1/ On Tuesday the @PhillyInquirer chose to publish an offensive political cartoon portraying Israel as an aggressor against a “meek” Hamas. And I cannot sit in silence. 2/ I joined the Board of the Philadelphia Inquirer because I believe in the importance of independent, local journalism. And seven years ago I became the Board Chair, understanding that the only way a paper is truly independent is if it has a newsroom free of external influence or agenda. The Inquirer Board has no control over the stories (and cartoons) that appear in the paper – or on its website. Nor should we. The Inquirer is a public benefit corporation that is 99% owned by a non-profit – and I don’t think anyone wants to live in a city where a group of non-journalists controls what gets published (or doesn’t).

Over my board tenure the Inquirer published many stories of which I am proud – and a handful of stories which I have thought were poorly reported. And while I’ve gotten dozens of calls over the years by people who believe the Inquirer got a story wrong, I’ve never chosen to publicly comment. Maybe I should have.

I acknowledge (and appreciate) that the Inquirer’s Editorial Leadership has already published an apology -- and I am glad to be tweeting my thoughts afterwards (so my tweets can’t be interpreted as unduly influencing that apology). I’ve leant my name and credibility to the Inquirer, however, and I’ve heard that my silence has been interpreted by some as a passive endorsement. So I want to publicly share my anger.

1/ In 2015, we announced @firstround’s investment in @Clover_Health, writing that it “deserves to break the mold in more ways than one.” That mold breaking continues, as Clover is merging with $IPOC & going public.

Some reflections on our investment…

businesswire.com/news/home/2020…

https://twitter.com/joshk/status/644836244367798272

2/ We first got introduced to @VivekGaripalli by @natsturner - and got to know Vivek through our @flatironhealth investment. When we learned that Vivek was starting Clover, @Phineasb got excited about the opportunity & invested a ton of time to build conviction on an investment.

1/ Over the last 12 years, @phineasb has made an indelible mark on every aspect of @Firstround. While Phin is not technically a founder of the firm, he has ALWAYS acted like one - and he has transformed our community, our brand and our team. 2/ Phin started at FRC as an intern, and he learned/grew incredibly quickly. At first, I was clearly the teacher and Phin was the student. But over the years, I've increasingly found the roles reversed and I've learned an incredible amount from him. It's an amazing feeling.

1/ Some thoughts on how companies get valued. 

When it comes to exit valuations, "Where" you build often matters more than "What" you build. 

An (imperfect) analogy below... 2/ Imagine building a house. You spend a ton of time devising plans for the house. How large ? How many bedrooms? Material selection. Fixtures. Lighting. Tile. Flooring. HVAC design. There are thousands of decisions and a ton of work to define "What" you want to create...

We just published @firstround's 4th annual State of Startups report. Here are the Top 10 highlights: stateofstartups.firstround.com 1/ 89% of founders believe that older people face age discrimination in tech. And "older" doesn't mean octogenarians: On average, founders think tech industry ageism starts at 46 years old. stateofstartups.firstround.com/2018/#ageism-i…

1/ At @Firstround we try to be as transparent as we can about venture capital. And we think our approach to generational transition should be no different. So today we've announced that @RobHayes will be shifting to Board Partner in our next fund. medium.com/@firstround/8e… 2/ This is not a surprise, as we've talked about it (and planned it) for years. And it's also not a retirement, as Rob will continue to work with the 40+ founders he supports today. He will also continue to introduce new investments to @btrenchard, @phineasb, @hayleybay and me.

1/I first met Gerry Lenfest in 2000, shortly after I sold my company to eBay. I was 29 years old and I thought I was a big shot. When I first shook Gerry's hand he said: "Your hands are way too soft. You need to do some hard work - we should get you on some poles stringing wire." 2/After buying the @PhillyInquirer he asked me to join the board. I said no. Gerry wouldn't take no for an answer. He educated me on the important role that local watchdog journalism plays in a city -- and in a democracy. Of course, I joined the board - and became it's chairman.

1/ Eleven years ago, I published my first post on Redeye VC. Two lines really resonate: “I really believe in the power of an elegant, simple idea... Sometimes the most 'obvious' (after the fact) ideas are the most powerful.” 2/ But ideas from one person — no matter how productive or prolific — won't cover the range of know-how that today's founders and teams need to build each facet of their companies.