Spencer Rascoff

about management, leadership, journalism, attention to detail, time management, working under pressure. These are all things that you learn when you're running what is basically a professional level newspaper, which my high school paper was.

I wasn't really sure. I worked so hard in high school that when I got to college, I needed to exhale for a moment. So I don't think I was that focused. I did not know what I was going to do after graduating from college when I started college. But I went into investment banking because I wasn't really sure what else to do.

I wasn't really sure. I worked so hard in high school that when I got to college, I needed to exhale for a moment. So I don't think I was that focused. I did not know what I was going to do after graduating from college when I started college. But I went into investment banking because I wasn't really sure what else to do.

And that was a pretty common path back then in the late 90s coming out of my college. And so I started my career at Goldman Sachs. I found that I learned a lot in investment banking, but I wasn't totally satisfied. I wanted to do something a little bit more entrepreneurial and closer to the business operations of companies.

And that was a pretty common path back then in the late 90s coming out of my college. And so I started my career at Goldman Sachs. I found that I learned a lot in investment banking, but I wasn't totally satisfied. I wanted to do something a little bit more entrepreneurial and closer to the business operations of companies.

And so I left investment banking after my two-year commitment was complete. I moved to San Francisco. I worked in private equity, which of course buys and sells larger companies. And I enjoyed that. I liked being closer to business operations, but I wanted to be in a smaller, more entrepreneurial environment. And that's how I found my way into startups.

And so I left investment banking after my two-year commitment was complete. I moved to San Francisco. I worked in private equity, which of course buys and sells larger companies. And I enjoyed that. I liked being closer to business operations, but I wanted to be in a smaller, more entrepreneurial environment. And that's how I found my way into startups.

I was at TPG, Texas Pacific Group, in the late 90s. And TPG was, back then, one of the largest buyout firms, and they still are today. TPG got its start by buying a couple of airlines. They bought America West Airlines out of bankruptcy. They bought Continental Airlines out of bankruptcy. And they sold part of their Continental stake to Northwest.

I was at TPG, Texas Pacific Group, in the late 90s. And TPG was, back then, one of the largest buyout firms, and they still are today. TPG got its start by buying a couple of airlines. They bought America West Airlines out of bankruptcy. They bought Continental Airlines out of bankruptcy. And they sold part of their Continental stake to Northwest.

So by the time I got to TPG, they basically controlled three US airlines and one European airline. And so we set about at TPG thinking through, ways that we could leverage our airline relationships and airline ownership to create an online travel company. And so I helped incubate the idea that it would become Hotwire. And then once it was more than just an idea, once it became

So by the time I got to TPG, they basically controlled three US airlines and one European airline. And so we set about at TPG thinking through, ways that we could leverage our airline relationships and airline ownership to create an online travel company. And so I helped incubate the idea that it would become Hotwire. And then once it was more than just an idea, once it became

the beginnings of a company, I asked TPG if I could leave and help run it. And so I left with my co-founder, a guy named Carl Peterson. We both left TPG together to start Hotwire as sort of a spinoff of TPG, the private equity firm that we were both working at. That was in 1999. Things were going very well for the first two years. We raised $75 million from TPG and from the airlines.

the beginnings of a company, I asked TPG if I could leave and help run it. And so I left with my co-founder, a guy named Carl Peterson. We both left TPG together to start Hotwire as sort of a spinoff of TPG, the private equity firm that we were both working at. That was in 1999. Things were going very well for the first two years. We raised $75 million from TPG and from the airlines.

We became one of the top online travel sites. We built a well-known brand that even to this day, 20-something years later, people still talk about and recall. And then September 11th happened in 2001. And September 11th was a huge disaster for the company and for the country and the world. But for the company in particular, it was a near-death experience. I mean, we had to do layoffs.

We became one of the top online travel sites. We built a well-known brand that even to this day, 20-something years later, people still talk about and recall. And then September 11th happened in 2001. And September 11th was a huge disaster for the company and for the country and the world. But for the company in particular, it was a near-death experience. I mean, we had to do layoffs.

We did a down round. We had customers that were stranded all across the world that couldn't travel. After 9-11, we had customers that were scared. We had airline partners that were going out of business. It was a grim time in 2001 to be running an online travel startup after 9-11 when people did not want to travel.

We did a down round. We had customers that were stranded all across the world that couldn't travel. After 9-11, we had customers that were scared. We had airline partners that were going out of business. It was a grim time in 2001 to be running an online travel startup after 9-11 when people did not want to travel.

We were able to turn the company around about two years later, 2003, we were on a path to go public and we ultimately sold to Expedia for about 700 million. So it was a very successful turnaround, but it was a roller coaster and every startup is.

We were able to turn the company around about two years later, 2003, we were on a path to go public and we ultimately sold to Expedia for about 700 million. So it was a very successful turnaround, but it was a roller coaster and every startup is.

I don't think I took care of myself at the time. That was not, there was a long list of priorities and it started with our customers and then our employees and then our investors and then our prospective customers. And at the very bottom of the list is founder health. And that is very hard, very, very hard on founders who are managing their companies during crisis. and also on their families.