<?xml version="1.0" encoding="utf-8"?>
<rss version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0" xmlns:podcast="https://podcastindex.org/namespace/1.0" xmlns:psc="http://podlove.org/simple-chapters" xmlns:media="http://search.yahoo.com/mrss/" xmlns:atom="http://www.w3.org/2005/Atom" >
<channel>
<generator >Hubhopper(https://hubhopper.com)</generator>
<title >Investing In Startups</title>
<itunes:type >episodic</itunes:type>
<itunes:summary ><![CDATA[Investing in Startups is a podcast focused on the craft of investing in early-stage startups. Whether you\'re a startup founder, entrepreneur, angel investor, venture capitalist, or just tech-curious, this show is your guide to navigating the world of startups and venture capital funding. The show is hosted by Joe Magyer, Founder and Managing Partner of Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Investing in Startups is a podcast focused on the craft of investing in early-stage startups. Whether you\'re a startup founder, entrepreneur, angel investor, venture capitalist, or just tech-curious, this show is your guide to navigating the world of startups and venture capital funding. The show is hosted by Joe Magyer, Founder and Managing Partner of Seaplane Ventures.]]></description>
<image ><title >Investing In Startups</title>
<link ></link>
<url >https://files.hubhopper.com/podcast/488164/1400x1400/investing-in-startups.jpeg</url>
</image>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/1400x1400/investing-in-startups.jpeg' ></itunes:image>
<googleplay:image  href='https://files.hubhopper.com/podcast/488164/1400x1400/investing-in-startups.jpeg' ></googleplay:image>
<language >en</language>
<copyright >Copyright 2026 Investing In Startups</copyright>
<itunes:author >Investing In Startups</itunes:author>
<googleplay:author >Investing In Startups</googleplay:author>
<itunes:owner ><itunes:name >Investing In Startups</itunes:name>
<itunes:email >noquezarry@gmail.com</itunes:email>
</itunes:owner>
<itunes:category  text='Leisure' ></itunes:category>
<link >https://hubhopper.com/podcast/investing-in-startups/488164</link>
<itunes:guid >https://hubhopper.com/podcast/investing-in-startups/488164</itunes:guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<itunes:explicit >no</itunes:explicit>
<podcast:episode >61</podcast:episode>
<podcast:locked >no</podcast:locked>
<item>
<title >Data, AI, and Why Venture Firms Need to Act Like Startups with Gopi Sundaramurthy of Ensemble VC</title>
<link >https://listen.hubhopper.com/episode/data-ai-and-why-venture-firms-need-to-act-like-startups-with-gopi-sundaramurthy-of-ensemble-vc-1788890577/33040588</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245604</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 02 Sep 2026 12:20:57 +0000</pubDate>
<itunes:summary ><![CDATA[Gopinath Sundaramurthy is a Partner at Ensemble VC, where the firm uses data and software to systematically identify promising founders and investment opportunities at the earliest stages.

In this conversation, we talked about how AI is changing venture capital, why data may become one of the few durable advantages between firms, and what happens when investors apply the same operating discipline they expect from startups to themselves.

Gopi explains how Ensemble uses data to improve sourcing and diligence without trying to replace human judgment. The goal is to automate the work of finding and understanding companies so investors can spend more time building relationships, evaluating founders, and developing conviction.

We also discuss how Ensemble evaluates founding teams, why Gopi believes most startup ideas are evolutionary rather than revolutionary, and why following where exceptional talent is moving can be more useful than starting with a fixed investment thesis.

Gopi also shares his views on portfolio support, follow-on investing, and why many VC firms have been surprisingly slow to adopt the technologies and processes they encourage their founders to embrace.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Gopinath Sundaramurthy is a Partner at Ensemble VC, where the firm uses data and software to systematically identify promising founders and investment opportunities at the earliest stages.

In this conversation, we talked about how AI is changing venture capital, why data may become one of the few durable advantages between firms, and what happens when investors apply the same operating discipline they expect from startups to themselves.

Gopi explains how Ensemble uses data to improve sourcing and diligence without trying to replace human judgment. The goal is to automate the work of finding and understanding companies so investors can spend more time building relationships, evaluating founders, and developing conviction.

We also discuss how Ensemble evaluates founding teams, why Gopi believes most startup ideas are evolutionary rather than revolutionary, and why following where exceptional talent is moving can be more useful than starting with a fixed investment thesis.

Gopi also shares his views on portfolio support, follow-on investing, and why many VC firms have been surprisingly slow to adopt the technologies and processes they encourage their founders to embrace.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/1b56922bccb968cc53ba1dcf1ec35c84.mp3?s=rss-feed'  length='27490000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1801</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040588/data-ai-and-why-venture-firms-need-to-act-like-startups-with-gopi-sundaramurthy-of-ensemble-vc.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040588/data-ai-and-why-venture-firms-need-to-act-like-startups-with-gopi-sundaramurthy-of-ensemble-vc.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Power Laws, Venture Math, and Changing Your Mind with Abe Othman of AngelList</title>
<link >https://listen.hubhopper.com/episode/power-laws-venture-math-and-changing-your-mind-with-abe-othman-of-angellist-1788890577/33040589</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245593</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 22 Jul 2026 12:09:09 +0000</pubDate>
<itunes:summary ><![CDATA[Abe Othman has spent years digging into AngelList’s data to better understand how venture investing actually works, not just how investors say it works.


In this episode, Abe joins host Joe Magyer to talk about portfolio construction, check sizes, valuations, and the relationship between price and returns. They discuss how much investors should put into each deal, why owning more of a company isn’t always better, and what the data can (and can’t) tell us about building a strong early-stage portfolio. They also get into contrarian thinking and the importance of changing your mind when the evidence changes.


Abe shares some of the beliefs he has reconsidered over the past few years and explains why good investing often means letting go of ideas that once seemed obviously true. It’s a thoughtful, numbers-heavy conversation about making better decisions in an asset class where the outcomes are extreme, the sample sizes are small, and certainty is usually an illusion.


Investing in Startups (https://www.investinginstartups.com/) is hosted by Joe Magyer. The show is a Seaplane Ventures (https://www.seaplaneventures.com/) production.]]></itunes:summary>
<description ><![CDATA[Abe Othman has spent years digging into AngelList’s data to better understand how venture investing actually works, not just how investors say it works.


In this episode, Abe joins host Joe Magyer to talk about portfolio construction, check sizes, valuations, and the relationship between price and returns. They discuss how much investors should put into each deal, why owning more of a company isn’t always better, and what the data can (and can’t) tell us about building a strong early-stage portfolio. They also get into contrarian thinking and the importance of changing your mind when the evidence changes.


Abe shares some of the beliefs he has reconsidered over the past few years and explains why good investing often means letting go of ideas that once seemed obviously true. It’s a thoughtful, numbers-heavy conversation about making better decisions in an asset class where the outcomes are extreme, the sample sizes are small, and certainty is usually an illusion.


Investing in Startups (https://www.investinginstartups.com/) is hosted by Joe Magyer. The show is a Seaplane Ventures (https://www.seaplaneventures.com/) production.]]></description>
<enclosure  url='https://play.hubhopper.com/3ebbb7782a68b593fa5d9c4f67f94181.mp3?s=rss-feed'  length='31230000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2046</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040589/power-laws-venture-math-and-changing-your-mind-with-abe-othman-of-angellist.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040589/power-laws-venture-math-and-changing-your-mind-with-abe-othman-of-angellist.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >From SaaS to Systems of Work: The Vertical AI Opportunity with Nick Tippmann</title>
<link >https://listen.hubhopper.com/episode/from-saas-to-systems-of-work-the-vertical-ai-opportunity-with-nick-tippmann-1788890577/33040590</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245606</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 24 Jun 2026 11:07:20 +0000</pubDate>
<itunes:summary ><![CDATA[Nick Tippmann is the Founder of TipTop Ventures where he invests in vertical AI and applied AI companies at the earliest stages. In this conversation, we talked about vertical AI, systems of work, and why distribution may matter more than ever in a world where software is getting easier to build.

Nick explains why vertical AI is not simply the next version of SaaS. In his view, the unit of value is shifting from time saved to work delivered. That changes the buyer, the budget, the pricing model, and the size of the opportunity. Where traditional vertical software captured a slice of software spend, vertical AI can go after much larger labor and services budgets by doing the work itself.

We also discuss what makes vertical AI companies defensible. Nick shares why the best companies are not just thin wrappers on top of foundation models, but systems of work that combine workflow, context, proprietary data, and domain-specific judgment. He explains why OpenAI and Anthropic moving up the stack may actually prove that intelligence alone is not enough.

A big theme in the episode is go-to-market. Nick argues that many fundamentals have not changed: trust, domain expertise, tight ICPs, fast time to value, and distribution still matter. But in an AI-native world, pricing is being rewritten, revops and go-to-market engineering are becoming table stakes, and founders need to think earlier about brand, community, and how they stand out in crowded markets.

We also talk about Nick’s journey from operator to investor, what he learned as CMO of Greenlight Guru, what he saw early in GC AI, and what VCs and founders often misunderstand about each other. It is a conversation about the future of software, the realities of early-stage investing, and how to separate durable vertical AI businesses from the noise.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Nick Tippmann is the Founder of TipTop Ventures where he invests in vertical AI and applied AI companies at the earliest stages. In this conversation, we talked about vertical AI, systems of work, and why distribution may matter more than ever in a world where software is getting easier to build.

Nick explains why vertical AI is not simply the next version of SaaS. In his view, the unit of value is shifting from time saved to work delivered. That changes the buyer, the budget, the pricing model, and the size of the opportunity. Where traditional vertical software captured a slice of software spend, vertical AI can go after much larger labor and services budgets by doing the work itself.

We also discuss what makes vertical AI companies defensible. Nick shares why the best companies are not just thin wrappers on top of foundation models, but systems of work that combine workflow, context, proprietary data, and domain-specific judgment. He explains why OpenAI and Anthropic moving up the stack may actually prove that intelligence alone is not enough.

A big theme in the episode is go-to-market. Nick argues that many fundamentals have not changed: trust, domain expertise, tight ICPs, fast time to value, and distribution still matter. But in an AI-native world, pricing is being rewritten, revops and go-to-market engineering are becoming table stakes, and founders need to think earlier about brand, community, and how they stand out in crowded markets.

We also talk about Nick’s journey from operator to investor, what he learned as CMO of Greenlight Guru, what he saw early in GC AI, and what VCs and founders often misunderstand about each other. It is a conversation about the future of software, the realities of early-stage investing, and how to separate durable vertical AI businesses from the noise.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/9ed0c95e3ea72ec9ee0750f248383eac.mp3?s=rss-feed'  length='32900000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2156</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040590/from-saas-to-systems-of-work-the-vertical-ai-opportunity-with-nick-tippmann.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040590/from-saas-to-systems-of-work-the-vertical-ai-opportunity-with-nick-tippmann.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >The Rapid Rise of AI with Niki Scevak [Encore Episode]</title>
<link >https://listen.hubhopper.com/episode/the-rapid-rise-of-ai-with-niki-scevak-encore-episode-1788890577/33040591</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245591</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 08 Jun 2026 20:53:57 +0000</pubDate>
<itunes:summary ><![CDATA[This episode originally aired in September 2024 — and it\'s aged remarkably well. We\'re bringing it back with fresh context on why Niki\'s predictions have proven out.

Niki Scevak is co-founder and partner at Blackbird, Australia and New Zealand\'s most prominent venture capital firm. What started with a $29M AUD debut fund and 500 meetings to get 96 people to say yes has grown into a platform with multiple unicorns including a seed investment in Canva that became one of the greatest venture bets ever made.

In this conversation, Niki talks about writing a $250K check into Canva\'s seed round and investing $270M+ across the company\'s life. Since we recorded this, Canva has hit $4B in annual revenue and is reported to IPO on the Nasdaq in 2026.

We also dig into Niki\'s views on AI application software — the extraordinary growth rates, the premium pricing power, and the churn problem lurking underneath. Eighteen months later, the data has validated nearly everything he said here.

In this episode, we cover:

— How Blackbird went from a $20M USD fund to backing multiple unicorns
— Why the best companies tend to be successes from the start
— The case for investing before product, before revenue, before anything
— Blackbird\'s approach to giving founders honest, specific feedback
— Why AI application companies grow faster than anything Niki has ever seen — and why churn is the catch
— How Australia\'s superannuation system became a venture capital superpower
— Seed valuations post-COVID and what determines the \"right\" price
— The biggest misconception about the Australian startup ecosystem

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[This episode originally aired in September 2024 — and it\'s aged remarkably well. We\'re bringing it back with fresh context on why Niki\'s predictions have proven out.

Niki Scevak is co-founder and partner at Blackbird, Australia and New Zealand\'s most prominent venture capital firm. What started with a $29M AUD debut fund and 500 meetings to get 96 people to say yes has grown into a platform with multiple unicorns including a seed investment in Canva that became one of the greatest venture bets ever made.

In this conversation, Niki talks about writing a $250K check into Canva\'s seed round and investing $270M+ across the company\'s life. Since we recorded this, Canva has hit $4B in annual revenue and is reported to IPO on the Nasdaq in 2026.

We also dig into Niki\'s views on AI application software — the extraordinary growth rates, the premium pricing power, and the churn problem lurking underneath. Eighteen months later, the data has validated nearly everything he said here.

In this episode, we cover:

— How Blackbird went from a $20M USD fund to backing multiple unicorns
— Why the best companies tend to be successes from the start
— The case for investing before product, before revenue, before anything
— Blackbird\'s approach to giving founders honest, specific feedback
— Why AI application companies grow faster than anything Niki has ever seen — and why churn is the catch
— How Australia\'s superannuation system became a venture capital superpower
— Seed valuations post-COVID and what determines the \"right\" price
— The biggest misconception about the Australian startup ecosystem

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/6ce0723cc7306068fcd66ee1ece084de.mp3?s=rss-feed'  length='32650000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2139</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040591/the-rapid-rise-of-ai-with-niki-scevak-encore-episode.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040591/the-rapid-rise-of-ai-with-niki-scevak-encore-episode.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >AI, Hot Deals, &amp; Ownership: Joe Magyer Reflects on 50 Episodes</title>
<link >https://listen.hubhopper.com/episode/ai-hot-deals-ownership-joe-magyer-reflects-on-50-episodes-1788890577/33040592</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245588</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Fri, 29 May 2026 20:40:26 +0000</pubDate>
<itunes:summary ><![CDATA[We\'re celebrating our recent 50th episode with a special conversation between host Joe Magyer (https://www.linkedin.com/in/joemagyer/) and guest host Chris Hill (https://www.linkedin.com/in/chris-hill-46622a2/) of Money Unplugged (https://www.moneyunpluggedpodcast.com/) . Chris interviews Joe about his lessons learned from the first 50 episodes, how AI is impacting startups (https://www.investinginstartups.com/) and venture capital, what Joe has changed his mind about, and investing in startups, both the craft and the show. Joe and Chris also unpack how AI has reshaped venture in just two years—changing what it costs to start a company, how many people startups need to hire, how quickly they can build product, and why investors are again leaning into the category after a brutal post-2021 reset.



 
 
 
 
 
 
 


 
 

 


 They revisit one of venture’s oldest debates: concentrated vs. diversified portfolios. Joe explains why some investors want as many shots on goal as possible, while others prefer to place fewer, higher-conviction bets so they can spend more time with founders and have a better chance of meaningful ownership in the winners. Another core tension in the episode is consensus vs. non-consensus investing. Joe talks through why the hottest deals often get hot for good reasons—great founders, fast growth, strong co-investors—but also why crowded rounds can compress returns and leave investors paying up for certainty that may already be priced in.
 

 


 
 

 


 Finally, Joe also shares how hosting the podcast has changed his own investing style. Hearing other managers explain their frameworks pushed him to rethink rigid reserve strategies, become more flexible about follow-on investing, and focus more on doubling down when real conviction builds through direct founder relationships.
 

 


 
 

 

 

 

 

 

 





 Investing in Startups (https://www.investinginstartups.com/) is produced by Seaplane Ventures (https://www.seaplaneventures.com/) and (usually) hosted by Joe Magyer (https://www.linkedin.com/in/joemagyer/) .]]></itunes:summary>
<description ><![CDATA[We\'re celebrating our recent 50th episode with a special conversation between host Joe Magyer (https://www.linkedin.com/in/joemagyer/) and guest host Chris Hill (https://www.linkedin.com/in/chris-hill-46622a2/) of Money Unplugged (https://www.moneyunpluggedpodcast.com/) . Chris interviews Joe about his lessons learned from the first 50 episodes, how AI is impacting startups (https://www.investinginstartups.com/) and venture capital, what Joe has changed his mind about, and investing in startups, both the craft and the show. Joe and Chris also unpack how AI has reshaped venture in just two years—changing what it costs to start a company, how many people startups need to hire, how quickly they can build product, and why investors are again leaning into the category after a brutal post-2021 reset.



 
 
 
 
 
 
 


 
 

 


 They revisit one of venture’s oldest debates: concentrated vs. diversified portfolios. Joe explains why some investors want as many shots on goal as possible, while others prefer to place fewer, higher-conviction bets so they can spend more time with founders and have a better chance of meaningful ownership in the winners. Another core tension in the episode is consensus vs. non-consensus investing. Joe talks through why the hottest deals often get hot for good reasons—great founders, fast growth, strong co-investors—but also why crowded rounds can compress returns and leave investors paying up for certainty that may already be priced in.
 

 


 
 

 


 Finally, Joe also shares how hosting the podcast has changed his own investing style. Hearing other managers explain their frameworks pushed him to rethink rigid reserve strategies, become more flexible about follow-on investing, and focus more on doubling down when real conviction builds through direct founder relationships.
 

 


 
 

 

 

 

 

 

 





 Investing in Startups (https://www.investinginstartups.com/) is produced by Seaplane Ventures (https://www.seaplaneventures.com/) and (usually) hosted by Joe Magyer (https://www.linkedin.com/in/joemagyer/) .]]></description>
<enclosure  url='https://play.hubhopper.com/4b186f8a84ee134bcf6b5b2c81f7aad4.mp3?s=rss-feed'  length='35030000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2295</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040592/ai-hot-deals-ownership-joe-magyer-reflects-on-50-episodes.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040592/ai-hot-deals-ownership-joe-magyer-reflects-on-50-episodes.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Hot Seed Deals, Quitting, and Liquidity with Peter Walker of Carta</title>
<link >https://listen.hubhopper.com/episode/hot-seed-deals-quitting-and-liquidity-with-peter-walker-of-carta-1788890577/33040593</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245616</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 20 May 2026 11:16:44 +0000</pubDate>
<itunes:summary ><![CDATA[Peter Walker is Head of Insights at Carta, where he tracks some of the most important data shaping venture right now. In this conversation, we talked about hot seed deals, quitting, liquidity, and what the latest market data really says about valuations, exits, and the changing structure of venture.

Peter explains why the most expensive seed deals may be more rational than they look, especially if your goal is to back the tiny handful of companies that could become massive outcomes. But he also makes clear that the real challenge is not just getting into great companies. It is figuring out how those companies actually generate liquidity in a world where IPOs are rarer, secondaries are concentrated in a few names, and many private companies are staying private longer than investors once expected.

We also discuss how the venture market is splitting in two. At the very top, consensus companies in the “golden circle” are attracting extraordinary prices and attention. Outside that inner ring, founders are still facing a much tougher environment, where expectations are high and capital is harder to win. Peter shares why common fundraising heuristics like a single ARR benchmark for raising a Series A are often misleading, why growth and momentum matter more than any fixed revenue number, and how AI is making revenue quality harder to judge than it used to be.

A big theme in the episode is what venture gets wrong. Peter talks about why some founders probably should quit sooner, why solo founders may deserve more credit than they often get, and why concentration is not the only way to build a great fund. It is a conversation about market structure, incentives, and how investors and founders can think more clearly in a venture environment that is getting more extreme at both ends.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Peter Walker is Head of Insights at Carta, where he tracks some of the most important data shaping venture right now. In this conversation, we talked about hot seed deals, quitting, liquidity, and what the latest market data really says about valuations, exits, and the changing structure of venture.

Peter explains why the most expensive seed deals may be more rational than they look, especially if your goal is to back the tiny handful of companies that could become massive outcomes. But he also makes clear that the real challenge is not just getting into great companies. It is figuring out how those companies actually generate liquidity in a world where IPOs are rarer, secondaries are concentrated in a few names, and many private companies are staying private longer than investors once expected.

We also discuss how the venture market is splitting in two. At the very top, consensus companies in the “golden circle” are attracting extraordinary prices and attention. Outside that inner ring, founders are still facing a much tougher environment, where expectations are high and capital is harder to win. Peter shares why common fundraising heuristics like a single ARR benchmark for raising a Series A are often misleading, why growth and momentum matter more than any fixed revenue number, and how AI is making revenue quality harder to judge than it used to be.

A big theme in the episode is what venture gets wrong. Peter talks about why some founders probably should quit sooner, why solo founders may deserve more credit than they often get, and why concentration is not the only way to build a great fund. It is a conversation about market structure, incentives, and how investors and founders can think more clearly in a venture environment that is getting more extreme at both ends.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/761d5c67376bb7cf081300da2a4b6d5d.mp3?s=rss-feed'  length='30550000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2001</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040593/hot-seed-deals-quitting-and-liquidity-with-peter-walker-of-carta.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040593/hot-seed-deals-quitting-and-liquidity-with-peter-walker-of-carta.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >B2B in the Age of AI and Services as Software with Ariel Winton-Jones</title>
<link >https://listen.hubhopper.com/episode/b2b-in-the-age-of-ai-and-services-as-software-with-ariel-winton-jones-1788890577/33040594</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245611</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 29 Apr 2026 11:09:42 +0000</pubDate>
<itunes:summary ><![CDATA[Ariel Winton-Jones is the founder of The Align Fund, where she invests in B2B software companies at the earliest signs of product-market fit. We talked about services as software, what B2B looks like in the age of AI, and why intentional investing can be a real edge.

Ariel explains how her thinking evolved from traditional B2B SaaS into what she calls “services as software.” In a world where AI is changing what software can do, she’s most excited by businesses that don’t just give users tools, but actually deliver outcomes that once required human labor. Instead of software as a DIY layer, she argues that the next wave of great B2B companies will solve the problem itself.

We also talk about Ariel’s investing style and why she operates with unusual intention in a market that often rewards speed. She shares why she likes to meet founders early, spend real time understanding how they think, and build conviction through deep diligence rather than just pattern matching from a deck. A big part of the conversation is her focus on early product-market fit and why she believes that stage is more knowable than many investors assume.

Ariel also breaks down why she remains so committed to B2B software. We discuss why B2B has proven resilient, how AI is expanding the kinds of markets that can support venture-scale outcomes, and why there is no single right way to price or sell software. What matters most, she argues, is fit between the product, the customer, and the value being delivered.

Finally, we discuss concentration, reserves, and what venture often gets wrong. Ariel explains why she prefers a low-velocity, high-conviction approach, why she keeps reserves low, and why the best early-stage investing often comes from going much deeper on fewer opportunities. It’s a conversation about software, judgment, and how to invest thoughtfully when both technology and venture are changing fast.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Ariel Winton-Jones is the founder of The Align Fund, where she invests in B2B software companies at the earliest signs of product-market fit. We talked about services as software, what B2B looks like in the age of AI, and why intentional investing can be a real edge.

Ariel explains how her thinking evolved from traditional B2B SaaS into what she calls “services as software.” In a world where AI is changing what software can do, she’s most excited by businesses that don’t just give users tools, but actually deliver outcomes that once required human labor. Instead of software as a DIY layer, she argues that the next wave of great B2B companies will solve the problem itself.

We also talk about Ariel’s investing style and why she operates with unusual intention in a market that often rewards speed. She shares why she likes to meet founders early, spend real time understanding how they think, and build conviction through deep diligence rather than just pattern matching from a deck. A big part of the conversation is her focus on early product-market fit and why she believes that stage is more knowable than many investors assume.

Ariel also breaks down why she remains so committed to B2B software. We discuss why B2B has proven resilient, how AI is expanding the kinds of markets that can support venture-scale outcomes, and why there is no single right way to price or sell software. What matters most, she argues, is fit between the product, the customer, and the value being delivered.

Finally, we discuss concentration, reserves, and what venture often gets wrong. Ariel explains why she prefers a low-velocity, high-conviction approach, why she keeps reserves low, and why the best early-stage investing often comes from going much deeper on fewer opportunities. It’s a conversation about software, judgment, and how to invest thoughtfully when both technology and venture are changing fast.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/dc7ffc783c1b91706dd8531d33a42873.mp3?s=rss-feed'  length='31180000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2043</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040594/b2b-in-the-age-of-ai-and-services-as-software-with-ariel-winton-jones.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040594/b2b-in-the-age-of-ai-and-services-as-software-with-ariel-winton-jones.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Future Titans, Authenticity, and Systems Thinking with Daniel Dart</title>
<link >https://listen.hubhopper.com/episode/future-titans-authenticity-and-systems-thinking-with-daniel-dart-1788890577/33040595</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245607</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 15 Apr 2026 12:15:14 +0000</pubDate>
<itunes:summary ><![CDATA[Daniel Dart is the Founder and General Partner of Rock Yard Ventures. He is also the founder of the Future Titans summit, an amazing event he recently hosted in Austin for emerging managers and the LPs who back them. Daniel is a collaborative, Seed-focused investor focused on backing founders who are refunding core industries. We talked about Future Titans, ambition, authenticity, and the pursuit of Tier One status. We also explored:

Why Future Titans exists: Daniel built the Emerging Manager Summit as the room he wished existed—relationship-first, practical, and designed for funds I–III (not a conference-business play). He’s focused on creating the right environment vs. chasing early vanity metrics.

Anti-status design (no name tags / no pitch decks): He argues most events incentivize social stack-ranking and transactional behavior; removing those cues forces human-first conversations and lowers the “pitch” energy.

Core philosophy: “find believers, don’t convince skeptics.” Trust is his upstream variable for everything—LP relationships, founder support, community building. His “patron/believer” framing is about compounding a small set of true supporters over time.

Founder support system (real operator cadence): He shares a concrete post-check rhythm—every-other-week check-ins early, then monthly—aimed at building trust and creating a safe place for founders to think clearly when things get messy.

Building “tier-one” access via a “Voltron” network: Rather than pretending he can see everything, he wants a trusted brain-trust where high-signal peers effectively extend his coverage; Future Titans is partly a compounding mechanism for that.

Investing in Startups is hosted by Joe Magyer, founder and managing partner of Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Daniel Dart is the Founder and General Partner of Rock Yard Ventures. He is also the founder of the Future Titans summit, an amazing event he recently hosted in Austin for emerging managers and the LPs who back them. Daniel is a collaborative, Seed-focused investor focused on backing founders who are refunding core industries. We talked about Future Titans, ambition, authenticity, and the pursuit of Tier One status. We also explored:

Why Future Titans exists: Daniel built the Emerging Manager Summit as the room he wished existed—relationship-first, practical, and designed for funds I–III (not a conference-business play). He’s focused on creating the right environment vs. chasing early vanity metrics.

Anti-status design (no name tags / no pitch decks): He argues most events incentivize social stack-ranking and transactional behavior; removing those cues forces human-first conversations and lowers the “pitch” energy.

Core philosophy: “find believers, don’t convince skeptics.” Trust is his upstream variable for everything—LP relationships, founder support, community building. His “patron/believer” framing is about compounding a small set of true supporters over time.

Founder support system (real operator cadence): He shares a concrete post-check rhythm—every-other-week check-ins early, then monthly—aimed at building trust and creating a safe place for founders to think clearly when things get messy.

Building “tier-one” access via a “Voltron” network: Rather than pretending he can see everything, he wants a trusted brain-trust where high-signal peers effectively extend his coverage; Future Titans is partly a compounding mechanism for that.

Investing in Startups is hosted by Joe Magyer, founder and managing partner of Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/db6dbbcb44f02498b81b827f0f906be9.mp3?s=rss-feed'  length='40780000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2672</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040595/future-titans-authenticity-and-systems-thinking-with-daniel-dart.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040595/future-titans-authenticity-and-systems-thinking-with-daniel-dart.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Momentum, Moats, and the New Rules of Pre-Seed with Gaurav Jain</title>
<link >https://listen.hubhopper.com/episode/momentum-moats-and-the-new-rules-of-pre-seed-with-gaurav-jain-1788890577/33040596</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245572</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 01 Apr 2026 12:13:16 +0000</pubDate>
<itunes:summary ><![CDATA[Gaurav Jain is the Cofounder and Managing Partner of Afore Capital. Afore is one of the OGs of institutional pre-seed investing and runs the largest dedicated pre-seed venture fund in the world. We talked about momentum as a moat, how vibe-coding effects pre-seed investing, and the importance of great product and distribution. Here\'s a longer breakdown…

Gaurav explains why momentum has become more durable than traditional moats, especially in a world where AI is making it easier to build products quickly. Instead of relying on old ideas of defensibility, he argues that the best startups create constant forward motion through product improvement, user pull, and rapid execution.

We talk about what Afore Capital looks for at the pre-seed stage, when there may be very little company built and not much data to evaluate. Gaurav shares how he thinks about backing founders early, what signals matter most before traction exists, and why team quality often matters more than a polished market narrative.

Gaurav also breaks down how AI is changing startup formation, from reducing the amount of capital needed to build a company to speeding up the path from idea to product and customer feedback. The conversation explores what this means for founders, investors, and the pace of competition in the earliest stages.

A big theme in the episode is distribution and founder-led selling. Gaurav talks about why distribution can’t be treated as an afterthought, why technical founders still need to learn how to get in front of customers, and how the best early companies pair strong product instincts with a clear path to demand.

Finally, we discuss how pre-seed investing has evolved over the last decade and what Gaurav has learned from helping define the category. He shares lessons on market size, founder selection, and why early-stage investing is often less about predicting categories and more about recognizing the people most capable of creating momentum from nothing.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Gaurav Jain is the Cofounder and Managing Partner of Afore Capital. Afore is one of the OGs of institutional pre-seed investing and runs the largest dedicated pre-seed venture fund in the world. We talked about momentum as a moat, how vibe-coding effects pre-seed investing, and the importance of great product and distribution. Here\'s a longer breakdown…

Gaurav explains why momentum has become more durable than traditional moats, especially in a world where AI is making it easier to build products quickly. Instead of relying on old ideas of defensibility, he argues that the best startups create constant forward motion through product improvement, user pull, and rapid execution.

We talk about what Afore Capital looks for at the pre-seed stage, when there may be very little company built and not much data to evaluate. Gaurav shares how he thinks about backing founders early, what signals matter most before traction exists, and why team quality often matters more than a polished market narrative.

Gaurav also breaks down how AI is changing startup formation, from reducing the amount of capital needed to build a company to speeding up the path from idea to product and customer feedback. The conversation explores what this means for founders, investors, and the pace of competition in the earliest stages.

A big theme in the episode is distribution and founder-led selling. Gaurav talks about why distribution can’t be treated as an afterthought, why technical founders still need to learn how to get in front of customers, and how the best early companies pair strong product instincts with a clear path to demand.

Finally, we discuss how pre-seed investing has evolved over the last decade and what Gaurav has learned from helping define the category. He shares lessons on market size, founder selection, and why early-stage investing is often less about predicting categories and more about recognizing the people most capable of creating momentum from nothing.

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/c723122a976da2efb9ada7d14de4f22f.mp3?s=rss-feed'  length='27570000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1806</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040596/momentum-moats-and-the-new-rules-of-pre-seed-with-gaurav-jain.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040596/momentum-moats-and-the-new-rules-of-pre-seed-with-gaurav-jain.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >AI, Hot Deals, &amp; Ownership: Joe Magyer Reflects on 50 Episodes</title>
<link >https://listen.hubhopper.com/episode/ai-hot-deals-ownership-joe-magyer-reflects-on-50-episodes-1788890577/33040597</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245615</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Fri, 13 Mar 2026 18:39:07 +0000</pubDate>
<itunes:summary ><![CDATA[We\'re celebrating our recent 50th episode with a special conversation between host Joe Magyer and guest host Chris Hill of Money Unplugged. Chris interviews Joe about his lessons learned from the first 50 episodes, how AI is impacting startups and venture capital, what Joe has changed his mind about, and investing in startups, both the craft and the show. Joe and Chris also unpack how AI has reshaped venture in just two years—changing what it costs to start a company, how many people startups need to hire, how quickly they can build product, and why investors are again leaning into the category after a brutal post-2021 reset.

They revisit one of venture’s oldest debates: concentrated vs. diversified portfolios. Joe explains why some investors want as many shots on goal as possible, while others prefer to place fewer, higher-conviction bets so they can spend more time with founders and have a better chance of meaningful ownership in the winners. Another core tension in the episode is consensus vs. non-consensus investing. Joe talks through why the hottest deals often get hot for good reasons—great founders, fast growth, strong co-investors—but also why crowded rounds can compress returns and leave investors paying up for certainty that may already be priced in.
 
Finally, Joe also shares how hosting the podcast has changed his own investing style. Hearing other managers explain their frameworks pushed him to rethink rigid reserve strategies, become more flexible about follow-on investing, and focus more on doubling down when real conviction builds through direct founder relationships.
 
Investing in Startups is produced by Seaplane Ventures and (usually) hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[We\'re celebrating our recent 50th episode with a special conversation between host Joe Magyer and guest host Chris Hill of Money Unplugged. Chris interviews Joe about his lessons learned from the first 50 episodes, how AI is impacting startups and venture capital, what Joe has changed his mind about, and investing in startups, both the craft and the show. Joe and Chris also unpack how AI has reshaped venture in just two years—changing what it costs to start a company, how many people startups need to hire, how quickly they can build product, and why investors are again leaning into the category after a brutal post-2021 reset.

They revisit one of venture’s oldest debates: concentrated vs. diversified portfolios. Joe explains why some investors want as many shots on goal as possible, while others prefer to place fewer, higher-conviction bets so they can spend more time with founders and have a better chance of meaningful ownership in the winners. Another core tension in the episode is consensus vs. non-consensus investing. Joe talks through why the hottest deals often get hot for good reasons—great founders, fast growth, strong co-investors—but also why crowded rounds can compress returns and leave investors paying up for certainty that may already be priced in.
 
Finally, Joe also shares how hosting the podcast has changed his own investing style. Hearing other managers explain their frameworks pushed him to rethink rigid reserve strategies, become more flexible about follow-on investing, and focus more on doubling down when real conviction builds through direct founder relationships.
 
Investing in Startups is produced by Seaplane Ventures and (usually) hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/d77218c31fc1b702f24ebff39e51f7ad.mp3?s=rss-feed'  length='35030000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2295</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040597/ai-hot-deals-ownership-joe-magyer-reflects-on-50-episodes.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040597/ai-hot-deals-ownership-joe-magyer-reflects-on-50-episodes.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Hard Tech, Future Titans, and Solo GP Life with Zal Bilimoria</title>
<link >https://listen.hubhopper.com/episode/hard-tech-future-titans-and-solo-gp-life-with-zal-bilimoria-1788890577/33040598</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245596</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 04 Mar 2026 12:18:44 +0000</pubDate>
<itunes:summary ><![CDATA[We\'re excited to share this interview with Zal Bilimoria, founding partner at Refactor Capital, recorded live at the recent Future Titans emerging manager summit. Zal is a high-conviction, hard-tech investor and solo capitalist who manages more than $225 million. He has a fascinating career, from building products at Netflix and LinkedIn to being an early employee at a16z to later forming Refactor. We talked about why Zal is solo, what he learned from a16z, why he invests with conviction, how he built a robust firm without any employees supporting him, and how he managed to lead a Series D round despite his firm being a Seed expert. We also discussed:

Why Zal chose the solo GP path (on purpose): after seeing large-firm partnership dynamics at Andreessen Horowitz, he optimized for speed, autonomy, and founder time—especially important at seed where decision velocity matters. Refactor started as a two-GP fund with David Lee (ex–SV Angel), then David retired earlier than expected—forcing Zal to rebuild the LP base and prove the strategy could work with a single decision-maker.

A “right-sized” fund strategy as an operating system: Zal explains why he’s stayed around ~$50M per fund, targets ~20 companies per fund, and focuses on ~8–10% ownership at entry to keep the model manageable and return-capable. He actively tracks how many portfolio companies “graduate” (to Series A and beyond) each year so his board/support load stays sustainable without adding headcount.

Robustness for LPs (the “hit-by-a-bus” plan): Zal shares a concrete solo-GP risk mitigation tactic—he carries a life insurance policy payable to the management company so LPs have resources to recruit a successor or wind down assets without crushing fund performance.

Hard tech example that feels sci-fi (with real traction): Solugen. Zal recounts leading Solugen’s seed ~9 years ago and watching it scale into a large revenue business—then pivoting into a high-demand defense chemistry product with major government pull.

How a seed lead ends up leading a Series D: during the 2022 market reset, Zal had an SPV ready (~$20M) to secure pro rata; when no one wanted to “stick their neck out” as lead, he wrote the first term sheet—unlocking the round and attracting co-leads/followers.

Reserve strategy shift: he describes moving from ~50% reserves to ~20% reserves—preferring more “shots on goal” at pre-seed/seed, and noting how hard it is to consistently pick Series A winners even when top firms lead the round.

Investing in Startups is hosted by Joe Magyer, founder and managing partner of Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[We\'re excited to share this interview with Zal Bilimoria, founding partner at Refactor Capital, recorded live at the recent Future Titans emerging manager summit. Zal is a high-conviction, hard-tech investor and solo capitalist who manages more than $225 million. He has a fascinating career, from building products at Netflix and LinkedIn to being an early employee at a16z to later forming Refactor. We talked about why Zal is solo, what he learned from a16z, why he invests with conviction, how he built a robust firm without any employees supporting him, and how he managed to lead a Series D round despite his firm being a Seed expert. We also discussed:

Why Zal chose the solo GP path (on purpose): after seeing large-firm partnership dynamics at Andreessen Horowitz, he optimized for speed, autonomy, and founder time—especially important at seed where decision velocity matters. Refactor started as a two-GP fund with David Lee (ex–SV Angel), then David retired earlier than expected—forcing Zal to rebuild the LP base and prove the strategy could work with a single decision-maker.

A “right-sized” fund strategy as an operating system: Zal explains why he’s stayed around ~$50M per fund, targets ~20 companies per fund, and focuses on ~8–10% ownership at entry to keep the model manageable and return-capable. He actively tracks how many portfolio companies “graduate” (to Series A and beyond) each year so his board/support load stays sustainable without adding headcount.

Robustness for LPs (the “hit-by-a-bus” plan): Zal shares a concrete solo-GP risk mitigation tactic—he carries a life insurance policy payable to the management company so LPs have resources to recruit a successor or wind down assets without crushing fund performance.

Hard tech example that feels sci-fi (with real traction): Solugen. Zal recounts leading Solugen’s seed ~9 years ago and watching it scale into a large revenue business—then pivoting into a high-demand defense chemistry product with major government pull.

How a seed lead ends up leading a Series D: during the 2022 market reset, Zal had an SPV ready (~$20M) to secure pro rata; when no one wanted to “stick their neck out” as lead, he wrote the first term sheet—unlocking the round and attracting co-leads/followers.

Reserve strategy shift: he describes moving from ~50% reserves to ~20% reserves—preferring more “shots on goal” at pre-seed/seed, and noting how hard it is to consistently pick Series A winners even when top firms lead the round.

Investing in Startups is hosted by Joe Magyer, founder and managing partner of Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/e9c9f878eb646d64fb75988531d777a6.mp3?s=rss-feed'  length='26330000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1725</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040598/hard-tech-future-titans-and-solo-gp-life-with-zal-bilimoria.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040598/hard-tech-future-titans-and-solo-gp-life-with-zal-bilimoria.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Episode 50! Venture Strategy, Real Work, &amp; The Myth of Overnight Success with Seth Levine</title>
<link >https://listen.hubhopper.com/episode/episode-50-venture-strategy-real-work-the-myth-of-overnight-success-with-seth-levine-1788890577/33040599</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245597</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 18 Feb 2026 12:20:35 +0000</pubDate>
<itunes:summary ><![CDATA[Seth Levine is a Partner at Foundry Group, a longtime early-stage firm investing in both startups and emerging fund managers. We talked about the art of working with founders, short-term-ism, knowing your own competitive advantage, why AI will create more jobs than it disrupts, and the myth of overnight success.

Here\'s the longer of what we covered:

Doing the real work with founders and GPs – Seth explains why his favorite part of Foundry is deep, collaborative problem-solving with CEOs and emerging managers, not formal board meetings, and why he sees himself as “in the influence game,” working for founders rather than controlling them.

Fund size is fund strategy – He walks through why Foundry chose not to become a perpetual, multi-generational platform, and how everything from check size to reserves, board work, and follow-on strategy has to flow from the true size and intent of the fund—not from chasing a bigger AUM number.

What LPs miss about emerging managers – Drawing on Foundry’s long history backing funds, Seth argues most LPs behave like asset allocators who over-weight pedigree, underwrite theses too superficially, and don’t dig hard enough into a GP’s real edge, philosophy, and personal “why” for running a firm.

Under-explored fund models he loves – Seth highlights niche yet powerful strategies: Arthur Ventures’ “under-the-radar” B2B SaaS approach, roll-ups of orphaned 2019–2020 vintage funds, and hybrid revenue-based vehicles that blend debt-style payback with equity upside for founders.

If he were starting fresh today – From a pure performance standpoint, he’d run a much more diversified early-stage book with lots of initial positions and minimal follow-ons—Taleb-inspired barbell thinking—and, in a wilder alternate life, maybe build a Series A or growth platform in Saudi Arabia to ride frontier-market upside.

Capital Evolution & fixing capitalism, not ditching it – Seth shares the origin story of his new book, his evolving view on when companies should (and shouldn’t) wade into politics, the shift from shareholder primacy toward broader stakeholders, and why medium- to long-term thinking and greater economic dynamism are essential.

AI, entrepreneurship, and why venture’s glamor is BS – He’s long-term bullish and short-term cautious on AI, seeing it as a huge unlock for productivity and entrepreneurship far beyond tech—but also a source of disruption that needs thoughtful retraining and policy. 

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Seth Levine is a Partner at Foundry Group, a longtime early-stage firm investing in both startups and emerging fund managers. We talked about the art of working with founders, short-term-ism, knowing your own competitive advantage, why AI will create more jobs than it disrupts, and the myth of overnight success.

Here\'s the longer of what we covered:

Doing the real work with founders and GPs – Seth explains why his favorite part of Foundry is deep, collaborative problem-solving with CEOs and emerging managers, not formal board meetings, and why he sees himself as “in the influence game,” working for founders rather than controlling them.

Fund size is fund strategy – He walks through why Foundry chose not to become a perpetual, multi-generational platform, and how everything from check size to reserves, board work, and follow-on strategy has to flow from the true size and intent of the fund—not from chasing a bigger AUM number.

What LPs miss about emerging managers – Drawing on Foundry’s long history backing funds, Seth argues most LPs behave like asset allocators who over-weight pedigree, underwrite theses too superficially, and don’t dig hard enough into a GP’s real edge, philosophy, and personal “why” for running a firm.

Under-explored fund models he loves – Seth highlights niche yet powerful strategies: Arthur Ventures’ “under-the-radar” B2B SaaS approach, roll-ups of orphaned 2019–2020 vintage funds, and hybrid revenue-based vehicles that blend debt-style payback with equity upside for founders.

If he were starting fresh today – From a pure performance standpoint, he’d run a much more diversified early-stage book with lots of initial positions and minimal follow-ons—Taleb-inspired barbell thinking—and, in a wilder alternate life, maybe build a Series A or growth platform in Saudi Arabia to ride frontier-market upside.

Capital Evolution & fixing capitalism, not ditching it – Seth shares the origin story of his new book, his evolving view on when companies should (and shouldn’t) wade into politics, the shift from shareholder primacy toward broader stakeholders, and why medium- to long-term thinking and greater economic dynamism are essential.

AI, entrepreneurship, and why venture’s glamor is BS – He’s long-term bullish and short-term cautious on AI, seeing it as a huge unlock for productivity and entrepreneurship far beyond tech—but also a source of disruption that needs thoughtful retraining and policy. 

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/ca5e05fa9a5fd8f6406fb6973581187b.mp3?s=rss-feed'  length='50370000'  type='audio/mpeg' ></enclosure>
<itunes:duration >3300</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040599/episode-50-venture-strategy-real-work-the-myth-of-overnight-success-with-seth-levine.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040599/episode-50-venture-strategy-real-work-the-myth-of-overnight-success-with-seth-levine.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >AI Agents, Unlocking Human Potential, and Not Giving Up with Hyperspell</title>
<link >https://listen.hubhopper.com/episode/ai-agents-unlocking-human-potential-and-not-giving-up-with-hyperspell-1788890577/33040600</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245610</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Fri, 06 Feb 2026 15:15:55 +0000</pubDate>
<itunes:summary ><![CDATA[Conor Brennan-Burke and Manu Ebert are the co-founders of Hyperspell. Hyperspell provides a memory and context layer to AI agents is one of our portfolio companies at Seaplane Ventures. I (Joe here) was trying to explain to some friends at a BBQ recently Hyperspell what did and learned pretty quickly that most people aren’t familiar yet with AI agents. Given that, I thought it would be great for listeners to have Conor and Manu to come on to talk about AI agents, the evolution of AI, context, Y Combinator, and how Manu once bought a .AI domain name via fax machine. 

From chatbots to true agents – Conor breaks down where tools like ChatGPT stop and AI agents begin, and why the key shift is agents taking actions autonomously across your tools, not just answering questions.

Why context is the real bottleneck – Manu and Conor share how building their own “chief of staff” agent led them to Hyperspell, a memory and context layer that plugs into tools like Slack, Gmail, and Notion so agents can actually understand your customers, org chart, and tech stack.

The three bottlenecks to agent adoption – Manu explains why verification, capability, and context each limit what agents can do today, and why decoupling these layers (rather than relying on a single big lab) gives companies more flexibility and avoids platform lock-in.

Why workers aren’t using AI (yet) – Conor reacts to studies showing most desk workers rarely touch AI, and argues that fear, bad framing (“AI will replace you”), and lack of personalized context are holding back adoption despite models already outperforming humans on many benchmarks.

AI as global leapfrog, not just US office automation – Manu highlights under-discussed upside: primary care in Africa, McKinsey-grade advice for small businesses, tailored guidance for farmers, and always-on tutors that could reshape opportunity in developing markets.

Let machines be the cogs, not people – The pair paint a future where AI agents handle status updates, follow-ups, and information shuffling inside big orgs, freeing humans to do creative, high-leverage work instead of feeling like dehumanized “TPS report” machines.

Building SuperMe and all-star AI teams – Conor shares a favorite customer use case: cloning experts (or even yourself) as agents using your own docs, email, and notes, so a solo founder can effectively “hire” an AI team of world-class operators and advisors.

YC, rejection, and founder stubbornness – Conor and Manu talk about finally getting into Y Combinator after nine applications between them, why persistence is a superpower for founders, and how YC has shaped Hyperspell’s trajectory.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Conor Brennan-Burke and Manu Ebert are the co-founders of Hyperspell. Hyperspell provides a memory and context layer to AI agents is one of our portfolio companies at Seaplane Ventures. I (Joe here) was trying to explain to some friends at a BBQ recently Hyperspell what did and learned pretty quickly that most people aren’t familiar yet with AI agents. Given that, I thought it would be great for listeners to have Conor and Manu to come on to talk about AI agents, the evolution of AI, context, Y Combinator, and how Manu once bought a .AI domain name via fax machine. 

From chatbots to true agents – Conor breaks down where tools like ChatGPT stop and AI agents begin, and why the key shift is agents taking actions autonomously across your tools, not just answering questions.

Why context is the real bottleneck – Manu and Conor share how building their own “chief of staff” agent led them to Hyperspell, a memory and context layer that plugs into tools like Slack, Gmail, and Notion so agents can actually understand your customers, org chart, and tech stack.

The three bottlenecks to agent adoption – Manu explains why verification, capability, and context each limit what agents can do today, and why decoupling these layers (rather than relying on a single big lab) gives companies more flexibility and avoids platform lock-in.

Why workers aren’t using AI (yet) – Conor reacts to studies showing most desk workers rarely touch AI, and argues that fear, bad framing (“AI will replace you”), and lack of personalized context are holding back adoption despite models already outperforming humans on many benchmarks.

AI as global leapfrog, not just US office automation – Manu highlights under-discussed upside: primary care in Africa, McKinsey-grade advice for small businesses, tailored guidance for farmers, and always-on tutors that could reshape opportunity in developing markets.

Let machines be the cogs, not people – The pair paint a future where AI agents handle status updates, follow-ups, and information shuffling inside big orgs, freeing humans to do creative, high-leverage work instead of feeling like dehumanized “TPS report” machines.

Building SuperMe and all-star AI teams – Conor shares a favorite customer use case: cloning experts (or even yourself) as agents using your own docs, email, and notes, so a solo founder can effectively “hire” an AI team of world-class operators and advisors.

YC, rejection, and founder stubbornness – Conor and Manu talk about finally getting into Y Combinator after nine applications between them, why persistence is a superpower for founders, and how YC has shaped Hyperspell’s trajectory.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/b90c0790d54d00b8de037f5e33a7df64.mp3?s=rss-feed'  length='28660000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1878</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040600/ai-agents-unlocking-human-potential-and-not-giving-up-with-hyperspell.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040600/ai-agents-unlocking-human-potential-and-not-giving-up-with-hyperspell.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E48: Backing Emerging Managers Before They\&apos;re Brand Names with Courtney McCrea</title>
<link >https://listen.hubhopper.com/episode/e48-backing-emerging-managers-before-theyre-brand-names-with-courtney-mccrea-1788890577/33040601</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245569</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 28 Jan 2026 13:24:15 +0000</pubDate>
<itunes:summary ><![CDATA[Courtney McCrea is the Cofounder and Managing Partner of Recast Capital. Courtney and I dove into the intricacies of investing in emerging managers and building those firms. We talked about why Courtney is so enthusiastic about emerging managers, the challenges emerging managers face and how to overcome them, how LPs can better evaluate emerging managers, and why LPs aren’t racing to adopt AI as fast as their VCs.

We also discussed:

How LPs really evaluate first-time fund managers: beyond pedigree, what creates conviction in sourcing, selection, and portfolio construction.

Fund I fundraising strategy: why “spray-and-pray” outreach fails—and how to identify the right-fit LPs instead of chasing every allocator.

Where to start if you’re raising your first venture fund: go “off the beaten path” rather than leading with mega-institutions and public pensions.

LP diligence that actually matters: Courtney’s framework for reference calls, risk lists, and finding the “fatal flaw” early.

Solo GP vs partnership risk: why “GP divorce” can be a bigger underwriting risk than the classic “hit-by-a-bus” concern.

AI in the LP workflow: what Courtney is seeing (and experimenting with) in diligence and decision-making as venture processes modernize.

Joe Magyer is the host of Investing in Startups, which is a Seaplane Ventures production.]]></itunes:summary>
<description ><![CDATA[Courtney McCrea is the Cofounder and Managing Partner of Recast Capital. Courtney and I dove into the intricacies of investing in emerging managers and building those firms. We talked about why Courtney is so enthusiastic about emerging managers, the challenges emerging managers face and how to overcome them, how LPs can better evaluate emerging managers, and why LPs aren’t racing to adopt AI as fast as their VCs.

We also discussed:

How LPs really evaluate first-time fund managers: beyond pedigree, what creates conviction in sourcing, selection, and portfolio construction.

Fund I fundraising strategy: why “spray-and-pray” outreach fails—and how to identify the right-fit LPs instead of chasing every allocator.

Where to start if you’re raising your first venture fund: go “off the beaten path” rather than leading with mega-institutions and public pensions.

LP diligence that actually matters: Courtney’s framework for reference calls, risk lists, and finding the “fatal flaw” early.

Solo GP vs partnership risk: why “GP divorce” can be a bigger underwriting risk than the classic “hit-by-a-bus” concern.

AI in the LP workflow: what Courtney is seeing (and experimenting with) in diligence and decision-making as venture processes modernize.

Joe Magyer is the host of Investing in Startups, which is a Seaplane Ventures production.]]></description>
<enclosure  url='https://play.hubhopper.com/3b99a65298558445c9d34cb146e4c753.mp3?s=rss-feed'  length='35000000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2293</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040601/e48-backing-emerging-managers-before-theyre-brand-names-with-courtney-mccrea.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040601/e48-backing-emerging-managers-before-theyre-brand-names-with-courtney-mccrea.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Gritty Founders, Weird Markets, and Vertical AI with Dan Teran of Gutter Capital</title>
<link >https://listen.hubhopper.com/episode/gritty-founders-weird-markets-and-vertical-ai-with-dan-teran-of-gutter-capital-1788890577/33040602</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245576</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 14 Jan 2026 12:08:45 +0000</pubDate>
<itunes:summary ><![CDATA[Dan Teran is a Cofounder and Managing Partner of Gutter Capital. Gutter is an early-stage firm based out of New York focused on founders tackling the world’s toughest problems. We talked about why Gutter invests with conviction, why they seek out founders with unique insights rather than Gutter trying to dream up their own, and how AI can solve problems in the real world, not just online. We also dug into:

+ Gutter’s core focus on vertical AI, vertical SaaS, and marketplaces tackling messy, real-world problems

+ Why Dan gravitates toward underestimated, “lived-experience” founders over polished, pedigreed profiles

+ Inside Elbow Grease, Gutter’s AI accelerator: structure, check size, and how they plan to keep backing winners

+ How Gutter turns talent into a product: embedded head of talent and heavy support on early hiring

+ The firm’s discipline on valuations, small fund sizes, and staying aligned with founders in a top-heavy market

+ Why Gutter insists on taking a board seat at seed and how that sets companies up for stronger Series As

+ Dan’s lessons from selling Managed by Q to WeWork and why founders should build acquirer relationships early

+ Two contrarian views: second-time founders are overrated, and the best founders do want real help from their investors

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Dan Teran is a Cofounder and Managing Partner of Gutter Capital. Gutter is an early-stage firm based out of New York focused on founders tackling the world’s toughest problems. We talked about why Gutter invests with conviction, why they seek out founders with unique insights rather than Gutter trying to dream up their own, and how AI can solve problems in the real world, not just online. We also dug into:

+ Gutter’s core focus on vertical AI, vertical SaaS, and marketplaces tackling messy, real-world problems

+ Why Dan gravitates toward underestimated, “lived-experience” founders over polished, pedigreed profiles

+ Inside Elbow Grease, Gutter’s AI accelerator: structure, check size, and how they plan to keep backing winners

+ How Gutter turns talent into a product: embedded head of talent and heavy support on early hiring

+ The firm’s discipline on valuations, small fund sizes, and staying aligned with founders in a top-heavy market

+ Why Gutter insists on taking a board seat at seed and how that sets companies up for stronger Series As

+ Dan’s lessons from selling Managed by Q to WeWork and why founders should build acquirer relationships early

+ Two contrarian views: second-time founders are overrated, and the best founders do want real help from their investors

Investing in Startups is produced by Seaplane Ventures and hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/62e4dd597502a54c5b85f8d8893065fe.mp3?s=rss-feed'  length='26080000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1708</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040602/gritty-founders-weird-markets-and-vertical-ai-with-dan-teran-of-gutter-capital.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040602/gritty-founders-weird-markets-and-vertical-ai-with-dan-teran-of-gutter-capital.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Breaking Rules and Letting Winners Run with David Gardner of The Motley Fool</title>
<link >https://listen.hubhopper.com/episode/breaking-rules-and-letting-winners-run-with-david-gardner-of-the-motley-fool-1788890578/33040603</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245601</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 31 Dec 2025 13:13:40 +0000</pubDate>
<itunes:summary ><![CDATA[Our guest this week is David Gardner, Cofounder of The @MotleyFool. David is one of the best stock pickers of his generation. While for many investors a single 100X investment would be a career-defining win, David has earned a 100X return on 6 companies including Nvidia, Tesla, Amazon, and Netflix. We talked about breaking the rules of investing, optionality, valuation, letting winners run, and much more. David is one of the investors I’ve learned the most from over the years, so I really hope you enjoy this one.

Here are some more notes from the show:

What “Rule Breaker Investing” really is – David’s life’s work: a systematic way to back visionary companies early, accept that it will feel wrong most of the time, and lean into the asymmetry where the worst-case is –100% but the best case is effectively uncapped.

Radical long-termism and staying on the compounding train – why his default holding period is “indefinite,” how he’s sat through multiple 50%+ drawdowns, and why trying to jump in and out around cycles is almost guaranteed to destroy the very compounding you’re chasing.

Being comfortable with lots of losers to own a few monsters – how names like Amazon, Nvidia, and Netflix more than offset a graveyard of busted ideas, and why the math of power laws means your losers shrink in importance while a handful of outliers drive almost all the returns.

Living through multiple 100-baggers and the cost of selling early – David walks through his 100x+ winners and shows how even “great” decisions to trim or exit early often look painfully small in hindsight when you’re dealing with truly exceptional businesses.

Why traditional valuation misses what really matters – a critique of spreadsheet-heavy investing that ignores the hardest-to-measure drivers: leadership quality, culture, brand strength, and an innovation engine that keeps compounding far beyond any DCF model.

Backing companies with “multiple futures” and huge optionality – using Amazon and Netflix as examples of businesses that repeatedly reinvent themselves, he explains why he prefers CEOs and cultures that keep opening new doors rather than optimizing a single, static business line.

Rejecting either/or tradeoffs in how we judge companies – David pushes back on ranking “team vs product vs market” or “shareholders vs everyone else,” arguing that enduring winners usually score high on all axes and create value for customers, employees, investors, and society at the same time.

Making your portfolio reflect your best vision of our future – his core principle: invest so your holdings line up with the world you’d actually like to see, because alignment between values and capital both feels better and, in his view, leads to more resilient decision-making.

Board games as a training ground for thinking and connection – from light, cooperative titles to deep strategy games, David uses games as a way to build pattern recognition, flexible thinking, and family connection without it feeling like “education” or screen time.

Investing in Startups is produced by Seaplane Ventures and hosted by Seaplane Managing Partner Joe Magyer. Joe is an investor in Netflix, Amazon, and MercadoLibre.]]></itunes:summary>
<description ><![CDATA[Our guest this week is David Gardner, Cofounder of The @MotleyFool. David is one of the best stock pickers of his generation. While for many investors a single 100X investment would be a career-defining win, David has earned a 100X return on 6 companies including Nvidia, Tesla, Amazon, and Netflix. We talked about breaking the rules of investing, optionality, valuation, letting winners run, and much more. David is one of the investors I’ve learned the most from over the years, so I really hope you enjoy this one.

Here are some more notes from the show:

What “Rule Breaker Investing” really is – David’s life’s work: a systematic way to back visionary companies early, accept that it will feel wrong most of the time, and lean into the asymmetry where the worst-case is –100% but the best case is effectively uncapped.

Radical long-termism and staying on the compounding train – why his default holding period is “indefinite,” how he’s sat through multiple 50%+ drawdowns, and why trying to jump in and out around cycles is almost guaranteed to destroy the very compounding you’re chasing.

Being comfortable with lots of losers to own a few monsters – how names like Amazon, Nvidia, and Netflix more than offset a graveyard of busted ideas, and why the math of power laws means your losers shrink in importance while a handful of outliers drive almost all the returns.

Living through multiple 100-baggers and the cost of selling early – David walks through his 100x+ winners and shows how even “great” decisions to trim or exit early often look painfully small in hindsight when you’re dealing with truly exceptional businesses.

Why traditional valuation misses what really matters – a critique of spreadsheet-heavy investing that ignores the hardest-to-measure drivers: leadership quality, culture, brand strength, and an innovation engine that keeps compounding far beyond any DCF model.

Backing companies with “multiple futures” and huge optionality – using Amazon and Netflix as examples of businesses that repeatedly reinvent themselves, he explains why he prefers CEOs and cultures that keep opening new doors rather than optimizing a single, static business line.

Rejecting either/or tradeoffs in how we judge companies – David pushes back on ranking “team vs product vs market” or “shareholders vs everyone else,” arguing that enduring winners usually score high on all axes and create value for customers, employees, investors, and society at the same time.

Making your portfolio reflect your best vision of our future – his core principle: invest so your holdings line up with the world you’d actually like to see, because alignment between values and capital both feels better and, in his view, leads to more resilient decision-making.

Board games as a training ground for thinking and connection – from light, cooperative titles to deep strategy games, David uses games as a way to build pattern recognition, flexible thinking, and family connection without it feeling like “education” or screen time.

Investing in Startups is produced by Seaplane Ventures and hosted by Seaplane Managing Partner Joe Magyer. Joe is an investor in Netflix, Amazon, and MercadoLibre.]]></description>
<enclosure  url='https://play.hubhopper.com/40882be0e14708715aee1ae45a9b45fe.mp3?s=rss-feed'  length='33660000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2205</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040603/breaking-rules-and-letting-winners-run-with-david-gardner-of-the-motley-fool.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040603/breaking-rules-and-letting-winners-run-with-david-gardner-of-the-motley-fool.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Access, Picking VCs, and Tough Love with Superclusters\&apos; David Zhou</title>
<link >https://listen.hubhopper.com/episode/access-picking-vcs-and-tough-love-with-superclusters-david-zhou-1788890578/33040604</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245587</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 17 Dec 2025 13:14:27 +0000</pubDate>
<itunes:summary ><![CDATA[David Zhou is an investor in emerging managers, an angel investor, a blogger, and the host of the Superclusters podcast. We talked about how LPs can size up emerging managers, how VCs can stand out, portfolio construction, and which of sourcing, picking, and winning is the most important. We also explored:

+ Why David thinks that “access beats picking (then winning)” for most emerging managers—and how check size changes that calculus.

+ Follow-ons: when “all or none” makes sense, how signaling risk compounds past Series B, and why selling by Series C can be clean for seed managers.

+ LP incentives in the wild: marks scrutiny for new managers vs. “ignorance is bliss” for existing ones—plus how TVPI vs. IRR targets shape decisions.

+ The tough-love playbook behind “Dear Emerging Manager” and “Dear LP,” and why sloppy valuation methods and survivorship bias mislead GPs.

+ Differentiation framework: sell the market → the strategy → then you; use “flaws, limitations, restrictions” to confront the elephants in the room.

+ Fund design realities: reserve strategy, fund size vs. dilution (esp. in hard tech), and why some LP minimums are a built-in constraint.

+ Context from fresh market data: median seed at ~$20M and AI capturing a huge share of early deals—what those trends mean for formation and pricing.

+ Plus: Abe Othman’s follow-on finding (funds that never follow on beat always-follow funds 63% of the time) as a jumping-off point for David’s take.

Investing in Startups is a Seaplane Ventures production hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[David Zhou is an investor in emerging managers, an angel investor, a blogger, and the host of the Superclusters podcast. We talked about how LPs can size up emerging managers, how VCs can stand out, portfolio construction, and which of sourcing, picking, and winning is the most important. We also explored:

+ Why David thinks that “access beats picking (then winning)” for most emerging managers—and how check size changes that calculus.

+ Follow-ons: when “all or none” makes sense, how signaling risk compounds past Series B, and why selling by Series C can be clean for seed managers.

+ LP incentives in the wild: marks scrutiny for new managers vs. “ignorance is bliss” for existing ones—plus how TVPI vs. IRR targets shape decisions.

+ The tough-love playbook behind “Dear Emerging Manager” and “Dear LP,” and why sloppy valuation methods and survivorship bias mislead GPs.

+ Differentiation framework: sell the market → the strategy → then you; use “flaws, limitations, restrictions” to confront the elephants in the room.

+ Fund design realities: reserve strategy, fund size vs. dilution (esp. in hard tech), and why some LP minimums are a built-in constraint.

+ Context from fresh market data: median seed at ~$20M and AI capturing a huge share of early deals—what those trends mean for formation and pricing.

+ Plus: Abe Othman’s follow-on finding (funds that never follow on beat always-follow funds 63% of the time) as a jumping-off point for David’s take.

Investing in Startups is a Seaplane Ventures production hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/81bfc10a3f34c8fb18cd2f8adfe999f3.mp3?s=rss-feed'  length='44570000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2920</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040604/access-picking-vcs-and-tough-love-with-superclusters-david-zhou.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040604/access-picking-vcs-and-tough-love-with-superclusters-david-zhou.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Roundtable! Network Effects, Hustle, Raising Money with Colin Gardiner and Sonia Nagar</title>
<link >https://listen.hubhopper.com/episode/roundtable-network-effects-hustle-raising-money-with-colin-gardiner-and-sonia-nagar-1788890578/33040605</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245583</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 03 Dec 2025 13:12:46 +0000</pubDate>
<itunes:summary ><![CDATA[We\'re trying something new with our first roundtable! Our guests are Sonia Nagar from SNAK and Colin Gardiner from Yonder Ventures. Sonia and Colin are both early-stage investors, friends of mine, and experts on marketplaces and network effects. We talked about AI’s role in marketplaces, why network effects aren’t more popular (even though they should be), how to make your own luck, what it’s really like to raise your first venture fund, and more. 

Investing in Startups is produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[We\'re trying something new with our first roundtable! Our guests are Sonia Nagar from SNAK and Colin Gardiner from Yonder Ventures. Sonia and Colin are both early-stage investors, friends of mine, and experts on marketplaces and network effects. We talked about AI’s role in marketplaces, why network effects aren’t more popular (even though they should be), how to make your own luck, what it’s really like to raise your first venture fund, and more. 

Investing in Startups is produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/c738bbe3c78356c8a2a16a961b1f5e44.mp3?s=rss-feed'  length='34790000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2280</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040605/roundtable-network-effects-hustle-raising-money-with-colin-gardiner-and-sonia-nagar.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040605/roundtable-network-effects-hustle-raising-money-with-colin-gardiner-and-sonia-nagar.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Trust, Paying Up, &amp; Homebrew Forever with Hunter Walk</title>
<link >https://listen.hubhopper.com/episode/trust-paying-up-homebrew-forever-with-hunter-walk-1788890578/33040606</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245581</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 19 Nov 2025 13:15:52 +0000</pubDate>
<itunes:summary ><![CDATA[Our guest this week is Hunter Walk, Co-Founder of Homebrew and Screendoor. Hunter has a deep background in product, including from his time at Google and YouTube, but is best known for his investing. Homebrew’s big wins over the years include Chime, Plaid, Gusto, Cruise, and more. We talked about trust and context, product, funnel math, investing life after LPs, and why Hunter isn’t as fussy these days about valuation.

Here\'s a longer rundown of the episode:

Homebrew → “Forever.” Why Hunter and Satya moved from an LP-backed seed fund to a self-funded evergreen model—and why they accelerated the shift in 2022.

Ditching ownership targets. Early-stage “must-own X%” rules create artificial scarcity for founders; Homebrew now fits their check into whatever round construction serves the company best. Prioritizing alignment with founders and co-investors over leading every round.

Valuation: what it really signals. Price matters less as a target and more for what it reveals about the founder’s decision-making, who’s on the cap table, and the path to the next round—especially when you don’t hold reserves.

Trust + context ＞ generic advice. Hunter’s operating model with founders: build trust to have honest conversations, and keep real context so advice is specific—not just a blog post link.

Meeting math & magnets. You can’t jump into every haystack—so create magnets (writing, references, approachability) to pull the right needles; historically ~1 investment per ~100 inbound companies.

Your company is a product. Hiring, comp, and cadence must cohere like a product system; inconsistency is the cultural anti-pattern.

Focus areas now. Still heavy B2B dev tools (increasingly AI/ML) and FinTech; comfortable as #2–10 on the cap table alongside specialists, which expands where they can help.

Against multi-gen for most firms. Hunter argues many venture franchises lose “fidelity” as AUM and headcount grow—like copies of a mixtape over time.

Investing in Startups is produced by Seaplane Ventures . The show is hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Our guest this week is Hunter Walk, Co-Founder of Homebrew and Screendoor. Hunter has a deep background in product, including from his time at Google and YouTube, but is best known for his investing. Homebrew’s big wins over the years include Chime, Plaid, Gusto, Cruise, and more. We talked about trust and context, product, funnel math, investing life after LPs, and why Hunter isn’t as fussy these days about valuation.

Here\'s a longer rundown of the episode:

Homebrew → “Forever.” Why Hunter and Satya moved from an LP-backed seed fund to a self-funded evergreen model—and why they accelerated the shift in 2022.

Ditching ownership targets. Early-stage “must-own X%” rules create artificial scarcity for founders; Homebrew now fits their check into whatever round construction serves the company best. Prioritizing alignment with founders and co-investors over leading every round.

Valuation: what it really signals. Price matters less as a target and more for what it reveals about the founder’s decision-making, who’s on the cap table, and the path to the next round—especially when you don’t hold reserves.

Trust + context ＞ generic advice. Hunter’s operating model with founders: build trust to have honest conversations, and keep real context so advice is specific—not just a blog post link.

Meeting math & magnets. You can’t jump into every haystack—so create magnets (writing, references, approachability) to pull the right needles; historically ~1 investment per ~100 inbound companies.

Your company is a product. Hiring, comp, and cadence must cohere like a product system; inconsistency is the cultural anti-pattern.

Focus areas now. Still heavy B2B dev tools (increasingly AI/ML) and FinTech; comfortable as #2–10 on the cap table alongside specialists, which expands where they can help.

Against multi-gen for most firms. Hunter argues many venture franchises lose “fidelity” as AUM and headcount grow—like copies of a mixtape over time.

Investing in Startups is produced by Seaplane Ventures . The show is hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/816acc4826bc41d481bd1a4c2431b213.mp3?s=rss-feed'  length='38500000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2522</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040606/trust-paying-up-homebrew-forever-with-hunter-walk.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040606/trust-paying-up-homebrew-forever-with-hunter-walk.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >From Public Markets to VC, AI, &amp; Winning — Joe Magyer</title>
<link >https://listen.hubhopper.com/episode/from-public-markets-to-vc-ai-winning-joe-magyer-1788890578/33040607</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245618</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 12 Nov 2025 14:13:57 +0000</pubDate>
<itunes:summary ><![CDATA[Joe Magyer is the host of Investing in Startups, but his real job is running his early-stage boutique, Seaplane Ventures. In this episode, Joe is interviewed by his friend Owen Raszkiewicz , Founder and CIO of Rask Group and host of the Australian Investors Podcast . Joe talked why he made the move from public to private markets, how small firms can compete with big firms, the current venture landscape, putting AI to work as an investor, and why studying up on unit economics is a core part of early-stage investing. We also dove into:

Why leave public markets for VC. More hands-on impact, far bigger upside, and value accrues earlier as companies stay private longer.

Where Seaplane plays. Solo GP, Austin-based, writing early checks into live-product startups with early traction.

Favorite business models. Subscription and network effect businesses dominate long-run compounders; early unit economics are “wiggly,” so judge where they can land, not just where they are.

Unit economics are better than vibes. Distinguish virality from true network effects; map cash burn to capital efficiency to avoid dilution traps.

Diligence that wins allocations. Founder-first loops, deep checklists, and institutional-grade write-ups; custom GPT tools speed market research and sharpen product analysis.

Process in action. Preparation and thoughtful questions helped win a spot in an oversubscribed round.

“Friendly-Neighborhood” check size. $250k gets a seat at the table without stepping on the lead; stay concentrated to raise the bar and spend more time with founders.

Why concentration and solo GP resonate with founders. Clear alignment, real skin in the game, and actual access to the decision-maker.

Access is a skill. In startups, you move fast with limited info, and you don’t always get into the deals you want—so you must add tangible value to win allocations.

Market view. Warmer than 12–24 months ago but far cooler than 2021; post-reset, it’s a great time for prepared emerging managers to deploy.

Where he invests. Austin is a top-five US venture city with real momentum—but Seaplane backs teams across the country wherever the signal is strongest.

Remote-first sourcing. Meets more than 40 companies per check—so most investing starts on Zoom; in-person time follows for partner companies.]]></itunes:summary>
<description ><![CDATA[Joe Magyer is the host of Investing in Startups, but his real job is running his early-stage boutique, Seaplane Ventures. In this episode, Joe is interviewed by his friend Owen Raszkiewicz , Founder and CIO of Rask Group and host of the Australian Investors Podcast . Joe talked why he made the move from public to private markets, how small firms can compete with big firms, the current venture landscape, putting AI to work as an investor, and why studying up on unit economics is a core part of early-stage investing. We also dove into:

Why leave public markets for VC. More hands-on impact, far bigger upside, and value accrues earlier as companies stay private longer.

Where Seaplane plays. Solo GP, Austin-based, writing early checks into live-product startups with early traction.

Favorite business models. Subscription and network effect businesses dominate long-run compounders; early unit economics are “wiggly,” so judge where they can land, not just where they are.

Unit economics are better than vibes. Distinguish virality from true network effects; map cash burn to capital efficiency to avoid dilution traps.

Diligence that wins allocations. Founder-first loops, deep checklists, and institutional-grade write-ups; custom GPT tools speed market research and sharpen product analysis.

Process in action. Preparation and thoughtful questions helped win a spot in an oversubscribed round.

“Friendly-Neighborhood” check size. $250k gets a seat at the table without stepping on the lead; stay concentrated to raise the bar and spend more time with founders.

Why concentration and solo GP resonate with founders. Clear alignment, real skin in the game, and actual access to the decision-maker.

Access is a skill. In startups, you move fast with limited info, and you don’t always get into the deals you want—so you must add tangible value to win allocations.

Market view. Warmer than 12–24 months ago but far cooler than 2021; post-reset, it’s a great time for prepared emerging managers to deploy.

Where he invests. Austin is a top-five US venture city with real momentum—but Seaplane backs teams across the country wherever the signal is strongest.

Remote-first sourcing. Meets more than 40 companies per check—so most investing starts on Zoom; in-person time follows for partner companies.]]></description>
<enclosure  url='https://play.hubhopper.com/45c9ecb6bb96276c63e65790a72ddab5.mp3?s=rss-feed'  length='47300000'  type='audio/mpeg' ></enclosure>
<itunes:duration >3099</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040607/from-public-markets-to-vc-ai-winning-joe-magyer.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040607/from-public-markets-to-vc-ai-winning-joe-magyer.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Pre/Seed, Control Points, and Frenemies with Jackie DiMonte of Grid Capital</title>
<link >https://listen.hubhopper.com/episode/preseed-control-points-and-frenemies-with-jackie-dimonte-of-grid-capital-1788890578/33040608</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245612</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 29 Oct 2025 12:14:57 +0000</pubDate>
<itunes:summary ><![CDATA[Jackie DiMonte is the Cofounder and General Partner of Grid Capital. We talked about power laws, investing with conviction, how to help founders in their earliest stages, small funds vs. big funds, and whether pre-seed valuations really are mental. We spoke in depth about:

- Why Pre/Seed (not just “pre-seed”). Jackie sees pre/seed as a continuum and optimizes for investing “before it’s obvious”—pre-PMF and before scale playbooks kick in.

- Concentrated by conviction. Grid leads rounds so every check matters; “party rounds” left no owner, unclear milestones, and shaky odds—so she backs fewer, deeper and sets explicit experiment plans.

- The pre-PMF playbook. Start with a market hypothesis, define the signals that prove or disprove it, and don’t hide from feedback—iterate fast on product, pricing, and business model.

- Control points ＞ features. In crowded industrial/logistics AI, she looks for wedge use cases with fast time-to-value and durable leverage; otherwise it devolves into a customer-acquisition bloodbath.

- “Frenemies” in supply chains. Competitors often integrate and overlap; Grid underwrites only when the entry point creates credibility to crowd out others—important for a small, high-ownership fund.

- Founder archetype. Best fit: builders with industry roots and high-growth tech chops who show real customer empathy; solo vs. teams can both be superpowers.

- Marketplaces & vertical AI (reality check). Network effects are unmatched, but in industrials behavior change and trust make embedding hard; Jackie favors either core systems of record or AI-enabled services that deliver outcomes, not middling bolt-ons.

- Valuation dispersion & speed. The “power law” now shows up in fundraising: a few rounds price mental and close overnight on relationships, while most processes remain slow and illiquid.

- Geo lens. Grid’s industrial thesis maps to Chicago/Austin and the Atlanta-to-NY corridor; LA is emerging in manufacturing—where domain roots meet tech talent.

Investing in Startups is a Seaplane Ventures production and hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Jackie DiMonte is the Cofounder and General Partner of Grid Capital. We talked about power laws, investing with conviction, how to help founders in their earliest stages, small funds vs. big funds, and whether pre-seed valuations really are mental. We spoke in depth about:

- Why Pre/Seed (not just “pre-seed”). Jackie sees pre/seed as a continuum and optimizes for investing “before it’s obvious”—pre-PMF and before scale playbooks kick in.

- Concentrated by conviction. Grid leads rounds so every check matters; “party rounds” left no owner, unclear milestones, and shaky odds—so she backs fewer, deeper and sets explicit experiment plans.

- The pre-PMF playbook. Start with a market hypothesis, define the signals that prove or disprove it, and don’t hide from feedback—iterate fast on product, pricing, and business model.

- Control points ＞ features. In crowded industrial/logistics AI, she looks for wedge use cases with fast time-to-value and durable leverage; otherwise it devolves into a customer-acquisition bloodbath.

- “Frenemies” in supply chains. Competitors often integrate and overlap; Grid underwrites only when the entry point creates credibility to crowd out others—important for a small, high-ownership fund.

- Founder archetype. Best fit: builders with industry roots and high-growth tech chops who show real customer empathy; solo vs. teams can both be superpowers.

- Marketplaces & vertical AI (reality check). Network effects are unmatched, but in industrials behavior change and trust make embedding hard; Jackie favors either core systems of record or AI-enabled services that deliver outcomes, not middling bolt-ons.

- Valuation dispersion & speed. The “power law” now shows up in fundraising: a few rounds price mental and close overnight on relationships, while most processes remain slow and illiquid.

- Geo lens. Grid’s industrial thesis maps to Chicago/Austin and the Atlanta-to-NY corridor; LA is emerging in manufacturing—where domain roots meet tech talent.

Investing in Startups is a Seaplane Ventures production and hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/bdc2d52c1f12545b74b5bc693a36fa08.mp3?s=rss-feed'  length='34190000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2240</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040608/preseed-control-points-and-frenemies-with-jackie-dimonte-of-grid-capital.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040608/preseed-control-points-and-frenemies-with-jackie-dimonte-of-grid-capital.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E40: The Art &amp; Science of Portfolio Construction Plus Valuation Realism with Morgan Flager</title>
<link >https://listen.hubhopper.com/episode/e40-the-art-science-of-portfolio-construction-plus-valuation-realism-with-morgan-flager-1788890578/33040609</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245594</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 15 Oct 2025 12:38:24 +0000</pubDate>
<itunes:summary ><![CDATA[Morgan Flager is the Managing Partner of Silverton Partners. Silverton is an early-stage firm that has had more than 30 companies IPO or get acquired. We talked about the art and science of portfolio construction, when to bend on price, and which of team, product, or market is most important. We also dove into:

Silverton’s “early PMF” lane. Sweet spot is writing ~$3–7M checks into companies with a handful of customers and early revenue; ~70–80% fit this stage, with occasional earlier/later outliers. About 60% of deals in Central Texas, ~10% elsewhere in TX, balance nationwide—leveraging two decades of local reputation while staying opportunistic.

Follow-on edge = objectivity. They’re data-driven on reserves, but the real unlock is knowing when not to keep doubling down; partners anonymously rank each other’s companies to curb politics and fumes.

Secondary rules of the road. If a breakout round implies 5–10x+ on a small sell (10–20%), they’ll often take it—bank DPI, let the rest ride; in 2021 they even mandated trims in that range. Fund-life alignment matters. As vehicles near years 10–12, selling a majority (or all) via secondary is often the right call.

Owner mindset inside the firm. Silverton lends to team members so they can co-invest—shifts psychology toward prudent partial sales vs. “let it ride” with other people’s money.

Team ＞ market ＞ product (at maturity). Early it’s founder-led, later it’s team-led; great teams self-correct on market/product, and Silverton will back a stellar team in a merely “B” market over the reverse.

Why origin stories matter. He listens for authentic passion and connection to the problem—grit to push through the “dark, lonely days” shows up in the journey, not the pitch deck.

Valuation realism ＞ unicorn fantasies. Morgan calls BS on “pay any price” at seed; most outcomes aren’t $10B, and mispriced seeds can trap founders and misalign with later-stage mega-fund incentives.

Austin culture advantage. Smaller, reputation-sensitive network rewards doing right by founders; openness and pay-it-forward energy were a positive “culture shock” vs. the Valley.

Investing in Startups is a Seaplane Ventures production hosted by Joe Magyer.]]></itunes:summary>
<description ><![CDATA[Morgan Flager is the Managing Partner of Silverton Partners. Silverton is an early-stage firm that has had more than 30 companies IPO or get acquired. We talked about the art and science of portfolio construction, when to bend on price, and which of team, product, or market is most important. We also dove into:

Silverton’s “early PMF” lane. Sweet spot is writing ~$3–7M checks into companies with a handful of customers and early revenue; ~70–80% fit this stage, with occasional earlier/later outliers. About 60% of deals in Central Texas, ~10% elsewhere in TX, balance nationwide—leveraging two decades of local reputation while staying opportunistic.

Follow-on edge = objectivity. They’re data-driven on reserves, but the real unlock is knowing when not to keep doubling down; partners anonymously rank each other’s companies to curb politics and fumes.

Secondary rules of the road. If a breakout round implies 5–10x+ on a small sell (10–20%), they’ll often take it—bank DPI, let the rest ride; in 2021 they even mandated trims in that range. Fund-life alignment matters. As vehicles near years 10–12, selling a majority (or all) via secondary is often the right call.

Owner mindset inside the firm. Silverton lends to team members so they can co-invest—shifts psychology toward prudent partial sales vs. “let it ride” with other people’s money.

Team ＞ market ＞ product (at maturity). Early it’s founder-led, later it’s team-led; great teams self-correct on market/product, and Silverton will back a stellar team in a merely “B” market over the reverse.

Why origin stories matter. He listens for authentic passion and connection to the problem—grit to push through the “dark, lonely days” shows up in the journey, not the pitch deck.

Valuation realism ＞ unicorn fantasies. Morgan calls BS on “pay any price” at seed; most outcomes aren’t $10B, and mispriced seeds can trap founders and misalign with later-stage mega-fund incentives.

Austin culture advantage. Smaller, reputation-sensitive network rewards doing right by founders; openness and pay-it-forward energy were a positive “culture shock” vs. the Valley.

Investing in Startups is a Seaplane Ventures production hosted by Joe Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/6692998d7d486b9be088435465025431.mp3?s=rss-feed'  length='38590000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2528</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040609/e40-the-art-science-of-portfolio-construction-plus-valuation-realism-with-morgan-flager.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040609/e40-the-art-science-of-portfolio-construction-plus-valuation-realism-with-morgan-flager.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E39: Networks, Flywheels, and Why Fintech is Thriving with Rex Salisbury</title>
<link >https://listen.hubhopper.com/episode/e39-networks-flywheels-and-why-fintech-is-thriving-with-rex-salisbury-1788890578/33040610</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245608</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 01 Oct 2025 12:20:18 +0000</pubDate>
<itunes:summary ><![CDATA[Rex Salisbury is the Founder and General Partner of fintech-focused Cambrian Ventures. We talked about how Rex built a big community and following in the fintech world, why fintech startups are on a roll, disruption versus partnership, and how the venture world is evolving.

Other topics include:
 
 • The Bay Area fosters a unique culture of openness and innovation.
 • Building a community is essential for networking and support in FinTech.
 • Fundraising for venture capital can be challenging, especially for emerging managers.
 • Talent in FinTech has significantly improved over the past decade.
 • FinTech companies are increasingly taking market share from traditional banks.
 • Vertical SaaS is a growing trend that could disrupt traditional banking.
 • Mortgages may become a viable second product for FinTech companies.
 • Early-stage investors can leverage their networks to help founders succeed.
 • The series A market is evolving, with changing metrics for success.
 • The LP ecosystem is slow to adapt, impacting venture capital dynamics.
 
 Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Rex Salisbury is the Founder and General Partner of fintech-focused Cambrian Ventures. We talked about how Rex built a big community and following in the fintech world, why fintech startups are on a roll, disruption versus partnership, and how the venture world is evolving.

Other topics include:
 
 • The Bay Area fosters a unique culture of openness and innovation.
 • Building a community is essential for networking and support in FinTech.
 • Fundraising for venture capital can be challenging, especially for emerging managers.
 • Talent in FinTech has significantly improved over the past decade.
 • FinTech companies are increasingly taking market share from traditional banks.
 • Vertical SaaS is a growing trend that could disrupt traditional banking.
 • Mortgages may become a viable second product for FinTech companies.
 • Early-stage investors can leverage their networks to help founders succeed.
 • The series A market is evolving, with changing metrics for success.
 • The LP ecosystem is slow to adapt, impacting venture capital dynamics.
 
 Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/a84600c86333481c8a2c12b054a3ad00.mp3?s=rss-feed'  length='41260000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2704</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040610/e39-networks-flywheels-and-why-fintech-is-thriving-with-rex-salisbury.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040610/e39-networks-flywheels-and-why-fintech-is-thriving-with-rex-salisbury.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E38: Lessons from Investing in 400 Startups with Charles Hudson of Precursor Ventures</title>
<link >https://listen.hubhopper.com/episode/e38-lessons-from-investing-in-400-startups-with-charles-hudson-of-precursor-ventures-1788890578/33040611</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245614</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 17 Sep 2025 12:11:20 +0000</pubDate>
<itunes:summary ><![CDATA[Charles Hudson is the Managing Partner and Founder of Precursor Ventures. Precursor is a generalist pre seed firm based in San Francisco that invests in startups from all over. We talked about the importance of founder centric investing, portfolio construction, and the balancing act of taking money off the table with winners. Charles has made more than 400 investments at Precursor and has a lot of insights to share.

Here are some takeaways from the episode:

Raising across cycles is a different game each time. Fund Two was the most stressful because it was about proving you could sustain the firm with little data. Fund Five was the hardest because of post Silicon Valley Bank concerns and LP anxiety about long dated and illiquid pre seed funds.

Liquidity playbook for pre seed. The default approach is to sell between ten and twenty percent starting around the Series B stage which is usually five to seven years in. Ideally sales are to the new lead investor at a small discount. Other buyers often demand discounts of twenty to forty percent which only makes sense when valuations have grown dramatically or when LPs are applying pressure. The challenge is balancing short term cash returns against long term portfolio value and not selling too much of the winners too early.

The barbell is real. Venture capital is moving toward a split between a few scaled platforms that can take very large LP checks with lower risk return targets and smaller boutique firms. The middle is getting squeezed out.

Solo GP with systems. Precursor scaled by pairing a single general partner with a fourteen person team handling finance investor relations diligence and founder support.

Technology leverage over heroics. Airtable and other tools are the portfolio operating system. A digital twin of Charles in Delphi with over one million words of content gives founders round the clock guidance even before meetings.

Pattern recognition on founders. Prior startup experience is a strong predictor at pre seed because going from zero to one demands both speed and judgment. About half of the best performers are domain insiders and half are outsiders. The key signal is whether a founder has taken real risks in their history.

People matter more than markets but not entirely. Today the weighting is about eighty percent people and twenty percent market. Charles only needs to avoid actively disliking a market because talented founders with limited capital cannot pivot out of truly bad markets in time.

Limited partner preferences are not uniform. Some LPs prefer breadth through their multi manager portfolios and do not value a single manager covering many areas. Others remain skeptical of diversified pre seed portfolios.

Opportunity fund lessons. Special purpose vehicles worked well but a pooled opportunity fund fit fewer LPs. Many preferred to cherry pick or already had exposure in later rounds. Precursor did one opportunity fund deployed it fully and then shifted most follow on investing back to the main fund and SPVs.

Operator tool in the wild. Precursor backed repeat founder Andrew DSouza early. His product evolved from a fractional experts network to an AI tool that extends networks and that Charles uses every week. It is a case study showing that when you get the right people and the right domain the product can follow.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Charles Hudson is the Managing Partner and Founder of Precursor Ventures. Precursor is a generalist pre seed firm based in San Francisco that invests in startups from all over. We talked about the importance of founder centric investing, portfolio construction, and the balancing act of taking money off the table with winners. Charles has made more than 400 investments at Precursor and has a lot of insights to share.

Here are some takeaways from the episode:

Raising across cycles is a different game each time. Fund Two was the most stressful because it was about proving you could sustain the firm with little data. Fund Five was the hardest because of post Silicon Valley Bank concerns and LP anxiety about long dated and illiquid pre seed funds.

Liquidity playbook for pre seed. The default approach is to sell between ten and twenty percent starting around the Series B stage which is usually five to seven years in. Ideally sales are to the new lead investor at a small discount. Other buyers often demand discounts of twenty to forty percent which only makes sense when valuations have grown dramatically or when LPs are applying pressure. The challenge is balancing short term cash returns against long term portfolio value and not selling too much of the winners too early.

The barbell is real. Venture capital is moving toward a split between a few scaled platforms that can take very large LP checks with lower risk return targets and smaller boutique firms. The middle is getting squeezed out.

Solo GP with systems. Precursor scaled by pairing a single general partner with a fourteen person team handling finance investor relations diligence and founder support.

Technology leverage over heroics. Airtable and other tools are the portfolio operating system. A digital twin of Charles in Delphi with over one million words of content gives founders round the clock guidance even before meetings.

Pattern recognition on founders. Prior startup experience is a strong predictor at pre seed because going from zero to one demands both speed and judgment. About half of the best performers are domain insiders and half are outsiders. The key signal is whether a founder has taken real risks in their history.

People matter more than markets but not entirely. Today the weighting is about eighty percent people and twenty percent market. Charles only needs to avoid actively disliking a market because talented founders with limited capital cannot pivot out of truly bad markets in time.

Limited partner preferences are not uniform. Some LPs prefer breadth through their multi manager portfolios and do not value a single manager covering many areas. Others remain skeptical of diversified pre seed portfolios.

Opportunity fund lessons. Special purpose vehicles worked well but a pooled opportunity fund fit fewer LPs. Many preferred to cherry pick or already had exposure in later rounds. Precursor did one opportunity fund deployed it fully and then shifted most follow on investing back to the main fund and SPVs.

Operator tool in the wild. Precursor backed repeat founder Andrew DSouza early. His product evolved from a fractional experts network to an AI tool that extends networks and that Charles uses every week. It is a case study showing that when you get the right people and the right domain the product can follow.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/46e13e7e54867f4750744e74f0f28d8b.mp3?s=rss-feed'  length='34700000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2273</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040611/e38-lessons-from-investing-in-400-startups-with-charles-hudson-of-precursor-ventures.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040611/e38-lessons-from-investing-in-400-startups-with-charles-hudson-of-precursor-ventures.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E37: Bigger Isn\&apos;t Better and Give First with Techstars\&apos; David Cohen</title>
<link >https://listen.hubhopper.com/episode/e37-bigger-isnt-better-and-give-first-with-techstars-david-cohen-1788890578/33040612</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245605</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 03 Sep 2025 12:46:30 +0000</pubDate>
<itunes:summary ><![CDATA[David Cohen is the CEO and Cofounder of Techstars. Techstars is one of the OGs of startup accelerators, investing in almost 5,000 startups since Techstars was founded in 2006. David himself is a serial entrepreneur who was the founding CEO at Techstars, later stepped back from that role, and then returned as CEO in 2024. We talked about the problems that Techstars solves for founders, how vibe-coding affects accelerators, why Techstars finally opened up in SF, and why bigger isn’t better – better is better. Please enjoy. 

A few longer highlights:
 
 • Techstars was founded to create a supportive community for entrepreneurs. 
 • The accelerator model has evolved, with many new players in the market. 
 • Quality of support is more important than the number of companies funded.
 • Techstars is focused on improving the offer for founders to attract high-quality startups.
 • The network of mentors and alumni is a key asset for Techstars.
 • Founders often come in with hubris but learn to embrace feedback.
 • The experience of founders in the program can lead to significant transformations.
 • Market selection is based on capital availability and community strength.
 • Techstars aims to maintain quality while allowing MDs autonomy in decision-making.
 • AI is changing the landscape of startup development, emphasizing storytelling and long-term vision.
 
Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures .]]></itunes:summary>
<description ><![CDATA[David Cohen is the CEO and Cofounder of Techstars. Techstars is one of the OGs of startup accelerators, investing in almost 5,000 startups since Techstars was founded in 2006. David himself is a serial entrepreneur who was the founding CEO at Techstars, later stepped back from that role, and then returned as CEO in 2024. We talked about the problems that Techstars solves for founders, how vibe-coding affects accelerators, why Techstars finally opened up in SF, and why bigger isn’t better – better is better. Please enjoy. 

A few longer highlights:
 
 • Techstars was founded to create a supportive community for entrepreneurs. 
 • The accelerator model has evolved, with many new players in the market. 
 • Quality of support is more important than the number of companies funded.
 • Techstars is focused on improving the offer for founders to attract high-quality startups.
 • The network of mentors and alumni is a key asset for Techstars.
 • Founders often come in with hubris but learn to embrace feedback.
 • The experience of founders in the program can lead to significant transformations.
 • Market selection is based on capital availability and community strength.
 • Techstars aims to maintain quality while allowing MDs autonomy in decision-making.
 • AI is changing the landscape of startup development, emphasizing storytelling and long-term vision.
 
Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures .]]></description>
<enclosure  url='https://play.hubhopper.com/6fb3b3e5311a8ffaf057cfd5f8ec43d7.mp3?s=rss-feed'  length='34930000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2288</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040612/e37-bigger-isnt-better-and-give-first-with-techstars-david-cohen.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040612/e37-bigger-isnt-better-and-give-first-with-techstars-david-cohen.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E36: Network Effects, AI Agents, &amp; the Myth of \&quot;Product Is Enough\&quot; with NFX\&apos;s Gigi Levy-Weiss</title>
<link >https://listen.hubhopper.com/episode/e36-network-effects-ai-agents-the-myth-of-product-is-enough-with-nfxs-gigi-levy-weiss-1788890578/33040613</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245590</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 20 Aug 2025 12:08:53 +0000</pubDate>
<itunes:summary ><![CDATA[Gigi Levy-Weiss is a serial founder and a Founding Partner at NFX . NFX is an early-stage firm that has established itself as one of leading experts in network effects. We talked about network effects, AI agents, the importance of speed of execution, why first-mover advantages are overrated, and how NFX has built its own brand, systems, and network effects. 

We also covered:

Going global without going local — Despite a 10-hour time gap between Israel and Silicon Valley, NFX partners rejected the easier path of separate regional funds, instead building a fully integrated, unified investment process based on trust, asynchronous communication, and individual founder meetings.
 
Content as a competitive weapon — Early, sustained investment in short-form, actionable founder content gave NFX outsized market presence. Articles like the “Network Effects Bible” turned content into a persistent competitive advantage, positioning NFX as the definitive voice on network effects.
 
AI\'s future is agent-to-agent, not agent-to-human — Gigi sees current AI implementations as merely transitional (agent-to-human workflows), predicting the true revolution lies in agent-to-agent interactions, cutting entire human-dependent processes from months down to minutes.
 
B2C is AI’s biggest opening — Contrary to many investors betting big on AI-driven enterprise SaaS, Gigi argues consumer and SMB markets offer more attractive opportunities. Large enterprises will adapt quickly, limiting disruption, while SMBs and consumer verticals are ripe for agent-first innovation.
 
First-mover advantage is overrated — Gigi challenges the widely-held VC belief in the inherent value of being first. Pointing to past failures, he argues that \"being great is more important than being first,\" and successful fast-followers often become category leaders.
 
Great products rarely sell themselves — Founders mistakenly obsess over perfecting product details (“product delusion”), yet distribution and defensibility usually matter more. NFX advocates for “product-market-network-distribution fit,” highlighting cases like Craigslist where distribution outshone product polish.
 
VC needs its own disruption — NFX built internal VC tooling (“The Force”) and founder-focused products like Signal and BriefLink, seeing tech-driven innovation as essential for winning deal flow. They reject the outdated assumption that every industry except VC itself can be disrupted by technology.
 
Investing in Startups (https://www.investinginstartups.com/) is hosted by Joe Magyer (https://www.linkedin.com/in/joemagyer/) and produced by Seaplane Ventures (https://www.seaplaneventures.com/) .]]></itunes:summary>
<description ><![CDATA[Gigi Levy-Weiss is a serial founder and a Founding Partner at NFX . NFX is an early-stage firm that has established itself as one of leading experts in network effects. We talked about network effects, AI agents, the importance of speed of execution, why first-mover advantages are overrated, and how NFX has built its own brand, systems, and network effects. 

We also covered:

Going global without going local — Despite a 10-hour time gap between Israel and Silicon Valley, NFX partners rejected the easier path of separate regional funds, instead building a fully integrated, unified investment process based on trust, asynchronous communication, and individual founder meetings.
 
Content as a competitive weapon — Early, sustained investment in short-form, actionable founder content gave NFX outsized market presence. Articles like the “Network Effects Bible” turned content into a persistent competitive advantage, positioning NFX as the definitive voice on network effects.
 
AI\'s future is agent-to-agent, not agent-to-human — Gigi sees current AI implementations as merely transitional (agent-to-human workflows), predicting the true revolution lies in agent-to-agent interactions, cutting entire human-dependent processes from months down to minutes.
 
B2C is AI’s biggest opening — Contrary to many investors betting big on AI-driven enterprise SaaS, Gigi argues consumer and SMB markets offer more attractive opportunities. Large enterprises will adapt quickly, limiting disruption, while SMBs and consumer verticals are ripe for agent-first innovation.
 
First-mover advantage is overrated — Gigi challenges the widely-held VC belief in the inherent value of being first. Pointing to past failures, he argues that \"being great is more important than being first,\" and successful fast-followers often become category leaders.
 
Great products rarely sell themselves — Founders mistakenly obsess over perfecting product details (“product delusion”), yet distribution and defensibility usually matter more. NFX advocates for “product-market-network-distribution fit,” highlighting cases like Craigslist where distribution outshone product polish.
 
VC needs its own disruption — NFX built internal VC tooling (“The Force”) and founder-focused products like Signal and BriefLink, seeing tech-driven innovation as essential for winning deal flow. They reject the outdated assumption that every industry except VC itself can be disrupted by technology.
 
Investing in Startups (https://www.investinginstartups.com/) is hosted by Joe Magyer (https://www.linkedin.com/in/joemagyer/) and produced by Seaplane Ventures (https://www.seaplaneventures.com/) .]]></description>
<enclosure  url='https://play.hubhopper.com/37c115bfbac30c5d0ffb6b69df8d05cc.mp3?s=rss-feed'  length='34640000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2270</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040613/e36-network-effects-ai-agents-the-myth-of-product-is-enough-with-nfxs-gigi-levy-weiss.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040613/e36-network-effects-ai-agents-the-myth-of-product-is-enough-with-nfxs-gigi-levy-weiss.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E35: The Pitch, Democratizing Startup Funding, and Non-Consensus Investing with Josh Muccio</title>
<link >https://listen.hubhopper.com/episode/e35-the-pitch-democratizing-startup-funding-and-non-consensus-investing-with-josh-muccio-1788890578/33040614</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245586</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 06 Aug 2025 16:00:49 +0000</pubDate>
<itunes:summary ><![CDATA[Josh Muccio is the Founder of The Pitch and The Pitch Fund. The Pitch is a show that features startup founders pitching a panel of VCs and getting live-fire feedback. The Pitch Fund invests in Josh’s favorite startups that appear on The Pitch. We talked about the behind-the-scenes of how the show works, pitching, whether the market matters more than the founder, and the dangers of consensus investing.
 
We also dove into:

– Josh shares how selling an iPhone-repair startup and falling in love with Gimlet’s Startup podcast led him to create The Pitch to “democratize access” to startup investing and storytelling. 

– Why The Pitch is “like Shark Tank for tech” but with real, check-writing VCs. Less ego, more thoughtful questions, and founders who actually get funded. 

– Inside the funnel: ~1,000 companies apply each season; venture partner Peter Liu screens hundreds before Lisa Muccio and Josh decide who records—only after all three have met the founder to curb bias. 

– The backstory of The Pitch Fund and Josh’s investing rubric - he weights market roughly 60 % and warns that even great founders struggle in weak markets. 

– Railing against “consensus chasing,” he argues that investing purely for quick mark-ups hurts returns and founders; instead, he hunts non-consensus deals—like a snack-chip startup he backed at a $4 million valuation. 


Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Josh Muccio is the Founder of The Pitch and The Pitch Fund. The Pitch is a show that features startup founders pitching a panel of VCs and getting live-fire feedback. The Pitch Fund invests in Josh’s favorite startups that appear on The Pitch. We talked about the behind-the-scenes of how the show works, pitching, whether the market matters more than the founder, and the dangers of consensus investing.
 
We also dove into:

– Josh shares how selling an iPhone-repair startup and falling in love with Gimlet’s Startup podcast led him to create The Pitch to “democratize access” to startup investing and storytelling. 

– Why The Pitch is “like Shark Tank for tech” but with real, check-writing VCs. Less ego, more thoughtful questions, and founders who actually get funded. 

– Inside the funnel: ~1,000 companies apply each season; venture partner Peter Liu screens hundreds before Lisa Muccio and Josh decide who records—only after all three have met the founder to curb bias. 

– The backstory of The Pitch Fund and Josh’s investing rubric - he weights market roughly 60 % and warns that even great founders struggle in weak markets. 

– Railing against “consensus chasing,” he argues that investing purely for quick mark-ups hurts returns and founders; instead, he hunts non-consensus deals—like a snack-chip startup he backed at a $4 million valuation. 


Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/e7ebfb65397efd137f59f7d976581cd8.mp3?s=rss-feed'  length='35810000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2346</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040614/e35-the-pitch-democratizing-startup-funding-and-non-consensus-investing-with-josh-muccio.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040614/e35-the-pitch-democratizing-startup-funding-and-non-consensus-investing-with-josh-muccio.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E34: Conviction, Cheating, AI, and (Not) Predicting with Shawn Merani</title>
<link >https://listen.hubhopper.com/episode/e34-conviction-cheating-ai-and-not-predicting-with-shawn-merani-1788890578/33040615</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245570</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 23 Jul 2025 11:19:43 +0000</pubDate>
<itunes:summary ><![CDATA[Shawn Merani (https://www.linkedin.com/in/smerani/) is the Founder and Managing Partner of Parade Ventures (https://www.parade.vc/). Parade is a seed stage venture firm with an affinity for enterprise software. We talked about the state of seed investing, relationships, observing vs. predicting, cheating, AI and a huge win Shawn had recently with the acquisition of Moveworks. Shawn is a sharp guy and this was a really fun conversation. Please enjoy.

We also covered:

The story behind Shawn’s early bet on Moveworks — and what made the founders stand out
 
Why Shawn isn\'t big on predicting market trends
 
How Shawn thinks about building high-conviction, concentrated portfolios
 
The rise of secondary sales and what they mean for early-stage investors
 
Why Shawn still believes in the power of enterprise software despite the hype cycles
 
How he balances being relationship-driven with moving fast in today’s competitive seed market
 
Shawn’s candid take on AI: opportunity, overuse, and what actually matters
 
Why he tells his Berkeley MBA students that cheating only hurts themselves (and how he really feels about grades)
 
Investing in Startups (https://www.investinginstartups.com/) is hosted by Joe Magyer (https://www.linkedin.com/in/joemagyer/) and produced by Seaplane Ventures (https://www.seaplaneventures.com/).]]></itunes:summary>
<description ><![CDATA[Shawn Merani (https://www.linkedin.com/in/smerani/) is the Founder and Managing Partner of Parade Ventures (https://www.parade.vc/). Parade is a seed stage venture firm with an affinity for enterprise software. We talked about the state of seed investing, relationships, observing vs. predicting, cheating, AI and a huge win Shawn had recently with the acquisition of Moveworks. Shawn is a sharp guy and this was a really fun conversation. Please enjoy.

We also covered:

The story behind Shawn’s early bet on Moveworks — and what made the founders stand out
 
Why Shawn isn\'t big on predicting market trends
 
How Shawn thinks about building high-conviction, concentrated portfolios
 
The rise of secondary sales and what they mean for early-stage investors
 
Why Shawn still believes in the power of enterprise software despite the hype cycles
 
How he balances being relationship-driven with moving fast in today’s competitive seed market
 
Shawn’s candid take on AI: opportunity, overuse, and what actually matters
 
Why he tells his Berkeley MBA students that cheating only hurts themselves (and how he really feels about grades)
 
Investing in Startups (https://www.investinginstartups.com/) is hosted by Joe Magyer (https://www.linkedin.com/in/joemagyer/) and produced by Seaplane Ventures (https://www.seaplaneventures.com/).]]></description>
<enclosure  url='https://play.hubhopper.com/08a1d1605e062834843aab8ef69174bc.mp3?s=rss-feed'  length='35680000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2338</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040615/e34-conviction-cheating-ai-and-not-predicting-with-shawn-merani.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040615/e34-conviction-cheating-ai-and-not-predicting-with-shawn-merani.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E33: Y Combinator, Open Source, and Raising Founders Up with Jason Freedman</title>
<link >https://listen.hubhopper.com/episode/e33-y-combinator-open-source-and-raising-founders-up-with-jason-freedman-1788890578/33040616</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245579</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 09 Jul 2025 11:00:01 +0000</pubDate>
<itunes:summary ><![CDATA[Jason Freedman (linkedin.com/in/jasonfreedman/) is a serial founder and General Partner at Orange Collective (orangecollective.vc/). Orange Collective is a Y Combinator-focused venture fund that aims to invest in the most promising YC companies before Demo Day. We talked about YC, exits, AI, open source, raising founders up, and why ownership percentages are overrated. We also discussed:

YC’s radical candor + optimism
Orange Collective’s super-power: “use the product” diligence
Early, relationship-first checks beat ownership math
Real-world example: Mastra AI
Doubling down on AI infrastructure
Why open-source wins long-term
Exits require as much craft as fundraising
“Raise founders up” in practice
Ownership percentages are overrated
 
Investing in Startups (https://www.investinginstartups.com/) is hosted by Joe Magyer (https://www.linkedin.com/in/joemagyer/) and produced by Seaplane Ventures (https://www.seaplaneventures.com/).]]></itunes:summary>
<description ><![CDATA[Jason Freedman (linkedin.com/in/jasonfreedman/) is a serial founder and General Partner at Orange Collective (orangecollective.vc/). Orange Collective is a Y Combinator-focused venture fund that aims to invest in the most promising YC companies before Demo Day. We talked about YC, exits, AI, open source, raising founders up, and why ownership percentages are overrated. We also discussed:

YC’s radical candor + optimism
Orange Collective’s super-power: “use the product” diligence
Early, relationship-first checks beat ownership math
Real-world example: Mastra AI
Doubling down on AI infrastructure
Why open-source wins long-term
Exits require as much craft as fundraising
“Raise founders up” in practice
Ownership percentages are overrated
 
Investing in Startups (https://www.investinginstartups.com/) is hosted by Joe Magyer (https://www.linkedin.com/in/joemagyer/) and produced by Seaplane Ventures (https://www.seaplaneventures.com/).]]></description>
<enclosure  url='https://play.hubhopper.com/d8274a7690e41fc589abc0c2197ee0e7.mp3?s=rss-feed'  length='46330000'  type='audio/mpeg' ></enclosure>
<itunes:duration >3035</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040616/e33-y-combinator-open-source-and-raising-founders-up-with-jason-freedman.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040616/e33-y-combinator-open-source-and-raising-founders-up-with-jason-freedman.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E31: Unlocking the Secrets of Startup Secondaries with Jamie Melzer</title>
<link >https://listen.hubhopper.com/episode/e31-unlocking-the-secrets-of-startup-secondaries-with-jamie-melzer-1788890578/33040617</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245580</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 25 Jun 2025 09:00:14 +0000</pubDate>
<itunes:summary ><![CDATA[Our guest this week is Jamie Melzer, Managing Partner at Altra Venture Partners. Altra invests in late-stage and pre-IPO venture-backed startups via secondaries. Jamie took us on a behind-the-scenes tour of the secondary market, how it works, why it is relevant to early stage investors and founders, and where the market is heading. This was the first time we’ve talked about secondaries on Investing in Startups but it probably won’t be the last because it is becoming more important as startups stay private for longer. 

We also covered:

The nuts and bolts of a secondary deal—finding a seller, agreeing on price with scant data, and getting past ROFRs or outright company blocks that kill roughly a third of transactions.

Why the late-stage secondary market now looks like public-equity investing, with the top 10 U.S. unicorns (SpaceX, Stripe, OpenAI, etc.) representing more than a third of all private-tech value—a true power-law.

Common shares trading at premiums to fresh preferred rounds, and how hidden liquidation stacks can wipe you out if you don’t model the waterfall.

The surge of giant institutional funds and private-wealth vehicles buying $100-300 M blocks—versus retail SPVs chasing “Birkin-bag” names like Anduril or SpaceX, often at double the institutional price.

Lessons Jamie brought from distressed credit: pricing risk, valuing businesses bottom-up, and why share-class selection matters as much as entry multiple.

Rethinking portfolio construction: focus on position size and access, not “own 10 %,” and accept that 15-30 late-stage names can give better exposure than hundreds of seed bets.

How evergreen, index-style funds could let employees and early VCs tap liquidity every 6-12 months while letting new investors hold compounders indefinitely.

The coming “secondary-of-secondaries” wave, when today’s growth-stage and secondary funds will themselves need liquidity from even later buyers.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Our guest this week is Jamie Melzer, Managing Partner at Altra Venture Partners. Altra invests in late-stage and pre-IPO venture-backed startups via secondaries. Jamie took us on a behind-the-scenes tour of the secondary market, how it works, why it is relevant to early stage investors and founders, and where the market is heading. This was the first time we’ve talked about secondaries on Investing in Startups but it probably won’t be the last because it is becoming more important as startups stay private for longer. 

We also covered:

The nuts and bolts of a secondary deal—finding a seller, agreeing on price with scant data, and getting past ROFRs or outright company blocks that kill roughly a third of transactions.

Why the late-stage secondary market now looks like public-equity investing, with the top 10 U.S. unicorns (SpaceX, Stripe, OpenAI, etc.) representing more than a third of all private-tech value—a true power-law.

Common shares trading at premiums to fresh preferred rounds, and how hidden liquidation stacks can wipe you out if you don’t model the waterfall.

The surge of giant institutional funds and private-wealth vehicles buying $100-300 M blocks—versus retail SPVs chasing “Birkin-bag” names like Anduril or SpaceX, often at double the institutional price.

Lessons Jamie brought from distressed credit: pricing risk, valuing businesses bottom-up, and why share-class selection matters as much as entry multiple.

Rethinking portfolio construction: focus on position size and access, not “own 10 %,” and accept that 15-30 late-stage names can give better exposure than hundreds of seed bets.

How evergreen, index-style funds could let employees and early VCs tap liquidity every 6-12 months while letting new investors hold compounders indefinitely.

The coming “secondary-of-secondaries” wave, when today’s growth-stage and secondary funds will themselves need liquidity from even later buyers.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/3edecfcc39d4be4a3504e14b177d3da8.mp3?s=rss-feed'  length='27280000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1787</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040617/e31-unlocking-the-secrets-of-startup-secondaries-with-jamie-melzer.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040617/e31-unlocking-the-secrets-of-startup-secondaries-with-jamie-melzer.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >AI, Anti-Patterns in Startups, and the Dangers of Elephant Hunting with Itamar Novick</title>
<link >https://listen.hubhopper.com/episode/ai-anti-patterns-in-startups-and-the-dangers-of-elephant-hunting-with-itamar-novick-1788890578/33040618</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245609</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 11 Jun 2025 10:01:34 +0000</pubDate>
<itunes:summary ><![CDATA[Our guest this week is Itamar Novick, Founder of Recursive Ventures. Itamar is a solo capitalist with a focus on pre-seed startups built around data and AI. We talked about the opportunities and challenges that AI presents, anti-patterns to avoid in startups, winning deals, and why Itamar thinks that most VCs do NOT add value to startups. Itamar has been a founder, executive, and investor, so this was a really thoughtful, nuanced conversation. 

We also covered:

- Common startup mistakes that feel smart but kill companies

- Lessons from a failed $50M strategic deal with ADT at Life360

- What actually creates defensibility in generative AI startups

- Why valuations in AI aren\'t a full-blown bubble—yet

- Building a solo VC firm with AI as leverage (“Portfolio GPT”)

- The new era of lean, high-output startups—and what it means for VC

- Itamar’s go-to founder question: Why will you stay ahead five years from now?

Why most “value-add” from VCs is overhyped


Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Our guest this week is Itamar Novick, Founder of Recursive Ventures. Itamar is a solo capitalist with a focus on pre-seed startups built around data and AI. We talked about the opportunities and challenges that AI presents, anti-patterns to avoid in startups, winning deals, and why Itamar thinks that most VCs do NOT add value to startups. Itamar has been a founder, executive, and investor, so this was a really thoughtful, nuanced conversation. 

We also covered:

- Common startup mistakes that feel smart but kill companies

- Lessons from a failed $50M strategic deal with ADT at Life360

- What actually creates defensibility in generative AI startups

- Why valuations in AI aren\'t a full-blown bubble—yet

- Building a solo VC firm with AI as leverage (“Portfolio GPT”)

- The new era of lean, high-output startups—and what it means for VC

- Itamar’s go-to founder question: Why will you stay ahead five years from now?

Why most “value-add” from VCs is overhyped


Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/b5edfb8f000a9c7bd83b75715909db4d.mp3?s=rss-feed'  length='39740000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2604</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040618/ai-anti-patterns-in-startups-and-the-dangers-of-elephant-hunting-with-itamar-novick.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040618/ai-anti-patterns-in-startups-and-the-dangers-of-elephant-hunting-with-itamar-novick.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Insights From the World\&apos;s Most Active Seed Investor with Antler\&apos;s Tyler Norwood</title>
<link >https://listen.hubhopper.com/episode/insights-from-the-worlds-most-active-seed-investor-with-antlers-tyler-norwood-1788890578/33040619</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245599</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 28 May 2025 13:29:08 +0000</pubDate>
<itunes:summary ><![CDATA[Tyler Norwood is the Managing Partner for Antler in the US. Antler is the world’s most active seed investor backing founders at the inception stage from all over. We talked about the impact of vibe coding, the traits that Tyler sees in Antler’s most successful founders, why timing matters, and the value of surrounding yourself with other builders. Please enjoy. 

Here are some bullets about today\'s show:

- Antler’s origin story and global footprint: launching in Singapore (2018) and scaling to 27 offices as the world’s most active seed investor
- The Residency model: six‑week, community‑driven program backing founders at “day ‑1” with ~US $500k checks
- U.S. expansion strategy: why New York and Austin came first and San Francisco’s “Death Star” was saved for last (plus Austin’s steep growth curve)
- Founder superpowers—aspiration + agency: how Tyler tests for them (the “strange hobby” question) and why timing‑misaligned founders struggle
- Vibe coding and generative‑AI tooling: 95 % AI‑generated codebases, faster product‑market‑fit loops, robustness can wait
- Operator‑to‑investor realities: the hard math of a first 2 & 20 fund, living on fees for ~12 years, and why VC isn’t a quick win
- Myth‑busting: the “ideas don’t matter” fallacy and the case for rigorous idea selection / founder‑market fit
- Advice for aspiring VCs and founders: patient idea formation, exposing yourself to diverse problems, and how to connect with Antler

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Tyler Norwood is the Managing Partner for Antler in the US. Antler is the world’s most active seed investor backing founders at the inception stage from all over. We talked about the impact of vibe coding, the traits that Tyler sees in Antler’s most successful founders, why timing matters, and the value of surrounding yourself with other builders. Please enjoy. 

Here are some bullets about today\'s show:

- Antler’s origin story and global footprint: launching in Singapore (2018) and scaling to 27 offices as the world’s most active seed investor
- The Residency model: six‑week, community‑driven program backing founders at “day ‑1” with ~US $500k checks
- U.S. expansion strategy: why New York and Austin came first and San Francisco’s “Death Star” was saved for last (plus Austin’s steep growth curve)
- Founder superpowers—aspiration + agency: how Tyler tests for them (the “strange hobby” question) and why timing‑misaligned founders struggle
- Vibe coding and generative‑AI tooling: 95 % AI‑generated codebases, faster product‑market‑fit loops, robustness can wait
- Operator‑to‑investor realities: the hard math of a first 2 & 20 fund, living on fees for ~12 years, and why VC isn’t a quick win
- Myth‑busting: the “ideas don’t matter” fallacy and the case for rigorous idea selection / founder‑market fit
- Advice for aspiring VCs and founders: patient idea formation, exposing yourself to diverse problems, and how to connect with Antler

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/f6bdc2221faea3a6b3ff4c0e40f467aa.mp3?s=rss-feed'  length='38180000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2501</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040619/insights-from-the-worlds-most-active-seed-investor-with-antlers-tyler-norwood.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040619/insights-from-the-worlds-most-active-seed-investor-with-antlers-tyler-norwood.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Unsexy Startups, Consumer Trends, and Building a Concentrated Venture Firm with Han Shen</title>
<link >https://listen.hubhopper.com/episode/unsexy-startups-consumer-trends-and-building-a-concentrated-venture-firm-with-han-shen-1788890578/33040620</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245573</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 12 May 2025 11:00:47 +0000</pubDate>
<itunes:summary ><![CDATA[Our guest this week is Han Shen, Founding Partner of iFly.vc. iFly is an early-stage firm with a non-consensus, high-conviction approach to investing. Han himself is a very successful investor but also matches that success with equal levels of modesty and empathy. We talked about investing in non-consensus startups in an industry that is very consensus-driven, the vibe shift, investing with conviction, and how Han was turned down by hundreds of investors for his first fund and still lived to tell the tale. Please enjoy. 

Here are some additional takeaways from the show:

+ Unsexy parts of the market can yield the best opportunities.
+ Non-consensus investing allows for unique insights.
+ Consumer spending is a massive market with evolving trends.
+ Tech enablement is crucial for driving consumer innovation.
+ Listening to customers is essential for success.
+ Fundraising can be an emotional journey filled with challenges.
+ Building relationships is key in venture capital.
+ Diversity in investing goes beyond just ethnicity.
+ Concentrated investing can lead to better outcomes.
+ Continuous learning is vital for founders and investors alike.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Our guest this week is Han Shen, Founding Partner of iFly.vc. iFly is an early-stage firm with a non-consensus, high-conviction approach to investing. Han himself is a very successful investor but also matches that success with equal levels of modesty and empathy. We talked about investing in non-consensus startups in an industry that is very consensus-driven, the vibe shift, investing with conviction, and how Han was turned down by hundreds of investors for his first fund and still lived to tell the tale. Please enjoy. 

Here are some additional takeaways from the show:

+ Unsexy parts of the market can yield the best opportunities.
+ Non-consensus investing allows for unique insights.
+ Consumer spending is a massive market with evolving trends.
+ Tech enablement is crucial for driving consumer innovation.
+ Listening to customers is essential for success.
+ Fundraising can be an emotional journey filled with challenges.
+ Building relationships is key in venture capital.
+ Diversity in investing goes beyond just ethnicity.
+ Concentrated investing can lead to better outcomes.
+ Continuous learning is vital for founders and investors alike.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/659b571281737571724743fa45956941.mp3?s=rss-feed'  length='43630000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2859</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040620/unsexy-startups-consumer-trends-and-building-a-concentrated-venture-firm-with-han-shen.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040620/unsexy-startups-consumer-trends-and-building-a-concentrated-venture-firm-with-han-shen.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Should Investors Befriend Founders and Solo GP Life with Ethan Austin</title>
<link >https://listen.hubhopper.com/episode/should-investors-befriend-founders-and-solo-gp-life-with-ethan-austin-1788890578/33040621</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245602</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 28 Apr 2025 10:00:19 +0000</pubDate>
<itunes:summary ><![CDATA[Ethan Austin is the Founder and General Partner of Outside VC. Outside is a Boulder-based firm with a focus on pre-seed startups, outsider founders, and financial inclusion. We talked about why Ethan whether investors should be friends with founders, fintech, what it was like running Techstars Boulder during Covid, and life as a solo GP.

Here are a few more takeaways from the show:

Origin Story is Everything: Grit and personal motivation trump polish.

Friendship = Honest Feedback: Real relationships demand tough truths.

Running a Good Fundraising Process Matters: Smart process beats a perfect pitch.

Pre-Seed Valuations Remain High: Founders must focus on momentum, not benchmarks.

Solo Doesn\'t Mean Slower: Solo founders and GPs can move faster without decision bottlenecks.

Financial Inclusion as a Driving Mission: Real impact over surface-level fintech hype.

Consumer Startups Reawakening: Thanks to AI, the consumer space is interesting again.

Investing in Startups explores the strategies and stories of leading early-stage VCs. The show is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Ethan Austin is the Founder and General Partner of Outside VC. Outside is a Boulder-based firm with a focus on pre-seed startups, outsider founders, and financial inclusion. We talked about why Ethan whether investors should be friends with founders, fintech, what it was like running Techstars Boulder during Covid, and life as a solo GP.

Here are a few more takeaways from the show:

Origin Story is Everything: Grit and personal motivation trump polish.

Friendship = Honest Feedback: Real relationships demand tough truths.

Running a Good Fundraising Process Matters: Smart process beats a perfect pitch.

Pre-Seed Valuations Remain High: Founders must focus on momentum, not benchmarks.

Solo Doesn\'t Mean Slower: Solo founders and GPs can move faster without decision bottlenecks.

Financial Inclusion as a Driving Mission: Real impact over surface-level fintech hype.

Consumer Startups Reawakening: Thanks to AI, the consumer space is interesting again.

Investing in Startups explores the strategies and stories of leading early-stage VCs. The show is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/d086e57f56a5de328195071536189f34.mp3?s=rss-feed'  length='33850000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2218</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040621/should-investors-befriend-founders-and-solo-gp-life-with-ethan-austin.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040621/should-investors-befriend-founders-and-solo-gp-life-with-ethan-austin.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >The Art of Picking, Geopolitics, and Why Ideas Still Matter with Mark Peter Davis</title>
<link >https://listen.hubhopper.com/episode/the-art-of-picking-geopolitics-and-why-ideas-still-matter-with-mark-peter-davis-1788890578/33040622</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061146859245574</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 14 Apr 2025 10:01:18 +0000</pubDate>
<itunes:summary ><![CDATA[Mark Peter Davis is the Managing Partner of Interplay Ventures. Interplay is a venture capital firm, but also an incubator and family office. Mark himself is a serial entrepreneur and also the host of the Innovation with Mark Peter Davis podcast, which is a great listen for founders. We talked about the mix of geopolitics and startups, what Mark needs to see from startups to invest, why ideas still matter, and advice on how to break into venture capital. Please enjoy.

Here are some takeaways from the show:

All-in Approach: Mark Peter Davis believes startups need all three pillars—great team, big market, and strong tech/product—for high probability success. He’s not a “team-only” or “market-first” investor.

Series A Focus: Interplay Ventures primarily invests at the Series A stage—where there’s enough signal to assess the startup’s engine and growth potential.

Car Metaphor: He likens startup stages to building a car—from an engine on cinder blocks (seed) to a race-ready vehicle (Series E).

Ideas Still Matter: Contrary to popular belief that execution is everything, Mark argues that bad ideas, even with great execution, still fail. Execution and insight are both necessary.

AI as Disruptor and Enabler: AI is already displacing white-collar roles, and startups can now be built with far leaner teams—potentially shrinking headcount needs across sectors.

Implications for VC: This shift may pull forward more value to early-stage investors, as startups scale with less capital and staff.

Mark’s Prediction: If AI continues accelerating, the entire venture ecosystem—team size, investment pacing, company structure—could be reshaped dramatically.

Macro Matters: Mark sees geopolitics as an underpriced risk in startup investing. He draws on Peter Zeihan’s thesis about U.S. resilience due to geographic luck and operational strength.

De-globalization Tailwinds: He highlights Mexico as the new China, with North-South U.S. economic integration creating new supply chain and investment opportunities.

Venture\'s Big Three: Sourcing, selection, and access are no longer enough; access to top deals is now the true differentiator.

From Obscure to Open: Mark notes how VCs used to be invisible and hard to reach; now, branding and openness are necessary for success.

Recalibrating Expectations: Revenue expectations are up; growth expectations are down, reflecting a move from “growth at all costs” to “healthy growth.”

Fundraising Realism: Mark’s book on raising VC capital outlines timeless fundamentals—most of which still hold. He encourages founders to think like operators and treat their startup as a science experiment.

What Are You Worried About?: A key question Mark asks founders, revealing their level of self-awareness and clarity on the business.

Open Doors at Interplay: Mark prides himself on replying to inbound emails and encourages aspiring investors to reach out with real deal flow.

“Come Bearing Gifts”: A top tactic he recommends—bring a company or investment idea to show you\'re engaged.

Practical Entry Advice: He created a 30-minute video breaking down paths into VC (via operator, investor, or hybrid) and how to tailor your pitch. Available at mpd.me.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Mark Peter Davis is the Managing Partner of Interplay Ventures. Interplay is a venture capital firm, but also an incubator and family office. Mark himself is a serial entrepreneur and also the host of the Innovation with Mark Peter Davis podcast, which is a great listen for founders. We talked about the mix of geopolitics and startups, what Mark needs to see from startups to invest, why ideas still matter, and advice on how to break into venture capital. Please enjoy.

Here are some takeaways from the show:

All-in Approach: Mark Peter Davis believes startups need all three pillars—great team, big market, and strong tech/product—for high probability success. He’s not a “team-only” or “market-first” investor.

Series A Focus: Interplay Ventures primarily invests at the Series A stage—where there’s enough signal to assess the startup’s engine and growth potential.

Car Metaphor: He likens startup stages to building a car—from an engine on cinder blocks (seed) to a race-ready vehicle (Series E).

Ideas Still Matter: Contrary to popular belief that execution is everything, Mark argues that bad ideas, even with great execution, still fail. Execution and insight are both necessary.

AI as Disruptor and Enabler: AI is already displacing white-collar roles, and startups can now be built with far leaner teams—potentially shrinking headcount needs across sectors.

Implications for VC: This shift may pull forward more value to early-stage investors, as startups scale with less capital and staff.

Mark’s Prediction: If AI continues accelerating, the entire venture ecosystem—team size, investment pacing, company structure—could be reshaped dramatically.

Macro Matters: Mark sees geopolitics as an underpriced risk in startup investing. He draws on Peter Zeihan’s thesis about U.S. resilience due to geographic luck and operational strength.

De-globalization Tailwinds: He highlights Mexico as the new China, with North-South U.S. economic integration creating new supply chain and investment opportunities.

Venture\'s Big Three: Sourcing, selection, and access are no longer enough; access to top deals is now the true differentiator.

From Obscure to Open: Mark notes how VCs used to be invisible and hard to reach; now, branding and openness are necessary for success.

Recalibrating Expectations: Revenue expectations are up; growth expectations are down, reflecting a move from “growth at all costs” to “healthy growth.”

Fundraising Realism: Mark’s book on raising VC capital outlines timeless fundamentals—most of which still hold. He encourages founders to think like operators and treat their startup as a science experiment.

What Are You Worried About?: A key question Mark asks founders, revealing their level of self-awareness and clarity on the business.

Open Doors at Interplay: Mark prides himself on replying to inbound emails and encourages aspiring investors to reach out with real deal flow.

“Come Bearing Gifts”: A top tactic he recommends—bring a company or investment idea to show you\'re engaged.

Practical Entry Advice: He created a 30-minute video breaking down paths into VC (via operator, investor, or hybrid) and how to tailor your pitch. Available at mpd.me.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/803b9b7841a9b15719fa4a1f44644b55.mp3?s=rss-feed'  length='32470000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2128</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040622/the-art-of-picking-geopolitics-and-why-ideas-still-matter-with-mark-peter-davis.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040622/the-art-of-picking-geopolitics-and-why-ideas-still-matter-with-mark-peter-davis.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Tough Questions, Hustle, and Investing in Hilariously Early Startups with Elizabeth Yin</title>
<link >https://listen.hubhopper.com/episode/tough-questions-hustle-and-investing-in-hilariously-early-startups-with-elizabeth-yin-1788890578/33040623</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481184</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 31 Mar 2025 10:01:51 +0000</pubDate>
<itunes:summary ><![CDATA[Elizabeth Yin is a General Partner at Hustle Fund. Hustle Fund invests in “hilariously early” startups in the US and beyond. We talked about Elizabeth’s favorite questions to ask founders, navigating disagreements in a healthy way, AI, the art of pitching, and why VCs should be a little more patient with founders. 

Here are some takeaways from the conversation:

Transparent Pitch Process: Hustle Fund publishes the questions they ask founders to reduce the “inside baseball” nature of VC pitching and level the playing field.

Zoom-First Approach: The fund avoids in-person meetings to ensure geographic and socio-economic equity for founders pitching them.

Favorite Founder Question: Elizabeth’s go-to question is “What is your burn rate?”—a straightforward yet revealing probe into financial discipline.

Healthy Disagreements: Disagreements within Hustle Fund’s partnership are frequent but productive, grounded in trust and transparency.

Unfair Advantage: Hustle Fund’s edge lies in ecosystem building—supporting founders through community, content, events, and distribution.

Hilariously Early Investing: Hustle Fund backs companies pre-revenue, often before product—but with a clear and nuanced understanding of the customer problem.

High Velocity Strategy: The firm backs ~250 companies per fund, mostly with a “one-and-done” strategy, occasionally following on through SPVs.

Angel Squad as a Force Multiplier: A 2,000-person global community designed to train, connect, and co-invest with emerging angels.

Founders Need to Create Urgency: Elizabeth emphasizes the importance of generating urgency in a raise—being a “great opportunity” is not enough.

Execution Speed is King: Hustle Fund prioritizes hustle—rapid experimentation and iteration—as a key signal for founder quality.

AI Investing Shift: While crowded, vertical-specific AI applications (especially in underexplored industries) still hold promise.

Patience is Underappreciated: Great companies like Webflow and NerdWallet often look like duds for years before compounding takes hold.

Path Flexibility Matters: Elizabeth encourages founders to evaluate what they want—venture-scale is not the only valid path to success.

VC Conventional Wisdom Challenge: She pushes back on “growth at all costs” and the notion that digital ads never work—they can, but must be used with discipline.

Investing in Startups is hosted by Joe Magyer and is a Seaplane Ventures\' production.]]></itunes:summary>
<description ><![CDATA[Elizabeth Yin is a General Partner at Hustle Fund. Hustle Fund invests in “hilariously early” startups in the US and beyond. We talked about Elizabeth’s favorite questions to ask founders, navigating disagreements in a healthy way, AI, the art of pitching, and why VCs should be a little more patient with founders. 

Here are some takeaways from the conversation:

Transparent Pitch Process: Hustle Fund publishes the questions they ask founders to reduce the “inside baseball” nature of VC pitching and level the playing field.

Zoom-First Approach: The fund avoids in-person meetings to ensure geographic and socio-economic equity for founders pitching them.

Favorite Founder Question: Elizabeth’s go-to question is “What is your burn rate?”—a straightforward yet revealing probe into financial discipline.

Healthy Disagreements: Disagreements within Hustle Fund’s partnership are frequent but productive, grounded in trust and transparency.

Unfair Advantage: Hustle Fund’s edge lies in ecosystem building—supporting founders through community, content, events, and distribution.

Hilariously Early Investing: Hustle Fund backs companies pre-revenue, often before product—but with a clear and nuanced understanding of the customer problem.

High Velocity Strategy: The firm backs ~250 companies per fund, mostly with a “one-and-done” strategy, occasionally following on through SPVs.

Angel Squad as a Force Multiplier: A 2,000-person global community designed to train, connect, and co-invest with emerging angels.

Founders Need to Create Urgency: Elizabeth emphasizes the importance of generating urgency in a raise—being a “great opportunity” is not enough.

Execution Speed is King: Hustle Fund prioritizes hustle—rapid experimentation and iteration—as a key signal for founder quality.

AI Investing Shift: While crowded, vertical-specific AI applications (especially in underexplored industries) still hold promise.

Patience is Underappreciated: Great companies like Webflow and NerdWallet often look like duds for years before compounding takes hold.

Path Flexibility Matters: Elizabeth encourages founders to evaluate what they want—venture-scale is not the only valid path to success.

VC Conventional Wisdom Challenge: She pushes back on “growth at all costs” and the notion that digital ads never work—they can, but must be used with discipline.

Investing in Startups is hosted by Joe Magyer and is a Seaplane Ventures\' production.]]></description>
<enclosure  url='https://play.hubhopper.com/c4a1f82f629224cd9fe6da480bd543e9.mp3?s=rss-feed'  length='33710000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2209</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040623/tough-questions-hustle-and-investing-in-hilariously-early-startups-with-elizabeth-yin.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040623/tough-questions-hustle-and-investing-in-hilariously-early-startups-with-elizabeth-yin.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E24: Venture Alpha, Seed Investing, and Climate Volatility with Rick Zullo</title>
<link >https://listen.hubhopper.com/episode/e24-venture-alpha-seed-investing-and-climate-volatility-with-rick-zullo-1788890578/33040624</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481188</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 17 Mar 2025 10:00:28 +0000</pubDate>
<itunes:summary ><![CDATA[Rick Zullo is the Founder and Managing Partner of Equal Ventures. Equal is a New York-based early stage venture capital firm that takes a concentrated approach with investing themes around climate, insurance, retail, and supply chain. We talked about why Rick invests with conviction, the state of seed investing, what climate volatility means for insurers and investors, and why being kind is more important than being nice. 

Takeaways

• Being kind is more important than being nice in business.
• Feedback should be seen as a gift, not a burden.
• Investors should focus on the long-term success of founders.
• The insurance industry must adapt to climate change challenges.
• Investment strategies should be tailored to individual companies.
• The current seed investing environment is challenging and competitive.
• Concentrated investing allows for deeper engagement with fewer companies.
• Personal connections can enhance professional relationships.
• Finding secrets in industries can lead to unique investment opportunities.
• Building resilience in the face of climate change is crucial for the future.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Rick Zullo is the Founder and Managing Partner of Equal Ventures. Equal is a New York-based early stage venture capital firm that takes a concentrated approach with investing themes around climate, insurance, retail, and supply chain. We talked about why Rick invests with conviction, the state of seed investing, what climate volatility means for insurers and investors, and why being kind is more important than being nice. 

Takeaways

• Being kind is more important than being nice in business.
• Feedback should be seen as a gift, not a burden.
• Investors should focus on the long-term success of founders.
• The insurance industry must adapt to climate change challenges.
• Investment strategies should be tailored to individual companies.
• The current seed investing environment is challenging and competitive.
• Concentrated investing allows for deeper engagement with fewer companies.
• Personal connections can enhance professional relationships.
• Finding secrets in industries can lead to unique investment opportunities.
• Building resilience in the face of climate change is crucial for the future.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/bb20917d28f462c33ac0676c9a185612.mp3?s=rss-feed'  length='39950000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2618</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040624/e24-venture-alpha-seed-investing-and-climate-volatility-with-rick-zullo.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040624/e24-venture-alpha-seed-investing-and-climate-volatility-with-rick-zullo.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E23: Betting Big on B2B Marketplaces with Sonia Nagar</title>
<link >https://listen.hubhopper.com/episode/e23-betting-big-on-b2b-marketplaces-with-sonia-nagar-1788890578/33040625</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481168</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 03 Mar 2025 06:00:21 +0000</pubDate>
<itunes:summary ><![CDATA[Sonia Nagar is the Founder and Managing Partner of SNAK Venture Partners. SNAK is a Chicago-based firm that invests in Seed stage marketplace startups. We talked about why SNAK loves marketplaces, what surprised Sonia about starting a new firm, why SNAK prefers B2B to B2C, first-mover advantages, and how AI has and hasn’t changed marketplaces. 

Takeaways

• SNAK focuses on category-defining digital marketplaces.
• Fundraising can be surprisingly challenging even with credibility.
• B2B marketplaces present more opportunities than B2C currently.
• Network effects create a competitive moat in marketplaces.
• Marketplaces are often more capital efficient than consumer models.
• Founders should qualify their investor leads carefully.
• Building relationships with later-stage investors is crucial.
• Differentiated supply is essential for marketplace sustainability.
• AI should enhance, not define, marketplace value propositions.
• SNAK is open to early-stage conversations with founders.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Sonia Nagar is the Founder and Managing Partner of SNAK Venture Partners. SNAK is a Chicago-based firm that invests in Seed stage marketplace startups. We talked about why SNAK loves marketplaces, what surprised Sonia about starting a new firm, why SNAK prefers B2B to B2C, first-mover advantages, and how AI has and hasn’t changed marketplaces. 

Takeaways

• SNAK focuses on category-defining digital marketplaces.
• Fundraising can be surprisingly challenging even with credibility.
• B2B marketplaces present more opportunities than B2C currently.
• Network effects create a competitive moat in marketplaces.
• Marketplaces are often more capital efficient than consumer models.
• Founders should qualify their investor leads carefully.
• Building relationships with later-stage investors is crucial.
• Differentiated supply is essential for marketplace sustainability.
• AI should enhance, not define, marketplace value propositions.
• SNAK is open to early-stage conversations with founders.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/c3db83547b339990341289ef812e0786.mp3?s=rss-feed'  length='22850000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1497</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040625/e23-betting-big-on-b2b-marketplaces-with-sonia-nagar.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040625/e23-betting-big-on-b2b-marketplaces-with-sonia-nagar.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E22: Small Funds, Big Impact: Graham Pingree on Early-Stage Trends, Portfolio Design &amp; Pre-Seed Edge</title>
<link >https://listen.hubhopper.com/episode/e22-small-funds-big-impact-graham-pingree-on-early-stage-trends-portfolio-design-pre-seed-edge-1788890578/33040626</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481170</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 17 Feb 2025 11:00:58 +0000</pubDate>
<itunes:summary ><![CDATA[Graham Pingree is a Partner at Cendana Capital, a fund of funds firm that invests in small venture funds investing at pre-seed and seed. We talked about why Cendana is focused on small funds, why it has a concentrated strategy, what the firm looks for in emerging managers, how to think about reserves and recycling, and why big venture firms are surprisingly hard to kill. 

Topics from today\'s show:

• Cendana\'s Strategy: Invests in sub-$100M funds focused on pre-seed/seed, aiming for stronger upside in uncrowded markets.
• Fund-of-Funds Differentiation: Specializes in emerging GPs and ideation-stage deals vs. larger platform VCs.
• Portfolio Construction: Emphasizes right-sized funds, balanced diversification, and moderate reserve strategies.
 Angel-to-Institutional Leap: Assessing if angel track record translates to bigger checks and consistent access to top deals.
• Recycling Capital: Strongly encouraged to minimize fee drag, though execution depends on early liquidity events.
• Fundraising Climate: Post-2021 slowdown demands disciplined strategies; Sandana helps GPs with LP intros.
• Regional Shifts: Greater willingness among top VCs to invest outside major startup hubs post-Covid.
• Why Big VCs Survive: Even underperformance and market downturns rarely kill off large, established firms.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Graham Pingree is a Partner at Cendana Capital, a fund of funds firm that invests in small venture funds investing at pre-seed and seed. We talked about why Cendana is focused on small funds, why it has a concentrated strategy, what the firm looks for in emerging managers, how to think about reserves and recycling, and why big venture firms are surprisingly hard to kill. 

Topics from today\'s show:

• Cendana\'s Strategy: Invests in sub-$100M funds focused on pre-seed/seed, aiming for stronger upside in uncrowded markets.
• Fund-of-Funds Differentiation: Specializes in emerging GPs and ideation-stage deals vs. larger platform VCs.
• Portfolio Construction: Emphasizes right-sized funds, balanced diversification, and moderate reserve strategies.
 Angel-to-Institutional Leap: Assessing if angel track record translates to bigger checks and consistent access to top deals.
• Recycling Capital: Strongly encouraged to minimize fee drag, though execution depends on early liquidity events.
• Fundraising Climate: Post-2021 slowdown demands disciplined strategies; Sandana helps GPs with LP intros.
• Regional Shifts: Greater willingness among top VCs to invest outside major startup hubs post-Covid.
• Why Big VCs Survive: Even underperformance and market downturns rarely kill off large, established firms.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/e176b6c408b31436f511990961f3c8e7.mp3?s=rss-feed'  length='33530000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2197</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040626/e22-small-funds-big-impact-graham-pingree-on-early-stage-trends-portfolio-design-pre-seed-edge.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040626/e22-small-funds-big-impact-graham-pingree-on-early-stage-trends-portfolio-design-pre-seed-edge.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >E21: Venture Everywhere, Pre-Seed, and Why Venture Doesn\&apos;t Scale with Jenny Fielding</title>
<link >https://listen.hubhopper.com/episode/e21-venture-everywhere-pre-seed-and-why-venture-doesnt-scale-with-jenny-fielding-1788890578/33040627</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481169</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 03 Feb 2025 14:07:28 +0000</pubDate>
<itunes:summary ><![CDATA[Jenny Fielding is a Cofounder and General Partner of Everywhere Ventures. Jenny is a pre-seed investor with a fascinating background. She’s a founder, lawyer by training, has lived in 12 countries, and ran Techstars New York for many years. She’s also the author of Venture Everywhere, a book which comes out in March. We talked about Jenny’s strategy, why venture doesn’t scale, why everywhere doesn\'t use follow-on capital in its funds, and how Everywhere is navigating the Seed and AI markets. 

Here are some takeaways from the episode:

-- Innovation is everywhere, and geography is becoming less important.
-- Pre-seed investment is crucial for helping companies find product-market fit.
-- Building a strong community of founders and operators enhances deal flow.
-- Communities take time to build and require trust and intimacy.
-- The seed market has become more challenging, with higher expectations for metrics.
-- AI valuations are rising, but we focus on the people behind the companies.
-- A global mindset is essential for entrepreneurs in today\'s world.
-- The venture capital landscape is evolving, with more capital available at early stages.
-- Scaling a venture firm doesn\'t always mean increasing fund size; quality matters more.
-- Jenny\'s book \'Venture Everywhere\' highlights diverse entrepreneurial stories from around the world.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Jenny Fielding is a Cofounder and General Partner of Everywhere Ventures. Jenny is a pre-seed investor with a fascinating background. She’s a founder, lawyer by training, has lived in 12 countries, and ran Techstars New York for many years. She’s also the author of Venture Everywhere, a book which comes out in March. We talked about Jenny’s strategy, why venture doesn’t scale, why everywhere doesn\'t use follow-on capital in its funds, and how Everywhere is navigating the Seed and AI markets. 

Here are some takeaways from the episode:

-- Innovation is everywhere, and geography is becoming less important.
-- Pre-seed investment is crucial for helping companies find product-market fit.
-- Building a strong community of founders and operators enhances deal flow.
-- Communities take time to build and require trust and intimacy.
-- The seed market has become more challenging, with higher expectations for metrics.
-- AI valuations are rising, but we focus on the people behind the companies.
-- A global mindset is essential for entrepreneurs in today\'s world.
-- The venture capital landscape is evolving, with more capital available at early stages.
-- Scaling a venture firm doesn\'t always mean increasing fund size; quality matters more.
-- Jenny\'s book \'Venture Everywhere\' highlights diverse entrepreneurial stories from around the world.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/c8b8b9c1dd78cd88cf3b90f4f2deaab3.mp3?s=rss-feed'  length='23910000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1566</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040627/e21-venture-everywhere-pre-seed-and-why-venture-doesnt-scale-with-jenny-fielding.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040627/e21-venture-everywhere-pre-seed-and-why-venture-doesnt-scale-with-jenny-fielding.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >17 Contrarian Takes About Startups and Venture Capital</title>
<link >https://listen.hubhopper.com/episode/17-contrarian-takes-about-startups-and-venture-capital-1788890578/33040628</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481165</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 20 Jan 2025 11:01:05 +0000</pubDate>
<itunes:summary ><![CDATA[We\'re celebrating our 20th episode with a super cut of 17 contrarian takes on venture capital and startups. Our guests talked about AI, SF, false signals from co-investors, why venture isn\'t an access game, network effects, emerging managers, portfolio construction, and more. Special thanks to the following guests for their contributions to this episode:

Hear insights from exceptional investors, including:

Niki Scevak (Blackbird Ventures) discusses the traits of \"the best of the best\" and what signals success from the start.

Martin Tobias (Incisive Ventures) shares insights into achieving capital efficiency and the importance of evaluating co-investor signals to gauge commitment.

Mike Cardamone (Forum Ventures) addresses common LP concerns and how to spot opportunities before they hit the radar.

Nick Moran (New Stack Ventures) explains why venture isn’t just about access, but about selection and strategies to consistently outperform.

Mac Conwell (RareBreed Ventures) breaks down the challenges of follow-on capital for smaller funds and its impact on portfolio companies.

Diverse Perspectives: Gain knowledge from a variety of seasoned investors:

Rajiv Bala (Clutch VC) delves into Clutch’s unique venture capital approach and its focus on billion-dollar outcomes.

Peter Walker (Carta) analyzes startup trends and why some narratives about the market might be misleading.

Colin Gardiner (Yonder Ventures) talks about the difficulty of starting companies and avoiding common pitfalls in entrepreneurship.

Zach Coelius (Coelius Capital) gives actionable advice for founders on turning ideas into equity-building opportunities.

Jerry Neumann (Neu Ventures) challenges the conventional wisdom on portfolio management and the myths surrounding venture capital strategies.

Chris Douvos (Ahoy Capital) discusses underexplored areas in the venture capital spectrum.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[We\'re celebrating our 20th episode with a super cut of 17 contrarian takes on venture capital and startups. Our guests talked about AI, SF, false signals from co-investors, why venture isn\'t an access game, network effects, emerging managers, portfolio construction, and more. Special thanks to the following guests for their contributions to this episode:

Hear insights from exceptional investors, including:

Niki Scevak (Blackbird Ventures) discusses the traits of \"the best of the best\" and what signals success from the start.

Martin Tobias (Incisive Ventures) shares insights into achieving capital efficiency and the importance of evaluating co-investor signals to gauge commitment.

Mike Cardamone (Forum Ventures) addresses common LP concerns and how to spot opportunities before they hit the radar.

Nick Moran (New Stack Ventures) explains why venture isn’t just about access, but about selection and strategies to consistently outperform.

Mac Conwell (RareBreed Ventures) breaks down the challenges of follow-on capital for smaller funds and its impact on portfolio companies.

Diverse Perspectives: Gain knowledge from a variety of seasoned investors:

Rajiv Bala (Clutch VC) delves into Clutch’s unique venture capital approach and its focus on billion-dollar outcomes.

Peter Walker (Carta) analyzes startup trends and why some narratives about the market might be misleading.

Colin Gardiner (Yonder Ventures) talks about the difficulty of starting companies and avoiding common pitfalls in entrepreneurship.

Zach Coelius (Coelius Capital) gives actionable advice for founders on turning ideas into equity-building opportunities.

Jerry Neumann (Neu Ventures) challenges the conventional wisdom on portfolio management and the myths surrounding venture capital strategies.

Chris Douvos (Ahoy Capital) discusses underexplored areas in the venture capital spectrum.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/7a33983f9254929b646263d2b104302e.mp3?s=rss-feed'  length='23960000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1569</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040628/17-contrarian-takes-about-startups-and-venture-capital.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040628/17-contrarian-takes-about-startups-and-venture-capital.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Essential Industries, Angels, AI, and Proprietary Deal Flow with Amber Illig</title>
<link >https://listen.hubhopper.com/episode/essential-industries-angels-ai-and-proprietary-deal-flow-with-amber-illig-1788890578/33040629</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481172</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 06 Jan 2025 13:32:27 +0000</pubDate>
<itunes:summary ><![CDATA[Amber Illig is the Founding General Partner of The Council, an early stage venture firm focused on essential industries like supply chain and healthcare. Amber has a deep operating background having worked at Apple, Cruise, Snap, and Eli Lilly. We talked about why Amber loves essential industries, how she built a proprietary network of operator angel investors, how she and that network help support founders, and her nuanced take on AI. 

Takeaways

- Investing in essential industries is crucial for stability.
- Critical problems must be addressed for successful investments.
- Supply chain challenges require innovative solutions.
- Building a network of angel investors enhances deal flow.
- Empathy is essential in supporting founders.
- AI has potential but must be approached cautiously.
- Pre-seed funding is a vital stage for startups.
- Collaboration with other firms can lead to better outcomes.
- Understanding market dynamics is key to investment success.
- Personal experiences shape investment strategies.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Amber Illig is the Founding General Partner of The Council, an early stage venture firm focused on essential industries like supply chain and healthcare. Amber has a deep operating background having worked at Apple, Cruise, Snap, and Eli Lilly. We talked about why Amber loves essential industries, how she built a proprietary network of operator angel investors, how she and that network help support founders, and her nuanced take on AI. 

Takeaways

- Investing in essential industries is crucial for stability.
- Critical problems must be addressed for successful investments.
- Supply chain challenges require innovative solutions.
- Building a network of angel investors enhances deal flow.
- Empathy is essential in supporting founders.
- AI has potential but must be approached cautiously.
- Pre-seed funding is a vital stage for startups.
- Collaboration with other firms can lead to better outcomes.
- Understanding market dynamics is key to investment success.
- Personal experiences shape investment strategies.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/f62b82890ff8813fd0cede345c69f348.mp3?s=rss-feed'  length='35270000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2311</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040629/essential-industries-angels-ai-and-proprietary-deal-flow-with-amber-illig.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040629/essential-industries-angels-ai-and-proprietary-deal-flow-with-amber-illig.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Sizzle, Substance, and Scaling with Winter Mead of Coolwater Capital</title>
<link >https://listen.hubhopper.com/episode/sizzle-substance-and-scaling-with-winter-mead-of-coolwater-capital-1788890578/33040630</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481155</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 23 Dec 2024 11:00:51 +0000</pubDate>
<itunes:summary ><![CDATA[Winter Mead is the Founder and CEO of Coolwater Capital. Coolwater is an accelerator for emerging venture capital fund managers aimed at helping them to launch, build, and scale their firms. We talked about what investors should look for in emerging VCs, how VCs can build durable platforms, and how VCs are using AI to do their jobs better. Winter is one of the most thoughtful LPs in the venture space so it was great to have him on the show.

Here are some takeaways from our conversation:

+ Investors should look for strong relationships with founders.
+ Coolwater Capital aims to redefine the role of LPs.
+ Emerging managers must connect their body of work to their fund strategy.
+ AI is transforming the due diligence process in venture capital.
+ Building an institutional firm requires ongoing effort beyond fundraising.
+ Solo GPs can be a viable option for investors.
+ The venture capital landscape is evolving with more founder talent.
+ Coolwater provides a unique training platform for emerging managers.
+ Understanding the nuances of fund management is crucial for success.
+ Continuous learning and adaptation are key in the venture ecosystem.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Winter Mead is the Founder and CEO of Coolwater Capital. Coolwater is an accelerator for emerging venture capital fund managers aimed at helping them to launch, build, and scale their firms. We talked about what investors should look for in emerging VCs, how VCs can build durable platforms, and how VCs are using AI to do their jobs better. Winter is one of the most thoughtful LPs in the venture space so it was great to have him on the show.

Here are some takeaways from our conversation:

+ Investors should look for strong relationships with founders.
+ Coolwater Capital aims to redefine the role of LPs.
+ Emerging managers must connect their body of work to their fund strategy.
+ AI is transforming the due diligence process in venture capital.
+ Building an institutional firm requires ongoing effort beyond fundraising.
+ Solo GPs can be a viable option for investors.
+ The venture capital landscape is evolving with more founder talent.
+ Coolwater provides a unique training platform for emerging managers.
+ Understanding the nuances of fund management is crucial for success.
+ Continuous learning and adaptation are key in the venture ecosystem.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/959028fc4ecdc74b4799e8f3aff1a6c5.mp3?s=rss-feed'  length='30150000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1975</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040630/sizzle-substance-and-scaling-with-winter-mead-of-coolwater-capital.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040630/sizzle-substance-and-scaling-with-winter-mead-of-coolwater-capital.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Spotting Winners, Platform Risk, and Why Weird is Good with Zach Coelius</title>
<link >https://listen.hubhopper.com/episode/spotting-winners-platform-risk-and-why-weird-is-good-with-zach-coelius-1788890578/33040631</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481173</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 09 Dec 2024 11:01:00 +0000</pubDate>
<itunes:summary ><![CDATA[Zach Coelius is the Managing Partner of Coelius Capital. Zach is a 4-time entrepreneur and now solo GP who invests in early stage technology companies. We talked about why ideas are meaningless, demo day investing, platform risk, sniffing out product/market fit, B2B2C business models, and why Zach thinks ownership is overrated. This was a really fun, candid conversation.

Here are some takeaways from the show:

-- Validated ideas are crucial for startup success.
-- Product-market fit is essential and can be elusive.
-- Weird ideas can lead to scalable businesses.
-- Ownership in venture capital is often overrated.
-- Ad tech has potential despite its bad reputation.
-- B2B2C models can leverage customer acquisition effectively.
-- AI is reshaping the B2B SaaS landscape.
-- Platform risk is a significant concern in ad tech.
-- Governments may struggle to regulate cryptocurrencies effectively.
-- Scaling a venture firm requires a clear differentiation strategy.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Zach Coelius is the Managing Partner of Coelius Capital. Zach is a 4-time entrepreneur and now solo GP who invests in early stage technology companies. We talked about why ideas are meaningless, demo day investing, platform risk, sniffing out product/market fit, B2B2C business models, and why Zach thinks ownership is overrated. This was a really fun, candid conversation.

Here are some takeaways from the show:

-- Validated ideas are crucial for startup success.
-- Product-market fit is essential and can be elusive.
-- Weird ideas can lead to scalable businesses.
-- Ownership in venture capital is often overrated.
-- Ad tech has potential despite its bad reputation.
-- B2B2C models can leverage customer acquisition effectively.
-- AI is reshaping the B2B SaaS landscape.
-- Platform risk is a significant concern in ad tech.
-- Governments may struggle to regulate cryptocurrencies effectively.
-- Scaling a venture firm requires a clear differentiation strategy.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/8033eed94ccb3862ea2f2b14cde9ca51.mp3?s=rss-feed'  length='35280000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2311</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040631/spotting-winners-platform-risk-and-why-weird-is-good-with-zach-coelius.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040631/spotting-winners-platform-risk-and-why-weird-is-good-with-zach-coelius.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Syndicates, Angel Investing, and Founder-First Investing with Alex Pattis</title>
<link >https://listen.hubhopper.com/episode/syndicates-angel-investing-and-founder-first-investing-with-alex-pattis-1788890578/33040632</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481182</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 25 Nov 2024 11:00:13 +0000</pubDate>
<itunes:summary ><![CDATA[Alex Pattis is the General Partner of Riverside Ventures. Riverside is an early stage firm that operates both a traditional venture fund but also a syndicate with more than 6,000 LPs. Alex and I talked about the rise of syndicates, how they work, why he thinks most VCs oversell the value they add to founders, and what he’s excited to invest in today. Please enjoy.

Key Takeaways

- Riverside Ventures operates primarily as a syndicate.
- The syndicate model allows for flexibility in deal participation.
- LPs play a crucial role in the syndicate process.
- Syndicates help maintain cleaner cap tables for founders.
- The venture market is showing signs of recovery.
- Understanding the founder\'s capability is key to investment success.
- Syndicates provide access to deals that individual investors might miss.
- The importance of transparency in the deal process cannot be overstated.
- Investors should focus on a portfolio approach in venture capital.
- The landscape of angel investing is changing with the rise of SPVs.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Alex Pattis is the General Partner of Riverside Ventures. Riverside is an early stage firm that operates both a traditional venture fund but also a syndicate with more than 6,000 LPs. Alex and I talked about the rise of syndicates, how they work, why he thinks most VCs oversell the value they add to founders, and what he’s excited to invest in today. Please enjoy.

Key Takeaways

- Riverside Ventures operates primarily as a syndicate.
- The syndicate model allows for flexibility in deal participation.
- LPs play a crucial role in the syndicate process.
- Syndicates help maintain cleaner cap tables for founders.
- The venture market is showing signs of recovery.
- Understanding the founder\'s capability is key to investment success.
- Syndicates provide access to deals that individual investors might miss.
- The importance of transparency in the deal process cannot be overstated.
- Investors should focus on a portfolio approach in venture capital.
- The landscape of angel investing is changing with the rise of SPVs.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/ed3d4fa1fdb238bbc0c7b3b04c58d121.mp3?s=rss-feed'  length='34620000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2269</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040632/syndicates-angel-investing-and-founder-first-investing-with-alex-pattis.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040632/syndicates-angel-investing-and-founder-first-investing-with-alex-pattis.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >The Future of Marketplaces and Network Effects with Colin Gardiner</title>
<link >https://listen.hubhopper.com/episode/the-future-of-marketplaces-and-network-effects-with-colin-gardiner-1788890578/33040633</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481178</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 11 Nov 2024 11:00:11 +0000</pubDate>
<itunes:summary ><![CDATA[Colin Gardiner is the Founder and General Partner of Yonder Ventures. Colin is a marketplace geek with a fascinating career that began at the Federal Reserve, veered into startups, and now he runs his own venture firm focused on pre-seed marketplaces. We talked about the qualities that set winning marketplaces apart at the early stage, why network effects are so hard to kill, and the future of marketplaces. Please enjoy.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Takeaways

Colin Gardner\'s passion for marketplaces stems from his background in economics and labor market research.

Network effects are crucial for marketplace success, but they differ from economies of scale.

Product market fit for marketplaces is defined by actual transactions, not just product availability.

Consumer marketplaces are more appealing to investors due to their potential for widespread impact.

Established marketplaces like Airbnb and Booking.com demonstrate the durability of network effects.

Marketplace founders often fumble by focusing too much on product rather than supply and demand matching.

The future of marketplaces may involve integrating AI for better supply aggregation and matching.

Fundraising for a venture fund is more challenging than for a startup, requiring strong relationships with LPs.

Marketplaces are not inherently more capital-intensive than other business models; it depends on the environment.

Colin is actively seeking pre-seed marketplace investments and offers insights on building successful marketplace strategies.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Colin Gardiner is the Founder and General Partner of Yonder Ventures. Colin is a marketplace geek with a fascinating career that began at the Federal Reserve, veered into startups, and now he runs his own venture firm focused on pre-seed marketplaces. We talked about the qualities that set winning marketplaces apart at the early stage, why network effects are so hard to kill, and the future of marketplaces. Please enjoy.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Takeaways

Colin Gardner\'s passion for marketplaces stems from his background in economics and labor market research.

Network effects are crucial for marketplace success, but they differ from economies of scale.

Product market fit for marketplaces is defined by actual transactions, not just product availability.

Consumer marketplaces are more appealing to investors due to their potential for widespread impact.

Established marketplaces like Airbnb and Booking.com demonstrate the durability of network effects.

Marketplace founders often fumble by focusing too much on product rather than supply and demand matching.

The future of marketplaces may involve integrating AI for better supply aggregation and matching.

Fundraising for a venture fund is more challenging than for a startup, requiring strong relationships with LPs.

Marketplaces are not inherently more capital-intensive than other business models; it depends on the environment.

Colin is actively seeking pre-seed marketplace investments and offers insights on building successful marketplace strategies.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/f79d98304ef2fe751fe62a66db7ffecc.mp3?s=rss-feed'  length='34190000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2240</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040633/the-future-of-marketplaces-and-network-effects-with-colin-gardiner.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040633/the-future-of-marketplaces-and-network-effects-with-colin-gardiner.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >What\&apos;s Hot in Venture Capital and Startups with Peter Walker</title>
<link >https://listen.hubhopper.com/episode/whats-hot-in-venture-capital-and-startups-with-peter-walker-1788890578/33040634</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481186</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 28 Oct 2024 10:00:28 +0000</pubDate>
<itunes:summary ><![CDATA[Peter Walker is the Head of Insights at Carta. Peter is a self-professed data geek who publishes some of the most interesting insights and research on venture and startups today. We talked about which pockets of the venture market are going strong, why San Francisco is still the leader in venture, and why speed matters in venture capital.

To begin, Peter elaborates on Carta’s extensive data resources, mentioning two primary areas of interest: fund performance and compensation data for employees in venture-backed startups. He notes a recent shift in focus towards understanding VC fund performance in relation to the portfolio companies they support, highlighting the interconnectedness of the venture ecosystem. He also addresses the complexity of venture fund performance studies, expressing concerns about methodologies that fail to account for the strategies employed by fund managers. He mentions the challenges in using data derived from self-reported metrics and emphasizes the need for comprehensive datasets that include all performance metrics, even those from underperforming funds. 

Discussing the present state of venture capital, Peter reflects on the market\'s health post-2021. Data from the last few quarters indicates a steady rise in total funding and a decrease in the percentage of down rounds, which suggests a more positive outlook. AI and non-AI companies alike are seeing valuation increases. Early-stage ventures have remained relatively resilient throughout the downturn compared to late-stage companies, emphasizing a broader range of companies emerging in the current landscape.

The conversation shifts to the increasing prevalence of post-money SAFEs (Simple Agreements for Future Equity) in startup funding. Peter explains the concept of a SAFE,which allows startups to defer valuation discussions while providing immediate cash to founders. The introduction of post-money SAFEs, clarifying ownership stakes for investors, has made them the preferred option over pre-money SAFEs. This shift provides a clearer understanding of ownership percentages, yet poses challenges for founders, as it can lead to unexpected dilution when subsequent funding rounds occur.

Then, Peter shares his insights on the emerging trend of founders opting for \"venture-light\" strategies– raising smaller amounts of funding and avoiding extensive venture capital engagement. Many founders encounter challenges in balancing between hypergrowth and sustainability. The switch to a focus on profitability can significantly impact valuations, as growth rates typically reset under such strategies. Peter warns that this transition often surprises founders, highlighting the need for careful planning and foresight in their funding strategies.

Despite the increasing geographic distribution of venture capital, Silicon Valley has retained and even strengthened its dominance in the startup ecosystem. The current AI boom is centered heavily in San Francisco, with 50% of all AI investment flowing into companies based there. This dominance continues to reinforce the strength of Silicon Valley’s network effects, which remain incredibly resilient and hard to disrupt. Miami is cited as a city with a rapidly evolving venture ecosystem. Two potential future paths are envisioned: either Miami continues to attract capital for later-stage rounds, or it becomes a feeder city where startups eventually move to New York or Silicon Valley when they need more substantial funding. 

While it may be cheaper to start non-venture-backed businesses thanks to tools like AI, Peter argues that for real venture-backed companies, the need for capital will likely increase, not decrease. Rising competition, AI compute costs, and the evolution of pricing models for SaaS in an AI-driven world are cited as reasons why startups may actually need more capital. In closing, Peter predicts that competition and AI compute costs will push capital requirements higher, and the SaaS business model could undergo significant changes in the coming years as AI becomes more prevalent. 

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Peter Walker is the Head of Insights at Carta. Peter is a self-professed data geek who publishes some of the most interesting insights and research on venture and startups today. We talked about which pockets of the venture market are going strong, why San Francisco is still the leader in venture, and why speed matters in venture capital.

To begin, Peter elaborates on Carta’s extensive data resources, mentioning two primary areas of interest: fund performance and compensation data for employees in venture-backed startups. He notes a recent shift in focus towards understanding VC fund performance in relation to the portfolio companies they support, highlighting the interconnectedness of the venture ecosystem. He also addresses the complexity of venture fund performance studies, expressing concerns about methodologies that fail to account for the strategies employed by fund managers. He mentions the challenges in using data derived from self-reported metrics and emphasizes the need for comprehensive datasets that include all performance metrics, even those from underperforming funds. 

Discussing the present state of venture capital, Peter reflects on the market\'s health post-2021. Data from the last few quarters indicates a steady rise in total funding and a decrease in the percentage of down rounds, which suggests a more positive outlook. AI and non-AI companies alike are seeing valuation increases. Early-stage ventures have remained relatively resilient throughout the downturn compared to late-stage companies, emphasizing a broader range of companies emerging in the current landscape.

The conversation shifts to the increasing prevalence of post-money SAFEs (Simple Agreements for Future Equity) in startup funding. Peter explains the concept of a SAFE,which allows startups to defer valuation discussions while providing immediate cash to founders. The introduction of post-money SAFEs, clarifying ownership stakes for investors, has made them the preferred option over pre-money SAFEs. This shift provides a clearer understanding of ownership percentages, yet poses challenges for founders, as it can lead to unexpected dilution when subsequent funding rounds occur.

Then, Peter shares his insights on the emerging trend of founders opting for \"venture-light\" strategies– raising smaller amounts of funding and avoiding extensive venture capital engagement. Many founders encounter challenges in balancing between hypergrowth and sustainability. The switch to a focus on profitability can significantly impact valuations, as growth rates typically reset under such strategies. Peter warns that this transition often surprises founders, highlighting the need for careful planning and foresight in their funding strategies.

Despite the increasing geographic distribution of venture capital, Silicon Valley has retained and even strengthened its dominance in the startup ecosystem. The current AI boom is centered heavily in San Francisco, with 50% of all AI investment flowing into companies based there. This dominance continues to reinforce the strength of Silicon Valley’s network effects, which remain incredibly resilient and hard to disrupt. Miami is cited as a city with a rapidly evolving venture ecosystem. Two potential future paths are envisioned: either Miami continues to attract capital for later-stage rounds, or it becomes a feeder city where startups eventually move to New York or Silicon Valley when they need more substantial funding. 

While it may be cheaper to start non-venture-backed businesses thanks to tools like AI, Peter argues that for real venture-backed companies, the need for capital will likely increase, not decrease. Rising competition, AI compute costs, and the evolution of pricing models for SaaS in an AI-driven world are cited as reasons why startups may actually need more capital. In closing, Peter predicts that competition and AI compute costs will push capital requirements higher, and the SaaS business model could undergo significant changes in the coming years as AI becomes more prevalent. 

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/fd78af3a6a184e2f5d9696304706ff4c.mp3?s=rss-feed'  length='28740000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1883</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040634/whats-hot-in-venture-capital-and-startups-with-peter-walker.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040634/whats-hot-in-venture-capital-and-startups-with-peter-walker.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Crypto, the Fed, and Venture Competition with Eric Golden</title>
<link >https://listen.hubhopper.com/episode/crypto-the-fed-and-venture-competition-with-eric-golden-1788890578/33040635</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481158</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 14 Oct 2024 11:00:53 +0000</pubDate>
<itunes:summary ><![CDATA[Eric Golden is the Founder of Canopy Capital and host of the Making Markets podcast. Eric was a portfolio manager and intrapreneur at Fidelity prior to setting up Canopy so he has great perspective on both markets and life as a venture-backed founder. We talked about those experiences, his current views on the Fed, markets, and crypto, and how Eric\'s view of venture capital has evolved over time.

To begin, Eric explains that Canopy Capital focuses on building separately managed accounts for tax-individualized investing. Drawing from his two decades in the fixed income industry, Eric describes how asset management has shifted from high-cost alpha products to lower-cost passive strategies, with growing demand for customization and tax optimization. Although financial services traditionally focus on gross returns before fees and taxes, after-tax performance can yield better results, which Canopy aims to optimize. 

Eric’s understanding of crypto changed after studying its underlying technology, leading him to recognize its value as a digital asset like gold. He acknowledges that while many traditional investors dismissed crypto, it fascinated him because it represented a new asset class—a rare occurrence in the financial world. From his perspective, the concept of markets transcends asset types and the principles of portfolio management remain consistent regardless of the currency being exchanged. He emphasizes that markets are dynamic and constantly evolving, with successful investors needing to stay ahead of the curve. Great investors recognize the fleeting nature of their success and are always in search of the next opportunity. This mindset drives many of the guests on his podcast, who are eager to showcase their innovative approaches and demonstrate that they are forward-thinking in their investment strategies.

This randomness and brutality of the financial market attract highly driven and intelligent people to what Eric refers to as \"the world\'s greatest game.\" Over time, he has learned that the foundational skills and type of diligence applied to each asset class matter far more than the perceived riskiness or prestige of the asset class itself. Certain areas of finance, including high-yield credit, distressed debt, restructuring, and private equity, demand more rigorous foundational skills and deep understanding. Eric stresses that building a foundation on rigorous analysis from the ground up provides a stronger edge than simply operating at an abstraction level. 

Eric contrasts the public markets with venture capital, noting the extreme difficulty of maintaining an edge in public markets due to the widespread availability of information. In public markets, everyone essentially has access to the same data, so analytical edge or a stable capital base becomes the only competitive differentiators. By contrast, in venture capital, there are fewer competitors and less standardization, but the skillsets and evaluation criteria differ significantly. While venture capital requires specific expertise, much of the success in this field revolves around relationships and personal networks rather than rigorous analysis of financial documents. Eric believes the fees charged by venture capital and private equity are not justified by their returns. There is also the difficulty of replicating success in venture investing, especially in the early stages. 

The conversation shifts to the challenge of building a company, either within a large organization or independently. Eric contrasts his experience at Fidelity with starting his own venture-backed company, both of which are difficult paths. He also highlights the internal difficulties of innovating within a large corporation. This is contrasted with small companies, which can innovate more freely but struggle with distribution. Although Eric deeply cherished his time at Fidelity, he was ultimately pulled by his lifelong desire to run a company of his own. He realized that if he reached the end of his life without trying to build his own company, he would have profound regret. Though the journey of entrepreneurship has been brutal, Eric acknowledges that starting your own business attracts a specific personality type—someone who thrives on the challenges and pressures. Despite the hardships, Eric\'s passion for building something of his own continues to drive him.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Eric Golden is the Founder of Canopy Capital and host of the Making Markets podcast. Eric was a portfolio manager and intrapreneur at Fidelity prior to setting up Canopy so he has great perspective on both markets and life as a venture-backed founder. We talked about those experiences, his current views on the Fed, markets, and crypto, and how Eric\'s view of venture capital has evolved over time.

To begin, Eric explains that Canopy Capital focuses on building separately managed accounts for tax-individualized investing. Drawing from his two decades in the fixed income industry, Eric describes how asset management has shifted from high-cost alpha products to lower-cost passive strategies, with growing demand for customization and tax optimization. Although financial services traditionally focus on gross returns before fees and taxes, after-tax performance can yield better results, which Canopy aims to optimize. 

Eric’s understanding of crypto changed after studying its underlying technology, leading him to recognize its value as a digital asset like gold. He acknowledges that while many traditional investors dismissed crypto, it fascinated him because it represented a new asset class—a rare occurrence in the financial world. From his perspective, the concept of markets transcends asset types and the principles of portfolio management remain consistent regardless of the currency being exchanged. He emphasizes that markets are dynamic and constantly evolving, with successful investors needing to stay ahead of the curve. Great investors recognize the fleeting nature of their success and are always in search of the next opportunity. This mindset drives many of the guests on his podcast, who are eager to showcase their innovative approaches and demonstrate that they are forward-thinking in their investment strategies.

This randomness and brutality of the financial market attract highly driven and intelligent people to what Eric refers to as \"the world\'s greatest game.\" Over time, he has learned that the foundational skills and type of diligence applied to each asset class matter far more than the perceived riskiness or prestige of the asset class itself. Certain areas of finance, including high-yield credit, distressed debt, restructuring, and private equity, demand more rigorous foundational skills and deep understanding. Eric stresses that building a foundation on rigorous analysis from the ground up provides a stronger edge than simply operating at an abstraction level. 

Eric contrasts the public markets with venture capital, noting the extreme difficulty of maintaining an edge in public markets due to the widespread availability of information. In public markets, everyone essentially has access to the same data, so analytical edge or a stable capital base becomes the only competitive differentiators. By contrast, in venture capital, there are fewer competitors and less standardization, but the skillsets and evaluation criteria differ significantly. While venture capital requires specific expertise, much of the success in this field revolves around relationships and personal networks rather than rigorous analysis of financial documents. Eric believes the fees charged by venture capital and private equity are not justified by their returns. There is also the difficulty of replicating success in venture investing, especially in the early stages. 

The conversation shifts to the challenge of building a company, either within a large organization or independently. Eric contrasts his experience at Fidelity with starting his own venture-backed company, both of which are difficult paths. He also highlights the internal difficulties of innovating within a large corporation. This is contrasted with small companies, which can innovate more freely but struggle with distribution. Although Eric deeply cherished his time at Fidelity, he was ultimately pulled by his lifelong desire to run a company of his own. He realized that if he reached the end of his life without trying to build his own company, he would have profound regret. Though the journey of entrepreneurship has been brutal, Eric acknowledges that starting your own business attracts a specific personality type—someone who thrives on the challenges and pressures. Despite the hardships, Eric\'s passion for building something of his own continues to drive him.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Joe Magyer: https://www.linkedin.com/in/joemagyer/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/9525361d81f726635d0cb843f5686e4b.mp3?s=rss-feed'  length='44100000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2889</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040635/crypto-the-fed-and-venture-competition-with-eric-golden.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040635/crypto-the-fed-and-venture-competition-with-eric-golden.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Startup Accelerators, SaaS, and Helping Founders Run Faster with Mike Cardamone</title>
<link >https://listen.hubhopper.com/episode/startup-accelerators-saas-and-helping-founders-run-faster-with-mike-cardamone-1788890578/33040636</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481185</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 30 Sep 2024 10:01:03 +0000</pubDate>
<itunes:summary ><![CDATA[Mike Cardamone is the founder and managing partner of Forum Ventures. Forum is a New York-based firm with a structure that layers together an accelerator, studio, and pre-seed fund. We talked about why Forum likes B2B SaaS, how Forum helps startups run faster, how Mike sizes up AI opportunities, and why new investors into startups might be making a mistake by following Big Brand VCs into early stage deals. We also talked about the state of play in startup accelerators and Mike\'s views on the direction of the space and business model. 

Mike begins the discussion by explaining the origins of Forum Ventures, which just celebrated its 10th anniversary. Forum was created as a B2B SaaS-focused accelerator, differentiating itself from generalist accelerators like Y Combinator or Techstars. Mike, having been an early employee at the pioneering SaaS company Box, saw an opportunity to create a playbook to help startups with their go-to-market strategy. Forum’s goal was to help companies move from zero to one, emphasizing a tactical approach. 

Four years ago, Forum launched a pre-seed fund that complements the accelerator. Then, they added a Venture Studio, which employs 32 people full-time and launches about six companies per year. In the studio, they work closely with founders or come up with ideas themselves, iterating and validating opportunities before forming new companies. Forum supports these startups from day zero with $250K in funding, helping them build their MVP and acquire early customers. Forum now focuses on two customers: founders and LPs The company’s mission is to support them through different stages of their company’s life cycle, from idea validation to scaling, ultimately helping them reach Series A or become self-sustaining

Initially, Mike was an operator and angel investor who wanted to help startups while deploying small amounts of capital. Over time, the focus shifted to providing founders with an exceptional experience. Mike explains why the startups coming out of Forum tend to be of higher quality compared to those from other accelerators. First, Forum has always been focused on providing founders with a great experience, which has helped build a strong, founder-driven brand. Second, Forum’s investment model, which includes 100 companies per year, provides them with extensive data and insights into what works in early-stage B2B SaaS. This data helps them better evaluate startups and guide them through the process of raising a pre-seed or seed round. 

In closing, Mike discusses investment strategies, focusing on sectors like health tech and supply chain that, while less popular, present significant opportunities due to their potential for societal impact. He emphasizes the importance of understanding vertical AI markets, where tailored solutions often outperform broader, horizontal platforms. He also highlights the changes in the tech scene, particularly in New York, which now has a thriving ecosystem for startups and venture capital.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Mike Cardamone is the founder and managing partner of Forum Ventures. Forum is a New York-based firm with a structure that layers together an accelerator, studio, and pre-seed fund. We talked about why Forum likes B2B SaaS, how Forum helps startups run faster, how Mike sizes up AI opportunities, and why new investors into startups might be making a mistake by following Big Brand VCs into early stage deals. We also talked about the state of play in startup accelerators and Mike\'s views on the direction of the space and business model. 

Mike begins the discussion by explaining the origins of Forum Ventures, which just celebrated its 10th anniversary. Forum was created as a B2B SaaS-focused accelerator, differentiating itself from generalist accelerators like Y Combinator or Techstars. Mike, having been an early employee at the pioneering SaaS company Box, saw an opportunity to create a playbook to help startups with their go-to-market strategy. Forum’s goal was to help companies move from zero to one, emphasizing a tactical approach. 

Four years ago, Forum launched a pre-seed fund that complements the accelerator. Then, they added a Venture Studio, which employs 32 people full-time and launches about six companies per year. In the studio, they work closely with founders or come up with ideas themselves, iterating and validating opportunities before forming new companies. Forum supports these startups from day zero with $250K in funding, helping them build their MVP and acquire early customers. Forum now focuses on two customers: founders and LPs The company’s mission is to support them through different stages of their company’s life cycle, from idea validation to scaling, ultimately helping them reach Series A or become self-sustaining

Initially, Mike was an operator and angel investor who wanted to help startups while deploying small amounts of capital. Over time, the focus shifted to providing founders with an exceptional experience. Mike explains why the startups coming out of Forum tend to be of higher quality compared to those from other accelerators. First, Forum has always been focused on providing founders with a great experience, which has helped build a strong, founder-driven brand. Second, Forum’s investment model, which includes 100 companies per year, provides them with extensive data and insights into what works in early-stage B2B SaaS. This data helps them better evaluate startups and guide them through the process of raising a pre-seed or seed round. 

In closing, Mike discusses investment strategies, focusing on sectors like health tech and supply chain that, while less popular, present significant opportunities due to their potential for societal impact. He emphasizes the importance of understanding vertical AI markets, where tailored solutions often outperform broader, horizontal platforms. He also highlights the changes in the tech scene, particularly in New York, which now has a thriving ecosystem for startups and venture capital.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/c34dc2c8b7c87a03f2353d76ee3b701b.mp3?s=rss-feed'  length='27240000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1784</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040636/startup-accelerators-saas-and-helping-founders-run-faster-with-mike-cardamone.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040636/startup-accelerators-saas-and-helping-founders-run-faster-with-mike-cardamone.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >The Rapid Rise of AI, Global Startups, and How to Treat Founders with Niki Scevak</title>
<link >https://listen.hubhopper.com/episode/the-rapid-rise-of-ai-global-startups-and-how-to-treat-founders-with-niki-scevak-1788890578/33040637</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481190</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 16 Sep 2024 13:12:45 +0000</pubDate>
<itunes:summary ><![CDATA[Niki Scevak is the Co-Founder of Blackbird Ventures and a multi-time startup founder. Blackbird is the largest venture capital firm in Australia and has backed massive winners such as Canva, Zoom, and Culture Amp, among others. We talked about the power of investing early, how AI companies solve problems for customers and why they\'re interesting to investors, and how world-beating companies can come from anywhere. Please enjoy.

To begin, Niki discusses Blackbird\'s founding vision that generational companies can emerge from anywhere, not just Silicon Valley, and highlights their initial challenges and successes, such as investing early in companies like Canva and Zoox. Blackbird\'s strategy involves investing at the earliest stages of startups and continuing to support them throughout their growth, focusing on companies that aim to be global leaders. Then, Niki delves into venture capital dynamics, feedback for founders, and misconceptions about Australian startups. He emphasizes the importance of specific feedback in venture investing, noting that constructive criticism opens opportunities for improvement and future engagement. The discussion challenges the perception of Australian startups as minor players, highlighting successful global companies outside the U.S., such as Shopify and Atlassian. The conversation then shifts to AI\'s impact, comparing it to the App Store revolution, and Niki describes how AI-driven companies are growing at unprecedented rates, often charging much higher prices per user due to the transformative value they offer. However, these companies also face high churn rates, driven by factors like early product versions, high prices, and intense competition.

Next, Niki shares his perspective on venture capital, feedback dynamics, the rise of Australian startups, and the excitement surrounding AI. He explains that feedback to founders should be specific, empathetic, and actionable, fostering future engagement. He challenges misconceptions about Australian startups, highlighting their global competitiveness and efficiency. AI application companies are experiencing rapid growth due to high user willingness to pay, despite facing high churn rates and intense competition. Niki reflects on the future, which he believes to be bright, with continuous improvements and decreasing costs, while venture capitalists face challenges in valuing early-stage startups accurately in a rapidly evolving market. 

Before wrapping up, Niki shares that another huge part of Blackbird’s story is the notion of institutional funding going into Australian ventures. In the U.S., contributions to 401ks are voluntary, while it is mandatory to contribute 11% of their salary to their retirement fund. This results in a handful of finds that are all compounding over time. Australia’s superannuation funds have been a very competitive edge for Blackbird, while American VC funds are not as successful. Finally, Niki identifies the person who played a major role in where he is today. 

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Seaplane Ventures: https://www.seaplaneventures.com/]]></itunes:summary>
<description ><![CDATA[Niki Scevak is the Co-Founder of Blackbird Ventures and a multi-time startup founder. Blackbird is the largest venture capital firm in Australia and has backed massive winners such as Canva, Zoom, and Culture Amp, among others. We talked about the power of investing early, how AI companies solve problems for customers and why they\'re interesting to investors, and how world-beating companies can come from anywhere. Please enjoy.

To begin, Niki discusses Blackbird\'s founding vision that generational companies can emerge from anywhere, not just Silicon Valley, and highlights their initial challenges and successes, such as investing early in companies like Canva and Zoox. Blackbird\'s strategy involves investing at the earliest stages of startups and continuing to support them throughout their growth, focusing on companies that aim to be global leaders. Then, Niki delves into venture capital dynamics, feedback for founders, and misconceptions about Australian startups. He emphasizes the importance of specific feedback in venture investing, noting that constructive criticism opens opportunities for improvement and future engagement. The discussion challenges the perception of Australian startups as minor players, highlighting successful global companies outside the U.S., such as Shopify and Atlassian. The conversation then shifts to AI\'s impact, comparing it to the App Store revolution, and Niki describes how AI-driven companies are growing at unprecedented rates, often charging much higher prices per user due to the transformative value they offer. However, these companies also face high churn rates, driven by factors like early product versions, high prices, and intense competition.

Next, Niki shares his perspective on venture capital, feedback dynamics, the rise of Australian startups, and the excitement surrounding AI. He explains that feedback to founders should be specific, empathetic, and actionable, fostering future engagement. He challenges misconceptions about Australian startups, highlighting their global competitiveness and efficiency. AI application companies are experiencing rapid growth due to high user willingness to pay, despite facing high churn rates and intense competition. Niki reflects on the future, which he believes to be bright, with continuous improvements and decreasing costs, while venture capitalists face challenges in valuing early-stage startups accurately in a rapidly evolving market. 

Before wrapping up, Niki shares that another huge part of Blackbird’s story is the notion of institutional funding going into Australian ventures. In the U.S., contributions to 401ks are voluntary, while it is mandatory to contribute 11% of their salary to their retirement fund. This results in a handful of finds that are all compounding over time. Australia’s superannuation funds have been a very competitive edge for Blackbird, while American VC funds are not as successful. Finally, Niki identifies the person who played a major role in where he is today. 

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/

Seaplane Ventures: https://www.seaplaneventures.com/]]></description>
<enclosure  url='https://play.hubhopper.com/01793d1ed6f14634fefaabfc535657ef.mp3?s=rss-feed'  length='40410000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2647</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040637/the-rapid-rise-of-ai-global-startups-and-how-to-treat-founders-with-niki-scevak.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040637/the-rapid-rise-of-ai-global-startups-and-how-to-treat-founders-with-niki-scevak.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Investing Early and Making Your Own Luck with Mac Conwell</title>
<link >https://listen.hubhopper.com/episode/investing-early-and-making-your-own-luck-with-mac-conwell-1788890578/33040638</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481171</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 02 Sep 2024 10:00:36 +0000</pubDate>
<itunes:summary ><![CDATA[Our guest this week on the Investing in Startups podcast is Mac Conwell, Founder of RareBreed Ventures, a firm specializing in pre-seed and seed investments, who shares his experiences and insights on startup investment.

To begin, Mac provides an overview of Rare Breed Ventures, a venture firm based in Baltimore, Maryland, that invests in \"dope founders,\" especially those outside the major tech hubs like Silicon Valley, New York, and Boston. The firm is industry-agnostic, with a preference for software companies with unique customer acquisition strategies and physical products in under-innovated markets. Mac then shares his journey into venture capital, beginning as a software engineer who dropped out of college to work as a government contractor. He was inspired to enter the startup world after seeing a friend successfully launch a company in Silicon Valley, leading him to start his first company in 2010. Despite initial struggles and failures, including the collapse of his second company, Mac gained valuable experience and eventually transitioned to a marketing firm. Then, he describes his transition from being a startup founder to an investor. 

Mack shares the challenges he faced in raising funds for RareBreed Ventures, including holding over 4,000 meetings with potential investors during the COVID-19 pandemic. The unique circumstances of the pandemic created an environment where Mack was able to engage with many investors through virtual meetings. He also reflects on his experience testifying before the House of Representatives on the Improving Capital Allocation for Newcomers Act. He describes the honor of being recognized as an expert and the challenge of distilling his thoughts into a concise, impactful testimony. Mac also elaborates on the ICAN Act as an extension of the JOBS Act, emphasizing the limitations and opportunities it presents for fund managers and investors. 

The conversation shifts to the regulatory environment, particularly the tensions between different governmental bodies regarding private market investments, and the broader implications of large companies staying private longer. Mac also elaborated on the challenges faced by entrepreneurs, particularly those serving niche or underrepresented markets. He stresses the importance of careful communication by entrepreneurs and the need for investors to thoroughly assess market opportunities rather than relying on surface-level assumptions.

Startups referred by trusted sources are significantly more likely to receive funding. While this system helps in vetting deals, it also perpetuates a cycle of sameness, where founders from similar backgrounds are repeatedly backed. Mac emphasizes the need for VCs to go beyond their usual networks and actively seek out diverse founders and companies. Before wrapping up, Mac explains the differences in skills and approaches required at various stages of venture capital investing. It is important to balance both qualitative and quantitative evaluation in venture capital. While quantitative data and models are crucial, instincts and pattern recognition, developed through experience, are equally vital. 

The discussion shifts to the common issues that founders frequently bring to their investors. The top concerns include needing more capital and dealing with conflicts, whether with board members, co-founders, or employees. Finally, Mac describes his approach to portfolio construction, which involves making a high number of investments with smaller dollar amounts. He is focused on building a robust internal system to manage co-investment relationships and to carefully choose which companies to back with follow-on capital.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/
More About Mac Conwell: https://x.com/MacConwell
More About Joe Magyer: https://www.linkedin.com/in/joemagyer/]]></itunes:summary>
<description ><![CDATA[Our guest this week on the Investing in Startups podcast is Mac Conwell, Founder of RareBreed Ventures, a firm specializing in pre-seed and seed investments, who shares his experiences and insights on startup investment.

To begin, Mac provides an overview of Rare Breed Ventures, a venture firm based in Baltimore, Maryland, that invests in \"dope founders,\" especially those outside the major tech hubs like Silicon Valley, New York, and Boston. The firm is industry-agnostic, with a preference for software companies with unique customer acquisition strategies and physical products in under-innovated markets. Mac then shares his journey into venture capital, beginning as a software engineer who dropped out of college to work as a government contractor. He was inspired to enter the startup world after seeing a friend successfully launch a company in Silicon Valley, leading him to start his first company in 2010. Despite initial struggles and failures, including the collapse of his second company, Mac gained valuable experience and eventually transitioned to a marketing firm. Then, he describes his transition from being a startup founder to an investor. 

Mack shares the challenges he faced in raising funds for RareBreed Ventures, including holding over 4,000 meetings with potential investors during the COVID-19 pandemic. The unique circumstances of the pandemic created an environment where Mack was able to engage with many investors through virtual meetings. He also reflects on his experience testifying before the House of Representatives on the Improving Capital Allocation for Newcomers Act. He describes the honor of being recognized as an expert and the challenge of distilling his thoughts into a concise, impactful testimony. Mac also elaborates on the ICAN Act as an extension of the JOBS Act, emphasizing the limitations and opportunities it presents for fund managers and investors. 

The conversation shifts to the regulatory environment, particularly the tensions between different governmental bodies regarding private market investments, and the broader implications of large companies staying private longer. Mac also elaborated on the challenges faced by entrepreneurs, particularly those serving niche or underrepresented markets. He stresses the importance of careful communication by entrepreneurs and the need for investors to thoroughly assess market opportunities rather than relying on surface-level assumptions.

Startups referred by trusted sources are significantly more likely to receive funding. While this system helps in vetting deals, it also perpetuates a cycle of sameness, where founders from similar backgrounds are repeatedly backed. Mac emphasizes the need for VCs to go beyond their usual networks and actively seek out diverse founders and companies. Before wrapping up, Mac explains the differences in skills and approaches required at various stages of venture capital investing. It is important to balance both qualitative and quantitative evaluation in venture capital. While quantitative data and models are crucial, instincts and pattern recognition, developed through experience, are equally vital. 

The discussion shifts to the common issues that founders frequently bring to their investors. The top concerns include needing more capital and dealing with conflicts, whether with board members, co-founders, or employees. Finally, Mac describes his approach to portfolio construction, which involves making a high number of investments with smaller dollar amounts. He is focused on building a robust internal system to manage co-investment relationships and to carefully choose which companies to back with follow-on capital.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.

Investing in Startups: https://www.investinginstartups.com/
More About Mac Conwell: https://x.com/MacConwell
More About Joe Magyer: https://www.linkedin.com/in/joemagyer/]]></description>
<enclosure  url='https://play.hubhopper.com/36f65bf52288edc38cd0641ed1a121a3.mp3?s=rss-feed'  length='43640000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2860</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040638/investing-early-and-making-your-own-luck-with-mac-conwell.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040638/investing-early-and-making-your-own-luck-with-mac-conwell.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >AI Startups Are Hot... But Does That Make Them Good Investments?</title>
<link >https://listen.hubhopper.com/episode/ai-startups-are-hot-but-does-that-make-them-good-investments-1788890578/33040639</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481161</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 19 Aug 2024 20:10:37 +0000</pubDate>
<itunes:summary ><![CDATA[Jerry Neumann, the Managing Director of Neu Venture Capital, explains why he is excited about the technological promise of AI but thinks that early stage investors crowding into the space might be disappointed with the performance of their investments. Jerry shared this view on the Investment in Startups podcast with the full episode available now on YouTube: https://youtu.be/W_5GU9CV9zY?si=fjvzDeutMRa2ovtd]]></itunes:summary>
<description ><![CDATA[Jerry Neumann, the Managing Director of Neu Venture Capital, explains why he is excited about the technological promise of AI but thinks that early stage investors crowding into the space might be disappointed with the performance of their investments. Jerry shared this view on the Investment in Startups podcast with the full episode available now on YouTube: https://youtu.be/W_5GU9CV9zY?si=fjvzDeutMRa2ovtd]]></description>
<enclosure  url='https://play.hubhopper.com/49c9a6a4e415b00f1bb9c1e567449c1e.mp3?s=rss-feed'  length='3500000'  type='audio/mpeg' ></enclosure>
<itunes:duration >229</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040639/ai-startups-are-hot-but-does-that-make-them-good-investments.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040639/ai-startups-are-hot-but-does-that-make-them-good-investments.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Founder vs. Investor, AI, and Venture Portfolio Construction with Jerry Neumann</title>
<link >https://listen.hubhopper.com/episode/founder-vs-investor-ai-and-venture-portfolio-construction-with-jerry-neumann-1788890578/33040640</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481177</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 19 Aug 2024 10:00:25 +0000</pubDate>
<itunes:summary ><![CDATA[Jerry Neumann is a wildly successful early stage investor and one of the best writers and thinkers about the craft. The founder of Neu Venture Capital talks about how he thinks about whether AI is a consensus trade in venture, the theory and reality of portfolio construction, and the origin story of an investment that returned 5000X. We also talked about the reception to a book that Jerry coauthored with Elizabeth Zalman, Founder vs. Investor.

To begin, Jerry describes himself and shares his background. He is a venture capitalist and has been investing in startups since 1997. He started his own company and then went back to investing. He calls himself a venture capitalist because he invests with his own money. He has an electrical engineering background and teaches a class at Columbia University on entrepreneurship. He has been writing blog posts on investing for years and they discuss one called Power Laws. This was born out of the idea that the outcomes of investing are power law distributed. There are many companies that don’t do well and then few that do abnormally well. If you invested in 100 companies, 50 will go out of business, 40 will do okay and 10 will go above and beyond. This is the Power Law distribution and looks like an inverted hockey stick. The average outcome is infinite because there is no cap on what you can get and no cap you should expect. The average skews high and most portfolios will end up with a 1 or 2x return, but some end up with 15 fold. If you want a 50% chance of getting 5x or better, here’s how many companies you need to invest in. The more companies you invest in, the closer you will get to that mean. This is a rational strategy but it grows slowly for the probability of reaching a certain return. Jerry invests in a smaller portfolio and invests at the earliest stages. He says to look for the companies where you don’t know what will happen and to remember that you are helping people to start their companies. Without your investment, these companies won’t ever get off the ground. 

Next, Jerry talks about his blog posts that have gotten the biggest response, and the reaction to the book, Founder vs. Investor. The most responses in his blog post was called Heat Death which was about venture capital in the 1980s. The second biggest one was called, “Your Board of Directors is Probably Going to Fire You.” A venture capital that he backed was fired by their board and this post was based on an email that he sent to the founders. On the cook he co authored with Liz Zalman, they wrote the book on different topics from a founder and investor point of view. Liz is raising money right now for a company and some investors have said they are worried about what she said in the book, but that is what every founder thinks but doesn’t want to say to investors. They wrote this book to help both sides understand the other one better, but this book did have some controversial reactions to it. Some investors have told him to take his name off of it but some founders have said it’s the best book they’ve ever read. The founders that he invests with now don’t bring up the book to him, but he says the goal of investing in a company is to make money and he also emphasizes that you should do what you say you are going to do. 

In addition, they talk about how the cofounder relationship is hard for many first time founders. He suggests to embrace the uncertainty because you don’t know what will happen, but to listen to your customers and try to do the best you can. They also talk about AI and Jerry says the technology is crazy, but he has reservations about the hype of AI. AI is not and can’t be human level intelligence, and can’t evolve into what humans can do. Humans simulate their own actions and other people’s actions, and AI can’t do this– they can only learn and repeat. He does not believe AI will replace humans in general jobs. In closing, Jerry says the best way for founders to get his attention to invest is to have someone Jerry knows introduce them to him. He says everyone is cold emailing, but he wants to know someone and invest locally.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Jerry Neumann is a wildly successful early stage investor and one of the best writers and thinkers about the craft. The founder of Neu Venture Capital talks about how he thinks about whether AI is a consensus trade in venture, the theory and reality of portfolio construction, and the origin story of an investment that returned 5000X. We also talked about the reception to a book that Jerry coauthored with Elizabeth Zalman, Founder vs. Investor.

To begin, Jerry describes himself and shares his background. He is a venture capitalist and has been investing in startups since 1997. He started his own company and then went back to investing. He calls himself a venture capitalist because he invests with his own money. He has an electrical engineering background and teaches a class at Columbia University on entrepreneurship. He has been writing blog posts on investing for years and they discuss one called Power Laws. This was born out of the idea that the outcomes of investing are power law distributed. There are many companies that don’t do well and then few that do abnormally well. If you invested in 100 companies, 50 will go out of business, 40 will do okay and 10 will go above and beyond. This is the Power Law distribution and looks like an inverted hockey stick. The average outcome is infinite because there is no cap on what you can get and no cap you should expect. The average skews high and most portfolios will end up with a 1 or 2x return, but some end up with 15 fold. If you want a 50% chance of getting 5x or better, here’s how many companies you need to invest in. The more companies you invest in, the closer you will get to that mean. This is a rational strategy but it grows slowly for the probability of reaching a certain return. Jerry invests in a smaller portfolio and invests at the earliest stages. He says to look for the companies where you don’t know what will happen and to remember that you are helping people to start their companies. Without your investment, these companies won’t ever get off the ground. 

Next, Jerry talks about his blog posts that have gotten the biggest response, and the reaction to the book, Founder vs. Investor. The most responses in his blog post was called Heat Death which was about venture capital in the 1980s. The second biggest one was called, “Your Board of Directors is Probably Going to Fire You.” A venture capital that he backed was fired by their board and this post was based on an email that he sent to the founders. On the cook he co authored with Liz Zalman, they wrote the book on different topics from a founder and investor point of view. Liz is raising money right now for a company and some investors have said they are worried about what she said in the book, but that is what every founder thinks but doesn’t want to say to investors. They wrote this book to help both sides understand the other one better, but this book did have some controversial reactions to it. Some investors have told him to take his name off of it but some founders have said it’s the best book they’ve ever read. The founders that he invests with now don’t bring up the book to him, but he says the goal of investing in a company is to make money and he also emphasizes that you should do what you say you are going to do. 

In addition, they talk about how the cofounder relationship is hard for many first time founders. He suggests to embrace the uncertainty because you don’t know what will happen, but to listen to your customers and try to do the best you can. They also talk about AI and Jerry says the technology is crazy, but he has reservations about the hype of AI. AI is not and can’t be human level intelligence, and can’t evolve into what humans can do. Humans simulate their own actions and other people’s actions, and AI can’t do this– they can only learn and repeat. He does not believe AI will replace humans in general jobs. In closing, Jerry says the best way for founders to get his attention to invest is to have someone Jerry knows introduce them to him. He says everyone is cold emailing, but he wants to know someone and invest locally.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/3b58d886535b37a3fe5a881eb4cc2ffe.mp3?s=rss-feed'  length='43760000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2867</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040640/founder-vs-investor-ai-and-venture-portfolio-construction-with-jerry-neumann.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040640/founder-vs-investor-ai-and-venture-portfolio-construction-with-jerry-neumann.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >A Primer on Angel Investing with Rick Timmins</title>
<link >https://listen.hubhopper.com/episode/a-primer-on-angel-investing-with-rick-timmins-1788890578/33040641</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481157</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Wed, 07 Aug 2024 16:50:53 +0000</pubDate>
<itunes:summary ><![CDATA[Rick Timmins delivers a primer on angel investing. Rick is a veteran angel investor and financier with a fascinating career. He served in senior roles with Motorola and Cisco at the height of their powers, was a semi-pro poker player, and today sits on 5 boards including the Angel Capital Association. We talked about the craft of angel investing, the potential rewards and pitfalls, and some of the lessons Rick learned from his decades of experience as a tech executive.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Rick Timmins delivers a primer on angel investing. Rick is a veteran angel investor and financier with a fascinating career. He served in senior roles with Motorola and Cisco at the height of their powers, was a semi-pro poker player, and today sits on 5 boards including the Angel Capital Association. We talked about the craft of angel investing, the potential rewards and pitfalls, and some of the lessons Rick learned from his decades of experience as a tech executive.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/66afbff7e63f57b28adc62c49b2e9d39.mp3?s=rss-feed'  length='39300000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2575</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040641/a-primer-on-angel-investing-with-rick-timmins.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040641/a-primer-on-angel-investing-with-rick-timmins.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Fintech and Israeli Venture with Adi Levanon</title>
<link >https://listen.hubhopper.com/episode/fintech-and-israeli-venture-with-adi-levanon-1788890578/33040642</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481183</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 22 Jul 2024 12:34:58 +0000</pubDate>
<itunes:summary ><![CDATA[Adi Levanon is the Founder of Selah Ventures. Selah is a Tel-Aviv-based firm that is a first-check investor into fintech startups that are building in the US. We talked about fintech, why Israel has more unicorns per capita than the US, the state of the Israeli venture scene today, and the advantages of being a solo GP.

 

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Adi Levanon is the Founder of Selah Ventures. Selah is a Tel-Aviv-based firm that is a first-check investor into fintech startups that are building in the US. We talked about fintech, why Israel has more unicorns per capita than the US, the state of the Israeli venture scene today, and the advantages of being a solo GP.

 

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/a55debcb181db88c7795be8db0eb7029.mp3?s=rss-feed'  length='34880000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2286</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040642/fintech-and-israeli-venture-with-adi-levanon.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040642/fintech-and-israeli-venture-with-adi-levanon.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >SaaS and Seed Investing with Rajiv Bala</title>
<link >https://listen.hubhopper.com/episode/saas-and-seed-investing-with-rajiv-bala-1788890578/33040643</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481199</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 08 Jul 2024 13:45:25 +0000</pubDate>
<itunes:summary ><![CDATA[Rajiv Bala is the Co-Founder of Clutch VC. Clutch is an Austin-based firm that makes Seed investments in B2B software. We talked about the importance of staying true to your investment thesis, the strategy that enabled Clutch to raise a strong first fund despite a terrible environment, and whether it’s true that you have to be in a billion dollar deal to produce a great venture fund. Please enjoy.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></itunes:summary>
<description ><![CDATA[Rajiv Bala is the Co-Founder of Clutch VC. Clutch is an Austin-based firm that makes Seed investments in B2B software. We talked about the importance of staying true to your investment thesis, the strategy that enabled Clutch to raise a strong first fund despite a terrible environment, and whether it’s true that you have to be in a billion dollar deal to produce a great venture fund. Please enjoy.

Investing in Startups is hosted by Joe Magyer and produced by Seaplane Ventures.]]></description>
<enclosure  url='https://play.hubhopper.com/45b288c3ccacb3fdfd8a7df2faff18a1.mp3?s=rss-feed'  length='25090000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1644</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040643/saas-and-seed-investing-with-rajiv-bala.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040643/saas-and-seed-investing-with-rajiv-bala.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Investing in Outsider Founders with Nick Moran</title>
<link >https://listen.hubhopper.com/episode/investing-in-outsider-founders-with-nick-moran-1788890578/33040644</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481187</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 24 Jun 2024 10:00:19 +0000</pubDate>
<itunes:summary ><![CDATA[Nick Moran is the Founder and General Partner of New Stack Ventures. Nick is also the host of The Full Ratchet, the first VC podcast that started back in May 2014. We discussed how New Stack adds value, why Nick is focused on deals outside the Bay area, and why access is overrated. 

To begin, Nick shares his origin story of New Stack Ventures. He worked in corporate America in 2013 and then started angel investing. He created the first VC podcast to network and get deal flow, which worked better than expected. He had really good luck with the first 10 deals and raised more of a proper venture fund in 2020. A classic New Stack deal all starts with the founder. They are looking for founders who are unique, extraordinarily tenacious and charismatic, who can get investors involved. They want to invest in outsiders and true entrepreneurs who can beat the odds and didn\'t grow up in technology. These founders typically have a non-consensus view, have more capital efficiency and valuations that are more attractive. 

Nick is based in the Chicago area, which is not known for being a venture city. It has grown a lot and now is very robust in ventures. Nick started a breakfast group for emerging managers for 100 million or less. It started with 5 people going and now it’s more than 50. Nick talks about how New Stack adds value and it’s not in the platform. A typical response from a founder about the helpfulness of a platform VC is \"fine\" -- which is not terrible or great - but New Stack wants to be described as exceptional in everything they do. Their graduation rate is 92% and there is no other investor in the midwest that can make introductions to 95% of the founding partners at every tier 1 and tier 2 companies. He also works with his brother at New Stack, and he has a lawyer background. Nick can trust him fully with the money, and his brother does all capital calls and interface for 140 LPs. 

With a corporate side background, Nick learned the types of companies to invest in and what it means to build that advantage over time. To conduct pricing with founders, they start with a framework or baseline. There are three ways to price: cost plus, pricing based on comps and pricing to value. You must think about all three when pricing into the market. He has had over 791 podcast episodes recorded and his favorite question to ask is what habits, tactics or techniques are their secret weapon. He says they always say something simple, but very powerful. 

Lastly, Nick says they never compromise on the founder and how much they care. It is not an access game, but a picking game. They looked at over 12,000 deals last year and invested in 12. He says investors need to over prepare, choose carefully and invest confidently. As an investor, you need to find what your competitive advantage or strategy is, and use that to win against other VCs. To filter through that volume of pitches, New Stack has multiple stages with requirements at each stage. They are also merciless in passing if a pitch doesn’t meet their standards. They also observe the founder’s tenacity and attention to detail. 

Investing in Startups is hosted by Joe Magyer. You can listen or view more episodes at our website: https://www.investinginstartups.com/]]></itunes:summary>
<description ><![CDATA[Nick Moran is the Founder and General Partner of New Stack Ventures. Nick is also the host of The Full Ratchet, the first VC podcast that started back in May 2014. We discussed how New Stack adds value, why Nick is focused on deals outside the Bay area, and why access is overrated. 

To begin, Nick shares his origin story of New Stack Ventures. He worked in corporate America in 2013 and then started angel investing. He created the first VC podcast to network and get deal flow, which worked better than expected. He had really good luck with the first 10 deals and raised more of a proper venture fund in 2020. A classic New Stack deal all starts with the founder. They are looking for founders who are unique, extraordinarily tenacious and charismatic, who can get investors involved. They want to invest in outsiders and true entrepreneurs who can beat the odds and didn\'t grow up in technology. These founders typically have a non-consensus view, have more capital efficiency and valuations that are more attractive. 

Nick is based in the Chicago area, which is not known for being a venture city. It has grown a lot and now is very robust in ventures. Nick started a breakfast group for emerging managers for 100 million or less. It started with 5 people going and now it’s more than 50. Nick talks about how New Stack adds value and it’s not in the platform. A typical response from a founder about the helpfulness of a platform VC is \"fine\" -- which is not terrible or great - but New Stack wants to be described as exceptional in everything they do. Their graduation rate is 92% and there is no other investor in the midwest that can make introductions to 95% of the founding partners at every tier 1 and tier 2 companies. He also works with his brother at New Stack, and he has a lawyer background. Nick can trust him fully with the money, and his brother does all capital calls and interface for 140 LPs. 

With a corporate side background, Nick learned the types of companies to invest in and what it means to build that advantage over time. To conduct pricing with founders, they start with a framework or baseline. There are three ways to price: cost plus, pricing based on comps and pricing to value. You must think about all three when pricing into the market. He has had over 791 podcast episodes recorded and his favorite question to ask is what habits, tactics or techniques are their secret weapon. He says they always say something simple, but very powerful. 

Lastly, Nick says they never compromise on the founder and how much they care. It is not an access game, but a picking game. They looked at over 12,000 deals last year and invested in 12. He says investors need to over prepare, choose carefully and invest confidently. As an investor, you need to find what your competitive advantage or strategy is, and use that to win against other VCs. To filter through that volume of pitches, New Stack has multiple stages with requirements at each stage. They are also merciless in passing if a pitch doesn’t meet their standards. They also observe the founder’s tenacity and attention to detail. 

Investing in Startups is hosted by Joe Magyer. You can listen or view more episodes at our website: https://www.investinginstartups.com/]]></description>
<enclosure  url='https://play.hubhopper.com/d42e294278c715242422b9b07f718ae0.mp3?s=rss-feed'  length='35970000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2357</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040644/investing-in-outsider-founders-with-nick-moran.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040644/investing-in-outsider-founders-with-nick-moran.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Avlok Kohli on the State of Play in Venture</title>
<link >https://listen.hubhopper.com/episode/avlok-kohli-on-the-state-of-play-in-venture-1788890578/33040645</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481156</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 10 Jun 2024 15:47:26 +0000</pubDate>
<itunes:summary ><![CDATA[Avlok Kohli is the CEO of AngelList. Avlok is a serial entrepreneur who came on to lead AngelList in 2019. The platform has grown massively since then and now has $124 billion in assets. We explore AngelList\'s strategy, the state of play in venture, why GPs shouldn\'t get their hopes up for a liquid secondary market, and Avlok\'s approach to angel investing.

Investing in Startups is produced by Seaplane Ventures. You can follow host Joe Magyer on LinkedIn or on at @Magyer.]]></itunes:summary>
<description ><![CDATA[Avlok Kohli is the CEO of AngelList. Avlok is a serial entrepreneur who came on to lead AngelList in 2019. The platform has grown massively since then and now has $124 billion in assets. We explore AngelList\'s strategy, the state of play in venture, why GPs shouldn\'t get their hopes up for a liquid secondary market, and Avlok\'s approach to angel investing.

Investing in Startups is produced by Seaplane Ventures. You can follow host Joe Magyer on LinkedIn or on at @Magyer.]]></description>
<enclosure  url='https://play.hubhopper.com/2521f6d46655619e9b42da0dd280de15.mp3?s=rss-feed'  length='32810000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2150</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040645/avlok-kohli-on-the-state-of-play-in-venture.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040645/avlok-kohli-on-the-state-of-play-in-venture.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >What Never Changes in Investing with Morgan Housel</title>
<link >https://listen.hubhopper.com/episode/what-never-changes-in-investing-with-morgan-housel-1788890578/33040646</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481167</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Tue, 28 May 2024 14:19:02 +0000</pubDate>
<itunes:summary ><![CDATA[Morgan Housel is a partner at Collaborative Fund, an early stage venture capital firm, and the best-selling author of The Psychology of Money and his new book, Same As Ever. He is also an award-winning columnist from his days of writing for The Motley Fool and The Wall Street Journal. We discussed what you can and can’t learn from studying great investors, what surprised Morgan about moving from public to private markets, what venture capital firms need to do to stand out to founders, and what Morgan has changed his mind on over the years. It was a really fun conversation. Please enjoy.

Investing in Startups is hosted by Joe Magyer, the Founder and Managing Partner of Seaplane Ventures. Seaplane Ventures is an early stage venture capital firm in Austin, Texas.]]></itunes:summary>
<description ><![CDATA[Morgan Housel is a partner at Collaborative Fund, an early stage venture capital firm, and the best-selling author of The Psychology of Money and his new book, Same As Ever. He is also an award-winning columnist from his days of writing for The Motley Fool and The Wall Street Journal. We discussed what you can and can’t learn from studying great investors, what surprised Morgan about moving from public to private markets, what venture capital firms need to do to stand out to founders, and what Morgan has changed his mind on over the years. It was a really fun conversation. Please enjoy.

Investing in Startups is hosted by Joe Magyer, the Founder and Managing Partner of Seaplane Ventures. Seaplane Ventures is an early stage venture capital firm in Austin, Texas.]]></description>
<enclosure  url='https://play.hubhopper.com/dcfc4810b0357f1dc6a82439697005b0.mp3?s=rss-feed'  length='35310000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2314</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040646/what-never-changes-in-investing-with-morgan-housel.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040646/what-never-changes-in-investing-with-morgan-housel.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Chris Douvos on Backing Emerging Managers</title>
<link >https://listen.hubhopper.com/episode/chris-douvos-on-backing-emerging-managers-1788890578/33040647</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481175</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 13 May 2024 10:00:11 +0000</pubDate>
<itunes:summary ><![CDATA[Our guest this week is Chris Douvos, the Founder and Managing Director of Ahoy Capital. We explore why Chris is focused on emerging managers, what led him to a concentrated strategy, what he has changed his mind on over the years, and what keeps him up at night. Please enjoy this fun conversation.]]></itunes:summary>
<description ><![CDATA[Our guest this week is Chris Douvos, the Founder and Managing Director of Ahoy Capital. We explore why Chris is focused on emerging managers, what led him to a concentrated strategy, what he has changed his mind on over the years, and what keeps him up at night. Please enjoy this fun conversation.]]></description>
<enclosure  url='https://play.hubhopper.com/f91213dc976224a7c3541652b2aab899.mp3?s=rss-feed'  length='42620000'  type='audio/mpeg' ></enclosure>
<itunes:duration >2793</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040647/chris-douvos-on-backing-emerging-managers.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040647/chris-douvos-on-backing-emerging-managers.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
<item>
<title >Martin Tobias on Pre-Seed Investing</title>
<link >https://listen.hubhopper.com/episode/martin-tobias-on-pre-seed-investing-1788890578/33040648</link>
<guid >https://app.pigeonpod.cloud/feed/2097061143977758722/episode/2097061203602481189</guid>
<podcast:guid >https://hubhopper.com/podcast/investing-in-startups/488164</podcast:guid>
<pubDate >Mon, 29 Apr 2024 18:34:32 +0000</pubDate>
<itunes:summary ><![CDATA[Our guest this week is Martin Tobias, the Founder of Incisive Ventures. Incisive is a Seattle-based firm that invests in pre-seed software startups in the US and beyond. Prior to starting Incisive, Martin was a highly successful angel investor and a serial entrepreneur who served as the CEO of 3 venture-backed startups.

We discuss why Martin loves pre-seed investing, valuation trends, the challenges and opportunities that come with investing abroad, and why investors should be careful to not put too much weight on the reputations of their coinvestors.]]></itunes:summary>
<description ><![CDATA[Our guest this week is Martin Tobias, the Founder of Incisive Ventures. Incisive is a Seattle-based firm that invests in pre-seed software startups in the US and beyond. Prior to starting Incisive, Martin was a highly successful angel investor and a serial entrepreneur who served as the CEO of 3 venture-backed startups.

We discuss why Martin loves pre-seed investing, valuation trends, the challenges and opportunities that come with investing abroad, and why investors should be careful to not put too much weight on the reputations of their coinvestors.]]></description>
<enclosure  url='https://play.hubhopper.com/2b3badb6467dc019d7a0812db90e8337.mp3?s=rss-feed'  length='30130000'  type='audio/mpeg' ></enclosure>
<itunes:duration >1974</itunes:duration>
<author >noquezarry@gmail.com</author>
<itunes:author >Investing In Startups</itunes:author>
<itunes:image  href='https://files.hubhopper.com/podcast/488164/episode/33040648/martin-tobias-on-pre-seed-investing.jpg'  url='https://files.hubhopper.com/podcast/488164/episode/33040648/martin-tobias-on-pre-seed-investing.jpg' ></itunes:image>
<itunes:episodeType >full</itunes:episodeType>
</item>
</channel>
</rss>