Photo Source: HK Magazine (original)
PATRICK LEE
Co-Founder & Former CEO - Rotten Tomatoes
Serial entrepreneur focused on
consumer tech and entertainment.
We are very proud of our diverse mentor network. Not just talking race, but background, knowledge, and expertise. We've drawn from our connections in Silicon Valley to bolster our cannabis expertise and build the strongest collective knowledge set possible for our aspiring cannabis entrepreneurs. Patrick Lee has extensive experience building products that customers love. A pretty important skill set no matter your industry, no?
CAN YOU GIVE US A BRIEF HISTORY OF PATRICK LEE?
I was born in LA, but moved to Maryland when i was 5. Came back to California to go to school at Berkeley where I studied Cognitive Science. I left school early to start a company selling computer systems and components, then did a web design firm focused on the entertainment industry. I did a lot of work for Disney, ABC, Warner Bros, and more. Our firm built the online flash game for "Who Wants to Be A Millionaire?". From there, I started Rotten Tomatoes with my co-founders from the design firm.
After selling Rotten Tomatoes, I went back to school and got my degree, and then moved to Xiamen, China. I did a loyalty card startup there for a few years, and then went to Hong Kong to do a social networking site (alivenotdead.com) focused on artists and entertainers in Asia.
I moved back to the Bay Area a few years ago to start a mobile games company (Hobo Labs) with one of my co-founders from my first company.
What excites you about the cannabis industry?
Honestly, I don't know much about this space. I'm interested in being involved to learn more. Hopefully I can use some of my background with startups, consumer tech, and entertainment to contribute. As far as founders go, from my experience the best ones are the ones that have "irrational confidence". They believe they can do something even when they have no experience doing so. They can withstand the unending "no's" and setbacks that assault them from every direction. And despite all that, they can still convince investors to give them money, users to use their product, employees to quit their jobs to join, clients to buy, etc.
What was your single greatest challenge as an entrepreneur?
Knowing when to hold them, knowing when to fold them, knowing when to walk away, knowing when to run. Every startup I've done has been pretty different from the others. I like to try out new things. On the plus side, I end up learning a lot. On the negative side, I end up making a lot of mistakes as I'm learning. We raised money for Rotten Tomatoes in January 2000. Three months later, the market completely crashed. 18 months after that was 9/11. Those events played a major part in shaping the history of the company.
What is your number one piece of advice for aspiring entrepreneurs?
Don't do it for the money. Do it because you love it and you want to make an impact on the world.
What is your prediction for the ultimate future of cannabis?
Again, with limited knowledge of the industry, I imagine the early entrepreneurs will be viewed as "potheads," be it fairly or unfairly; and most likely the mentors as well. I, for one, have never smoked or taken any drugs outside of alcohol. Despite that, I find the space quite interesting.
First, we love the fact that Patrick quoted Kenny Rogers, The Gambler - fantastic song. Second, he is true to his word and is certainly impacting the world, not only through the products he builds, but through his generosity in mentoring aspiring founders of all sorts. We're excited to have Patrick to provide his fresh perspective and unbiased feedback to the entrepreneurs in Gateway's program. We'll definitely be checking-out Patrick's new mobile game launching around June 2016. Stay tuned!
