Mark Suster
{{Short description|American businessman}}
{{Infobox person
| name = Mark Suster
| image = MarkSuster2019.jpg
| birth_date = {{Birth date and age|1968|04|30}}
| occupation = Businessman, investor
| spouse = Tania Suster
| education = University of Chicago (M.B.A.)
University of California at San Diego (B.A.)
| children = 2
}}
Mark Suster (born April 30, 1968) is an American businessman and investor. He is a managing partner at Upfront Ventures,{{Cite web|url=http://labusinessjournal.com/news/2017/sep/29/money-book-mark-suster/|title=The Money Book: Mark Suster {{!}} Los Angeles Business Journal|website=labusinessjournal.com|date=29 September 2017 |accessdate=31 May 2019}} the largest venture capital firm in Los Angeles.{{cite web |last1=Dave |first1=Paresh |title=Upfront Ventures, L.A. County's biggest venture capital firm, just got bigger |url=https://www.latimes.com/business/technology/la-fi-tn-gamevice-wonder-la-tech-20170627-htmlstory.html |website=Los Angeles Times |date=4 July 2017 |accessdate=17 June 2019 |ref=04 July 2017}} Aside from his business career, Suster is also a prominent blogger in the American high-technology startup scene and venture capital world.{{cite web|title=The Founder Showcase: Launching startups with a community|date=17 June 2011 |url=https://thenextweb.com/us/2011/06/17/the-founder-showcase-launching-startups-with-a-community/|publisher=The Next Web|accessdate=18 June 2011}}
Business career
In 1999, with Ireland-based real estate entrepreneur Brian Moran, he created his first company, a construction collaboration technology business called BuildOnline, where he also served as chief executive officer.{{cite web|title=The e-biz has landed|url=https://www.building.co.uk/focus/the-e-biz-has-landed/2326.article| work= Building.co| accessdate=9 August 2023}} BuildOnline merged with US-based rival Citadon in December 2006.{{cite web|title=BuildOnline and Citadon merge|url=https://growthbusiness.co.uk/buildonline-and-citadon-merge-1077/| work= Growth Business|date=15 December 2006 | accessdate=9 August 2023}}
By September 2006, Suster had already left Citadon, having established a second company called Koral, a content collaboration software business.{{cite web|title=Salesforce.com Inc. Acquires Koral Inc. April 10, 2007|url=https://redmondmag.com/articles/2007/05/20/salesforcecom-inc-acquires-koral-inc-april-10-2007.aspx| work= Redmond| accessdate=9 August 2023}} In April 2007, Koral was acquired by Salesforce.com where Suster then assumed the role of Vice President of Product Management upon the completion of the acquisition.{{cite web|title=Salesforce.com Inc. Acquires Koral Inc. April 10, 2007|url=https://redmondmag.com/articles/2007/05/20/salesforcecom-inc-acquires-koral-inc-april-10-2007.aspx| work= Redmond| accessdate=9 August 2023}}
Suster later joined Upfront Ventures (previously known as GRP Partners), a venture capital and investment firm, in 2007.Kamelia Angelova (July 28, 2011) [http://www.businessinsider.com/mark-suster-tech-bubble-valuations-2011-7 Privately, Investors Admit There's Big Bubble In Tech Startups]. Business Insider In 2009, Suster started the Launchpad LA accelerator while continuing his employment at Upfront.{{Cite web |last=Grant |first=Rebecca |date=June 27, 2013 |title=LA-based GRP Partners closes new $200M fund, rebrands as Upfront |url=https://www.reuters.com/article/idUS315580375720130628/ |access-date=April 23, 2024 |website=Reuters}} At Upfront, Suster led investments in companies including Ring, Bird, Invoca, ThreadUp, MakeSpace, mitu, Nanit,{{Cite web|url=https://techcrunch.com/2016/06/15/nanit-knows-more-about-how-your-baby-sleeps-than-you-do/|title=Nanit knows more about how your baby sleeps than you do – TechCrunch|website=techcrunch.com|date=15 June 2016 |language=en-US|access-date=2018-05-01}} Osmo, Tact, and uBeam.{{Cite news|url=https://www.usatoday.com/story/tech/news/2017/06/01/ubeams-meredith-perry-shows-her-stealth-wireless-charging-technology-really-works/102336880/|title=uBeam's Meredith Perry shows her stealth wireless charging technology really works|work=USA TODAY|access-date=2018-05-01|language=en}}
Suster also led the initial funding round for, and was on the board of, Maker Studios, an online video talent agency (acquired by Disney in 2014).{{Cite news|url=https://www.nytimes.com/2014/03/25/business/media/disney-buys-maker-studios-video-supplier-for-youtube.html|title=Disney Buys Maker Studios, Video Supplier for YouTube|last=Barnes|first=Brooks|date=2014-03-24|work=The New York Times|access-date=2018-05-01|language=en-US|issn=0362-4331}} He was also an early investor in online car-shopping system TrueCar, which went public that same year.{{cite web|title=Mark Suster|url=https://labusinessjournal.com/news/mark-suster/| work=LA Business Journal |date=30 July 2018 |accessdate=9 August 2023}} Unlike other Silicon Valley technology entrepreneurs, Suster has been open about turning down investments in potential start-up businesses that later became successful, including Uber.{{cite news |last1=Murphy |first1=Hannah |title=The investor who turned down Uber at a $5m valuation |url=https://www.ft.com/content/de38388e-73a0-11e9-bbfb-5c68069fbd15 |access-date=20 April 2023 |work=Financial Times |date=11 May 2019}}
In February 2023, Suster said an excess of capital in the startup market was keeping many startups afloat. Of 5,000 early-stage companies Upfront Ventures had funded since 2019, half were at risk of going out of business, he said.{{cite news |last1=Williams |first1=Lara |title=Mass extinction of start-ups on the horizon in 2023 |url=https://www.investmentmonitor.ai/news/mass-extinction-of-start-ups-on-the-horizon-2023/ |access-date=20 April 2023 |work=Investment Monitor |date=23 February 2023}} Less than a month later (11 March 2023), Suster called for calm as investors became concerned about the collapse of Silicon Valley Bank, suggesting a "handful" of VCs were creating panic.{{cite news |last1=Loizos |first1=Connie |title=Investor Mark Suster says a "handful" of bad actors in VC destroyed Silicon Valley Bank |url=https://techcrunch.com/2023/03/10/investor-mark-suster-says-a-handful-of-bad-actors-in-vc-destroyed-silicon-valley-bank |access-date=20 April 2023 |work=TechCrunch |date=11 March 2023}}
Suster and Upfront are hosts of the Upfront Summit, an invite-only VC conference in Los Angeles.{{cite web |last1=Hall |first1=Christine |title=Rants, AI and other notes from Upfront Summit |url=https://techcrunch.com/2024/03/01/upfront-summit-summary/ |website=TechCrunch |date=March 2024 |access-date=24 April 2024}} The event brings more than 1,000 attendees each year and have taken place in locations such as Paramount Studios, the Rose Bowl, and Dolby Theatre. {{cite web |last1=Bergman |first1=Ben |title='My job is not to be the best friend of the CEO': Upfront's Mark Suster prides himself on being hard on founders, but some say his tough-love approach has gone too far |url=https://www.businessinsider.com/upfront-mark-suster-los-angeles-venture-capital-startup-tech-2023-4 |website=Business Insider |access-date=24 April 2024}}
Investors including Upfront Ventures/Suster have been in lawsuits brought by Loot Crate{{cite news |last1=Yerack |first1=Betty |title=Loot Crate's Venture Backers Reach $6.8 Million Chapter 11 Deal With Creditors |url=https://www.wsj.com/articles/loot-crates-venture-backers-reach-6-8-million-chapter-11-deal-with-creditors-11665003282 |access-date=20 April 2023 |work=WSJ |date=5 October 2022}} and Maker Studios.{{cite news |title=Maker Studios, Co-Founder In Legal Battle |url=https://www.socaltech.com/maker_studios_co_founder_in_legal_battle/s-0050047.html |access-date=20 April 2023 |work=SocialTech |date=27 June 2013}}
Personal life
Suster grew up in Northern California and is a dual citizen of both the United Kingdom and the United States. He is of Romanian Jewish ancestry.{{Cite web|url=https://bothsidesofthetable.com/startup-grind-turns-the-tables-on-mark-suster-bee7c8428e89|title=Startup Grind Turns the Tables on Mark Suster|last=Suster|first=Mark|date=13 July 2013|publisher=Both Sides|accessdate=20 August 2013}} Suster graduated from the University of California, San Diego with a Bachelor of Arts in Economics. He later received his MBA from the University of Chicago's Booth School of Business.{{cite web |last1=Chang |first1=Andrea |title=How Mark Suster became a go-to guy for tech start-ups |url=https://www.latimes.com/business/la-xpm-2013-jul-12-la-fi-himi-suster-20130714-story.html |website=Los Angeles Times |date=12 July 2013}}
Since he was diagnosed with ADHD in 2014, Suster has openly talked and written often about how he's learned to integrate his business skills with his coping strategies for ADHD.{{cite web|title=Are Founders With ADHD Built for Entrepreneurship?|url=https://www.inc.com/magazine/202304/peter-keating/are-founders-with-adhd-built-for-entrepreneurship.html| work= Inc. Magazine| accessdate=9 August 2023}}
Suster is married with two children.{{cite web|last=Suster|first=Mark|title=How Twitter Got Me Into The White House And Saved My Son's Birthday|url=http://www.businessinsider.com/how-twitter-got-me-into-the-white-house-and-saved-my-sons-birthday-2011-1|publisher=Business Insider|accessdate=19 June 2011}}
References
{{Reflist}}
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Category:20th-century American businesspeople
Category:21st-century American businesspeople
Category:American computer businesspeople
Category:American people of Romanian-Jewish descent
Category:American technology chief executives
Category:American technology company founders
Category:American venture capitalists
Category:Naturalised citizens of the United Kingdom
Category:University of California, San Diego alumni
Category:University of Chicago Booth School of Business alumni
Category:People with attention deficit hyperactivity disorder