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# Lessons from Brad Feld
- URL: https://www.antoinebuteau.com/lessons-from-brad-feld/
- Published: 2026-06-25T20:52:29.000Z
- Updated: 2026-07-18T21:50:21.000Z
- Description: Brad Feld, a venture capitalist and Techstars co-founder, developed the Boulder Thesis: startup communities thrive when founders lead inclusively for the long term; his practical guidance spans fundraising, board relationships, and the mental strain of building companies.
- Author: Antoine Buteau
- Tags: Profile, Venture Capital Profiles

![Visual summary of operating lessons from Brad Feld.](https://www.antoinebuteau.com/content/images/2026/06/lessons-from-brad-feld-profile-infographic.webp)

## Lessons from Brad Feld

Venture capitalist and Techstars co-founder Brad Feld is best known for his "Boulder Thesis," which argues that healthy startup communities must be led by founders with a long-term, inclusive approach. This collection gathers his practical advice on raising capital, handling boards, and surviving the mental grind of building a company.

### Part 1: The Entrepreneurial Mindset

1. **On Failure:** "Failure is a key part of entrepreneurship, but, as with many things in life, attitude impacts outcome." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
2. **On Perseverance:** "They can't kill you and they can't eat you. Suit up." — [*Source: \[Boardroom Governance*](https://boardroom-governance.com/?ref=antoinebuteau.com)*\]*
3. **On Commitment:** "Do or Do Not; There Is No 'Try'. You must have the mind-set that you will succeed on your quest." — [*Source: \[GeekWire*](https://www.geekwire.com/?ref=antoinebuteau.com)*\]*
4. **On The Journey:** "Failure is sometimes the best option if you view the process of entrepreneurship as a lifelong journey." — [*Source: \[AZQuotes*](https://www.azquotes.com/author/4747-Brad%5FFeld?ref=antoinebuteau.com)*\]*
5. **On Taking Up Space:** "If you're not standing on the edge, you're taking up too much space." — [*Source: \[Boardroom Governance*](https://boardroom-governance.com/?ref=antoinebuteau.com)*\]*
6. **On Centrality:** "The entrepreneur is the center of the entrepreneurial universe. Without entrepreneurs there would be no term sheet and no startup ecosystem." — [*Source: \[Scribd*](https://www.scribd.com/?ref=antoinebuteau.com)*\]*
7. **On Financial Reality:** "Don’t get intoxicated by fundraising, don’t make the mistake of thinking investment is success, and remember that revenue is the goal of your business and it’s the best form of capital." — [*Source: \[Medium*](https://medium.com/?ref=antoinebuteau.com)*\]*
8. **On The Rollercoaster:** "Building a company is an entrepreneurial rollercoaster; you have to learn how to ride the highs and the lows without losing your mind." — [*Source: \[The Tim Ferriss Show*](https://tim.blog/?ref=antoinebuteau.com)*\]*
9. **On Unplugging:** "You have to deliberately carve out time to disconnect from the machine, or the machine will completely consume you." — [*Source: \[The Tim Ferriss Show*](https://tim.blog/?ref=antoinebuteau.com)*\]*

### Part 2: Venture Capital and Fundraising

1. **On VC Priorities:** "There are only a few key things most VCs look at to understand and get excited about a deal: the problem you are solving, the size of the opportunity, the strength of the team." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
2. **On Financial Projections:** "The only thing that we know about financial predictions of startups is that 100 percent of them are wrong." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
3. **On Pitching:** "I no longer really ever like to be pitched. Instead, I prefer to engage in a relationship as part of learning the other person." — [*Source: \[QuoteFancy*](https://quotefancy.com/?ref=antoinebuteau.com)*\]*
4. **On Valuation:** "I encourage entrepreneurs not to take valuation personally... It means they are negotiating a deal to their advantage, just as you would." — [*Source: \[Medium*](https://medium.com/?ref=antoinebuteau.com)*\]*
5. **On Finding the Right Partner:** "Before you jump through hoops providing this information, make sure a partner-level person is involved and that you aren’t just the object of a fishing expedition." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
6. **On Control:** "Economics and control are the two main things you are negotiating in a term sheet. Understand both deeply." — [*Source: \[Venture Deals*](https://www.venturedeals.com/?ref=antoinebuteau.com)*\]*
7. **On Market Cycles:** "Venture capital is a long-term game played in a world obsessed with short-term market cycles. You have to look past the current noise." — [*Source: \[Thirty Minute Mentors*](https://www.adammendler.com/?ref=antoinebuteau.com)*\]*
8. **On Honesty with Investors:** "Bad news travels fast, but hidden bad news travels faster and destroys trust forever." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
9. **On Capital as a Tool:** "Capital is a tool, not a milestone. Too many founders celebrate raising money instead of celebrating what the money allows them to build." — [*Source: \[Mixergy*](https://mixergy.com/?ref=antoinebuteau.com)*\]*
10. **On Rejection:** "Every 'no' gets you closer to a 'yes.' Don't burn bridges when an investor passes on your round." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*

### Part 3: Startup Communities

1. **On Zero-Sum Games:** "Building a startup community is not a zero-sum game in which there are winners and losers: if everyone engages, they and the entire community can all be winners." — [*Source: \[AZQuotes*](https://www.azquotes.com/author/4747-Brad%5FFeld?ref=antoinebuteau.com)*\]*
2. **On Leadership:** "Entrepreneurs must lead the startup community. Everyone else is a feeder." — [*Source: \[Forbes*](https://www.forbes.com/?ref=antoinebuteau.com)*\]*
3. **On Time Horizons:** "The leaders must have a long-term commitment. You are making a 20-year commitment to your city." — [*Source: \[Knowledge at Wharton*](https://knowledge.wharton.upenn.edu/?ref=antoinebuteau.com)*\]*
4. **On Inclusion:** "The startup community must be inclusive of anyone who wants to participate in it. There is no room for gatekeepers." — [*Source: \[Forbes*](https://www.forbes.com/?ref=antoinebuteau.com)*\]*
5. **On Activities:** "The startup community must have continual activities that engage the entire entrepreneurial stack." — [*Source: \[Forbes*](https://www.forbes.com/?ref=antoinebuteau.com)*\]*
6. **On Ecosystem Interactions:** "While the range of people, organizations, resources, and conditions involved in an entrepreneurial ecosystem are useful to understand... the interaction between each of the components is what matters." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
7. **On Attitude:** "It's not about having a Silicon Valley attitude—it's about having an entrepreneurial attitude." — [*Source: \[AZQuotes*](https://www.azquotes.com/author/4747-Brad%5FFeld?ref=antoinebuteau.com)*\]*
8. **On Geography:** "It's the people that make a community an entrepreneurial one—not the location—and it's up to you to contribute." — [*Source: \[AZQuotes*](https://www.azquotes.com/author/4747-Brad%5FFeld?ref=antoinebuteau.com)*\]*
9. **On Measurement:** "If you don't measure it, you won't manage it... but managing growth using only the easiest data to collect can be devastating to a startup community." — [*Source: \[Computer History Museum*](https://computerhistory.org/?ref=antoinebuteau.com)*\]*
10. **On Organic Growth:** "Startup communities are complex systems. You can't command and control them; you can only guide and nurture them." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*

### Part 4: Negotiation and Legal Dynamics

1. **On 'The Market' Argument:** "Saying that 'it’s market' is like your parents telling you, 'Because I said so,' and you responding, 'But everyone’s doing it.'" — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
2. **On Weak Negotiators:** "We love hearing the market argument because then we know that our negotiating partner is a weak negotiator." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
3. **On Legal Delegation:** "Entrepreneurs can’t and shouldn’t outsource their involvement in a financing to their lawyers." — [*Source: \[Scribd*](https://www.scribd.com/?ref=antoinebuteau.com)*\]*
4. **On Business vs. Legal:** "There are many issues in a financing negotiation that are business decisions, not legal ones." — [*Source: \[Scribd*](https://www.scribd.com/?ref=antoinebuteau.com)*\]*
5. **On Reading the Documents:** "Never sign a legal document you haven't read and fully understood, no matter how much you trust your lawyer." — [*Source: \[Venture Deals*](https://www.venturedeals.com/?ref=antoinebuteau.com)*\]*
6. **On Leverage:** "The best way to improve your negotiating position is to have multiple options. Competition drives terms." — [*Source: \[Venture Deals*](https://www.venturedeals.com/?ref=antoinebuteau.com)*\]*
7. **On Simplicity:** "Complexity in a term sheet usually favors the investor, not the founder. Strive for clean, simple terms." — [*Source: \[Venture Deals*](https://www.venturedeals.com/?ref=antoinebuteau.com)*\]*
8. **On Bluffing:** "Don't bluff unless you are completely prepared to have your bluff called and walk away." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
9. **On Alignment:** "A good negotiation results in a deal where both parties feel aligned for the future, not where one party feels they extracted maximum blood." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*

### Part 5: Leadership and Management

1. **On Motivation:** "You can't motivate people, you can only create a context in which people are motivated." — [*Source: \[QuoteFancy*](https://quotefancy.com/?ref=antoinebuteau.com)*\]*
2. **On Empathy:** "Empathy in business is not a soft skill; it is a fundamental requirement for managing a team through uncertainty." — [*Source: \[AppDirect*](https://www.appdirect.com/?ref=antoinebuteau.com)*\]*
3. **On Culture:** "Culture isn't what you write on the wall; it's how your team behaves when things go wrong." — [*Source: \[SaaStr*](https://www.saastr.com/?ref=antoinebuteau.com)*\]*
4. **On 'Brutal Honesty':** "‘I'm just being honest’ can also be a way of saying ‘I don't care about whether my words are hurtful or unkind’." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
5. **On Firing:** "When you know you have to let someone go, do it immediately. Delaying it is unfair to them and toxic to the company." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
6. **On Self-Care as Leadership:** "If you do not pay attention to your important relationships and dedicate time to them, they—and your startup—will suffer." — [*Source: \[Medium*](https://medium.com/?ref=antoinebuteau.com)*\]*
7. **On Energy Management:** "Monitor your mental and emotional state in real time. Use a green-yellow-red dashboard to prevent burnout before it happens." — [*Source: \[Apple Podcasts*](https://podcasts.apple.com/us/podcast/brad-feld-on-ocd-depression-and-the-courage-to-be-honest/id1480904163?i=1000736558453&ref=antoinebuteau.com)*\]*
8. **On Delegating:** "Hire people who are better than you at the things you suck at, and get out of their way." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
9. **On Windfalls:** "Spend 10% of any financial windfall on something frivolous. If you build capital, you must also derive some pleasure from it." — [*Source: \[Forbes*](https://www.forbes.com/?ref=antoinebuteau.com)*\]*

### Part 6: Board Dynamics

1. **On Board Function:** "I view the board as another team that I get, and why wouldn't I take advantage of being able to create a great team at that level?" — [*Source: \[Apple Podcasts*](https://podcasts.apple.com/us/podcast/startup-boards-a-field-guide-to-building-an/id1493451702?i=1000566847288&ref=antoinebuteau.com)*\]*
2. **On Strategic Value:** "If you get good board dynamic, you have created a secret weapon for your business – a strategic sounding board that you couldn't go out and buy." — [*Source: \[On Boards Podcast*](https://onboardspodcast.com/?ref=antoinebuteau.com)*\]*
3. **On Meeting Focus:** "Great board meetings focus 80% of their time on the future, rather than rehashing the past." — [*Source: \[Burkland Associates*](https://burklandassociates.com/?ref=antoinebuteau.com)*\]*
4. **On Independence:** "The most effective boards have a balance of the founder, investors, and independent directors who can fill strategic gaps." — [*Source: \[Burkland Associates*](https://burklandassociates.com/?ref=antoinebuteau.com)*\]*
5. **On Peer Dynamics:** "The CEO must interact with the board as a group of equals, not as a student reporting to teachers." — [*Source: \[Apple Podcasts*](https://podcasts.apple.com/us/podcast/startup-boards-a-field-guide-to-building-an/id1493451702?i=1000566847288&ref=antoinebuteau.com)*\]*
6. **On Bad Boards:** "A dysfunctional board will destroy a good company faster than a bad product will." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
7. **On Board Materials:** "Send your board packet out at least three days in advance. Treat the meeting as a working session, not a read-aloud presentation." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
8. **On Transparency:** "Never surprise your board. The board meeting is the worst possible place to drop a bombshell." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
9. **On Asking for Help:** "A board's primary job is to help the CEO. But they can't help if the CEO doesn't ask the right questions." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*

### Part 7: Mental Health and Vulnerability

1. **On The Bootstrap Myth:** "Admitting you struggle with depression is like admitting you can't reach your bootstraps. It's assumed that successful people can just 'shake it off.' But that's not how it works." — [*Source: \[Medium*](https://medium.com/?ref=antoinebuteau.com)*\]*
2. **On Destigmatization:** "Stigma loses its power when leaders tell the truth." — [*Source: \[Apple Podcasts*](https://podcasts.apple.com/us/podcast/brad-feld-on-ocd-depression-and-the-courage-to-be-honest/id1480904163?i=1000736558453&ref=antoinebuteau.com)*\]*
3. **On Speaking Up:** "I realized if I didn't write openly about my experience, I would be deceitful about my own experience and effectively be full of shit." — [*Source: \[My Wellbeing*](https://mywellbeing.com/?ref=antoinebuteau.com)*\]*
4. **On 'Superpowers':** "I periodically hear something like ‘I’m OCD and it’s my superpower’ and dismiss that idea as nonsense. OCD is an insidious thing that gets in the way." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
5. **On Vulnerability:** "Being open about fears and flaws is a strength, not a weakness." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
6. **On The Startup Toll:** "The entrepreneurial culture celebrates working yourself to death, which is a fundamentally broken way to live." — [*Source: \[Inc.*](https://www.inc.com/?ref=antoinebuteau.com)*\]*
7. **On Partnership:** "Communication with a spouse is one of the most challenging aspects of being an entrepreneur. You must protect the partnership." — [*Source: \[Substack*](https://substack.com/?ref=antoinebuteau.com)*\]*
8. **On Tunnel Vision:** "Recognize the entrepreneur's 'tunnel vision' and ensure it does not become destructive to the rest of your life." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
9. **On Therapy:** "Therapy is a tool for self-awareness, and self-awareness is the ultimate competitive advantage for any founder." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*

### Part 8: Mentorship and Give First

1. **On Give First:** "Give First means being willing to put energy into a relationship or a system without defining the transactional parameters." — [*Source: \[Feld Thoughts*](https://feld.com/?ref=antoinebuteau.com)*\]*
2. **On Altruism:** "Give First is not altruism. You can and should expect to get something back. But you don't know when, from whom, in what form, or over what time frame." — [*Source: \[BetaKit*](https://betakit.com/?ref=antoinebuteau.com)*\]*
3. **On Philosophy:** "It's not a religion with rules. It's a philosophy... over time, that energy comes back to you." — [*Source: \[PNW*](https://www.pnw.edu/?ref=antoinebuteau.com)*\]*
4. **On True Mentorship:** "Good mentorship is rooted in listening. It's not about telling someone what to do. It's about helping them think more clearly." — [*Source: \[PNW*](https://www.pnw.edu/?ref=antoinebuteau.com)*\]*
5. **On Hierarchy:** "The magic of a mentor-mentee relationship is that it's not hierarchical." — [*Source: \[BetaKit*](https://betakit.com/?ref=antoinebuteau.com)*\]*
6. **On Becoming Peers:** "The most powerful mentor/mentee relationships are those in which the mentor and the mentee ultimately become peers." — [*Source: \[Goodreads*](https://www.goodreads.com/author/quotes/83020.Brad%5FFeld?ref=antoinebuteau.com)*\]*
7. **On Manipulation:** "Asking someone 'How can I help you?' when you have your own hidden agenda feels yucky, insincere, and manipulative." — [*Source: \[Medium*](https://medium.com/?ref=antoinebuteau.com)*\]*
8. **On Network Building:** "Give First is a way of building a powerful, supportive network where value eventually returns to the giver, even if the path is indirect." — [*Source: \[Techstars*](https://www.techstars.com/?ref=antoinebuteau.com)*\]*
9. **On Attention:** "Your attention is your most valuable asset. When you mentor someone, giving them your undivided attention is the highest form of respect." — [*Source: \[Remarkable People*](https://www.youtube.com/watch?v=jV2gFsvTWRA&ref=antoinebuteau.com)*\]*
10. **On Legacy:** "You don't measure the impact of mentorship by the equity you get, you measure it by the success of the ecosystem you helped build." — [*Source: \[Techstars*](https://www.techstars.com/?ref=antoinebuteau.com)*\]*