The Value of Startup Communities, Beyond Just Venture Capital

A coffee chat with Jenny Fielding, Managing Director of Techstars NYC + GP, The Fund

Behind every successful startup, there is a community of mentors, advisors and venture capitalists. Companies such as ClassPass, PillPack, Airbnb, Stripe and Dropbox and countless others went through accelerator programs and had a community of people supporting them. I spoke with Jenny Fielding, Managing Director of Techstars NYC and General Partner of The Fund about her role in crafting NYC’s startup ecosystem.

When I called Jenny Fielding out of a Café Nero in London and introduced myself the first thing I asked her was “How did you get into venture capital?” She immediately responded to me:

“I am not a venture capitalist! I’m a mentor, advisor and coach. I often times write a check too!”

I was taken back for a minute. Her response surprised me because I had done my due diligence. I scraped the internet, to find out more about her before our call and I saw a massive portfolio on her Angellist profile. Jenny is the Managing Director of Techstars NYC and co-founder of The Fund a first-of-its-kind early stage fund created and fueled by a community of founders. Why wouldn’t she want to be called a venture capitalist? It wasn’t until we got deeper into our conversation I understood Jenny’s response.

Jenny started her career working in law and banking before she founded her own company, Switch-Mobile, a voice over IP company. In 2010 she sold her company and ended up at the BBC where she ran an innovation and venture group and also launched an accelerator, BBC Labs. Following her passion for early-stage, she ended up at Techstars, a worldwide network that helps entrepreneurs succeed where she has been an MD for nearly 5 years.

From Entrepreneur to Mentor

“Jenny, how did you get to where you are today?”, Jenny responded: “I love to help founders.” Jenny ended up telling me about her life as advising startups and connecting them to her communities. The job is inherently social, because you are meeting with founders constantly, but the work is largely individual. Her super-power lies in helping startup founders reach their potential. In her own words, Jenny specializes in: “founder dynamics, fundraising, strategy and scaling.”

Having gone through the entrepreneurial experience herself, she knows firsthand about the pivots and the good and the bad of scaling young companies.

“I made so many mistakes as a founder; I learned a ton. I believe that my founder experience makes me a much more credible and effective coach, mentor and sounding board to entrepreneurs.”

As an advisor, Jenny harnesses her teachings from her past mistakes into helping others founder overcome them and avoid them.

VC’s role in Startup Communities?

Venture Capital is a unique vertical in finance that brings two very different worlds together, financiers, entrepreneurs and professionals with a lot of experience in operating startups. Unlike private equity which is driven and shaped by a culture of qualitative metrics and the science of business, venture capital requires intuition, gut and deep entrepreneurial experience. The VC model is simple: high risk, high returns.

While venture capital is important for a high-growth startup to scale, it is not the end-all-be-all. Apart from the cash, a lot of the added value for companies is mentorship. This is why it is absolutely important for startups to choose the right VCs and Angel Investors that fit their market and culture.

The Value of Startup Communities, beyond just Ca$h

Jenny is keen on not being perceived as a venture capitalist. “Founders have a unique perspective,” she says. To capture that, Jenny started The Fund a community-powered venture capital firm that brings together entrepreneurs to invest in NYC based startups. This way startups not only get early-stage investment but also the support and advice of other NYC based entrepreneurs.

New York City is a big startup and tech hub and ranks second to the Bay Area in attracting venture capital. Startup communities such as Techstars, The Fund, WeWork Labs, Company, and Civic Hall are vital pillars for the ecosystem to flourish and grow. Some communities actively invest in their startups and others focus on other vital aspects of supporting business such as mentorship, community, startup education and office space. Based on your startup's needs, there is something for everyone.

As a mentor and investor, Jenny is attracted to entrepreneurs who embody founder/ market fit, with a reason for solving the problem and is “less interested in founders that simply see white space and are opportunistic.”

If you are an NYC- based technology entrepreneur looking for 'love, cash and mentorship', please reach out to @jefielding directly to join her community.