Eric Paley

VC assumption - more capital accelerates best companies to greater success. Unfortunately, the data says otherwise techcrunch.com/2016/10/15/ove…

My Next Chapter - Team Massachusetts

I’m honored to share that Governor Healey has appointed me to be the Massachusetts Secretary of Economic Development.

This is not a sentence I ever imagined I’d be writing. I’ve spent my career as an entrepreneur and venture capitalist. Although I studied Government as an undergraduate and interned long ago in Congress, I thought my career had permanently diverged into the private sector. And yet, I’ve long had a desire to serve and play a role in making a difference for my community.

Accepting this appointment means stepping away from a position that, for 16 remarkable years, has felt nearly ideal. At Founder Collective, I’ve had the privilege of working alongside my closest friends and an exceptional team. Every day, I’m inspired by the brilliance and resilience of the founders we support—visionaries building technology to rethink our world. Founder Collective has become well known and respected for our mission-driven approach to venture capital, which puts founders ahead of funders and obsessively focuses on how to drive founder alignment as we partner with companies at the earliest stage. It was always my assumption that Founder Collective would be my professional home until retirement many years in the future. While I transition, I have absolute faith that Founder Collective’s vital mission will continue to thrive long beyond my time, capably driven by my phenomenal partners.

My initial reaction to any career change was an emphatic 'no.' I’ve spent the last 26 years honing my craft and the past 16 years crafting a special institution. I simply have too many commitments and way too fortunate a position to walk away. But then I couldn’t sleep that night. My mind raced with the profound implications of an opportunity to make an impact on a scale I never envisioned possible. I’ve watched and admired how Secretary Hao has worked with Governor Healey to make Massachusetts a better place to do business, to live, and to innovate. I simply couldn’t say no to the call to step up to a much broader platform and help improve the community that I love.

The inherent magic of startups lies in their ability to identify seemingly small, targeted products that, when skillfully designed, can scale to generate immense impact. I’m fascinated by the prospect of applying this entrepreneurial mindset to the state economy. While I have much to learn about the diverse economic pockets across our Commonwealth, my startup experience underscores the need to boldly experiment with game-changing interventions, then rigorously scale what unequivocally works. Applying this mindset to the role is wide ranging: from exploring how we can further scale our already incredible life sciences sector, to simultaneously engaging with leaders of our small towns and gateway cities to uncover the specific initiatives that will catalyze their local economic goals.

It’s commonplace, even expected, to harbor cynicism toward government. I confess, I’ve shared some of that hesitation. Balancing diverse public interests is undeniably a challenging, often slow process. Yet, my initial exposure to the Healey-Driscoll Administration has been profoundly reassuring. I’ve been struck by the work ethic, dedication to integrity, and commitment to service of the people I’ve met thus far. I am inspired by the example set by our Governor and Lt. Governor, and I am eager to meet my future collaborators—those who are working hard to drive our state forward.

I have now lived half my life in the Commonwealth of Massachusetts. I cannot envision a more exceptional place to raise a family, educate our children, foster intellectual exchange, and collaboratively define our forward-looking community. This dynamic state has enriched my life immeasurably, and now, it is my time to reciprocate. I am ready to play my part in designing our collective future. I’m under no illusion that this journey will be easy; we face formidable headwinds. Yet, this profound responsibility only intensifies my motivation to step up to the challenge.

To my partners, our team, and the founders who work tirelessly to invent the future — I’m profoundly grateful. I have a lump in my throat knowing that I won’t be alongside all of you through all of your exciting chapters ahead. Thank you to the broader innovation ecosystem both in Massachusetts and nationally that has embraced and celebrated our unique approach to venture capital and provided an environment that makes it possible for innovators to take the risk of trying to birth dreams into reality.

Secretary Hao, I’m so appreciative for your leadership and example - I know I have huge shoes to fill. I am deeply honored and grateful to Governor Healey and Lt. Governor Driscol for entrusting me with the critical mission of advancing the Commonwealth’s economic agenda.

Most of all, thank you, Massachusetts, for being such an incredible home and platform to build a life. I will work my hardest to drive forward that promise to our fellow citizens.

Sam Harris sure has a way with words. So clear and yet so many can’t see.

samharris.substack.com/p/literally-an…

Precisely the problem!

Yes SHE Can!