It’s an honor to be here this evening and very exciting to see such a strong showing for ReachingOut 2004. I particularly want to thank my significant other, Tom Gregory, for his love and support and for being here this evening.
The driving force behind my decision to form GeoCities was my passion for empowering others, giving everyone the chance to contribute and participate in the new medium of the Internet. Through my own personal experience in business and in life, and in coming out as a gay man, I had seen how powerful it was to stand up and have a voice, to be able to meet other people of similar interests, and to share my thoughts and ideas in an open and welcoming environment.
I was 38 years old when I started GeoCities. I began my career as a staff consultant at Arthur Andersen & Company after graduating with an MBA from the University of Michigan. Over the years, I’ve worked for a number of companies, large and small, and have been exposed to a wide variety of industries and individuals. There are a handful of business colleagues who stand out in my mind as having made a real impact on my thinking and my approach to business.
The common thread among these individuals was not necessarily their skills or expertise, although each was an expert in his or her field. The attributes that each of these folks had in common were a true passion and commitment for what they were doing, an ability to communicate clearly and articulate their vision, and, the drive to pursue what they believed. What these people taught me was that true success in business is not how much money you make, how big your office is, or, how high up in the organization you climb; real and tangible success comes to those who follow their hearts as well as their minds. Finding that one thing that you are passionate about above all else, and pursuing that one activity that you love to do — these are the keys that unlock every door.
Success cannot be measured by material goals – it can be measured by asking yourself if you are truly excited about getting up and going to work every day. The value of an MBA, for me, was not that it led to a job that paid more money. The real value of an MBA was that it led to a variety of jobs that helped me become a strong manager and leader, and jobs that helped me figure out what type of company for which I wanted to work, and what kind of work really excited me.
What no one taught me in business school was that the best job in the world is the one that for you is the most fun. The other thing that I wished I had learned was that it doesn’t matter what others think you ought to do, or, what their opinion is of your chosen career. The only thing that matters is what you think you ought to do, and following your own best judgment about what’s best for you.
When I began my career, I thought that being openly gay might hinder my success in the business world. It turns out that just the opposite was true. I was determined to find a way to succeed in business without compromising who I was and what I believed. Early on, I figured out it really didn’t matter if you were gay or straight, as long as you did the best job you possibly could and worked hard to earn the respect of your colleagues. I really don’t believe that any job is out of reach merely because someone happens to be lesbian or gay. A job is out of reach only if we hold ourselves back from working hard enough to earn it.
GeoCities started almost ten years ago, and it will be five years ago next month that we completed the sale of the company to Yahoo!. I’m proud to say that GeoCities still thrives as a brand and service within Yahoo!. When I checked out the Yahoo! GeoCities home page yesterday, I saw that you could “Build your own free web site on the largest home page community on the web. Publish your resume, share family photos, or connect with others who share your interests. Easy-to-use online tools help you get started. See what the Web is all about!” It’s tremendously gratifying to know that GeoCities is still around and true to its original mission and philosophy.
For the past five years, I’ve divided my time among three main areas of focus: private equity investing through a venture capital fund that I started named Baroda Ventures, philanthropic pursuits through the David Bohnett Foundation, and political activism. Let me touch briefly on each area.
On the venture capital side, I’ve been fortunate enough to work with a number of entrepreneurs who have been quite successful, such as Lowell Selvin and Mark Elderkin at PlanetOut Partners, Brett O’Brien at Xdrive, version 1, and again with Brett post-financial reorganization at Xdrive version 2, Skip Paul and Kevin Wendle at iFilm, and Ron Burr and Mark Goldstein at NetZero. As I mentioned earlier, I think that one of the main reasons these individuals have been successful is that they each have true passion and commitment for what they were doing, incredible vision, and the drive to pursue what they believe.
On the flip side, I’ve invested and worked with a number of entrepreneurs who have not been as successful in building their companies. The reasons for this are varied, but, in general, their lack of success has less to do with funding, competition and external market factors, and, more to do with their lack of ability to build and motivate a team. It’s impossible to build a successful company if you don’t know how to recruit and attract the best talent, and, to inspire and motivate those individuals to reach their full potential.
The main criteria I use for whether I’ll invest in a start-up venture are the integrity, temperament, and background of the entrepreneurs. For me, a compelling business model and strong market opportunity are secondary to the character, communication, and leadership skills of the founders, and whether they have a true passion for their business, as opposed to getting into the business just to try to make a lot of money.
An encouraging note on the business side is my belief that all the good ideas are never all taken. Although it’s hard to believe, there are companies that have yet to be invented that will be bigger than Google, bigger than Yahoo!, and even bigger than eBay. Someone once said that “The only constant thing is change.” Well, that’s as true in business as it is in the rest of our life.
The David Bohnett Foundation was founded in May, 1999, with the mission to improve society through social activism. To date, we have given away over $6.5 million in direct grants to more than 230 groups dedicated to; providing community based social services that benefit gays and lesbians, promoting voter registration and education, reducing the devastating effects of gun violence in the United States, and promoting the development of mass transit and non-fossil fuel transportation.
I’m proud of all of our grantees and programs, and particularly pleased that, through the Foundation, we have been successful in funding 18 computer labs, or Cyber Centers, housed within gay and lesbian community centers throughout the country. Our vision was that the Cyber Centers would offer educational, research, and recreational opportunities to the local gay and lesbian community via access to the Internet, and on these fronts we have been successful. Each Cyber Center provides a full range of Internet access and business software available for writing a resume, applying for school or for a job, or just sending e-mail to family and friends.
Politically, I’ve been very active at the local, state, and national level helping elect legislators who are supportive of lesbian and gay civil rights issues, and working hard to defeat those who seek to deny us our basic rights and freedoms. Needless to say, we face a crucial election this November on whether we want four more years of the devastating economic, social, and international policies of the Bush administration, or whether we will embrace the experienced and compassionate leadership of a Kerry Presidency.
There are those in this room who believe that it is in their, and the country’s, best interest to support the ‘less government, lower taxes’ economic policies of George Bush, Dick Cheney, Donald Rumsfeld, John Ashcroft and Condoleeza Rice. I’m old enough and wise enough to know not to waste my time trying to convince you to change your mind.
Let me just say, though, that to vote for George Bush based on your support of the Republican economic policy is also a vote in support of the Federal Marriage Amendment, and a vote in support of oppression and discrimination of lesbians and gay men and their families. Debating whether or not a Federal Marriage Amendment would ever be enacted misses the point. I’m disheartened, and deeply regret that some members of our community believe that lower taxes are more important than our basic human rights.
Speaking of politics, in closing, I’m reminded of a speech by Congresswoman Tammy Baldwin at the Millennium March on Washington in April of 2000. In her speech, Tammy said:
“So, if you dream of a world in which you can put your partner’s picture on your desk, then put his picture on your desk…and you will live in such a world.
And if you dream of a world in which you can walk down the street holding your partner’s hand, then hold her hand…and you will live in such a world.
If you dream of a world in which there are more openly gay elected officials, then run for office…and you will live in such a world.
And if you dream of a world in which you can take your partner to the office party… then take them to the party. I do, and now I live in such a world.
Remember, there are two things that keep us oppressed…them and us. We are half of the equation. There will not be a magic day when we wake up and it’s now OK to express ourselves publicly. We make that day by doing things publicly…first in small numbers, then in greater numbers, until it’s simply the way things are and no one thinks twice.”
Thank you very much.