for us, what I do
(11:23):
is, I get on my LinkedIn andstart to do a little bit of
research and try to find who theright connector who the right
potential fund is to supportthat entrepreneur. And outside
of my three funds that Isupport, it tedco, we do have
other programs that supportentrepreneurs and companies and
help them improve their pitch upthem with strategy, help them
(11:46):
with their their productroadmap. So outside of just the
funding, Ted go has a lot ofresources to support all
entrepreneurs.
Carl Grant (11:55):
So I noticed you're
starting to take board observer
roles, and pretty soon you'll besitting on boards. So one of the
things venture capitalists triedto do to differentiate
themselves, because some ofthese situations are
competitive, right, you may betrying to get a deal that
another fund wants to get and,and so you're trying to show
them that you're the betterchoice. So what kind of things
do you do as a value add as aboard observer today? And a
(12:18):
future board member?
Bill Collier (12:19):
Yeah, good
question, Carl. So, again, yeah,
we only take more types ofroles. But some things that we
try to do is giverecommendations for potential
other advisors or board membersthat could be value add to that
company, right, because we arethe most active investor in the
(12:43):
region, we have a lot of thoserelationships, right. CEOs that
have had prior exits, andsuccessful mergers and
acquisitions, other investorswho have operating backgrounds
who might be able to be helpfulfrom an advisory or a board
role, so making thoseconnections is hugely value add,
especially for those earlierstage companies. And that's what
(13:07):
we look to do.
Carl Grant (13:07):
Yeah, that's great.
So we're coming out of the wholeCOVID era, at least, I'm in
Texas, and how we're out of it,but you guys are coming out of
it. How do you see the landscapebeing different? And what types
of things do you see yourselfdoing over the next several
months?
Bill Collier (13:24):
Well, look, you
know, the last year has been
crazy, it's been a lot to adjustto a lot more virtual events, a
lot more zooms and skypes andphone calls where, whereas I
would just meet someone face toface for a coffee, or a lunch,
or a drink. You know, people aregetting their second shots. Now.
(13:49):
My understanding is, especiallyin the region that some of these
in person events on a smallerscale, are going to start
opening up and start occurringagain. This summer. So look, I'm
looking forward to it. You know,I think it's a good thing. I
think it's an important pieceof, you know, a business
(14:10):
development and someone whosources deals routine. And well,
we'll see how it goes. But yeah,things are definitely starting
to open up from from an eventsperspective up here. Which is,
which is a breath of fresh air.
Carl Grant (14:26):
Bill, what advice
you have for a young person who
wants to, you know, listen toyou, they say I want to do that,
what would you advise them to donow?
Bill Collier (14:35):
You know what I
think keep an open mind. Talk to
as many people and network withas many people that are willing
to speak with you and have thatmeeting with you. And also keep
it light, keep it fun, right?
Life is too short. You got toenjoy what you're doing and you
got to try to work with peoplethat you enjoy working with and
(14:55):
spending time with, right? Sowhen you have the conversations,
let your personality shinethrough. And keep it keep it you
know, keep it fun.
Carl Grant (15:08):
That's great advice.
Bill Collier. Thank you forjoining me on Rainmakers. If you
like what you heard today,please subscribe, please rate it
and share it with your friends.
Thanks, Bill.
Bill Collier (15:18):
Thanks, Carl.