About

Walter “Buck” Buckley is the Managing Partner of Seminal Capital Partners, an investment company that focuses on cloud-based software and service businesses, and the Chairman and CEO Of Actua Corp, formerly Internet Capital Group (ICG). Buck has a passion for people and the unique ability to dream an idea and help a team to execute it. On this interview, Buck recounts his experiences starting with his nine-year tenure at Safeguard Scientifics, a venture capital firm founded by Pete Musser. He tells of his experiences during the recession of 1991, how he was inspired to strike out on his own to start the ICG after observing an emerging market with the help of Pete Musser. Eventually, after seeing significant success and surviving the stock market crash, ICG transitioned to Actua Corp. Buck shares some of his key takeaways from his experiences, and some of the investments they made then. Today, as Buck’s focus has shifted slightly with Seminal Capital Partners, and he shares more about what excites him about his company, Philadelphia as a market, and the future. Tune in to find out more. Key Takeaways: [2:01] Kevin starts off the interview with a speed round with Buck. [6:41] Kevin gives a brief history of Safeguard Scientific. [8:58] What was Safeguard like when Buck first joined, and how did his role change in the 9 years he worked at Safeguard? [12:59] Buck shares his experience with the 1991 recession and how that spawned Safeguard. [16:38] Who were part of the "Safeguard Mafia"? This impressive team was attributed to Pete's ability to attract talent. [18:19] How did Buck and Ken start ICG? [23:07] What was Pete's sense for the potential of the Internet? [23:47] Buck talks about the early stages of the ICG journey. [25:58] Buck elaborates on the seed, build, sell model that ICG adopted in its investments. [27:20] What was the environment like to raise capital in that time? [28:31] What was the focus of the investments that Buck and his team made at that time? [29:49] The company went public in 1999. When did the team make that decision? Buck reveals the events leading up to the rise to $60 million. [35:16] How did Buck deal with the meltdown that came after they hit the peak? [38:51] What are Buck's thoughts on whether there are parallels in the crypto and cannabis markets to Tulipmania? [40:08] 2001-2002 were the darkest years of Buck's life. He explains why. [44:42] What is Buck's position on debt? [48:40] What was Pete's role during the difficult times? [50:46] When did Buck make the switch to Actua? He shares some of the investments they made. [54:59] What is Instamed? [56:42] The regulatory environment changed drastically post-2010. Buck eventually threw in the towel and delisted the company. [59:23] What excites Buck about Seminal and what is his current focus? [1:01:54] How competitive is the space that Seminal is in, and why is Seminal more appealing than its competitors? [1:05:03] What is Buck's advice to his younger self? [1:07:00] What's Buck's opinion on whether entrepreneurs are born or made? [1:08:33] How important was the Philadelphia region to Buck's success, and what does he think of its potential? [1:11:48] If Buck were mayor or governor, what are some things he would change immediately? Links: Walter Buckley Episcopal Academy FC Barcelona Arsenal Safeguard Scientifics  Pete Musser Actua Corporation, formerly ICG Seminal Capital Partners Novell Silicon Graphics Intel Michael DiPiano Ratuken LinkShare GovDelivery InstaMed Salesforce Trello NetSuite PayPal