This is Kamla Bhatt. We bring you part two of our conversation with Yogen Dalal, Managing Director of Mayfield Fund; a venture capital firm based in Silicon Valley. In this segment, Yogen talks about innovation, Mayfield’s investment strategy and his mentors. Here is Yogen.
Kamla: How are you fostering innovations through your investments?
Yogen: Well, it’s a tricky line you know. Our goal here is to invest our limited partners’ money to make money for them and so successful investments are those that are just a little bit ahead of their time. So that when the company has a product that is ready to be launched, it fits in with the needs of customers, whether they be businesses or consumers.
So you know our job is to take risks. So we’re on the cutting edge of figuring out what is likely to be a good outcome but as you know; if you’re a little too early well they tell you about the pioneers who’re the ones with the arrows in their back.
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Kamla: So how do you keep yourself informed as to what are the new things that are available out there, what is it that people are looking for?
Yogen: They always tell you that you have to have a prepared mind and the best way to have a prepared mind is to have an open mind and you start off by spending time reading, living the digital lifestyle, getting a Facebook account before it becomes all the rage, spending time with young students at the leading Universities, by being their mentors, watching what your own children and what their friends do with technology.
And then you know, talking to the innovators of the world. I think the worst that anyone can do in our business is to walk into a meeting with a closed, prejudged mind.
Kamla: What kind of a digital lifestyle are you leading?
Yogen: The digital lifestyle I lead, you know involves of course, you know, having an iPhone and an iPod but more than that you know, I’m a big email user but I spend time surfing the internet. I spend time checking out some of the new methodologies or ideas. You know, whether I do a lot of Facebooking is not critical, the important thing is that I know what it is that people do when they go to Facebook on an every day basis. So an important part of living the digital life style is to set aside time and to include that along with all the other things that you do now in your life.
Kamla: Have you asked any of your kids that they include you in their Facebook account?
Yogen: Well, you know my kids have Facebook accounts and I told them even though they invited me to be a friend that they were now young adults and that I declined their invitation you know, in order to give them the privacy they deserve.
Kamla: This is new! I’ve not heard any father declining. Usually they want to see what their friends are doing.