In downtown Seattle, offices are only 42% as full as they were before the pandemic, according to data cited late last month by The Seattle Times. It’s a problem, suggests Matt McIlwain, who has been a managing director at the early-stage venture firm Madrona Venture Group in Seattle for 22 of its 27 years. “Nobody has figured out hybrid work yet, which means all the startups and all the VCs are trying to figure it out, too,” he says.
What McIlwain does know is that “in-person human interaction is essential to trust-based relationships.” That’s partly why Madrona’s partners have themselves been meeting in the office every Monday and Thursday for nearly a year. It’s why 80% of the firm’s investments are funneled into startups in the Pacific Northwest, where Madrona’s team can visit with founders face to face. It’s also why, for the first time in its history, Madrona opened an office this past summer in Palo Alto, where others of its deals are getting done. (To lead that new …
