Fund/Build/Scale

Walter Thompson
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After working for years in early-stage startups and as a journalist, here are three hard truths I’ve learned: 1. Success in Silicon Valley hinges on connections, hard work and luck. 2. Startups often fail because founders lack fundamental business knowledge. 3. Real, actionable advice comes from those who’ve actually done it. There’s no such thing as “founder DNA.” If you’re willing to take on risk and invest years of your life in something that has maybe a 10% chance of paying off — less if you’re a woman or person of color — you can be a startup founder. Here’s why I founded Fund/Build/Scale: 1. To help founders make fewer mistakes. 2. To share successful strategies that can accelerate your go-to-market journey. 3. To inspire more people to see themselves as potential founders. There’s a lot of overlooked talent out there, and we are missing out. This podcast is for anyone who’s interested in learning the basic skills required to launch a startup, secure initial funding and transform an idea into a sustainable business. I’m talking to guests about everything: finding a co-founder, conducting customer discovery, recruiting early employees, developing a PLG strategy, fundraising when you’re outside a major tech hub — all of it. Interested? Subscribe to Fund/Build/Scale on all major platforms and follow the podcast on LinkedIn to get articles, excerpts, transcripts and more. Fund/Build/Scale is a production of Truth and Soul Media LLC.

  1. Dead Weight on the Cap Table: Inside the Ugly World of Founder Breakups

    1 小時前

    Dead Weight on the Cap Table: Inside the Ugly World of Founder Breakups

    More startups die from co-founder breakups than from running out of money. Attorney David Siegel, a partner at Grellas Shah LLP, has spent years inside these conflicts, helping founders navigate everything from equity disputes to emotional meltdowns. In this conversation, he explains: Why greed and mismatched expectations trigger so many founder breakups How minority founders can protect themselves before they’re pushed out What departing founders can realistically expect to walk away with Why VCs hate “dead weight” on the cap table The emotional toll of disputes — and why lawyers often play part therapist If you’re thinking about starting a company with someone else, or already rowing in that two-person boat, this episode will show you what’s at stake — and what to do before it’s too late. If you thought The Social Network had a happy ending, you might want to skip this one. RUNTIME 47:35 EPISODE BREAKDOWN (2:15) Disclaimer: “If you're looking for legal advice, that's something to talk to your own lawyer about.” (4:14) When it comes to equity distribution, “the fifty-fifties are a 5%.” (7:14) What are the most common triggers that lead to co-founder breakups? (11:35) What steps can a minority co-founder take to protect their equity in the earliest stages? (15:23) Ultimately, “the only person the lead investor knows is the majority founder.” (17:06) As long as you document all oral agreements, “you should be in good shape.” (20:04) Draw up agreements for any advisors or consultants you add to the cap table. (22:36) “The initial calls around a co-founder dispute, we play 50% lawyer, 50% therapist.” (25:17) “Breakups where it's not a surprise to the founder being kicked out are usually the smoothest.” (28:05) Once outside money comes in, minority co-founders leave with less than they agreed to. (30:09) How negotiable is retaining the co-founder title after a breakup? (32:32) Pre-agreed severance and other ideas for reducing financial pain and hard feelings. (35:05) “What a minority founder can do: you need face time with the investor.” (38:44) When should the founder with less equity contact a lawyer? (41:15) The most common mistakes founders make during a breakup. (44:43) The one thing David wishes more founders understood before picking a co-founder or investor. LINKS David Siegel Grellas Shah LLP SUBSCRIBE 📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/   📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   Thanks for listening! – Walter.

    48 分鐘
  2. An Operator’s Playbook for Monetizing Product-Led Growth

    1 天前

    An Operator’s Playbook for Monetizing Product-Led Growth

    What do you do when everyone loves your product but no one’s paying for it? That was the challenge facing Beautiful.ai. Founder Mitch Grasso nailed the product, but to build a sustainable business, he brought in operator Jason Lapp as CEO. In this conversation, Jason shares how Beautiful.ai killed its freemium tier, introduced a credit-card-gated trial without losing momentum, and learned to serve both self-serve and enterprise customers at the same time. He also explains how to listen to customer feedback without becoming a feature factory, and why non-technical founders shouldn’t try to know everything about the tech stack. If you’re a founder wondering when to put up a paywall — or how to balance PLG with enterprise sales — here's a playbook. RUNTIME 46:20 EPISODE BREAKDOWN (3:35) “ The timing of us coming together was really fortuitous for beautiful because he had already built the first version of beautiful and put it in market.” (6:28) “ Microsoft and Google report that there's close to a billion people that use presentation software on a monthly basis.” (10:51) “ At a certain point after getting in market, you start to get a different set of signal.” (14:52) The free trial period is a great opportunity to learn about what customers value most. (19:56) Leverage “emotional” feedback to improve the customer experience. (23:46) “ We do have a guiding principle, which is: on the customer side, we generally don't build for one customer need.” (26:17) Beautiful.ai uses NPS surveys to gather feedback from enterprise and individual users. (28:49) Since pivoting to paid, they have separate teams for enterprise and individual customers. (23:02) “ We think about an ICP, and then we think about an IECP, meaning the enterprise as a whole.” (33:57) Capturing behavioral and attitudinal data to understand customer behavior. (37:18)  How the broader rise of generative AI has influenced GTM strategy. (42:33) Jason shares some advice for non-technical CEOs. LINKS Jason Lapp Beautiful.ai AI Isn’t Coming For Jobs, It’s Coming For Inefficiency Continuous Discovery Habits: Discover Products that Create Customer Value and Business Value, Teresa Torres Everything You Need to Know About Freemium Pricing, Kyle Poyar, OpenView Partners SUBSCRIBE 📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/   📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   Thanks for listening! – Walter.

    46 分鐘
  3. Building a Bridge Across the Valley of Death

    9月7日

    Building a Bridge Across the Valley of Death

    Frontier tech startups don’t fail because the science is bad — they fail because no one needs what they’re building. In this episode, Roadrunner Venture Studios CEO/co-founder Adam Hammer explains how to avoid that fate.  We talk about why the U.S. struggles to turn research into startups, why being right isn’t enough, and what it really takes to cross the Valley of Death between lab science and real-world demand. Along the way, Adam shares practical insights for first-time founders, including: How to test whether your problem is painful enough to sell What the studio model offers that VCs and accelerators can’t Why most technical founders struggle with pitching — and how to fix it And what scientists need to unlearn to become CEOs If you’re building something deep, hard, or new — don’t skip this one. RUNTIME 41:11   EPISODE BREAKDOWN (2:32) How a career spanning national labs, venture capital, and startup leadership led to Roadrunner Venture Studios. (7:46) “ Our goal is to compress all the mistakes that you would make in a three-year period into a year.” (8:50) The three frontier tech sectors Roadrunner focuses on: advanced energy, advanced manufacturing, and advanced compute. (10:28) Why it’s so hard to translate lab science into sustainable, venture-scale businesses. (13:49) Adam shares ideas for bridging America’s structural gap in commercializing frontier tech. (16:38) “ Roadrunner serves as a de-risking mechanism for ideas and for people.” (21:12) “ In science, you win by being right. But in startups, you win by being useful.” (24:23) What Adam looks for in a pitch deck. (27:15) When it comes to sourcing founders and ideas, “ we are as early as it gets.” (31:54) Why Roadrunner Venture Studios set up shop in New Mexico. (34:16) If he could fix one common founder misconception, what would it be? (36:26) “ There's nothing innate that predetermines whether somebody can or cannot be a founder.” LINKS Adam Hammer Roadrunner Venture Studios The Engine Overcoming the Valley of Death: A New Model for High Technology Startups SUBSCRIBE 📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/   📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   Thanks for listening!   – Walter.

    41 分鐘
  4. Are You *Really* Ready to Raise a Round? Here’s How to Tell

    9月6日

    Are You *Really* Ready to Raise a Round? Here’s How to Tell

    You don’t need a Stanford degree or a flashy deck to raise a pre-seed, seed or Series A, but you do need to show investors that you’ve put in the work. 645 Ventures co-founder Nnamdi Okike shares practical advice for founders who are prepping to raise capital, including what he looks for in pitch meetings, how to uncover “earned secrets,” and why chasing hot categories can backfire. We also dig into how 645 uses outbound sourcing and proprietary software to spot overlooked talent — and what it really takes to stand out if you don't fit the typical founder mold. RUNTIME 58:08 EPISODE BREAKDOWN (2:18) Nnamdi describes his path from operator to investor. (5:00) Stage by stage: What sets 645 Ventures apart from other firms? (12:33) What signals and sectors suggest strong alignment with 645? (21:04) “We do have some solo founders in the portfolio.” (25:49) His take on CEOs who promote a hard-charging, aggressive culture. (31:20) Why he favors founders solving real problems, not just chasing trends. (37:02) One thing he wishes more first-time founders understood about the early-stage ecosystem. (43:55) What kind of proof or evidence he looks for in companies raising capital. (49:20) Which early assumptions he and his team have since modified —or thrown out. LINKS Nnamdi Okike Aaron Holiday 645 Ventures Pattern Breakers Karen Moon SUBSCRIBE 📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/   📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   Thanks for listening!   – Walter.

    58 分鐘
  5. From Side Project to Series B: How Learning Led to Product-Market Fit

    9月4日

    From Side Project to Series B: How Learning Led to Product-Market Fit

    Dan Lee co-founded what would become Nooks while on leave from Stanford. He wasn’t solving sales. He was exploring remote collaboration during the pandemic. But when they noticed that some of his most active users were in sales development — and that investors were starting to reach out — he followed the signal. Today, Nooks is a sales AI platform used by teams at Seismic, Fivetran, and Modern Health, with $70 million in funding from Kleiner Perkins, Lachy Groom, and others. In this episode, we talk about how Nooks evolved from a virtual office for remote collaboration into a fast-growing AI sales assistant platform. Dan shares what it’s like to raise a $43M Series B after an unplanned Series A, why he believes sales needs AI assistants, not agents, and how he built conviction in a space he had no background in. If you’re an early-stage founder wondering how to navigate a pivot, build for an industry you’ve never worked in, or generate investor pull instead of push, listen in. RUNTIME 36:32  EPISODE BREAKDOWN (3:01) “ It started as a project, obviously became a company.” (5:13) “  Everyone here is smarter than me in some way.” (5:46) Which early signals indicated Nooks could be more than a side project? (8:01) “ And then, investors approached and said, ‘oh, you should raise some money.’” (10:11) “ I think it's a misconception to think that in the early days it's hard to do much without raising money.” (11:15) Pivoting Nooks from a virtual collaboration platform to serving sales teams. (14:26) “ At the time, it felt more like a focus than a pivot.” (16:56) “ Coming from an engineering background, it's easy to think, ‘oh, sales, that's like a dirty job.’” (20:50) “ We've been fortunate to have a very strong feedback loop with our users.” (22:20) If you don’t have domain expertise, “ build a mental model of what is true north in terms of product value.” (23:22) Nooks’ work culture is underpinned by two values: “ask why,” and “earn customer love.” (26:25) Customer satisfaction ≠ Customer delight (30:36) Why Nooks is building AI assistants, not AI agents. (32:41) When it comes to hiring, Dan looks for people with “motivations that align well with Nooks.” (34:39) One question Dan would have to ask a CEO if he were interviewing for a job with an early-stage startup. LINKS Dan Lee Nooks Nikhil Cheerla Rohan Suri Nooks raises $43M Series B from Kleiner Perkins and launches AI Sales Assistant Platform Forbes 30 Under 30 AI SUBSCRIBE 📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/   📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   Thanks for listening!   – Walter.

    37 分鐘
  6. Building Hard Tech: Lessons on Funding, Teams, and Timelines

    9月1日

    Building Hard Tech: Lessons on Funding, Teams, and Timelines

    Transforming breakthrough research into a sustainable company is never simple — especially in hard tech. In this episode recorded in December 2024, Zero Emission Industries CEO/founder Dr. Joseph Pratt and Chief Strategy Officer John Motlow share what it takes to move hydrogen power systems from the lab to the marketplace. We talk about raising money in tough conditions, why government grants can be both a blessing and a constraint, and how to build teams that thrive under pressure. Along the way, they offer candid lessons on funding, hiring, and navigating timelines that rarely go as planned. RUNTIME 51:52   EPISODE BREAKDOWN (2:11) “ I knew the path on how to solve it and knew that there was demand for it, and took the jump out of the national lab to start the company.” (6:36) “ I didn't jump into this with a big network of investors.” (8:57) How ZEI produced the world’s first commercial fuel cell ferry. (10:56) Why the company’s first hire was a Chief Strategy Officer. (12:53) John Motlow says he wanted to join ZEI “because it was incredibly risky.” (17:06) Crafting ZEI’s GTM strategy for the FCV Vanguard, a hydrogen-powered, high-performance speedboat. (21:55) Is ZEI a transportation company, or a clean tech startup? (24:20) When it comes to deep tech, customer requirements are wayfinders for PMF. (29:47) “Government funding and their insights is sort of half the picture.” (35:30) “ To be clear, we talked to a lot of investors who did not agree with our TAM.” (39:09) Why they overindexed on hiring employees who have a background in motorsports. (42:19) Joe’s advice for building specialized teams in a competitive market. (47:38) “ Don't slot someone in there and then forget about it: Where are their strengths?” (49:27) What’s next for ZEI? LINKS Zero Emission Industries Dr. Joseph Pratt John Moslow FCV Vanguard — Live Demo (YouTube) ZEI Raises $8.75 Million in Series A Funding SUBSCRIBE 📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/   Thanks for listening! – Walter.

    52 分鐘
  7. Forget the Spin: Startup Myths That Hold Founders Back

    8月25日

    Forget the Spin: Startup Myths That Hold Founders Back

    Rob Biederman has sat on both sides of the table — first as co-founder and CEO of Catalant Technologies, and now as managing partner at Asymmetric Capital Partners. In this candid conversation, he explains why so much of the conventional wisdom around startups is actually counterproductive. He breaks down why design partners don’t equal traction, why headcount growth is a vanity metric, and why Silicon Valley should stop romanticizing failure. He also shares how Asymmetric evaluates founders, what investors really care about, and the simple test every startup should use to prove they’re solving a real problem. If you’re a founder chasing milestones that look good on a pitch deck but don’t move the business forward, this episode of Fund/Build/Scale is a reality check you won’t hear anywhere else.   RUNTIME 43:43   EPISODE BREAKDOWN (2:46) “ We have a probably a couple points of differentiation with the broader market.” (4:46) “ Our happiest spot is kind of in the two-to-six million range for our first check.” (5:39) “ We want to get to know people probably a year or two before they're going to found so we can really see what they're about and really understand.” (7:20) “ I think we'd hire most of our founders as investors at our firm, if we had the chance.” (10:11) What makes a startup  relevant, credible, or just differentiated? (11:32) An easy framework for self-auditing your startup idea. (13:09) “ I think our industry kind of worships at the altar of failure a little too much.” (15:08) “ We don't actually really love backing people directly from really big companies.” (17:00) Rob explains why design partners are a distraction, not a path to real traction. (21:23) “ If you're gonna get one career, why not spend it trying to trick the world into doing something differently?” (24:17) One metric founders love that does not predict success from an investor’s perspective. (25:08) Inside Asymmetric Capital Partners’ four-step pitch review process. (27:27) Why the best data rooms are simple: “they have no spin.” (29:46) Rob describes how his firm’s advisor partner model works. (31:49) The first step in GTM: “ get to the bottom of why your customer is buying from you.” (35:18) At the start, tell investors “everything you haven't figured out” so you can start planning. (38:17) “ If you don't tell your doctor the truth, what can they do for you?” (41:02) What he would do differently if he were launching a startup today. LINKS Rob Biederman Asymmetric Capital Partners Asymmetric FAQs Catalant Technologies Democratizing Care: Announcing our Investment in Counsel Health EvolutionIQ Raises $21M Series A To Deliver AI Based Claims Guidance Across The Industry SUBSCRIBE 📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/ 📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   Thanks for listening!   – Walter.

    44 分鐘
  8. Avoiding Founder Burnout and other Early-Stage Startup Pitfalls

    8月23日

    Avoiding Founder Burnout and other Early-Stage Startup Pitfalls

    Pro tip: If you can’t see yourself getting up every morning for the next ten years and being excited about going to work, don’t launch a startup. Ajay Prakash co-founded Rinse in 2013 to take the friction out of laundry and dry cleaning — for consumers, and for the small, family-owned businesses behind the counter. Since then, Rinse has scaled into a national brand, and Ajay has become a lecturer at Stanford Graduate Business School’s Startup Garage, where he teaches frameworks for validating ideas, testing business models, and knowing when it’s time to take the leap into entrepreneurship. I invited him on to share what he’s learned about developing domain expertise from scratch, building trust with co-founders, and avoiding the early mistakes that can derail a promising business. RUNTIME 42:38 EPISODE BREAKDOWN (2:22) Ajay talks about two trends that led him to co-found Rinse in 2013. (4:15) Rinse co-founder James Joun was “one of my best friends from college.” (5:29) “When we started, we spent a lot of time with James’ parents in the dry-cleaning store.” (6:40) Before taking the leap, founders should identify their “passion, expertise, and market opportunity.” (9:11) “As you build a company, answering the question of ‘why now’ and ‘why me’ is really important.” (11:19) “We signed up 11 of our friends. We picked up their clothes.” (14:17) “Every smart investor we talked to… told us we had to be on-demand.” (17:41) Early signals led Rinse to pivot from pricing per pound to adopting a subscription model. (20:23) His approach to crafting customer personas. (22:05) “We always envisioned helping the local cleaners.” (27:11) From the start, Rinse used Net Promoter Scores and surveys to glean customer insights. (30:44) The “two general areas of lessons” Ajay teaches at Stanford’s Startup Garage. (34:53) Why he encourages Startup Garage students to keep asking themselves, “Am I still excited?” (37:41) How to prepare for the mental challenges of being a startup founder. (40:01) Is Rinse’s operational model adaptable to other industries and services? LINKS Ajay Prakash James Joun Rinse The Four Steps to the Epiphany, Steven G. Blank The Lean Startup, Eric Ries Startup Garage at Stanford Graduate School of Business SUBSCRIBE 📥 Get the Fund/Build/Scale newsletter on LinkedIn: https://www.linkedin.com/newsletters/7249143254363856897/   📸 Follow Fund/Build/Scale on Instagram: https://www.instagram.com/fundbuildscale/   Thanks for listening! – Walter.

    43 分鐘
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簡介

After working for years in early-stage startups and as a journalist, here are three hard truths I’ve learned: 1. Success in Silicon Valley hinges on connections, hard work and luck. 2. Startups often fail because founders lack fundamental business knowledge. 3. Real, actionable advice comes from those who’ve actually done it. There’s no such thing as “founder DNA.” If you’re willing to take on risk and invest years of your life in something that has maybe a 10% chance of paying off — less if you’re a woman or person of color — you can be a startup founder. Here’s why I founded Fund/Build/Scale: 1. To help founders make fewer mistakes. 2. To share successful strategies that can accelerate your go-to-market journey. 3. To inspire more people to see themselves as potential founders. There’s a lot of overlooked talent out there, and we are missing out. This podcast is for anyone who’s interested in learning the basic skills required to launch a startup, secure initial funding and transform an idea into a sustainable business. I’m talking to guests about everything: finding a co-founder, conducting customer discovery, recruiting early employees, developing a PLG strategy, fundraising when you’re outside a major tech hub — all of it. Interested? Subscribe to Fund/Build/Scale on all major platforms and follow the podcast on LinkedIn to get articles, excerpts, transcripts and more. Fund/Build/Scale is a production of Truth and Soul Media LLC.

資訊

  • 創作者
    Walter Thompson
  • 活躍年代
    2023年 - 2025年
  • 集數
    91
  • 年齡分級
    兒少不宜
  • 版權
    © Produced by Truth and Soul Media LLC. Copyright 2025 | All rights reserved.
  • 節目網站
    Fund/Build/Scale

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