I believe everything happens for a reason and that life is unmistakably connected all the time. Last year at the Entrepreneur of the Year Award, we had a quick introduction and your few words left me wanting more. Here we are today, chatting once again. You are a local success story. Not only a devoted husband of 30 years and father of two beautiful children, you have become an incredibly successful and inspirational entrepreneur. How are you able to stay so grounded in life and remain true to yourself, your family and your core values?
I believe life is a connection of moments, some big, some small and some in-between and if you are aware of and seize them they begin to form the roadmap to achieve your goals. I believe entrepreneurs have a real talent for making that happen; in order to move along that path, staying grounded and true to yourself and your core values and beliefs is key. I feel like I have been able to stay grounded by having a long-term view on life as a journey – there will be highs and lows but true leaders never get pulled too far in either direction. One way to help make that happen is to be very self aware of strengths and weaknesses, listen and learn from others, and don’t be afraid to show empathy to others; it lets folks know you care.
Your appetite for sports stems from an early age all the way through your adult life. You have ownership in teams such as the San Francisco Giants and Vancouver Whitecaps, you were an original investor in the Women’s Professional Soccer League, Derby County Football Club and you are an advisor to Steve Nash Enterprises and Foundation. Since you bought into the Giants in 2002 they have won the World Series three times – with no previous wins since 1954! How have you been able to turn your passion into viable business ventures, and how do you know which investments are the right choices?
I have always been a competitive person on and off the field. I believe you should always be ready to test yourself against the best – most importantly, you learn how to be a good teammate and win and lose graciously. As it pertains to business, I am very disciplined on the macro objectives with any business investments and I do my homework upfront. For me, the five key factors I look for in my direct investments are: I really have to like/connect with the CEO/founder as a person I want to succeed; I can bring immediate value add to the business through my network and my previous experiences; I have a real interest/passion in the space the company does business; I can learn from this experience, as I want to get better with every venture I join; and the company has a reasonable chance of succeeding financially.
You have spent the past 30 years as an executive, director and active leader in technology companies such as Reference Software International, Word Perfect Corporation and Novell Inc., and were a key member of the team that built Yahoo into an internet giant. Life in sports doesn’t go as quickly as technology. How do you stay so patient when you have so much invested?
Patience is an area that I continue to improve on. In sports club ownership, you have a good balance of long term (ie stadium/real estate), medium term (ie media rights and player development) and near term (ie wins/losses/standings). That combination drives my passion to build a long-lasting community asset
I’ve read about Verizon Communications’ purchase of Yahoo! for US$4.83 billion. The Financial Post stated: “How did Yahoo!, the first Internet trailblazer, become such a tech train wreck,” having not seized an opportunity to sell it in 2008 to Microsoft for US$45 billion. For the past decade, Yahoo! has been struggling to find a winning strategy against its competitors. In your opinion, what went wrong?
Well that’s a big question. First, what went right, from a company that is 21 years old and counting and one of the pioneers of defining the internet both as a consumer service and viable business: when I joined Yahoo! they had no revenue, less than six weeks of operating capital, no formal business plan and 11 employees. The tough love answer on your question is consumer technology is a fast moving, always evolving, leapfrog industry that creates an ecosystem that rewards the latest and greatest and Yahoo! saw companies like Google build a better mousetrap and change the rules. I love the challenge, and ultimately this is what makes great companies and the consumers win in the end; this is entrepreneurship at its best!
Although you live in San Francisco, you stay close to your Canadian roots by remaining active with the University of Victoria, including being appointed to the Faculty of Business Board of Advisors and recognized with the first Distinguished Entrepreneur of the Year Award from the business school. The annual award acknowledges an inspirational entrepreneur who has had a positive impact on the global community through their business leadership. What did this recognition from your home town mean to you?
The UVic DEYA recognition means the world to me. Just look at the other 12 winners! I’m honoured and humbled to be in their company. Though I have been very fortunate to be involved in a number of incredible adventures around the world, there is nothing like the feeling of coming home and being welcomed!
Supporting the next generation of leaders, you have established the Jeffery Mallett Leadership Award, an annual scholarship awarded to an outstanding University of Victoria student. What are the types of skills you look for in young leaders? What difference do you think it makes to a student to receive an award like this?
I believe there is greatness in all of us. It’s important to respect that we are all individuals and no two people’s paths are the same. That said, common traits for leaders I have observed tend to include a clear vision of what’s possible, commitment to always be willing to learn, understanding how to work with and lead others, an insatiable drive from within to achieve their goals and a genuine desire to give back and make the world a better place.
Tell us three things we might not know about Jeff Mallett that you’re willing to share with our readers.
Hmm let’s see: I got a “C” in typing at Mount Doug Secondary and I’m still a C-level typer, my favourite drink is chocolate milk, and at the end of every day I ask myself did I “evoke positive change with a purpose today?”
This issue celebrates local small business entrepreneurs. What is the most important advice you could give these hardworking professionals?
Have a plan and be prepared to modify the plan as success never comes in a straight line!
Photo by www.nuttycake.com.
