Success is often defined by numbers — revenue, exits, valuations. And when you’re speaking with someone like Dan Caruso, Managing Director of Caruso Ventures and a three-time “decacorn” entrepreneur, it’s easy to measure his impact in billions. As founder and CEO of Zayo Group, Dan led the company to a $14.3 billion exit. He also held leadership roles at Level 3 Communications and Metropolitan Fiber Systems, helped drive a 25x return when he took ICG Communications private, and today invests in transformational technologies like quantum and space tech.
But what struck me most in our conversation on C-Suite Success wasn’t the financial milestones—it was Dan’s deeply personal definition of success, his candid reflections on failure, and his commitment to shaping the next generation of leaders.
Success Measured from Within
Dan’s recent book, Bandwidth: The Untold Story of Ambition, Deception, and Innovation that Shaped the Internet Age and the Dot-Com Boom, pushed him to reconsider what success really means. For him, it wasn’t about sales or acclaim, but about internal fulfillment. “The success measure was more internal fulfillment of getting it done,” he shared. The satisfaction came from bringing together a coherent, high-quality story that captured his experiences. Whether or not the book sold was secondary; what mattered was completing something he had always intended to do.
That inward-facing definition of success contrasts sharply with how he thought as a younger leader. Early in his career, Dan admits his drive wasn’t always rooted in noble motivations. Much of it stemmed from fear—the fear of failure or of not being relevant. Without role models to guide him, hard work was the only tool he knew. “I wanted to prove something,” he told me, “Maybe more to myself than anyone else.”
Lessons in Relevance and Resilience
Like many leaders, Dan has had to navigate painful lessons along the way. One of the most pivotal came in 2004, when he left Level 3 Communications. After years at the epicenter of the telecom and dot-com boom, Dan believed the heroic work his team had done would naturally open doors for him. Instead, he quickly realized that outside his company’s orbit, few people knew, or cared, about his achievements.
That humbling experience forced him to regroup, rethink, and redefine himself. He had to learn how to build a network beyond his company, one based not on title or reputation but on genuine relationships. “It was humbling,” he admitted, “but it set my course for what I achieved since then.”
Resilience became as much a part of his success story as ambition. The times he fell, struggled, and had to rebuild stand out just as much as the wins. In fact, he emphasized, it’s the impact you have on people — not the financial outcomes — that truly defines what you celebrate later in life.
Mentorship in a Shifting Landscape
Today, Dan devotes significant energy to mentoring young entrepreneurs and leaders through Endeavor Global, Colorado Thrives, and the University of Chicago’s Polsky Center. And he’s quick to point out how the professional landscape has changed.
Reflecting on the “quiet quitting” mentality that emerged during and after the pandemic, Dan sees both a challenge and an opportunity. The challenge is obvious: people disengaging from their work limits their growth. But the opportunity is enormous. “If you’re ambitious and you really engage, you’ll differentiate yourself from your rivals,” he said. While others coast, engaged leaders will accelerate ahead, carving out lasting success.
Dan also cautions against unchecked ego—a trap he’s seen entrepreneurs fall into during both the telecom boom and today’s tech scale-ups. For him, mentorship is about staying close to young leaders so that when the inevitable setbacks come, they have someone to turn to for guidance and perspective.
Disruption as a Rising Tide
One of the most inspiring parts of our conversation was Dan’s perspective on innovation and global progress. He made a powerful point: by nearly every measure—life expectancy, access to medicine, child survival rates—people across the globe are better off today than at any point in human history. And the driving force behind that improvement? Technology, entrepreneurship, and the commerce they create.
“It’s a rising tide that affects everyone around the globe,” he said. While debates around inequality often dominate headlines, Dan emphasizes that innovation creates prosperity on a global scale, lifting even the most remote communities. In his view, trying to hinder innovation only slows human progress.
A Future Defined by Quantum and Space
Despite his extraordinary achievements in fiber and bandwidth, Dan’s curiosity has pulled him into new frontiers. After selling Zayo, he chose not to double down on the industry he knew best. Instead, he pivoted to deep tech.
Quantum technology, he believes, will be the next great revolution, greater even than the internet or electricity. Over the next decade, he expects it to fundamentally reshape industries and societies, especially as it converges with artificial intelligence. Alongside quantum, Dan sees space technology as another transformative force. With breakthroughs from companies like SpaceX and Blue Origin, he envisions space tech driving profound global change in the years to come.
Throughout the conversation, Dan’s advice is clear: get on the front end of these frontier technologies. Start early, be patient, and ride the wave of transformation. For investors, he suggests a “picks and shovels” approach; supporting the infrastructure that will enable these revolutions.
Redefining Success for the Future
Our conversation served as a reminder that success isn’t a static achievement. It evolves as we grow, fail, rebuild, and dream bigger. For Dan Caruso, success today is less about billion-dollar exits and more about impact—on people, on communities, and on the future of innovation.
His journey is a reminder for all leaders: true success comes not from titles or valuations, but from resilience, reinvention, and the legacy we leave through others.
Watch the entire conversation on C-Suite TV or listen to the podcast on C-Suite Radio.
