Startups Decoded

Andy Walsh
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Startups Decoded is a podcast that provides real-world insights into startup strategy and growth, featuring expert-led content, insider stories, and actionable takeaways for founders and investors. We bridge the gap between theory and practice, offering practical lessons to help entrepreneurs thrive in today’s fast-paced ecosystem. More than just a podcast, it's a resource for innovators who dive deep into the strategies behind building and scaling successful startups.

  1. S2E21: Specialists Optimize. Operators Build Companies. With Casey Woo (FOG Ventures + Operators Guild)

    3 DAYS AGO

    S2E21: Specialists Optimize. Operators Build Companies. With Casey Woo (FOG Ventures + Operators Guild)

    Casey Woo has spent over two decades inside the engine room of real companies, scaling startups as a 6x CFO and 2x COO across SaaS, marketplaces, hardware, eCommerce, and beyond. After walking away from a successful career in public markets, Casey chose the harder path: joining early-stage startups, eating glass, and learning how companies actually get built under pressure. Along the way, he founded the Operators Guild, a global community of 1,200+ elite builders, and FOG Ventures, an operator-led investment platform backing the modern operator and GTM stack. In this conversation, we unpack why generalist operators are becoming the new frontier for founders and investors. We talk about business as both physics and art, why judgment beats specialization early, what separates great operators from average ones, and why VCs increasingly back operator-led companies and platforms. This is an operator-first conversation about craft, execution, and building companies that actually work, without startup theater. Subscribe now Chapters 00:02 Introduction to Operators and Generalists01:13 Casey Wu’s Journey from Wall Street to Startups03:22 The Cultural Shift: From Banking to Building05:34 The Role of Operators in Startups09:04 The Birth of the Operators Guild12:24 Defining the Roles: Founder vs. Operator15:31 The Evolution of the Operator Role16:30 The Impact of Technology on Operators22:34 Advice for Aspiring Operators22:42 The Importance of Community in Business24:23 Learning Through Experience25:40 Fundamentals of Business Success27:33 The Role of Human Relationships28:45 The Operators Guild and Knowledge Sharing34:31 Introducing Fog Ventures40:44 Customer Feedback and Product DevelopmentGuest Bio Casey Woo is the Founder of the Operators Guild and General Partner at FOG Ventures, a leading operator-led investing platform. A former public markets investor, Casey has spent over 20 years operating inside high-growth companies as a 6x CFO and 2x COO, guiding startups from early-stage through hypergrowth, multiple funding rounds, and pre-IPO. His experience spans software, hardware, marketplaces, eCommerce, supply chain, real estate, and professional communities. Through the Operators Guild, Casey built a global network of more than 1,200 elite operators, the people responsible for scaling some of the fastest-growing companies in tech. Building on that foundation, he launched FOG Ventures, investing alongside operators in the modern operator and GTM software stack. email: casey@operators-guild.com Access All Areas. Listen: Apple || Spotify || YouTube Subscribe: Substack Community & Events: Founders Circle Connect: LinkedIn Socials: TikTok || Instagram || X Web: startupsdecoded.com Music Credit “Neptuno” – Phondupe (Album: Onykia)

    46 min
  2. S2E20: The Intro Economy: How Trust Moves Deals — With Mike Adams

    26 JAN

    S2E20: The Intro Economy: How Trust Moves Deals — With Mike Adams

    Mike Adams has spent 30 years doing what most founders underestimate and then desperately need. Connecting people. Lead generation From HP to Apple to Zoom, and across 1,000+ events, Mike has built his career by understanding how trust, reputation, and introductions actually move deals forward. Now, as the founder of introstars, he’s turning referrals into the ultimate scalable lead-gen paradigm and opening up the intro economy to be measurable, trackable, and valuable. In this conversation, we unpack why the best growth no longer comes from cold outreach, why super connectors think differently about value, and how founders can build real leverage by investing in relationships long before they need them. We talk about the “intro economy,” the ethics of monetising connections, what kind of intros make the biggest difference, and why focusing your time on sending referrals to others will actually help your own business. This is a conversation for founders tired of shouting into the void and curious about building growth through trust instead of hacks. Chapters 00:00 Introduction to Networking in the Age of AI02:02 Mike’s Journey: From Sales to Super Connector06:10 The Importance of Trust and Vulnerability11:56 Givers vs. Takers in Networking17:35 The Role of Introductions in Business Success24:01 Building Your Personal Brand Through Connections24:33 Building Trust and Reputation29:26 The Shift from Cold Outreach to Warm Introductions37:23 The Role of AI in Networking44:33 introstars: Connecting People for Mutual Benefit47:06 Closing Thoughts on Human ConnectionMike Adams The founder of introstars, an investor in 20+ startups, and the host of The Super Connectors Podcast. With over three decades in sales and marketing at companies including HP, Apple, and Zoom, Mike has built a reputation as a high-trust connector who understands how relationships really drive business. Through introstars, Mike is building the first platform designed to reward introducers for successful outcomes, turning introductions into a measurable and sustainable growth channel. He’s passionate about helping founders, operators, and investors unlock value through genuine connection rather than transactional networking. Who Should Listen Founders building partnerships and distributionOperators responsible for growth and BDInvestors who rely on trusted deal flowAnyone who believes relationships still matter in an AI-first worldAccess All Areas. Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.comMusic Credit “Neptuno” – Phondupe (Album: Onykia)

    49 min
  3. S2E19: Advice Before Money: The VC Model Founders Actually Want — With Mike Ma.

    19 JAN

    S2E19: Advice Before Money: The VC Model Founders Actually Want — With Mike Ma.

    Mike Ma doesn’t invest in decks. He invests in people. As Managing Partner and Head Coach at Sidecut Ventures, Mike works with what he calls “coachable superheroes”, early-stage, mission-driven founders tackling real problems in economic mobility, healthcare, climate, and education. In this conversation, we unpack what it actually means to be coachable as a founder, why most advice fails in practice, and how real progress happens when coaching, capital, and execution collide. Mike shares lessons from the trenches — blending Fortune 500 experience with venture-backed CXO roles, and explains why the best founders don’t just seek answers, they build judgement. We also explore Sidecut’s hands-on approach to venture building, the parallels between adaptive sports coaching and startup leadership, and why helping founders unlock potential often means meeting them exactly where they are, not where the pitch says they should be. This episode is for founders who want fewer platitudes, better questions, and support that actually shows up. Chapters 00:00 Introduction to Impact Investing02:42 The Thesis of Sidecut Ventures04:59 Understanding Impact and Returns07:49 The Case for Climate Investments10:41 The Duality of Capitalism13:06 The Role of Ethics in Business15:47 The Importance of Mission-Driven Founders18:33 Evaluating Founders Beyond the Surface23:54 The Foxhole: Partnering with Founders27:19 The Impact of Investment Models32:01 The Reality of Foundership36:50 Understanding the Founder’s Journey39:43 Evaluating Impact and Market RisksMike Ma  Managing Partner and Head Coach at Sidecut Ventures, where he invests in and coaches early-stage, mission-driven founders working on some of society’s hardest problems. He brings a rare blend of Fortune 500 experience (Bank of America, Vanguard) and venture-backed CXO leadership(including Betterment and Own Up), rolling up his sleeves across product, strategy, and fundraising. Mike believes the best venture outcomes are built through proximity, trust, and real coaching, not performative advice. Sidecut Ventures: Pitch: https://www.sidecut.vc/pitch-usLinkedIn: https://www.linkedin.com/in/michaelwma/ Presented by Morrison Foerster - mofo.com Access All Areas. Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.comMusic Credit “Neptuno” – Phondupe (Album: Onykia)

    49 min
  4. S2E18: Stop Running Your Startup Like a Hobby. Build It to Sell. With Luke Tobin

    12 JAN

    S2E18: Stop Running Your Startup Like a Hobby. Build It to Sell. With Luke Tobin

    Startups Decoded - Presented by Morrison Foerster - mofo.com. Luke Tobin has built seven businesses across hospitality, e-commerce, and agencies. Three exits. One of them: an eight-figure agency sale that started with £100, no funding, and a healthy dose of imposter syndrome. Today, Luke sits at the messy intersection of founders, capital, and exits, backing businesses, fixing broken agency models, and coaching operators to turn self-doubt into fuel instead of friction. In this episode, we get brutally practical on what actually drives profitable growth, why most agencies never become exit-ready, how to price for margin (not ego), and why thinking like a buyer early changes everything. This is an operator conversation, not “founder vibes”. If you want a business that works without you sweating through every Monday, press play. Subscribe now Chapters 00:00 Introduction to Entrepreneurship and Exits10:31 The Journey of Building and Selling Businesses19:14 Structuring for Success: Frameworks and Control22:02 Uncovering Unique Value in Startups23:27 Prioritizing Impactful Outcomes25:39 Balancing Human Intelligence and AI27:25 Effective Automation Strategies29:06 Navigating Growth Stages in Business31:56 The Importance of Agility in Startups34:09 Cultural Dynamics in Team Growth37:32 Hiring Smart: The Founder’s Dilemma39:31 Investment Insights and Founder EvaluationLuke Tobin Luke Tobin is a founder, investor, and operator with three exits and seven businesses built across hospitality, e-commerce, and agencies. He scaled his most recent agency from £100 to an eight-figure exit in five years with no external funding. Today, he’s the founder of Unusual Group, owner of Tobin Capital, partner at A-Frame Venture Studio, and author of The Success Method newsletter read by 100,000+ founders weekly. Luke advises founders on pricing, operations, hiring, and exits with a relentless focus on building businesses that actually work. Who Should Listen Agency owners who want better margins (and a real exit path)Founders dealing with imposter syndrome while scalingOperators building without funding and without delusionInvestors who care about operator-led growthAnyone who wants the real playbook behind profitable businessesAccess All Areas. Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.comMusic Credit “Neptuno” – Phondupe (Album: Onykia)

    47 min
  5. S2E17: Nervous to Become a Founder? Start Here (Before You Quit) — With Niluka Kavanagh

    5 JAN

    S2E17: Nervous to Become a Founder? Start Here (Before You Quit) — With Niluka Kavanagh

    Niluka Kavanagh left Big 4 consulting with a simple question: Can I work for myself, and can I do it from anywhere? That question turned into an experiment, then a business, then ImagineThat, a global club for first-time founders who are trying to build something without losing themselves in the process. We talk about the unsexy realities people don’t plan for: uncertainty, isolation, confidence dips, and the weird moment where you realise “being your own boss” can still mean being owned by customers. Niluka shares the framework she uses with founders to go from “I’ve got skills” to “I’ve got a business,” why you should design your life before you design your model, and why your personal brand is the only asset that survives pivots. This is a conversation for anyone in corporate with a pull toward independence, and anyone early-stage who wants fewer vibes and more clarity. Subscribe now Chapters 00:00 The Journey of Transitioning from Corporate to Entrepreneurship03:08 Finding Purpose and Vision in Business05:53 Understanding the Risks and Rewards of Entrepreneurship08:44 Building a Support Network for Founders11:35 The Importance of Market Validation14:25 Creating a Founder Brand and Authentic Storytelling22:27 Building Your Founder Brand25:41 The Importance of Values in Branding29:47 The Power of Storytelling in Personal Branding34:07 Recognizing Your Achievements as a Founder38:31 The Role of Community in Entrepreneurship43:20 Creating a Supportive Environment for FoundersNiluka Kavanagh  A founder, executive coach, keynote speaker, and creator focused on the future of work. She is the Founder of ImagineThat, the global club for new founders, and the creator of The Modern CEO, a leadership program helping companies evolve into next-generation workplaces. Previously, she worked as a consultant at KPMG with clients like Mastercard, Tesco, and London Stock Exchange, co-founded KPMG FutureThinkers, and led communications for KPMG SheCan. Niluka has spoken at leading universities, including Oxford, Trinity College Dublin, and Edinburgh University, and her work has been featured in The World Financial Review and Cambridge University Press. Who Should Listen New founders transitioning out of corporate rolesExecutives leading younger or hybrid teamsOperators building modern leadership culturesAnyone curious about how careers, ambition, and identity are reshaping entrepreneurshipMusic Credit “Neptuno” – Phondupe (Album: Onykia) Access All Areas. Listen: Apple || Spotify || YouTube Subscribe: Substack Community & Events: Founders Circle Connect: LinkedIn Socials: TikTok || Instagram || X Web: startupsdecoded.com

    49 min
  6. S2E16: Angel Money Isn’t ‘Play Money’. It’s a Major Advantage - with Katie Dunn.

    29/12/2025

    S2E16: Angel Money Isn’t ‘Play Money’. It’s a Major Advantage - with Katie Dunn.

    Women, BIPOC, and LGBTQIA+ founders still get boxed out of capital, but Katie Dunn has built her angel investing thesis to do the opposite, and she’s doing it with actual reps (29 investments) and serious financial scar tissue (25+ years in banking with $10B financed). Subscribe now In this episode, Katie breaks down what early-stage angels really look for when they say they’re “betting on the founder”, why most cold outreach fails (hint: nobody reads the investor’s thesis), and how underrepresented founders can cut through the noise with clarity, credibility, and a simple story that lands. We also get into the underrated part: investor relationships. Katie explains why your first investors should be your easiest next-round capital, why founders go dark when things get hard (and how that backfires), and how angels often deliver more value than VCs because they actually have time, context, and intent to help. If you’re raising pre-seed/seed, building community, or trying to stop fundraising from eating your soul, this one’s a practical reset. Chapters 00:00 Introduction to Angel Investing04:18 Katie’s Journey in Finance06:55 The Importance of Diversity in Funding10:04 The Role of Immigrants in Startups12:43 Building Community and Networks15:30 The Value of Collaboration18:23 The Role of Angels vs. VCs21:07 The Importance of Communication23:45 Finding the Right Investors26:45 Using Technology to Connect29:32 Assessing Founders and Their Pitches32:20 The Art of the Pitch Deck35:01 Final Thoughts and ResourcesKatie Dunn An experienced angel investor, board director, and startup advisor investing in underrepresented U.S. founders at the pre-seed and seed stages, primarily in CPG and technology. Through Masthead Strategies, she’s helped founders raise over $30M by combining investor psychology, storytelling, and AI-powered tools. Her portfolio includes Outcast Brands (Blood Monkey Gin, Two Shores Rum), Another Tomorrow, Juliet Wine, WTHN, Forecastr, and Goodword. Katie also serves on the boards of Outcast Brands and the Enthuse Foundation, and advises Fierce Foundry, a femtech venture studio. Who Should Listen Founders preparing to raise pre-seed or seed capitalUnderrepresented founders seeking tactical fundraising adviceAngels or new investors looking to sharpen their evaluation processAnyone who wants to understand how trust, clarity, and communication drive funding decisionsMusic Credit “Neptuno” – Phondupe (Album: Onykia) Access All Areas. Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.comStartups Decoded is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

    49 min
  7. S2E15: We Need To Scale Angel Investing — with Cheryl Kellond, Play Money.

    22/12/2025

    S2E15: We Need To Scale Angel Investing — with Cheryl Kellond, Play Money.

    Startup investing used to be gated, exclusive networks, complex diligence, and full-time fund managers. But what if anyone could build a startup portfolio the same way they’d shop online? In this episode, Cheryl Kellond, serial founder and CEO of Play Money, shares how her platform is democratizing early-stage investing by pairing curated deals from new fund managers with an experience that feels more like shopping than finance.  We dive into her journey from launching Bia Sport and Apostrophe (acquired by Centivo) to building Play Money, the new “fantasy league” for startup investing. Expect a candid lesson on why making startup capital more inclusive can reshape who gets funded and who gets to build wealth. Subscribe now Chapters 00:00 Introduction to Play Money and Its Mission04:37 The Challenges of Accessing Capital11:21 The Evolution of Early Stage Investing16:59 Understanding the Angel Investment Landscape22:30 The Role of Education in Angel Investing28:20 The Founder Experience on Play Money33:49 Building Trust and Validation in Startups39:27 The Future Vision for Play MoneyCheryl Kellond Founder & CEO of Play Money, is a concept-to-launch expert who has driven $750M+ in revenue from healthtech, SaaS, hardware, and media products. She previously founded Apostrophe (Techstars ’17, acquired by Centivo) and Bia Sport (Lemnos ’12), and has launched major products at Adobe, Yahoo, and E*TRADE. Voted Denver’s Most Admired CEO and a 40 Over 40 honoree, she’s passionate about disrupting legacy industries and building founder-friendly ecosystems. Who Should Listen Aspiring angel investors who want a smarter, accessible entry pointFounders curious about new funding pathwaysEmerging fund managers building their first LP baseAnyone interested in wealth-building through startups without “full-time VC” complexityMusic Credit “Neptuno” – Phondupe (Album: Onykia)Access All Areas. Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com

    48 min
  8. S2E14: When AI Chases Invoices Better Than You Do – Mihir Deo, Founder - Invoice Butler.

    15/12/2025

    S2E14: When AI Chases Invoices Better Than You Do – Mihir Deo, Founder - Invoice Butler.

    As AI moves from clever tool to “virtual teammate,” nowhere is the shift more real than in finance. In this episode of Startups Decoded, Invoice Butler founder & CEO Mihir Deo joins Andy Walsh to explore what happens when AI agents start doing the unglamorous work humans have always done—chasing invoices, managing cash flow, and acting like your accounts team. We unpack how Invoice Butler is quietly replacing manual accounts receivable workflows with an AI-powered, human-backed agent, what that means for trust, brand, and relationships, and why the future of finance teams is smaller, sharper, and heavily automated, not human-free. Subscribe now Chapters 00:00 Introduction to AI and Trust06:48 The Impact of AI on Business Dynamics10:58 The Birth of Invoice Butler16:51 How Invoice Butler Works22:54 The Future of Automation and Human Touch37:44 Target Customers and Vision for Invoice ButlerMihir Deo:Founder & CEO of Invoice Butler. With a background in software and product development, Mihir is focused on building AI tools that solve real problems, blending automation with human-first design. Invoice Butler: Invoice Butler blends AI efficiency with human oversight to deliver automated financial processes businesses can actually trust — reducing admin, improving cash flow, and giving founders more time to focus on growth. Music Credit: “Neptuno” - Phondupe (Album: Onykia) Access All Areas. Listen: Apple || Spotify || YouTube Subscribe: Substack Community & Events: Founders Circle Connect: LinkedIn Socials: TikTok || Instagram || X Web: startupsdecoded.com Startups Decoded is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber on Substack.

    43 min
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About

Startups Decoded is a podcast that provides real-world insights into startup strategy and growth, featuring expert-led content, insider stories, and actionable takeaways for founders and investors. We bridge the gap between theory and practice, offering practical lessons to help entrepreneurs thrive in today’s fast-paced ecosystem. More than just a podcast, it's a resource for innovators who dive deep into the strategies behind building and scaling successful startups.

Information

  • Creator
    Andy Walsh
  • Years Active
    2025 - 2026
  • Episodes
    54
  • Rating
    Explicit
  • Copyright
    © 2025 Startups Decoded
  • Show Website
    Startups Decoded

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