Episode #295 of The VentureFizz Podcast features Scott Friend, Partner at Bain Capital Ventures.
I’m sure you’ve heard the phrase - data is the new oil. It makes sense as it is data and of course other techonogical advancements that are powering the growth and use of AI in different industries.
But even with all the buzz about AI, data has been the key differentiating factor for companies and a strategic advantage for years and years.
It has been a key component for Scott’s success in the retail industry going back to ProfitLogic, a company he co-founded, which leveraged data for its merchandize optimization platform for major retailers.
As an investor, Scott shares another great data example from one of his portfolio companies, that being Rent the Runway which went public in 2021. The company set up a data science and analytics team in the early days of the company as a strategic advantage.
It will be interesting to see what companies emerge with this platform shift to AI and how it will affect the retail industry. Scott will certainly be in the mix of it all, as BCV recently announced two oversubscribed funds totaling $1.9B. So, lots of dry powder to invest.
In this episode of our podcast, we cover:
- Scott’s background story including getting his career started at IBM and what this experience taught him.
- The full story of ProfitLogic, from how it got started to growing the company to a successful exit to Oracle.
- What led Scott down the path of becoming a venture capitalist at BCV.
- More about the Rent the Runway story, plus other investments like Mirakl and Attentive.
- What he’s targeting in terms of making investments and the importance of unfair advantages.
- Advice on scaling a company and how you should think about your team and board of directors.
- And more
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