My Turn in the Red Chair at Code 2019

I was happy to engage with Recode’s Kara Swisher and Teddy Schleifer yesterday at Code 2019. We talked about a lot of interesting topics, but a couple stood out to me as I reflect on the conversation.

The first was about the role of private markets in the lifecycle of today’s emerging companies. It’s been widely discussed that companies are putting off IPOs for longer and longer. To me, this is primarily due to the fact that in recent years, monetary policy has been extraordinarily easy, meaning capital is relatively cheap and returns are harder to find. Investors are more likely to look at risk assets, like venture-stage equity, when government bonds are yielding nothing – and sometimes even less.

Even if the IPO may happen a bit later in a company’s lifecycle, it remains incredibly useful. There’s a special kind of discipline required of public firms, and when companies reach a certain size and scale, that discipline can help them manage the complexity inherent in running an organization that’s bringing in revenues from multiple countries, operating across a number of verticals, and seeking to attract and retain top talent.

Second, I was glad that Teddy asked me about whether we’re moving “fast enough” to improve the diversity of our firm – I was especially glad he asked it in those terms. Because people like me ought to have a sense of urgency around making our companies more diverse and inclusive. That means setting goals and holding ourselves accountable towards reaching them. We should feel pressure to get with the times – they’re not going to wait around for us forever.

Thanks to Kara and Teddy, and to the whole team at Recode, for hosting such a great event.