He Bet $3 Million Before Anyone Knew It Would Work

Paul Hirschbiel has spent decades investing in companies and evaluating the people behind them. Long before becoming the founding chairman of Innovate 757, Hirschbiel built a career in venture capital, backed Michael Dell in the company's early years and spent 13 years on Dell's board. On Fervent Four, Paul shares what he saw in Michael Dell, why ego can destroy great companies, what separates exceptional leaders from everyone else, how he helped build Hampton Roads' entrepreneurial ecosystem and why his run for Congress changed the way he looks at politics. This episode is a firsthand look at investing, leadership, entrepreneurship and the people behind companies that actually win. 00:00 Why Great Ideas Fail and "Stupid" Ideas Win 00:28 Paul Hirschbiel Finally Comes on the Show 01:31 Building What Became Innovate 757 03:07 The Origins of 757 Angels 06:38 How Paul Got Into Venture Capital 08:42 The Early Days of Silicon Valley 10:53 Starting an $86 Million Venture Fund 13:52 The Michael Dell Story Begins 15:59 Why Dell Wasn't Really a Technology Company 16:52 "One Day I'll Get a Real CEO in There" 17:18 Investing in Dell During the 1987 Market Crash 18:40 What Made Michael Dell Different 20:13 What Dell, Staples and Starbucks Had in Common 22:07 How to Spot Ego in a Founder 24:22 "Dell Was a Pretty Stupid Idea" 25:14 The Business Model That Helped Dell Win 28:51 How Many Companies Has Paul Invested In? 29:06 Why Investors Bet on the Jockey 30:27 Can You Judge a Founder in One Meeting? 31:25 Why Paul Left New York for Virginia Beach 35:15 The Wall Street Career Behind Paul's Marriage 39:25 Should Spouses Build a Company Together? 40:12 How Paul Became Friends With Mark Warner 41:02 Building Envest Ventures in Hampton Roads 44:33 Why Government Reports End Up on Shelves 46:07 Why Paul Ran for Congress 48:22 What Raising $2.5 Million for Congress Actually Looks Like 49:42 The Reality of Fundraising After You Win