The LP Anti-Portfolio

The idea of an “anti-portfolio” reflects some of the great investments where you had the opportunity to participate but missed for one reason or another. There are many excuses, as you’ll see below, but the truth is that you completely screwed it up. This idea was first shown to me in the Bessemer Anti-Portfolio and I think many other VCs have since copied it. I don’t know that any LPs have publicly owned their own fund investing mistakes but some may be out there and I hope readers will point them out to me.  

This notion of the LP Anti-Portfolio came up twice in the last few weeks in conversations with managers and prompted me to go ahead and write this post. It’s an interesting, albeit painful, mental exercise to look back at decisions you made that turned out to be wrong. If you invest for a living, you’re going to have made A LOT of bad decisions. You can only hope to learn from them.  

Venture investing is a little different than other asset classes. I always say that you have to be BOTH lucky and good in venture and I think that I’ve been very lucky. Early stage venture, whether in directs or funds, is about picking the right people to partner with as founders or GPs. There is often less data available than buyouts, or growth, or credit, and the like when you make your decision. When you invest as a venture LP, it’s very similar to investing in early-stage companies. You are buying off on a team and idea with little proof. However, the passage of time provides more information and, now that I’ve been doing this a long time, there is hard data on how fund investment decisions turned out from earlier in my career. And with the benefit of more data, I think you can learn from your mistakes. So, I’ll lay out the most obvious ones here and try to throw in a few learnings too.

True Ventures II –  It’s only fitting that I start with True Ventures as they recently announced their new fund. We are happy to be investors in the two latest funds. And I was lucky to be an investor in every fund since True II while at UTIMCO and now here at Foundry. However, I can remember the chair I was sitting in when we decided not to invest in True II. It was late in the fundraise for them when we got in front of Jon and Phil at the little office on Pier 38. And there wasn’t as much capacity as we needed for a minimum investment (these should sound like excuses) which was a common problem and part of the reason I needed to move platforms. All that said, we knew that True would be a good investment but we didn’t make the exception for size, nor drop everything and pursue it. It turns out True II was a REALLY GOOD investment.  I’m glad we have the whole True gang as friends and partners, we’ve had a lot of good direct investments with them and hope to have a lot more in the future.

First Round Capital – I remember a walk from the St. Julien hotel in Boulder, Colorado with Rob Hayes. We were walking up Pine Street to my partner Jason’s house for a social hour post dinner. I remember the walk specifically but I can’t place the exact year. It had to be the 2008-2009 time frame. FRC was raising a new fund and it was already clear that they were building something special yet it wasn’t well-known to LPs. Rob and I had a very direct conversation about sizing being a challenge but it was perhaps the very first time that I internalized the challenge of scale for me as a venture LP. I remember how that felt, saying it aloud to Rob, and knowing that scale was the enemy of returns in this case. Rob and I have had a chance to stay in touch as friends and now fishing buddies (thanks @Ken) which makes missing those funds all that much worse!  Even so, we are happy to cheer for our friends at FRC to continue knocking it out of the park.  And congrats to Rob on his new role as Board Partner. I hope that means more fishing time too.

Lux Capital –  Peter and Josh came to see us when they were raising what had to be fund two or three? We were still in the old UTIMCO offices so I know it had to be 2003-4-5? They were doing something really interesting with their thought leadership via research and writing. However, they were super young (my age at the time) and we had a really hard time wrapping our heads around their success. The thing that made us pay attention was that Bill Conway had been involved and begun to personally mentor them. That, and they were doing some completely amazing technology investing. Mind-blowing, “can that actually work?” type of investments. They had recently done 3-4 deals with Arch at the time they came to see us and Arch gave them a strong endorsement. We decided not to make the investment from a top-down portfolio perspective. That is almost always a dangerous way of thinking. It should be an input but the bottoms-up view on the specific deal should be the heaviest weighting. At that point, Arch was doing a lot of physical sciences investing and we felt like we were getting some of the exposure already. That may have been true but we shouldn’t have passed. Peter and Josh were a special pairing of minds (and good humans). We should have backed them early and it’s proven out that they’ve built a special firm that continues to back really cool technology (that can actually work!). We are cheering for them and I hope we find a couple more direct deals to do together.    

Spark Capital Fund III – We were lucky enough to find Spark Capital as they raised their second fund. Mark Shoberg gets much of the credit for this one as he found and built the initial relationship. We invested in that second fund which turned out to be a great returner. It was also one of those funds where you could see early on that it had great potential. Interesting companies with early mark-ups and connection to our network of other funds that built conviction for us. Unfortunately, Spark came out to raise fund III just as the overall economy was dipping in 2008-9. UTIMCO had its own set of challenges in that period that kept us from making the investment. One of the challenges was that we had a lot of pressure on legal terms that caused us to push too hard as Fund III formed. We got sideways with Spark and they pulled the fund together without us. Ultimately, that was a very painful outcome. Fund III was a huge returning fund that we missed on. I’ll take some of the blame for that, as I’ve always struggled with the balance of terms in LPAs versus what we see in term sheets for company investments. That said, it was a learning moment. I think you should always focus on the cash flow terms in an investment (timing, order, splits) but the governance terms of LPAs are not where you should focus attention nor burn a relationship. There is certainly data in the negotiation of terms but it should not end up solely driving the outcome. I’m glad to say that the Spark team remains one of our favorite relationships and a big co-investor of ours at Foundry Group.   

The Column Group – The Column Group is one of those where we engaged, recognized there was something there but found a way to be too busy to get it done. This was a team that had the confidence to preach a concentrated strategy and the experience to back it up, even in a first time fund.  Mark Shoberg should get credit for raising this one to the top and I’ll take the blame for not focusing on it. I haven’t seen the actual returns but I’ve heard that they are pretty darn impressive. I had a hard time listing this one, or the next one, as I’ve never been a great selector of life science funds. I feel like we were very lucky with Arch, Sofinnova, and Sante in our life sciences portfolio at UTIMCO. Add in Terry at Polaris and you had some pretty good drug development investors there, even if it was all likely luck. Those funds all were accretive from a return perspective and were done based on special partnership dynamics, not our ability to really vet drug development or life science projects. That said, the next fund to mention is a life sciences fund as well.  

Flagship Ventures – Simply put, Noubar is a force of personality. We should have invested with him. There was a clear change of culture happening at Flagship when we looked at it and the partnership dynamics didn’t feel quite right. We felt that life sciences was going to be driving the firm but it wasn’t apparent in the partnership at that point. We also were really keen on Samir and weren’t surprised to see him leave. However, those are excuses. Sometimes you see a money-maker type of investor and you should invest with them. I’m happy to have seen Noubar prove the success of Flagship and glad that he and Bob at Arch have been co-investors on a few of the good ones.  

There are A LOT more funds where we should have invested and I’m sure that I will get more than a few notes that remind me of other mistakes. That is part of investing. You can’t do them all, nor will you get all of them right. Note that I’m only listing a few of those funds that were deeply considered and/or where real conversations existed. There is a long list of funds where we didn’t engage, usually because of size or bandwidth.

We were lucky to have such good access and opportunity sets. I’m always grateful to have the opportunities to partner with emerging managers (something all these had in common) and I’m sure there are many GPs that are thinking they should be on the list. I always cheer for other portfolios, even when we’re not invested.

Hoping this gives some more insight as to how/why LPs behave and it was actually fun to revisit some of these mistakes, a few that were corrected, and a few on-going relationships despite missing on some good funds!  

Talent Networks

At the highest level, venture investors are looking for talent and to invest behind that talent. Obviously, it must be a talent that is lined up against an interesting opportunity. Hopefully, it’s a fully complete and talented team of people with specific domain expertise but it may just be a single founder with a burning desire to fix a given problem. No matter how much an investor may identify with the problem, you still have to believe that the single founder can be a magnet for the additional talent he/she needs to pursue the opportunity. Building companies requires a group of talented individuals to decide to work together in common cause.

We think about the world in networks. If venture investors are pursuing talent, what is it about their network that allows them to see and attract talent? How do they identify talent? And how do they convince the talent to work with them? How additive is the venture investors network to the founders? Will it help them succeed in acquiring talent? Is there shared domain expertise in their networks?

As a Limited Partner, we also consider venture funds as networks. A single GP fund is easier to discern than most. In the same way as founders, is that GP proven as a high-quality talent? In what domains? Is he/she positioning themselves in a way that maximizes their network effect?  Then, you start adding in partners. What are they good at? How do their networks overlap? How do they mesh together to create a stronger, wider network? What is the dynamic between the partners (this one is important)?

What is the network coverage of the venture firm? Where is it aimed? Will it attract the talented founders they are looking for? Where they are best suited to help? How have they tuned that network to attract the right founders? Just as importantly, do they know what they are and are NOT looking for? How defined is their filter? Can they get time back by quickly saying no?

There are many ways of tuning a network. It may be sector, themes, business model, geography, founder genotypes or any other specific view on talent. Our view is that the strategy of the firm must match the strengths of the team’s network. Defining your network and maximizing competitive advantage of attracting talent is critical to your success as an investor.

The Power of Continuity

I started investing in venture funds with a very lucky first investment back in 2004. I’m now at LaGuardia airport headed home after attending the 14th annual edition of the firm’s limited partner meeting. Yes, that first fund is still active 14 years later!  

It is such a privilege to have a long-standing business relationship with good people. Sure, it helps that the returns have been great but I’ve also had the opportunity to see them grow and mature, to know them beyond the investments and to watch their team develop. To see brand new EAs grow to help run the firm, to see former analysts go on to become incredible GPs themselves. To see kids move from elementary to college and into the working world. This firm has been consistent in their fund size, limiting their growth to a few new partners of the same ilk, and carefully selecting any new LPs so that the overall size of the meeting has remained manageable.  

I look forward to this trip every year.  It anchors an opportunity for me to check-in with the manager but also to see the group of limited partners around the fund. Many of us have become friends and co-conspirators investing across several funds so that we see each other several times a year. LPs often form these informal alliances and this is one of the best.

What happens with all of this history together? You’re able to build real relationships and inspire a deeper connection to the companies and the partners. There is no need for salesmanship or portfolio cheerleading. Good returns give you the space but relationships give you the comfort to acknowledge the constant challenges of venture investing and share the inevitable issues that arise. A real partnership can absorb so much when you have good people around the table.

I hope that we have the privilege to develop this sort of relationship with many of our partner funds. To see these firms grow and have the success in not only investments but in building a real partnership of people and capital that form a community.

A final note – we were all very young in 2004!

Networks, Indianapolis, and Outside the Valley

I woke up this morning thinking about networks. Geographic networks in particular.

Our Partner Fund strategy is to connect with and support both our peers and the next generation of emerging venture managers. We’ve now supported 27 managers across multiple funds. When you think about this group of individual GPs, it’s a really powerful network of investors, influencers, and connectors. You can cut this network across multiple vectors, but I woke up this morning thinking about geography.  

Perhaps geography is on my mind given travel. I was lucky enough to spend a great day in Indianapolis with team High Alpha last week. I will admit to having low expectations of Indy. It was my first trip to the city and I wasn’t sure what to expect.

What I found was a thriving city of 2M+, with more beauty and hustle than I would have guessed. It clearly didn’t hurt that I was seeing Indy through the eyes of Scott, Mike, Blake, and Eric (I was jealous that Kristian had a “gone fishing” sign up on his door). The High Alpha team is a very important part of the ecosystem and have a deep and high profile talent network spread throughout the city and region given their prior successes. I was able to visit with a number of their portfolio companies and hear updates on all their studio companies, most of which are growing up right there on Monument Circle in the heart of the city. We had an excellent dinner at Vida and took a quick drive up Massachusetts Avenue to see their future home in the Bottleworks district. What a great place to call home.

I came away convinced that High Alpha can leverage their position in the Indy market to build great companies, right there at home. Not just with the homegrown talent that already is found in Indianapolis but that it’s a vibrant market where they are able to recruit the best and brightest. This generation of entrepreneurs and company builders understands that opportunities exist outside the valley and great companies can be built in places that offer a quality of life at a lower cost of living. You can build a company with much less capital and the same quality of talent.

It shouldn’t come as a surprise to you that Foundry Group has a broader view of venture than Boston, New York, and the Bay Area. My partners helped grow the Boulder/Denver ecosystem and Brad literally wrote the book on Startup Communities. Our Partner Fund approach allows us to participate and invest across many important and thriving markets. These network nodes are on top of our direct investments that are national in reach.

We have great partners and networks in cities such as Seattle, Toronto, Los Angeles, Minneapolis, Austin, and Detroit. Each of these cities is a case study on talent and networks where we are lucky to have one or more partner funds as a node on that network.  I should also mention Techstars, where the MDs are key contributors in attractive markets such as Atlanta, Kansas City, and across many important corporate accelerators. We still love Boston, New York, and the Bay but we are seeing more and more talent recognizing that opportunities exist outside those markets.

Later this week, Moody is leading a group of our CEOs to Birmingham where city leaders have rolled out the red carpet to highlight the rich talent pool and beneficial cost structures of building a company in Alabama. It’s good to see Moody engaging with the local stakeholders in Birmingham to expose the opportunity set for both homegrown companies and for some of our coastal companies to create a secondary base of operations. We think that almost all coastal companies of scale will have a secondary base outside of their home market.  Why not Birmingham? Or any other number of secondary markets that are embracing the tech economy?

We are deep in the flow of managers that are raising funds in these markets and while we can’t invest with all of them, we are excited to see so many new funds forming. I’m thinking of local funds in Madison, Omaha, and Des Moines that have reached out recently. We want to support those where we can’t invest and hope to spread the #Givefirst approach to growing local communities. Now, off to LA today and Fargo tomorrow. Lucky me.

Our New Fund – Announcing Foundry Group Next 2018

This post originally appeared as Announcing Foundry Group Next 2018 on the Foundry Group website.

We are happy to announce the closing of our seventh fund, Foundry Group Next 2018. The $750 million fund combines all of our prior fund strategies – our early stage, early growth, and partner fund investments – into a single fund.

For historical reference, our early stage funds (FG 2007, FG 2010, FG 2013, and FG 2016) are all $225 million in size. Our first early growth fund raised in 2013, Foundry Group Select, is also $225m in size. In 2016, when we raised Foundry Group Next, we approximately doubled the size of that fund to $500 million since 30% of it was going to be invested in partner funds and 70% in early growth. So, at the beginning of 2016 we effectively raised $725 million (FG 2016 and Foundry Group Next). Foundry Group Next 2018 is simply the combination of those two funds rounded up slightly.

Our strategy is unchanged – we’ve just combined all of our investing activity into one fund going forward. When we started Foundry Group, we had four equal partners. We now have seven equal partners. We invest all over the United States and Canada. We have a deliberate and focused set of themes that encompass almost all of our investments. We are syndication agnostic, being indifferent between investing by ourselves or with co-investors – especially our partner funds – where we mostly have long and successful relationships. Our goal is to have significant ownership in companies we are investors in (often over 30%). We are very long-term investors, focusing on net cash on cash returns, rather than short-term or intermediate IRRs.

While we have an early entry point from our historical early-stage investing, we don’t have to be the first investor in a company. With the Cambrian explosion of seed funds that has occurred in the last five years, we’ve chosen to invest in these funds directly (which we call our partner funds) rather than try to chase seed investments all around the country. If a company hasn’t raised more than $5 million, we are a good target, as long as it is in the US (or Canada) and in one of our themes.

We are full lifecycle investors and willing to invest, and lead, Series A, B, and C rounds. We refer to B and C rounds as early growth – essentially financings with valuations between $50m and $300m pre-money. By being syndication agnostic, we are happy to lead multiple rounds of companies we are already investors in, but we also love to welcome in co-investors who we like and respect, along with any of our LPs who want to participate directly alongside us.

We have a small team (16 people total). The seven partners all work directly with the companies and partner funds. We have a CFO, a General Counsel, six EAs, and one fund investment associate. We don’t expect, or intend to add anyone to our team going forward.

We’ve worked hard to have a network-centric view of the world. As a small team based in Boulder, Colorado, we have developed a very broad network which includes all of the entrepreneurs we work with, our LPs, VCs we co-invest with, our partner funds, several startup studios, Techstars, and many other colleagues through our writing, startup community leadership, and non-profit activities. We think of ourselves as one node on a mesh network, an important node, but not a central node through which everything must flow. We subscribe to the notion of #GiveFirst and try to be helpful to everyone we come in contact with.

We know who we are at year 12 in our journey as a firm, love what we do, and try very hard to do it clearly, honestly, authentically, and transparently with everyone we interact with. Creating and building companies is extremely hard, and we have deep respect for everyone we get to work with through all the ups and downs.

We very much look forward to continuing to work with everyone we currently work with, as well as another group of great entrepreneurs and VC fund managers in our Foundry Group Next 2018 Fund. We are also happy to welcome a small number of new Limited Partners to our family. We are pleased to partner with such a great group of investors.

Thanks for allowing us to be part of your journey.

– Jason, Ryan, Seth, Brad, Lindel, Moody, and Jamey

Working At Threshold

I’ve been toying with this idea of working at threshold. It first came to me as I considered a recent hike where I wasn’t synced up with my partner. When hiking, I like to move as fast as I can up a slope at a pace that is sustainable for at least a given section. That’s also the way I prefer to run. Some people like to run hard and fast, above their threshold, and then stop and walk before running hard again. That’s not for me, even though it may ultimately have the same time and distance result.

The interesting thing about hiking or running in this analogy is that finding the right partner or set of partners, that have the same rhythm or style of working can meaningfully improve your threshold. One of the things I miss most about Austin is my running partner, Glenn Stotts. You wouldn’t know it to look at us (he’s tall, long-legged, and thin!) but we were excellent running partners. On good days, we would yo-yo back and forth, pulling the other along at an ever-increasing threshold. Running with Glenn, from around 2010 to 2015, was incredibly gratifying and we meaningfully increased our thresholds because we had found the same rhythm.

I feel like I’ve found that same set of benefits from my partners at Foundry Group. Brad, Jason, Seth, and Ryan have had a special relationship since forming Foundry Group in 2007. They’ve become best friends along the way but I think combining that emotional connection with sustained effort in the business has also meaningfully increased their output and effectiveness as a group. We’ve worked hard to add in three new partners to the mix and it feels like we are hitting our stride as a pack.

One of the cultural norms for us is that we all work hard. And we all do the work ourselves. We tend to work an investment or project on a single or small-team basis, constantly reporting back to the partnership, getting feedback and also knowing that they are there to back us up or pick us up when things aren’t going right. Perhaps its the high communication level, or witnessing your partners doing the work that is the motivational cog. It’s also true that we’re all competitive and we sure don’t want to disappoint each other. Whatever the case, the effect has been that all of us work at a higher threshold because of each other.

In fact, we run the risk of spinning each other up too much. It’s fun to be part of a team that pushes you to be a better version of yourself but it’s also hard to keep up! We all like our work and it can become addictive at some level. Each of us tend to take on slightly more than we can chew and have an automatic response to “fill” any blank space. This actually isn’t healthy long-term as we tend to run about 120%. It’s fun and we all like to be spun up but it can affect our work, and our personalities, not to mention any idea of balance and putting our families first. One of my partners read this post and added the comment – “One interesting observation is that we tend to individually take on too much. But, as partners, I think we are good at looking out for each other and helping (or simply pointing out) when someone gets too deep. Basically, we often look after each other better than we look after ourselves.”

We’re in a constant push to optimize our time and be brutally efficient while still being responsive to random goodness. I don’t think we’ve found the right way to regulate our pace but there is a certain seasonality to the work that tends to save us from ourselves. I can feel that we’re all running hot right now and I’m looking forward to a summer season that allows us to pull back to a more reasonable threshold. Maybe the analogy holds, think of summer as a flat part of the trail before the natural push of work in the fall. Either way, I’m glad to be part of this team. We’ll keep working to find the right cadence as we keep pushing our threshold higher.

Now, if I could just get Glenn to move up to Boulder and help me get back into running shape!

Up Early

I’ve always been a natural early riser. Even as a child, I would put myself to bed at sunset and rise at dawn. My parents tried to make this a feature rather than a bug by teaching me to turn on the coffee maker. That didn’t really work out, as the coffee would be all wrong or burned by the time they roused. Perhaps that’s why I never learned to like coffee?

I must also admit there are times when I wish that I could sleep later. My mother put a sign in my room during high school admonishing me for staying out too late (I found a similar one above).  Yes, there are times when I stay up too late and have too much fun when the curse of being an early riser is painful!

The early morning remains my favorite time of day and I’ve come to appreciate this time more as I age. The quiet of dawn, whether sitting near the hearth or (preferably) out in the field, is a time for reflection and anticipation of the future.  It feels like you’re getting ahead of the race.

These quiet moments are hard to steal in our constantly connected world. Whether you’re a night owl or an early bird, I encourage you to find a moment of repose and be grateful for the quiet of that moment.

And if you’re lucky, you’ll then hear the pitter patter of your eldest daughter’s little feet coming to join you as she too has been struck as an early riser…

 

 

Acknowledging the grace of this life

I’ve had two of my good friends lose a parent in the last month. One lost a mother unexpectedly to complications of the flu. The other lost his dad today, after a more than 3-year battle with cancer. His note to me was beautiful.  I pretty much tear up every time I read it.

“RIP Dad. Was so nice though. My brother and I at his bedside holding his hands. He started having labored breathing and unresponsive. I told him that my brother and I were both here and that it’s ok to go. He raised his eyebrows, opened his eyes, looked at both of us then took 2 deep breaths and passed. It was so strange…he was definitely holding on for that moment. I feel so lucky”

We are all so lucky to acknowledge the grace of this life. I lost my dad to cancer in October of 1991, he was 46 and I was 17.  I’m now 43 and I can’t imagine that he only had 46 years on this planet.  It weighs heavy on me.

One of the favorite things I heard when my own father died was from a school vice-principal, David Parker. He had just lost his own mother. He said that while you may be sad today and can’t see past the feeling of loss, you’ll come to realize how lucky you were to have him at all. That has become very true for me. I miss my Dad often (and still have a giant hole there) but I know how lucky I was to have him.

None of us can control how long we have on this planet. We all try to bend the odds or do our best to ignore the fact that we all have a certain ending. The passing of my friends’ parents has reminded me that we all need to face that end and live our lives every day in appreciation for the grace of this life.

Sending love, especially to my two old friends.

A Ridiculous Day at Foundry Group

It was one of the most frequently asked questions when we announced me joining Foundry Group. It usually came in the form of a question but was sometimes a statement.  

“Are you going to be in one of those videos?” or “You know, they are definitely going to make you be in a video!”  

Of course, I knew that Jason and the gang had another video in mind. And I knew it would likely be embarrassing and fun all at the same time. However, it’s one thing to consider and accept the notional idea. It’s entirely another experience to actually find yourself singing into a microphone and posing for cameras in silly attire. The last time I participated in something like that was high school. And let’s be honest, I’m really glad those videos never made the jump from VHS.    

It was a ridiculously fun day at Foundry Group. Jason is our creative director and all other roles mixed into one. None of this would happen without him. It takes a lot of work to make this all come together; not least of which is to dream up a song, pull together a video sequence and then make all of us extend ourselves to come up with something legitimate. or at least humorous.

There are a few moments worth calling out. The day started out incredibly cold. We were up on the side of a hill, actually on the roof of Jason’s house.  We each were wearing some sort of gear to sketch out our interests.  I’m glad I was a fly fisherman and not a runner in shorts and tee shirt like Brad!

We then moved into the various sequence and location shots. These all provided some good humor. Boulder really isn’t one of those places where you see a bunch of suits walking down Pearl Street!  Much less with a camera crew and singing into a mic.  

One particular moment that had me shaking my head was to find myself walking down Pearl Street in full cowboy regalia – hat, boots, chaps, spurs, holster and cap gun. Boulder is also not a place that you carry guns, not even cap guns. I was confident however that the Lululemon bag would keep me protected from having to shoot my way out of a hacky sack circle!

I should note that in this moment of walking down Pearl, I realized that my two companions (Micah and Jaclyn) had decided to walk about fifteen feet behind me as if they were not associated with me. Memories of middle school and walking in the mall with my so very uncool mother came flashing back. Now I was the one that these two were distancing themselves from….at least Micah took these pics.

I did at least get to show off the custom FG boots that all the partners received once they brought a Texan into the fold! And if you were wondering, I did already own the chaps.

I would be remiss if I didn’t include this picture of Jaclyn. It appears that she is drinking on the job and, to be fair, it would be completely reasonable given the wig here. Her expression tells you enough about a day like video day at Foundry Group!

And then there’s Jamey. Words leave me.

I’ll part with another link to the video here. And tease you with the idea that we’re already after Jason to come up with the next iteration, one that makes a lot of sense when you look back at the first video.

Thanks to Jason and the gang for a ridiculously fun day at Foundry Group – 

BREAK THE INTERNET TO SAVE NET NEUTRALITY

We have just hours. The FCC is about to vote to end net neutrality—breaking the fundamental principle of the open Internet—and only an avalanche of calls to Congress can stop it. So we decided to help “Break the Internet” on our sites. You can also support on TwitterTumblrYoutube or in whatever wild creative way you can to get your audience to contact Congress. That’s how we win. Are you in?

More info here.