I moved from Boston to Boulder in November 1995, just as both the rise of the web and the commercial Internet were picking up speed. While I focused all my energy on software and Internet-related companies, I was aware of the rapid growth and evolution of the telecom industry, which was adjacent to and integrally intertwined with the Dot-Com boom.
In 1996 I co-founded SOFTBANK Technology Ventures (renamed Mobius Venture Capital in 2000), a Venture Capital fund sponsored by SOFTBANK, one of the most prolific investors in Internet-related companies. I rode the Internet boom up until its 2000 peak and then suffered mightily under the weight of the Dot-Bomb collapse. I regrouped and continued to co-lead Mobius Venture Capital while co-founding Foundry Group, which, over the past fifteen years, became one of the most impactful Venture Capital firms in the Mountain West region. I also co-founded Techstars, which became one of the leading start-up accelerators in the world.
I met Dan in 2003 as he was leaving Level 3. We gradually discovered that we had a shared interest in developing the Colorado entrepreneurship ecosystem. While we both had day jobs—me as a Venture Capitalist and Dan as a serial entrepreneur—we always found time to collaborate in support of Colorado’s ascent as a place to innovate. Though I followed Dan’s Zayo adventure, the depth of my understanding was at the surface level.
In April 2024, Dan asked me to look at his manuscript. I read the introduction and, within a week, the rest of the book. Reading it reminded me of places where my path crossed his, such as Exodus acquiring Service Metrics (a Mobius investment), which returned our entire first fund. Of course, several years later, after the result of a horrifying merger with Global Crossing, the combined Exodus-Global Crossing went bankrupt. Or, the day Howard Diamond, CEO of Corporate Software (another Mobius investment), walked into my office and said, “Level 3 is acquiring us for $125 million,” to which I said, “Why the fuck would a telecom infrastructure company buy a software reseller?” And then there were stories Dan didn’t even know, like the time I sat in Level 3’s office in Broomfield, Colorado (five minutes from my office in Superior, Colorado), in 2001, praying Level 3 would buy Interliant (a failing public company I was co-chair of) for no other reason than Level 3 had bought other failing public companies. And, no, Level 3 didn’t buy Interliant, and yes, Interliant did fail.
Before reading Bandwidth, I saw the Internet Revolution through the lens of software and Internet companies. I knew some of the stories of Qwest, Enron, Global Crossing, Level 3, and others—but didn’t appreciate the details and magnitude of the Bandwidth Boom and Bust. The adventurous stories of business legends such as Phil Anschutz, Craig McCaw, Jim Crowe, and even Carl Icahn were exciting to read. The exploits of bad actors such as Joe Nacchio, Gary Winnick, and Bernie Ebbers were even more exhilarating. Epic battles of hostile takeovers, botched business plans, phoenixes rising from ashes, and entrepreneurs who persevered reminded me why I get so much fulfillment from helping start-ups become large successes and enduring companies. And why I am willing to fight for any company in which I’m involved.
As I read, I also learned a lot more about Dan. I now know why so many people have strong feelings about Dan—some think he walks on water, while others wish a big wave would knock him over. In this book, he openly shares the challenges he had to overcome and the pivots he had to make. At each step, he is delightfully self-deprecating and aware of what worked and what didn’t. I, for one, enjoy watching him continually do extraordinary things. Put me in the “Dan walks on water” camp.
Brad Feld, venture capitalist, entrepreneur, and author of multiple books, including Venture Deals and Startup Communities