Business and Poker: Knowing when to bluff vs. going “all in!”
Like many other MBAs finishing up Mod 1 of their first year, Jonathan Glendinning is very busy these days with final examinations and the major team project that integrates the learnings of subjects taught this Mod. Balancing his time between academic obligations, club meetings and of course, the G-51 Venture Scholars program, I was glad he was able to spare a part of his busy day to chat with me.
“I was an angel investor way back before I started (business) school – there are a lot of similarities between angel investing and playing poker,”
In fact, one of Jon’s first endeavours was to start a venture capital fund with three of his friends – when he was 19 years old. The endeavour turned into a marketing consulting firm that led to projects for clients that included start-ups, music bands and independent artists. When this eventually gave way to his then-primary career playing professional poker, Jon had built strong relationships with people in the music business as well as within the start-up scene. His success at poker allowed him the resources to invest in budding enterprises that he felt were fairly promising.
“When you’re playing poker, what really makes a difference is your understanding of probabilities – and game theory. You need some degree of understanding people, and that’s really important in venture capital too,”
Jon’s background in the music industry as well as personal experience with startups and venture capital have positioned him well in the G-51 Venture Scholars program. Last week Jon reviewed a start-up that seeks to provide live concert experiences to fans through high quality video streaming, and another that provides home owners with home maintenance solutions. His reviews of the deals included recommendations on pricing models and and strategic growth direction, which were the result of company research and interviews with the entrepreneurs to further assess their businesses. In addition to the two deals assigned to him, Jon also reviewed an additional deal that came his way, which he subsequently proposed to G-51.
For BU’s Venture Scholars including Jon, exposure to such start-ups through the Venture Scholar program are a refreshing break from lectures and teamrooms. “I am grateful for the opportunity to be a part of this. It’s something different.”
Written by BU MBA candidate Joanna Ghazali
