Alright – so today we’ve got the honor of introducing you to Adam Pener. We think you’ll enjoy our conversation, we’ve shared it below.
Adam, appreciate you joining us today. Along with taking care of clients, taking care of our team is one of the most important things we can do as leaders. Looking back on your journey, did you have a boss that was really great? Maybe you can tell us about that boss and what made them a wonderful person to work for?
I began my career as a researcher and analyst for national security legend, Hon. Roger W. Robinson, Jr., who architected the financial takedown of the Soviet Union for President Reagan. Roger was a friend, a mentor, an advisor, and — eventually — my business partner at CSAG. Together, Roger and I built the world’s only database of public companies that do business with governments that sponsor terrorism, triggering a national campaign called Terror-Free Investing. The company was a great success and it took me to meetings that were far above my paygrade at the time. All of which were valuable in my education and quite memorable, not always in a positive light. Who knew that there could be sides when it comes to defunding the bad guys?
It would be an impossible task to capture what made Roger a great leader in a short blurb, but here’s an anecdote: Roger and I were once asked to meet with the CEO of one of Wall Street’s most influential investment banks. Normally, we’d be in a salubrious office or conference room with a bank of senior executives, but in this case we were asked into a small room that I noticed had no cameras. The CEO didn’t want record of what happened next, which was effectively a bribe for us to cease our policy activities that were submarining his 8-figure deal. I’ll never forget when Roger stood up and said: “Gentlemen, I cannot be bought, not for gold nor silver.” And with that, we left and proceeded to take down one of the largest international IPO’s of its time, partnering with “rubble rousers” as the bank executives characterized members of the bipartisan coalition the we built.
Awesome – so before we get into the rest of our questions, can you briefly introduce yourself to our readers.
While I’m known for defunding terrorists following 9-11, my career has focused on disruptive technologies. I’m known as the guy who takes big swings — as a CEO, an investor, and a thought leader. This includes opening doors that are fortified, zigging when other zag, and betting on the underdogs. In practice, my business activities are characterized as commercializing game-changing offerings. Many people have innovative ideas, but executing is what defines success and commercializing a technology is a binary event. You either do or don’t. In 2020, I launched a venture studio in Oregon through which I took positions in several emerging technologies and served as CEO for two: Sniper Bladeworks and MaskZero. Many people are surprised to learn that I’ve led an outdoor brand and cutting edge medical device company at the same time. The overlap is far greater than meets the eye. Specifically, overcoming obstacles, executing on the founder’s vision, investor relations, storytelling, defining — and hitting — milestones, and success look fairly similar no matter the industry or widget. I take great pride in the fact that my startups do not fail whereas industry averages say the odds are long. I’m asked why a lot. There are many answers, but underlying philosophy is important. Most venture funds are outbound, jumping on whatever is “hot.” I take few deals, only after exhaustive diligence, because my goal is not to hit .200 like traditional VC’s, but to increase significantly the probability of success for companies with highly-scalable, breakthrough technologies.
When all is said and done, I hope what people say about me is that Adam gave 100%, trusted his reads, and wasn’t afraid to roll up his sleeves and dig in. Even more so, I hope they say that I was a great Dad and a good person.
Can you open up about how you funded your business?
Fundraising is the single most important, and most challenging, part of building a company. In my career, I’ve raised more than $30M for several ventures and two non-profits, all of which have succeeded at various levels. I am not a professional fundraiser, but I’ve learned a thing or two. For example, investors expect you to do your homework and you only get one shot to close an investment, so be prepared. I’ve also learned that many founders forget the “less is more” rule of thumb. They think talking is good. It’s not. If an investor is interested, they’re talking more than you. I could — and probably should — write a book!
MaskZero taught me an important lesson in fundraising, thanks to my business partner who has expertise in this area. Specifically, investors like milestones. Identify them, explain them, and hit them. In total, we raised $2.5M from high net worth investors. The exit story has not been written, but the expectation is that our investors will do well. People like to ask me how. It’s like anything else in life – hard work and a willingness to take a lot of ‘no’s’ on the chin.
Sniper Bladeworks went a different route in fundraising, which is important for founders to understand: the strategy must be designed to the very specific variables and goals of the company. Put differently, don’t bother reading someone’s post on LinkedIn about how to attract investment. There is no one shoe fits all or magic bullet. If someone is selling you a service, it’s exactly that. A better choice is to drop me a line. Happy to figure out what makes best sense for your company and I don’t charge for a chat. For Sniper, we used convertible notes to raise seed capital while maintaining founder equity. It was choppy, but the right call for that particular company.
Are there any books, videos, essays or other resources that have significantly impacted your management and entrepreneurial thinking and philosophy?
There are many!!! Principals by Blackrock founder Ray Dalia is a must-read for any founder. I also found The Almanac of Naval Rekivant to be a fascinating read and, when it comes to navigating life and business, I always recommend The Black Swan by Taleb and The Seven Habits of Highly Effective People.
For those who prefer podcasts, I’m partial to Shades of Entrepreneurialism by Gabriel Flores and, at the risk of a shameless plug, recommend my chat with Gabriel, entitled “Big Swings and Fearlessness,” which can be found on YouTube.
Contact Info:
- Website: https://www.sniperbladeworks.com
- Instagram: @sniperbladeworks
- Linkedin: https://www.linkedin.com/in/adampener/