As a prominent figure in the European venture capital landscape, Johan Brenner, a General Partner at Creandum, has shared a wealth of knowledge gleaned from his extensive career as both an entrepreneur and an investor. While he hasn't authored a specific book of quotes, his insights can be distilled from numerous interviews, blog posts, and public appearances.

On Investment Philosophy and Strategy

  1. Focus on the Founders Above All: "The most important thing, over and over again, is the founders." [1] In an interview, Brenner emphasized that the quality and character of the entrepreneurs are the primary consideration for investment. [1]
  2. Market Size is Crucial for Venture Returns: For a venture capital fund to deliver the necessary returns to its investors, it's imperative to invest in companies that can become billion-dollar businesses, which requires a large addressable market. [1]
  3. Invest for the Upside, Not Just to Avoid the Downside: "We can generally get better at taking risks in Europe. Today we are still afraid of the downside of the investments, rather than investing for the upside." [2] He advocates for a more risk-tolerant approach in European VC to achieve significant returns. [2]
  4. The Power of a Great Team: When discussing his worst investment, a vegetable marketplace, he cited the lack of an entrepreneurial team as a key reason for its failure, highlighting the importance of a founding team's drive. [1]
  5. Don't Be Afraid to Invest in What You Know, Even After a Long Time: Brenner's first entrepreneurial success was an online trading platform sold to E-Trade. Many years later, he invested in Trade Republic, demonstrating his continued belief in the sector's potential. [3]
  6. Believe in the Production, Not Just the Currency in Crypto: Regarding an unsuccessful investment in a Bitcoin miner producer, KNC Miner, Brenner reflected, "At the time of the investment in KNC Miner, we really believed in bitcoin and crypto but believed that it was better to invest in the production than in the currency." [4]
  7. Acknowledge the Role of Timing: His failed investment in a vegetable marketplace also taught him that even with a large and interesting market, the timing can be wrong if the industry isn't ready for transparency and change. [1]
  8. Look for Global Scalability: A key investment criterion for Creandum is the potential for a company to scale globally. [4]
  9. Don't Diversify Too Much in Early-Stage Investing: While acknowledging the need to spread risk, he advises against investing in too many companies, as it dilutes focus and resources. He suggests a "handful of investments" to diversify risk adequately. [1]
  10. Hard Work and a Strong Stomach are Essential: Brenner dismisses the idea of quick money in investing, stating that it requires "hard work and an ice-cold stomach." [1]

On the Role of a Venture Capitalist

  1. Venture Capitalists are in the Backseat: "When you meet great founders... you as an investor may think you give some pivotal advice... But, in hindsight, you’re always in the backseat." [4] He emphasizes that the ultimate success of a company rests with the founders. [4]
  2. Be a Straight, Transparent, and Fair Partner: "To me, being an investor means being a straight, transparent, and fair partner, not afraid of stating my opinion but always going with the decision the entrepreneur makes in the end." [1]
  3. Ask the Tough Questions: Founders who have worked with Brenner note his tendency to ask the questions they might want to avoid, demonstrating his thoroughness and commitment. [4]
  4. Do Your Homework: Colleagues and founders describe him as always being well-prepared and deeply knowledgeable about the details of the companies he works with. [4]
  5. Leverage Your Experience to Help Entrepreneurs: Brenner sees his past as an entrepreneur and his time in large corporations as valuable experience that he can use to guide the founders he backs. [1][4]
  6. The Founder Chooses Their Board Member: At Creandum, the founder gets to pick which partner they want to work with on their board, a practice that underscores the firm's founder-centric approach. [4]
  7. Equal Partnership is Key to a Strong VC Culture: Brenner highlights Creandum's structure of equal pay, bonuses, and carry among partners as crucial for building their collaborative culture. [4]
  8. A VC's Impact Can Be Leveraged Across Many Companies: He realized that by working with multiple talented entrepreneurs, he could have a broader impact than by focusing on a single venture. [1]
  9. Pitching is a Two-Way Street in a Competitive Market: In Silicon Valley, Brenner learned that VCs must pitch themselves to the best entrepreneurs, a contrast to the dynamic in less mature ecosystems. [2]
  10. Help Your Portfolio Companies Navigate New Markets: A significant part of his work in the US was to assist Creandum's European portfolio companies in entering the American market and connecting with later-stage investors. [2]

On Entrepreneurship and the Founder's Journey

  1. Embrace the Entrepreneurial Spirit: Inspired by his father, Brenner always had a desire to create something of his own and control his own destiny. [1]
  2. Learn from Corporate Experience Before Starting Your Own Venture: He spent nearly a decade at large companies like ABB and Kinnevik to learn how to run a company before becoming an entrepreneur. [1]
  3. Don't Be Afraid to Leave a Corporate Job to Pursue Your Idea: When the board of Kinnevik declined his proposal to invest in an online job classifieds platform, he left and invested in it himself, which became a successful venture. [4]
  4. The Entrepreneurial Journey is Not Always a Straight Line: After his first startup, he became an angel investor and started other companies, experiencing both successes and "stupid deals." [5]
  5. Be Prepared for a Long Journey: He often reminds entrepreneurs that success doesn't happen overnight, citing Spotify's ten-year journey from initial investment to IPO as an example. [1]
  6. The Best Entrepreneurs Prepare Meticulously for Fundraising: To attract significant VC investment and receive multiple offers, founders need to be thoroughly prepared. [6]
  7. Founders Should Be Resilient and Have Grit: These are among the key qualities he learned to value during his early career and looks for in entrepreneurs. [1]
  8. Have a Clear Vision and Never Think Something is Impossible: These are additional traits Brenner identifies as crucial for entrepreneurial success. [1]
  9. You Don't Need Your Own Money to Start Investing: For his first angel investment, Brenner borrowed money from an acquaintance and offered a profit split, demonstrating creative ways to get started. [1]
  10. Learn from Your Failures: He openly discusses his worst investment and the lessons he learned from it, emphasizing the importance of learning from mistakes. [1][6]

On Diversity and the Tech Ecosystem

  1. Diversity is Driven by Common Sense and Better Returns: "If we are going to be the best VC... and provide the best returns... we’re going to miss out on half the opportunities if we’re not focusing on diversity." [7]
  2. Diverse Teams Outperform Homogeneous Teams: Brenner cites data showing that diverse teams generate higher multiples, making a strong business case for diversity. [7]
  3. Focusing on Diversity is a Long-Term Play: He acknowledges that building a diverse team and portfolio takes time and effort but is essential for long-term competitiveness and returns. [7]
  4. VCs Need to Look at Themselves and Their Portfolio Companies: To promote diversity, VCs must assess their own firms, their portfolio companies, and be an active voice for change in the broader ecosystem. [7]
  5. Gender Diversity Was a "Blind Spot" That Needed to Be Addressed: Brenner admits that about a decade ago, gender diversity wasn't a focus for Creandum, but they have since set ambitious goals to improve it. [4]
  6. The European Tech Opportunity Has Matured Significantly: "When we started Creandum in 2003, the European opportunity was not what it looks like today. There were few real venture investors…" [6]
  7. Competition for Startups in Europe Has Intensified: The increase in available capital for early-stage companies has made the European market more competitive for VCs. [2]
  8. European Entrepreneurs Have Gotten Better at Pitching: The increased sophistication of European founders makes it more challenging for VCs to see through pitches. [2]
  9. The US is the Largest Market and a Key Source of Growth Capital: Brenner highlights the importance of the US market for European startups looking to scale and find exit opportunities. [2]
  10. European VCs Need to Take More Risks to Compete Globally: To achieve the kind of returns seen in the US, European investors need to be more willing to accept a higher rate of failure in pursuit of massive successes. [2]

Personal Learnings and Career Reflections

  1. Choose a Great Boss to Learn From: Following his father's advice, Brenner started his career by working for influential business leaders like Percy Barnevik at ABB. [4]
  2. Sometimes You Have to Make Hard Decisions for Your Family: Leaving his job at Balderton in London to move back to his family in Stockholm was a difficult but ultimately rewarding decision. [4]
  3. It's Possible to Have a Second Act in a Familiar Industry: His journey from founding an online broker to investing in Trade Republic two decades later shows how careers can come full circle. [8]
  4. Be Open to Unexpected Career Paths: Brenner never initially planned to go into venture capital, as he loved the process of building companies himself. [1]
  5. If You're Going to Join a Field, Aim to Join the Best: When he considered a move to VC, he told his wife he would only do it if he could join the best in the world, which at the time he considered to be Benchmark. [1]
  6. There's Joy in Helping Others Realize Their Vision: While he loved being an entrepreneur, he finds great satisfaction in leveraging his experience to support the best founders. [1]
  7. Stay Humble About Your Role as an Investor: He cautions that investors may not be as pivotal as they sometimes think and that the credit for success belongs to the founders. [4]
  8. Experience on the "Other Side" is Invaluable: His time in large corporations has been useful in understanding the perspective of potential acquirers of the startups he invests in. [4]
  9. Passion and Personal Interest Drive Success: He advises aspiring angel investors to find something they are passionate about and believe in. [5]
  10. Don't Underestimate the Power of a Personal Network: His early career and investment activities were often facilitated by his connections and his willingness to leverage them. [1]

Learn more:

  1. 24. Hemligheten bakom att tjäna stora pengar - Johan Brenner - YouTube
  2. Creandum
  3. 2023 agenda
  4. NOAH16 London Investor Book | PDF - SlideShare
  5. List of VC Investors (VC Sheet)
  6. 24. Hemligheten bakom att tjäna stora pengar - Johan Brenner – Patric blir Ängel
  7. Startup Grind Global Conference | Feb 23-24, 2016
  8. Hemligheten bakom att tjäna stora pengar - Johan Brenner - Patric blir Ängel | Podme