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Ed Baker is a seasoned entrepreneur and executive, currently serving as the CEO and Founder of AnyQuestion, an AI powered knowledge sharing platform. Prior to this, he played an instrumental role as the Vice President of Product & Growth at Uber and prior to that he sold a company to Facebook where he joined the team as the Head of International Growth. Ed currently sits on the boards of both WHOOP and Form, and his extensive experience in product management, growth strategies, and consumer technology has made him a sought-after thought leader in the tech industry.

So, I think we're at a very interesting juncture in the history of venture capital. I think the sector got way overfunded in the last five to seven years. And now we're entering a period where it's very, very challenging because macroeconomic conditions. So what I'm expecting is kind of a winnowing out of venture capital funds. And I think folks who can prove a track record of liquidity, setting checks back to their investors will succeed. And those who haven't will have trouble raising successive funds. And so I think it's going to become somewhat less competitive. I hope so. And really require a track record of liquidity in order for firms to sustain.

Venture capital has been overfunded in the last 5-7 years, so I'm expecting a winnowing out of venture capital funds. Those who can prove a track record of liquidity will succeed while those who haven't will have trouble raising successive funds, making it less competitive and requiring a track record of liquidity for firms to sustain.

What is your outlook on the future of venture capital?

Venture Capital Faces Challenges Ahead: Winnowing and Liquidity

We are currently at an interesting point in the history of venture capital. The sector has become overfunded in the past few years, and now we are facing challenges due to macroeconomic conditions. I anticipate a consolidation of venture capital funds, where those who can demonstrate a track record of achieving liquidity and delivering returns to investors will thrive. On the other hand, those who haven't been successful in this regard may struggle to raise future funds. This could lead to a less competitive landscape and a greater emphasis on proving liquidity as a firm's sustainability factor.

Oops, I wanted to say 60. So, technology, the way technology has changed the venture capital landscape, I don't think it's so much directly, but it's more indirectly in the periods in which there are major platform shifts, you know, going from mainframe to client server, to the internet, to web 2, social, almost to blockchain, maybe still the future to blockchain, and now to generative AI. I think all of the major platform shifts have been very fruitful for the venture capital industry, and my guess is you see the best returns during those periods, and in the valleys of innovation between the platform shifts, you see kind of less extreme in terms of positive returns.

Technology has indirectly impacted the venture capital landscape, with the best returns seen during major platform shifts from mainframe to client server, to the internet, to web 2, social, and blockchain. In the valleys of innovation between these platform shifts, less extreme positive returns are seen.

How has technology changed the venture capital landscape?

The Impact of Technology Shifts on Venture Capital

Technology has had a significant impact on the venture capital landscape, particularly during major platform shifts. From the transition from mainframe to client-server, to the internet, web 2, social media, and potentially blockchain and generative AI in the future, these shifts have proven to be fruitful for the venture capital industry. The most substantial returns are often seen during these periods of innovation. Conversely, between platform shifts, returns may be less extreme. The influence of technology on venture capital is more indirect rather than direct.

One industry that I'm specifically excited about myself is kind of the new-age wellness industry, which is big in and of itself, but even just boiling it down to the new way that consumers are reevaluating what health looks like before they ever hit any kind of insurance-backed healthcare facility. So from the preventative side, thinking about everything from supplementation to, you know, pre-recovery recovery of everything from red light, cold plunges, and all the hot stuff right now, all the way to longevity care and how people are thinking a little bit more about kind of the quality of life extension that they want to have in the later decades that I think is becoming more of a topic as, you know, this next big age group ages into that. And it's something I think is hot right now, but we're yet to see a lot of solutions, you know, that might be population-wide and interesting venture opportunities and is definitely something I'm personally interested in as well.

I'm excited about the new-age wellness industry, which focuses on preventative healthcare and longevity care. There is a lot of potential for venture investment opportunities in this space as solutions are yet to be seen.

What industries are you most excited about investing in right now and why?

New-age wellness: Exploring the future of preventative care

One industry that I'm particularly excited about investing in right now is the new-age wellness industry. Consumers are reevaluating what health means to them even before seeking traditional healthcare services. This includes focusing on preventative measures such as supplementation, pre-recovery, and recovery techniques like red light therapy and cold plunges. There is also a growing interest in longevity care, where people are considering the quality of life extension in their later years.

This industry is currently trending, but there is still a lot of untapped potential and opportunities for innovative solutions. As a result, it presents interesting venture opportunities that I find personally intriguing.

The question is what sparked your entrepreneurial journey? My answer to this question is a bit different depending on which of my three entrepreneurial journeys you are referring to. My very first startup was called datesite.com. It was a crush site that I built while I was in college at Harvard where you could enter email addresses of people you had a crush on and see if you matched with other people at your school. I think the main thing that sparked this initial journey was the fact that I was too shy to ask anyone out myself and I thought this product would be useful for students at Harvard and it turned out within one week a quarter of all of the students at Harvard had used it. My second startup was called Friendly, friend.ly. It was a social question-and-answer website where you could ask people questions about themselves and answer questions about yourself and it used questions and answers or a Q&A as an icebreaker as a way to meet new people. So Friendly was actually another dating site in disguise because it was really a way to meet new people. I think the thing that sparked this entrepreneurial journey was the fact that I was living in Silicon Valley and I had just graduated from Stanford Business School and everyone was starting companies and I felt like I should start a company too. Silicon Valley was a great place to start a new company and there were a lot of other entrepreneurial people around me and it was a really exciting time back in 2008 to be starting a new company. My third entrepreneurial journey is building AnyQuestion, the app that we are on right now. And the thing that sparked this entrepreneurial journey of building AnyQuestion was really the fact that I thought of a product I would want to use myself that hadn't yet been built when I was training for Ironman triathlons. I wanted to be able to ask the best triathletes in the world questions and learn from them and I was surprised that there wasn't a platform where I could do that. And that is why I started to build AnyQuestion in order to build a platform where people can ask the best experts in the world questions and learn from them. And it has since then become more of a place where anyone can share their knowledge, especially their tacit knowledge. So in summary, my first startup, Datesite.com, was based on building a product that I wanted to use myself, that I felt addressed a need that I had and that others had. And my current startup, AnyQuestion, also I have built in order to address a need that I have that I think others have as well. With Friendly, the inspiration was more just being in Silicon Valley and being around a lot of other people who are starting companies and feeling like that would be an exciting thing to do. So those are the things that have sparked my three entrepreneurial journeys.

Datesite.com was sparked by a need I saw for a product that I wanted to use myself, Friendly.ly was sparked by the Silicon Valley startup culture, and AnyQuestion was sparked by a need I had while training for Ironman triathlons.

What sparked your entrepreneurial journey?

Training for triathlons and sparking a new entrepreneurial journey

What sparked my entrepreneurial journey? Well, it's interesting because my journey has taken different paths with each of my three startups. 

My first startup, datesite.com, was born out of my shyness and reluctance to ask anyone out myself. I saw a need for a platform where students at Harvard could anonymously enter the email addresses of their crushes and see if there was a mutual interest. Within a week, a quarter of all Harvard students had used it, sparking my interest in entrepreneurship.

For my second startup, Friend.ly, I was living in Silicon Valley after graduating from Stanford Business School. The entrepreneurial spirit was contagious, and I felt compelled to start my own company. Friend.ly was a social question-and-answer website that served as an icebreaker for meeting new people. It was essentially a dating site disguised as a Q&A platform.

My current entrepreneurial journey involves building AnyQuestion, the app we're on right now. This journey was sparked by my desire to have a platform where I could ask the best triathletes in the world questions and learn from them while training for Ironman triathlons. I realized there wasn't a platform like that available, so I decided to build it myself. AnyQuestion has evolved into a place where anyone can share their knowledge and learn from experts.

In summary, my entrepreneurial journeys have been sparked by different factors. The first was addressing a personal need and seeing its widespread appeal. The second was the entrepreneurial environment of Silicon Valley. And the third was identifying a gap in the market and creating a solution for it. Each journey has been unique and driven by different motivations.

I've had the amazingly good fortune of backing a number of incredible teams over my 20 plus years in the venture capital business. The biggest outcomes were probably Fastly, Bill.com, Splunk, GitLab, Ebates. They were all amazing businesses and in each instance the teams were genuinely excited about what they were building, were extraordinarily focused on solving a specific and real problem for their customers and as a result their product had amazing fit with the needs of their customer.

I've been lucky enough to back some incredible teams, the biggest outcomes being Fastly, Bill.com, Splunk, GitLab, and Ebates. They had great products that solved real customer problems and as a result were well-received.

What is the biggest exit you've ever had and why do you think that team was so successful?

Fastly, Bill.com, Splunk: Unveiling the Secrets Behind Huge Exits

Over my 20 plus years in the venture capital business, I've been fortunate to back some incredible teams. The biggest exits I've had include Fastly, Bill.com, Splunk, GitLab, and Ebates. These businesses were all remarkable, and their success can be attributed to a few key factors.

First and foremost, the teams behind these companies were genuinely passionate about what they were building. Their enthusiasm and dedication were evident in their work. They were laser-focused on solving a specific and real problem for their customers, which allowed their products to have an amazing fit with customer needs.

By understanding their customers' pain points and delivering solutions that addressed those needs, these teams were able to create products that resonated in the market. Their success was a result of their unwavering commitment to providing value and solving problems for their customers.

Overall, the combination of genuine excitement, customer focus, and product-market fit played a significant role in the success of these teams and their respective exits.

The best advice I ever received? I wouldn't say advice, but I had a middle school teacher who once told me the difference between children and adults is that children don't need a reason to be happy. It was actually Ivan Boski's son, so he went through a lot, clearly, with his father. But it always just sort of sticked with me, and if you know me, and you work with me, you'll notice that I have kept that feeling and that advice to today. The advice is really, you know, don't wake up in the morning with a reason to be happy. It sounds like not professional advice, not personal advice, but it's more just generally a mentality of how to take on the day.

My middle school teacher once told me the difference between children and adults is that children don't need a reason to be happy. This advice has stuck with me and helped me approach each day with a positive attitude.

What is the best advice you’ve ever received?

Ivan Boesky's son shares valuable life lesson

The best advice I've ever received is not so much advice, but a perspective that a middle school teacher shared with me. He told me that the difference between children and adults is that children don't need a reason to be happy. This teacher happened to be Ivan Boesky's son, so he had gone through a lot in his life. But this idea always stuck with me, and if you know me and work with me, you'll see that I've carried it with me to this day.

The advice, or rather the mentality, is to not wake up in the morning needing a reason to be happy. It may not sound like professional or personal advice, but it's a mindset that guides how I approach each day.