Adam Miller's First Act

Wil Chockley
WIl Chockley is a partner at 75 & Sunny, where he evaluates potential investment opportunities across sectors and works with founders to build their strategy and execute on their vision.
Adam Miller's First Act

If you don’t know Adam Miller, he is almost certainly the most important person in LA tech you’ve never heard of. If you know Adam, congrats! You’re a lucky individual. Read on anyway because I’m sure you’ll learn something new about one of the godfathers of tech in Los Angeles.

Given all the interesting things Adam has done and is doing, we’re going to be telling his story in two parts. Today’s edition discusses Adam’s first act, covering his early days through the eventual IPO and $5.2B sale of his company, Santa Monica-based HR tech juggernaut Cornerstone OnDemand. Next week you’ll read about Adam’s second act - how he’s taken the learnings from Cornerstone and used them to build an ecosystem of tech startups and nonprofit organizations bettering LA and the world.

Let’s get going.

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👦 Early Life

Adam grew up in northern New Jersey, and, like a number of other successful entrepreneurs, was a late bloomer. Adam was a self-described “follower” until later in high school, when he came out of his shell. One clue that Adam might not be exactly like the other kids emerged when a beloved teacher and the principal of his high school both came under fire from the school board. Adam, a student at the time, led the defense of the embattled educators, organizing the student body to protest and successfully presenting to the school board to protect the teachers. Adam went on to graduate high school as student body president, editor of the school newspaper, and a varsity athlete.

As has become a theme in Adam’s life, he didn’t rest on his laurels. Moving onwards and upwards to the University of Pennsylvania, Adam prepped to become a lawyer. He studied history and business and got his start in homeless advocacy (more to come on that in our next piece on Adam’s second act).

👨🎓 Education

The summer before senior year, Adam took a class at UCLA and got a job as a bar manager at a restaurant in Westwood. Adam so impressed the general manager of the LA restaurant that the GM asked Adam to join him as his business partner in buying a new restaurant with him right out of college. He must have been a pretty good bar manager, right? The only problem was that Adam had already planned his life out and was going to be a lawyer. He was admitted to UCLA Law School for the upcoming year and was right on track. So of course, Adam said yes to both law school and the restaurant. If that wasn’t already doing enough to kill the average person, he then decided he wanted more formal business training as well, so he got an MBA from UCLA at the same time.

📈 Cornerstone

After finishing grad school and exiting the restaurant, Adam moved to New York to “keep learning about business” by working in investment banking for a couple years. At that time (the late 90’s), the dotcom boom was booming, and Adam had an idea to bring education via the Internet to people who couldn’t normally get it. Adam left his banking job and founded CyberU with a plan to provide an online direct-to-consumer continuing education platform for adults.

The timing was terrible. Adam started the company in 1999, and the dotcom bubble burst less than a year later. Funding for startups dried up, so the company had to keep costs minimal and generate revenue as fast as possible.

Startup funding plummeted just as CyberU was getting off the ground

CyberU wasn’t cutting it, so the company pivoted from a B2C model to a B2B model, shifting the target customer from individuals to some of the largest (and deepest-pocketed) companies at the time, including Washington Mutual, Smith Barney and Aon. The good news was CyberU, rebranded as Cornerstone OnDemand, quickly found product-market fit in the enterprise. Cornerstone was one of the first and, at that time, only companies to leverage the Internet to create an enterprise Learning Management System. The company delivered the classes and learning platform over the web, which often confused clients who expected all their software to live behind enterprise firewalls. Of course, today we call what Cornerstone did Software-as-a-Service.

From there, it took 6 more years, investments from family and friends, credit card debt, and money from a loan shark to keep the lights on before Adam raised his first venture capital round from Bessemer Venture Partners in 2007. Cornerstone raised more money in 2009 from Meritech Capital before going public with Goldman Sachs in 2011. From inception to IPO, the company only burned $11m, less than the average Series A round today.

Adam continued to lead Cornerstone as CEO after the company went public. Along with product diversification and multinational expansion, he navigated direct competition with Oracle and SAP, financial market volatility, activist attacks, and the challenge of integrating a massive acquisition during a global pandemic.

Then in mid-2020, after two decades at the helm, Adam transitioned into an Executive Chairman position and oversaw the 2021 acquisition of the business by Clearlake Capital for $5.2B.

Cornerstone’s broad product catalog today

At the time of the acquisition, Cornerstone had over 3,000 employees with offices in 25 countries, had helped develop over 75 million customer employees, and had delivered over a billion online classes. Today, the company retains its core learning management functionality and has built broader human capital management, talent management, and performance management software, along with a multitude of other solutions.

So what is Adam doing in “retirement?” More than most of us do in a lifetime. From co-founding and serving as CEO of a new tech startup to venture investing to combatting homelessness in LA to incubating and launching MORE startups, Adam is busier than ever.

Next week, we’ll cover all Adam’s new ventures in his second act.

🌴🧑‍💻 Your Guide to LA Tech Week 2024

🔦 Spotlight

Happy Friday Los Angeles,

As many of you know, LA Tech Week is right around the corner, kicking off next Monday October 14th bringing together founders, creatives, investors, and engineers for a week of immersive events, panels, and socials across the city. From blockchain and AI to biotech and design, LA Tech Week is a chance to dive into the ideas shaping today’s technology landscape.


What to Look Forward To

Insights from Visionary Leaders: Hear firsthand from industry trailblazers as they share stories, challenges, and key lessons from their experiences. Expect fresh perspectives on AI, venture capital, biotech, and the ethical questions around emerging technologies.

Interactive Panels: This week isn’t about watching from the sidelines; it’s about engaging directly with the tech community. Participate in hands-on panels discussing everything from startup scaling to ethical AI, with honest insights from those actively shaping these fields.

Networking Mixers & Social Events: Meet and connect with founders, VCs, developers, designers, and fellow techies across LA. Rooftop mixers, lunch meetups, and creative gatherings offer the perfect chance to spark ideas and collaborate.

Plan your week with the daily lineup, organized by location for easy navigation:

For updates or more event information, visit the official Tech Week calendar.

Enjoy LA Tech Week 2024!


🤝 Venture Deals

LA Companies

  • Clout Kitchen, a Los Angeles and Manila based startup, has raised $4.45M in seed funding, co-led by a16z SPEEDRUN and Peak XV’s Surge, to develop AI-powered digital twins, which enables gaming creators to produce realistic virtual avatars for content and fan engagement. - learn more
  • MeWe, a privacy-focused social media platform, has raised an initial $6M in Series B funding led by McCourt Global to support Web3 integration and expand its decentralized network for 20 millions users. - learn more

    LA Venture Funds
    • EGB Capital participated in a $10M Series A funding round for MiLaboratories, which develops software that enables biologists to independently analyze complex genomic data, accelerating research and discovery in fields like drug development. - learn more
    • Crosscut Ventures participated in the $13.75M seed round for Airloom Energy, a company focused on developing airborne wind energy technology to harness high-altitude winds, with plans to accelerate a pilot project in Wyoming. - learn more
    • Overture VC participated in a $5.5M Seed funding round for Molg Inc., a company developing robotics and software for circular manufacturing, designed to disassemble electronics efficiently and recover valuable materials to reduce e-waste and support sustainable production. - learn more


      LA Exits

      • Options MD, a Los Angeles based telemedicine platform that provides care for people suffering from severe and treatment-resistant mental illness, is set to be acquired by Resilience Lab, an AI-driven provider focused on enhancing mental health care access. - learn more

      Download the dot.LA App

      LA Tech Week 2024: Saturday-Sunday Event Lineup
      tech-week

      Here’s what’s happening during the closing weekend (Oct 19 - Oct 20) of LA Tech Week 2024! Events are organized by location so you can easily catch the sessions that interest you most.

      SATURDAY EVENTS

      BEVERLY HILLS

      12:00 PM

      • BIG Showcase (Invite Only):

      BIG Showcase (Invite Only)

      2:00 PM

      Light Dao

      Struck Capital, Seahorse Express

      EAGLE ROCK

      12:00 PM

      Sunrise Integration, Shopify

      EL SEGUNDO

      9:00 PM

      Administratum, Valar Atomics

      HOLLYWOOD

      10:00 AM

      Passes

      MALIBU

      6:00 PM

      • Malibu Beachfront Investors Networking & Wine Tasting:See Details

      Gaya Ventures

      MARINA DEL RAY

      6:00 PM

      • Awaken Your Spirit: A Journey of Transformation (Invite Only)

      Sagos Distro, Alma Wellness

      SANTA MONICA

      7:00 AM

      Founders Running Club

      8:30 AM

      Techstars

      9:00 AM

      Magic Mind

      StartupStarter, Inc., City of Santa Monica

      10:00 AM

      Gen She

      AI LA

      Crea, Barry's, Unsubscribe

      10:30 AM

      Plantologist

      11:30 AM

      • Pickleball Palooza (Invite Only)

      YouTube

      1:00 PM

      • Realfren Games: From strangers to an inner Realfren within 52 weekends: See Details

      Office for Humanity and Circuit Works

      • Talking blockchain technology with special guests: See Details

      LadyDayDao

      5:00 PM

      KARD, What's Plots

      THE VALLEY

      7:00 AM

      Camino5

      VENICE

      9:00 AM

      Westside Yogis

      11:00 AM

      Open App

      1:00 PM

      Ripe and Teddy's Hot House

      4:00 PM

      • Fashion Forward: How AI is Redefining the Fashion Industry: See Details

      VIAVIA, BNTO.RENT, ALMA.AI

      VIRTUAL

      11:00 AM

      BLCK UNICRN

      WEST HOLLYWOOD

      7:00 PM

      Next Sequence

      SUNDAY EVENTS

      INGLEWOOD

      12:00 PM

      Entrepreneur Ventures, VCPE GROUPS

      PLAYA DEL RAY

      2:00 PM

      AI LA, DELL, NVIDIA

      SANTA MONICA

      10:00 AM

      • Women Founders, Cold Brew & Beach View, Rooftop: See Details

      Clutch Talent

      11:00 AM

      11DollarSunglasses.com, Less Litter Foundation

      12:00 PM

      Data in LA, Amplitude

      12:30 AM

      New Moon, Warner UK Innovations

      TOPANGA CANYON

      3:00 PM

      Dreamore

      VENICE

      8:00 AM

      • Surf session with founders, investors, creators: See Details

      Surfed Club, Bow Shock

      12:00 PM

      • Podcast Panel and Brunch: LA Tech Community Builders: See Details

      WeAreLATech.com, Blankspaces.com

      VIRTUAL

      2:00 PM

      BLCK UNICRN


      For updates or more event information, visit the official Tech Week calendar.

      Enjoy LA Tech Week 2024!


      Download the dot.LA App

      LA Tech Week 2024: Friday’s Event Lineup
      tech-week

      Check out Friday, October 18th's schedule for LA Tech Week 2024! Events are sorted by location so you can easily find what matches your goals for the day.

      BEVERLY HILLS

      8:00 AM

      Scrappy

      BRENTWOOD

      7:30 AM

      Seaside Ventures

      CULVER CITY

      9:00 AM

      Intersections LA

      1:30 PM

      • Showcasing Bioscience Innovation in LA County (Invite Only)

      BioscienceLA, County o LA, Larta Institute, LAEDC

      5:00 PM

      Grid110

      6:00 PM

      ACT House, Sip & Sonder

      EL SEGUNDO

      7:00 PM

      Dirac, Inc.

      INGLEWOOD

      10:00 AM

      Zoo Corporation, Embedded Ventures

      12:00 PM

      • Tech & The Built Environment Series: LA28 Roundtable & SoFi Stadium Tour: See Details Here

      Blended Impact

      MARINA DEL REY

      9:00 AM

      USC ISI

      PACIFIC PALISADES

      4:00 PM

      Silicon Valley Bank, Emmeline Ventures

      PLAYA DEL REY

      8:00 AM

      AI LA

      5:30 PM

      AI LA

      PLAYA VISTA

      12:00 PM

      • Women In Gaming Lunch at Google (Invite Only)

      Google

      4:00 PM

      Verizon, Infinity Festival

      SANTA MONICA

      11:00 AM

      SVRN Ventures

      Headline, Slow Ventures, Karat

      2:00 PM

      Glyf

      Botanical, Panoptic

      The American South Asian Network (ASAN)

      4:00 PM

      • Pizza, Wine, & Connectivity: Celebrating the Nomadic App Revolution:See Details Here

      Synadia

      The American South Asian Network (ASAN)

      Dory Consulting

      • Women in Tech: Beachfront Rooftop at Sunset - Wine-up & Unwind: See Details Here

      Clutch Talent

      Cohere Commerce

      5:00 PM

      Clutch Talent

      Pirros

      6:00 PM

      • Unlocking Capital with Angels & Advisors | No Pressure Networking + Panel:See Details Here

      No Pressure Networking

      Tech Pitch Roast Comedy LLC

      6:15 PM

      • Navigating Intersections: Empowering Leaders in Challenging Times: See Details Here

      Intersectional Ventures

      7:00 PM

      Mantis VC, Lightspeed Venture Partners

      Medusa Ai, Marco Di Luca Event Design

      SOUTH LA

      9:00 AM

      USC Lloyd Greif Center for Entrepreneurial Studies, Cap Table Coalition, PledgeLA, Sisters with Ventures

      UCLA

      1:30 PM

      CrownData.AI

      2:00 PM

      Taisu Ventures, Quotient Ventures

      VENICE

      7:30 AM

      Run Tech Club

      9:00 AM

      Google

      12:00 PM

      Ripe and Teddy's Hot House

      5:30 PM

      Spire Circles

      7:00 PM

      Moss Venice, Yuzulabs, JPMorgan Chase

      8:00 PM

      Truffle

      VIRTUAL

      2:00 PM

      BLCK UNICRN

      WEST HOLLYWOOD

      7:30 PM

      Legendary Ventures, Day Dream Ventures

      WESTSIDE

      9:30 AM

      A16Z GAMES

      7:00 PM

      • Female Funders & Founders (Invite Only)

      L'ATTITUDE Ventures

      WESTWOOD

      9:00 AM

      Fedtech, National Security Innovation Network (NSIN)


      For updates or more event information, visit the official Tech Week calendar.

      Enjoy LA Tech Week 2024!

      Download the dot.LA App

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