VC Playbook Has Changed. Here’s What Founders Must Do ft. Ezra Galston

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What does it take to build a truly durable consumer brand in today’s volatile venture environment?

In this episode, Mike sits down with Ezra Galston, Founding Partner of Starting Line, to unpack the shifting dynamics in consumer, marketplaces, and venture capital. Ezra shares why the Midwest VC ecosystem looks different from the coasts, what’s changing in consumer investing post-2021, and how founders can position themselves to raise smarter—not just bigger.

Here’s what you’ll learn:

✅ Why consumer investing still matters (even if VC sentiment has cooled)

✅ The difference between “good” growth and “unsustainable” growth

✅ How geography shapes venture outcomes (and why Chicago is unique)

✅ Why Ezra believes today’s founders must optimize for efficiency over hype

✅ The traps consumer founders fall into when chasing scale too early

✅ What LPs really want from consumer-focused funds right now

✅ How Starting Line is approaching the next generation of consumer brands

✅ Why resilience and margin discipline are the new non-negotiables

👉 If you’re a founder, investor, or operator navigating consumer markets in 2025, this episode is packed with insights you won’t want to miss.

Timestamps

00:00 Intro

01:10 Why Consumer Still Matters in Venture

05:00 Growth vs. Unsustainable Growth

09:20 The Midwest VC Lens vs. The Coasts

14:00 Lessons from Building Starting Line

18:30 Why Scale Too Early Destroys Consumer Startups

23:00 LP Expectations in a Reset Market

27:00 Ezra’s View on the Future of Consumer Brands

32:00 Optimizing for Efficiency in Fundraising

38:00 Why Margins Are the New Moat

42:00 Advice for Founders Raising in 2025

47:00 Ezra’s Recommended Books & Resources

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