RALLY | Eurie Kim: The Forerunner
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VC Spotlight: Eurie Kim
We are honored to feature Eurie Kim, Managing Partner at Forerunner Ventures, in this biweekly edition of Rally. Eurie is our first VC spotlight since kicking off the newsletter and in the interview below, you can learn more about API founders on Eurie’s radar, her advice for aspiring VCs, her journey to venture, how she measures success and so much more.?
? What’s something about your background or journey that readers may find surprising??
Many tend to believe (or hope) that success is a straight line, but it is not. Only in hindsight do many of the decisions, failures, pivots, and risks that evolve our journeys come together to make sense to create the unique mosaic that is your life.?
Not a lot of Wharton grads end up serving soup and making sandwiches at a small cafe, right?? Maybe some readers would find it surprising that the only reason I ended up in venture, at Forerunner specifically, is because my father suddenly passed away about four weeks after I graduated from business school.?
So instead of moving to New York to start my company that I had worked on at Wharton, I packed my bags and came back to the Bay Area to take care of my mother and our family cafe. As luck and timing would have it, I met my business partner Kirsten Green (founder of Forerunner) just as I was picking my head back up to figure out what to do with my life, and if it weren't for the sidelining of my entrepreneurial dreams when my father died, I wouldn't have crossed paths with Kirsten, and been ready to take the big jump to starting Forerunner with her.
? Would a “younger you” be surprised by your life now? If you weren’t working in VC, what would you be doing??
My younger self would certainly not be surprised that I ended up dedicating my professional life to entrepreneurship. I was starting/joining startups as early as in college, when it wasn't actually a cool thing to do!?
But back then, being a VC wasn't a job you could just apply to. Not only was it a much smaller industry overall, but it was also completely male dominated, and often required a deep technical background (think: semiconductors). So the path to venture was definitely a black box…
...you need the right market timing, the right entry point, and the right execution to all come together to result in the momentum needed for success, and my career in consumer tech investing could not have been realized had it not been for the incredible impact technology has had on all of our lives.
? What’s one habit you’d recommend a founder to adopt?
Every day ask yourself what is the MOST important thing you need to accomplish today to move your business forward? Is this something only you can do, or is there someone else on the team who could do that job? If not, is there someone you could hire to do that job, so you can focus on the critical things that only you can do.?
Ruthless prioritization is one thing that truly separates the most effective founders from those who work hard and long but can too often burn out.
? What advice would you give to aspiring VCs who are looking to break into the industry, particularly those from underrepresented backgrounds?
It's not hard to understand why so many people want to break into venture. But as with all things, it's important to understand what the job really entails, and whether you're really committed to doing the work necessary to be successful.
The thing people see most is the exciting early part of the VC job — looking for great ideas and founders, winning deals, investing money.?
What's less talked about are the years, often decades, of work in between where a real business has to be built. The reality is that 99% of startups are going to fail, which means 99% chance that you lose your money or other peoples' money. The job of a VC is not actually to just invest in companies, it's to generate returns for limited partners (LPs) by investing in companies. You don't know if you are any good at this job until you start to exit your positions and generate returns for your investors.?
The best VCs think differently and spot opportunity where others don't. Venture today is more a demonstration of momentum investing vs truly contrarian thinking. So dig deep and understand why you think venture is right for you, and why you are right for venture. And if that all checks out, strap in and get ready for a LONG LONG rollercoaster ride where you're almost certain to fail -- and hopefully that sliver of opportunity to succeed is why you still do it.
? Who are some stellar API founders and their startups we should look out for??
I'm proud and honored to have partnered with many incredible AAPI founders throughout my Venture career.? I have often reflected on the power of representation and diversity in leadership positions, and as I look at all the founders I've had a chance to back, over 65% are diverse leaders.?
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I did not necessarily set out with that intention, but in looking for unique opportunities and founders, being a female AAPI VC enabled me to spot potential where it may not have been as obvious to others. It will certainly take time to get more representation across all industries, but I am committed to doing my part, and certainly thrilled to support Gold House in all that the organization does to lift AAPI founders, funders, entrepreneurs up to be able to benefit from the power of the community.??
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The Gold Green Grant, in collaboration with @garnierusa and @goldhouseco, seeks to empower Asian Pacific entrepreneurs in their journey towards sustainable business development.?? And YOU can vote for your top three finalists up through 3/31! Swipe through the images to learn about our 10 finalists, click this link to submit your vote!
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??Check out our Co-Founder, Eric Feng’s, latest blog post on how AI is going to change how startups are built and what VCs will look for in entrepreneurs they support.?
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So inspiring!