Chris Sacca

Christopher Sacca

Chris Sacca at Defrag 2009 in Denver
Born (1975-05-12) May 12, 1975[1]
Lockport, New York, U.S.
Occupation

Venture investor, Company advisor and Entrepreneur

Proprietor of Lowercase Capital

Christopher Sacca (born May 12, 1975) is a venture investor, company advisor and entrepreneur. He is the proprietor of Lowercase Capital one of the most successful venture capital funds in the United States primarily known for its investments in seed and early stage technology companies like Twitter, Uber, Instagram and Kickstarter.[2] As of 2015, he has appeared as a "Guest Shark" on ABC's Shark Tank.

Early life

Chris Sacca was born and raised in Lockport, New York a little town outside of Buffalo.[3] Sacca's father was a highly respected 'small town' attorney that often did pro bono work while his mother an accomplished professor at SUNY Buffalo State and author in the field of education.[4] His brother is comedian Brian Sacca.[5] Sacca describes his parents as being very involved in his upbringing and being exposed to a variety of interests: he recalls being pulled out of school to go science museums or listen to a specific author read at a book store.[4]

Sacca is of Italian descent on his father's side originating from Calabria, Italy and of Irish descent on his mother's side.[6]

Education

High School

Sacca attended Lockport High School in Lockport, New York. As of the sixth/seventh grade, he showed a proficiency at math, studying in an advanced mathematics at the State University of New York at Buffalo for six years of graduate-level mathematics classes.[7] By the time he graduated in 1993, Sacca was one of 11 classmates honored by the School Board for being on the honor roll for 12 straight marking periods.[8]

He has stated that by 11th Grade he was 'burned out' in relation to Math and pursued a College degree where there would be 'no math'.

He and his brother often spent what he calls "sweet and sour" summers where each year his parents would assign one fun or cool job (sweet) for the first part of the summer but then a construction job (sour) at the end[9]. For Sacca, doing hard labor growing up be it working for tips as a bus boy, washing cars, etc. is something he looks for in entrepreneurs he does business with[10].

College

After high school, Sacca attended The Edmund A. Walsh School of Foreign Service at Georgetown University in Washington, D.C. During his undergrad, he spent a couple of semesters abroad at the Pontificia Universidad Católica del Ecuador in Quito, Ecuador, University College Cork, in Cork, Ireland, and the Universidad Complutense in Madrid, Spain.[11] Sacca credits studying abroad as a great asset for up and coming entrepreneurs allowing one to both understand the struggles of others & build empathy.[12] He often recommends 'Not Fade Away: A Short Life Well Lived' by the late Peter Barton to founders as well as 'How to Get Filthy Rich in Rising Asia' by Moshin Hamid.

He graduated in 1997 with honors and was an Edmund Evans Memorial Scholar as well as a Weeks Family Foundation Scholar.

Law School

After his undergraduate degree, Sacca graduated with honors from Georgetown University Law Center where he was a member of The Tax Lawyer law review and was honored as the school’s Philip A. Ryan and Ralph J. Gilbert Memorial Scholar. Despite graduating and landing a spot at a top law firm, Sacca never had ambitions to be a lawyer "I went there because I thought it was my fastest path to a seat at the table in Silicon Valley. I wanted to be in the middle of a deal and have people listen to me"[4]

He also managed to graduate without attending class.[13] In order to obtain class notes, he threw an annual keg party where entry required classmates to dump their notes in a bin.[14]

While in Law School (1998), Sacca used his student loans to start a company which was unsuccessful and used what was left to start trading on the stock market. He did very well with a few stocks and later by leveraging trades for significant amounts (Regulation T which allows one to be 50% leveraged was not built into the software/ online platform at the time allowing for incredibly high leveraging) and managed to turn 10 to 20 thousand dollars into 12 million dollars.[15] Eventually, when the market crashed, Sacca found himself in the debt with a four million dollar negative balance. He negotiated to have it reduced to just under 3 Million and by February 2005 it was completely repaid.[16]

Career

Fenwick & West

After graduation, Sacca worked at Fenwick & West one of top law firms in Silicon Valley where he handled venture capital, mergers and acquisitions, and licensing transactions for technology clients such as Macromedia, VeriSign, and Kleiner Perkins.[17] He and many others from the firm were laid off after approximately 13 months (four days before 9/11).

After leaving Fenwick & West, Sacca spent the next few years expanding his ‘contact list’ by attending every networking event possible and ‘surviving’ in Silicon Valley. This included everything from drafting contracts for $50 on Craigslist to voice over work on sites such Elance and creating The Salinger Group for networking purposes. He eventually landed at Speedera Networks and later joined Google in November 2003.[18]

Google

Although officially hired as Corporate Counsel reporting to General Counsel David Drummond, Sacca got hired as they were looking for a lawyer with knowledge in data space to negotiate and purchase data centers across the country. Sacca's first mandate was to find an infinite amount of data space, negotiate and sign agreements around the world. Sacca excelled early on at Google being among the first Google employees ever given the Founders’ Award, the company’s highest honor.[18]

Sacca served as Head of Special Initiatives at Google Inc. At Google he led the alternative access and wireless divisions. His most publicly visible projects include Google’s 700 MHz and TV white spaces spectrum initiatives, Google's data center in Oregon, and Google’s free citywide WiFi network in Mountain View, California. Sacca also spearheaded many of Google’s business development and Mergers and acquisitions transactions. He was on the founding team of the company’s New Business Development organization.[7]

While at Google, Sacca also started an internship program with then Chef Charlie Ayers where an employee with interest in cuisine could request to spend time working in the kitchen or an employee can be referred by a manager in which case it was treated as boot camp or reform school.[19]

During this time at Google he worked with the likes of Eric Schmidt, Chief Legal Officer David Drummond, Kevin Systrom, "Coach" Bill Campbell as well as founders Sergey Brin and Larry Page. He left Google in December 2007 after he had fully vested and sought opportunities to work with small companies (at an early stage).[20]

Post Google & Lowercase Capital

When Sacca left Google, he did not have an abundance of funds typically available to venture capitalists or angel investors. This led to him being very involved in the companies he decided to invest in to help secure his return of investment including attending meeting at Twitter or with Uber where he negotiated the rights from the name from Universal Music Group.[21]

His first angel investment was in Photobucket (while still at Google) which was then sold to Fox's parent company New Corp. [22] His second investment (also while at Google) was Twitter for $25,000.[23] At one point, he exhausted all of his savings purchasing Twitter shares and was technically insolvent.[24] He raised a few small funds just to purchase Twitter shares and took advantage of those that left Twitter early and were looking to sell their shares. He was also a professional advisor to companies for a variety of things from crafting strategy to optimizing user experience to helping raise money and selling the company.[25] This included Octomatic (sold to Live Current Media) and Omnisio (sold to Google/YouTube).[26] He either invested his own money or received equity in exchange for advising.

Sacca has stated that a turning point was in 2007 when he moved away from Silicon Valley to the mountains in Nevada close to Lake Tahoe in Truckee. Rather than spending his days listening to pitches, attending cocktails & dinners in Silicon Valley he opted to move to the mountains and had those he wanted to do business with come to him. It was at his home in the mountains of Nevada where his well known hot tub the "Jam Tub" was born. Entrepreneurs such as Travis Kalanick and Sacca would spend hours discussing ideas in the "Jam Tub". Eventually, Sacca bought the house next door to house the various young entrepreneurs that come visit which he dubbed "Camp Lowercase."[27]

Today, Sacca manages venture capital firm Lowercase Capital. The portfolio consists (and has consisted) mainly of consumer web, mobile, and wireless technology startups including Twitter, Instagram, Kickstarter, Inventure and Uber.[28] Lowecase also has non-tech related companies such as Blue Bottle Coffee[29] as well as a high end restaurant in Truckee.[30]

Sacca has disclosed that he has also 'missed' opportunities such as passing on early investments in AirBnB and SnapChat.

In 2013, Sacca brought in Matt Mazzeo to Lowercase Capital as a partner.[31] Before joining Lowercase Capital, Mazzeo spearheaded many of the digital and venture efforts at Creative Artists Agency (CAA), the world’s leading entertainment and sports agency.[2]

In 2015, Sacca was featured on the cover of Forbes magazine listed as number 3 on its Midas list which ranks the best dealmakers in high-tech and life science venture capital.[32]

Television

Sacca began to appear as a guest shark on ABC's reality television show Shark Tank (Season 7, Episode 6), which aired on October 30, 2015.[33] He appeared on a total of 4 episodes in Season 7. He recently announced he is slated to appear as a guest shark in Season 8 as well.

Sacca also refused to wear a suit while filming Shark Tank, opting for his signature embroidered cowboy shirts. Sacca picked up his first cowboy shirt at an airport in Reno and given the reaction prompted him to buy out half the store on his return.[34] He usually wears Scully brand cowboy shirts.[35]

Personal life

Chris Sacca is married to Crystal English, and they have 3 children.[36] In 2008, he completed an Ironman[37] and in 2009 rode his bicycle across the country from Santa Barbara, California to Charleston, South Carolina over 40 days[38] for charity. He is also an avid alpine and nordic skier. Sacca mentions that because he works at home, he brushes his teeth 5-6 times per day.[39]

In 2008, Chris worked on President Barack Obama’s campaign as a Telecommunications, Media, and Technology advisor, a speaking surrogate, a field office volunteer, and as Co-Chair of Finance and a Trustee of the Presidential Inaugural Committee. In 2012, he continued his work as a National Finance Committee member, a host of the President’s own technology roundtable series, and as a Co-Chair of Tech for Obama.[2]

Chris has served as an Associate Fellow of the Said Business School at Oxford University and as an MIT Enterprise Forum Global Trustee and is a Henry Crown Fellow of the Aspen Institute, which annually selects 20 of the world’s most promising leaders and public servants under the age of 45.[11]

Philanthropy

Chris Sacca dedicates is closely involved with charity: water a nonprofit on a mission to bring clean drinking water to every person on the planet. He is also involved with The Tony Hawk Foundation which supports recreational programs with a focus on the creation of public skateboard parks in low-income communities.

References

  1. ↑ It is my birthday and I have just one wish! Help me help out some kids: http://bit.ly/icpBz Thanks! Christopher Sacca on Twitter. 12 May 2009.
  2. 1 2 3 "Proprietor". LOWERCASE capital. 2012-08-24. Retrieved 2016-05-03.
  3. ↑ Kevin Rose (2011-07-07), Foundation 07 // Chris Sacca, retrieved 2016-05-03
  4. 1 2 3 Tim Ferriss (2015-10-29), Chris Sacca Interview (Full Episode) | The Tim Ferriss Show (Podcast), retrieved 2016-05-03
  5. ↑ "The Zeitgeist of Brian Sacca". What is Left. Dec 6, 2005.
  6. ↑ "Chris Sacca on Twitter". Twitter. Retrieved 2016-05-03.
  7. 1 2 Christopher Sacca. "Chris Sacca". Crunchbase. Retrieved Oct 20, 2012.
  8. ↑ "Twitter IPO is deal of lifetime for Lockport native Chris Sacca - The Buffalo News". www.buffaloNews.com. Retrieved 2016-05-05.
  9. ↑ MIKE, Author (2015-08-14). "Chris Sacca". The Waiter's Pad. Retrieved 2016-05-06.
  10. ↑ This Week In Startups (2015-12-11), Chris Sacca is back! Legendary investor hears pitches & talks Shark Tank, Twitter, politics, more, retrieved 2016-05-06
  11. 1 2 "Proprietor". LOWERCASE capital. 2012-08-24. Retrieved 2016-05-05.
  12. ↑ Tim Ferriss (2015-10-29), Chris Sacca Interview (Full Episode) | The Tim Ferriss Show (Podcast), retrieved 2016-05-06
  13. ↑ "Chris Sacca on Being Different and Making Billions | The Blog of Author Tim Ferriss". Retrieved 2016-05-03.
  14. ↑ Tim Ferriss (2015-10-29), Chris Sacca Interview (Full Episode) | The Tim Ferriss Show (Podcast), retrieved 2016-05-06
  15. ↑ This Week In Startups (2012-09-26), - Startups - Chris Sacca of Lowercase Capital - TWiST #291, retrieved 2016-05-03
  16. ↑ "Chris Sacca, the $4 Million Negative Balance, The Salinger Group and Twitter". Finance Magnates | Financial and business news. 2015-02-03. Retrieved 2016-05-03.
  17. ↑ "Christopher Sacca - FORA.tv Speaker - FORA.tv". library.fora.tv. Retrieved 2016-05-06.
  18. 1 2 Felicissimo, David (2016-03-10). "The Practice of Law as a Springboard:". Medium. Retrieved 2016-05-03.
  19. ↑ This Week In Startups (2015-12-11), Chris Sacca is back! Legendary investor hears pitches & talks Shark Tank, Twitter, politics, more, retrieved 2016-05-06
  20. ↑ TheDealVideo (2008-10-22), Behind the Money: Chris Sacca, retrieved 2016-05-06
  21. ↑ The Bill Simmons Podcast (2016-04-28). The Bill Simmons Podcast Ep. 95: Billionaire Investor Chris Sacca. Retrieved 2016-05-03.
  22. ↑ "Photobucket". Wikipedia, the free encyclopedia. 2016-03-11.
  23. ↑ This Week In Startups (2012-09-26). Startups - Chris Sacca of Lowercase Capital - TWiST #291. Retrieved 2016-05-03.
  24. ↑ chrissacca (2015-05-21). "I Bleed Aqua.". LOWERCASE capital. Retrieved 2016-05-03.
  25. ↑ TheDealVideo (2008-10-22), Behind the Money: Chris Sacca, retrieved 2016-05-06
  26. ↑ TheDealVideo (2008-10-22), Behind the Money: Chris Sacca, retrieved 2016-05-06
  27. ↑ Dave Croasdell (2015-10-21), Chris Sacca speaks to Young African Leaders in Reno Nevada August 2015, retrieved 2016-05-06
  28. ↑ "Chris Sacca". Lowercase Capital. Retrieved Oct 20, 2012.
  29. ↑ Forbes (2015-03-25), Meet Chris Sacca: The Billionaire Investor That Doesn't Like To Lose, retrieved 2016-05-06
  30. ↑ "Posse". LOWERCASE capital. 2012-08-24. Retrieved 2016-05-06.
  31. ↑ "Matt Mazzeo - Partner @ Lowercase Capital | CrunchBase". www.crunchbase.com. Retrieved 2016-05-03.
  32. ↑ "Forbes Welcome". www.forbes.com. Retrieved 2016-05-03.
  33. ↑ http://www.forbes.com/sites/alexkonrad/2015/07/20/kutcher-sacca-and-carter-join-shark-tank
  34. ↑ Konrad, Alex. "How Super Angel Chris Sacca Made Billions, Burned Bridges And Crafted The Best Seed Portfolio Ever". Forbes. Retrieved 2016-05-03.
  35. ↑ "Where does Sacca get those shirts? - Quora". www.quora.com. Retrieved 2016-05-03.
  36. ↑ "Crystal English (@crystale) | Twitter". twitter.com. Retrieved 2016-05-02.
  37. ↑ "Finished.". Chris Sacca's 'What is left?'. Retrieved 2016-05-03.
  38. ↑ "I'm riding my bike across America, and hope to be helpful along the way.". Chris Sacca's 'What is left?'. Retrieved 2016-05-03.
  39. ↑ "Chris Sacca on Twitter". Twitter. Retrieved 2016-05-02.

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