Q&A with Wade Sheffer, managing director, GM Ventures
Matt Tsien, executive vice-president and chief technology officer at carmaker General Motors (GM) and president of its corporate venturing unit GM Ventures, said: “Wade’s leadership is a significant driving force in our success at GM Ventures.
“His ability to recognise and cultivate the potential within a startup has led to some really exciting investment opportunities, furthering our work toward a future with zero crashes, zero emissions and zero congestion.”
1. First, just give us a quick overview of who you work for, what you do, and how long you have been doing it.
I was named managing director (MD) of GM Ventures effective April 1, 2018. Prior to this appointment, I was the executive director of chassis purchasing with responsibility for procuring chassis components and subsystems worldwide for GM.
2. What attracted you to corporate venture capital (CVC)?
CVC first intrigued me when I met the previous MD at an internal event and spoke with him about the team operations. It captured my interest so much that I added it to my wish list for future assignments. When the opportunity arose for me to join the CVC team I really looked forward to the challenge of the venture world. It was completely different from the variety of experiences I have had within GM from the past 20 years, which included three years each in Russelsheim, Germany and Shanghai, China.
3. What have been your greatest successes at your unit?
Fund statistics:
Successes during my tenure as MD equate to about $100m of investments including:
- New investments;
- 29 follow-on investments;
- Four acquisitions returning capital to GM’s bottom-line;
- In the infancy of our relationship, several of our strategic portfolio companies have earned significant new business awards within GM.
GM Ventures fund status to date for the past 10 years:
- 49 investments;
- 26 active portfolio companies;
- 24 rounds as lead investor;
- 16 acquisitions by others;
- A multitude of “first to market” strategic wins with GM procuring, implementing and deploying the innovative products and services of many of our portfolio companies.
5. What have been your biggest challenges?
Startups are focused on speed, fast pivots and taking risks. Therefore, my biggest challenge has been driving this culture and mentality within the greater GM enterprise.
6. What is your main professional ambition for the future?
It is to hold a leadership role where I can influence and promote GM’s vision of zero crashes, zero emissions, and zero congestion.
7. What do you think all CVCs could do better to make it a stronger industry?
They should strive to deliver on commitments made and be that startups first and most valued customer. If all CVCs were to take this approach, it would result in moving the disruption needle in the marketplace and ultimately propel innovation to the next level.
8. And, finally, for colour, what did you do prior to CVC or in your spare time?
I am a mechanical engineer by training with a bachelor of science in mechanical engineering from Michigan Technological University. I also have a master of science in engineering from Rensselaer Polytechnic Institute. I am married with four children (four to 15 years old) and enjoy spending my spare time engaged in a variety of outdoor activities.
