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Published on: 7/1/2007
Last Visited: 5/16/2008
M/C Venture Partners' James Wade on the Staggering Genius of the Underserved Market
When James (Jim) Wade of Boston-based M/C Venture Partners looks at a map of wireless licenses for sale, he sees his pot of gold at the end of the rainbow, his treasure chest overflowing with crown jewels.
But his cartography in terms of how to get there is a bit different than one would think.In an industry driven by subscription numbers, his m.o. is to avoid the densely populated, to instead focus on the "in-between," even the rural.
This strategy has served him well since the early 80's when he joined the Boston-based venture firm TA Associates immediately after receiving his M.B.A. from Harvard Business School.Back then, it was an unusual decision to join a venture firm straight out of business school.But prior to HBS, he had worked in foreign exchange for a few years, trading Japanese yen.He had also worked in fixed-income trading at Goldman Sachs, which, he says, catered to people with entrepreneurial styles.
He joined TA only months after the break-up of AT&T and worked in its Media & Communications Group.At the time the firm was looking at a vast untapped market for telecom services.
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When the PCS market blew open, Wade and his team applied the same strategy recognizing that the large companies couldn't be everywhere at once.
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If Wade wasn't such an affable, down-to-earth fellow, you could almost picture the Cheshire cat smile.
In 1986, M/C Venture Partners spun-out of TA Associates and in 1998 Wade became the managing partner.
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"Southwestern Bell and MetroMedia were building towers in Chicago and St. Louis," said Wade."We were building in Decatur, Champaign, Springfield and Bloomington."
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Wade is optimistic about its future but not openly defining the firm's exit strategy.
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Wade noted that two of the first four deals they've done under the new fund have repeat entrepreneurs in managment.For PR Wireless, M/C tapped an executive who worked with them on the Crowley deal in 1987.
On occasion M/C uses a specialized recruiting firm to fill positions.Often the hardest position to fill, according to Wade, is sales and marketing."Getting the right sales person is critical," he said.
At this time, Wade indicated they had little trouble getting people to relocate."I think people are a bit hungry," he said.
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Wade is equally busy on the home front, where he and his wife Margaret are raising four young children six-year old twin girls, a five-year-old and three-year-old.