The Diligent Observer Podcast

Andrew Kazlow
  • 5.0 (1)
  • 创业
  • 一周一更
The Diligent Observer Podcast

Helping angel investors make better bets. thediligentobserver.substack.com

  1. 20小时前

    Episode 24: "Build the Rainforest in the Desert" | New Mexico Angels President Drew Tulchin on Defense Tech Innovation, Ecosystem Building, and Investing Alongside Government Grants

    Today's episode explores three ideas that caught my attention: * The Double-edged Sword of Government Grants - Fascinating perspective on how SBIR grants can either validate or misdirect founders. The pattern of companies becoming "SBIR shops" highlights a key risk when coinvesting with the US Government. * The Silent Technical Founder - Counter to my expectation, Drew argues that technical founders who can't communicate well may signal team-building challenges rather than an alpha-generating opportunity. * The Advantages of a Rural Ecosystem - The "frontier mentality" displayed by the New Mexico Angels illustrates that resource constraints can seriously strengthen community bonds. I explore these ideas and more with Drew Tulchin, President of New Mexico Angels and former CFO of Meow Wolf. Drew Tulchin brings unique insight as a bridge-builder between impact investing and high-growth startups, demonstrated through his role in scaling Meow Wolf from 50 to 400 employees as CFO. Now as the leader of New Mexico Angels and General Partner at the New Mexico Vintage Fund, he's pioneering approaches to angel investing that blend government partnership, regional development, and frontier innovation. His experience spans Native American nations, 40+ countries, and transformative work with organizations like the Grameen Foundation, giving him a distinctive lens on building sustainable startup ecosystems in resource-constrained environments. During our conversation, Drew shares: * Practical guidance for angels working with government-funded startups including key red flags and validation signals. * A nuanced perspective on supporting university innovators that challenges the standard commercialization playbook. * Real examples of successful technical founders like Adam Stepanovich who demonstrated leadership through action rather than charisma. What We Cover: * 00:00 Introduction to the Rain Forest in the Desert * 00:04 The Role of Innovators and Entrepreneurs * 00:28 Challenges in the Startup Ecosystem * 01:55 Exciting Trends in New Mexico's Startup Scene * 02:52 Space and Defense Collaborations * 04:57 Government Funding and Diligence * 07:54 The Importance of Team Dynamics * 13:41 History of New Mexico Angels * 18:27 National and Local Ecosystem Growth * 23:03 Key Lessons and Final Thoughts Listen now on Spotify, Apple Podcasts, and YouTube. Connect with Drew * LinkedIn: https://www.linkedin.com/company/nmangels/ * Facebook: https://www.facebook.com/NewMexicoAngel * Website: https://nmangels.com/ Connect with Andrew * Newsletter: https://thediligentobserver.substack.com * X: https://twitter.com/AKazlow * LinkedIn: https://www.linkedin.com/in/andrewkazlow/ * Book: https://angelops.pitchfact.com/ * Website: https://pitchfact.com/ Stuff We Reference * Adam Stepanovich: https://www.linkedin.com/in/asteps/ * Angel Capital Association: https://angelcapitalassociation.org/ * New Mexico Angels: https://nmangels.com/ * Meow Wolf: https://meowwolf.com/ * Solstar Space: https://solstarspace.com/ * DashLX: https://www.dashlx.com/ * Tramway Ventures: https://tramwayventures.com/ * New Mexico Vintage Fund: https://www.nmvintagefund.com/ * Los Alamos National Labs: https://www.lanl.gov/ * Government Research Programs (SBIR and STTR): * Tech Coast Angels: https://tcaventuregroup.com/ * NuFund Venture Group: https://nufund.com/ Know someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the “like” button or leave a comment with your thoughts. All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thediligentobserver.substack.com

    25 分钟

  2. 1月7日

    Episode 23: "Patents Are Just One Piece" | University Innovation Leader Pete ONeill on the Opportunity in Highly Regulated Markets, Founder Credibility, and Strategic Specialization

    Today's episode explores three ideas that caught my attention: * The paradox of regulatory rigor - Many investors simply screen out opportunities in highly regulated spaces like medical, deep tech, and defense. “I only look at post-revenue software deals",” for example. But Pete's insight that difficult regulatory requirements actually create competitive advantages suggests this approach completely misses a huge opportunity to back highly defensible businesses. Yes, heavy regulation increases risk, but it also increases possible return. * Faculty are rarely suited to be entrepreneurs - Pete’s observation that tenured faculty rarely make ideal startup CEOs highlights a critical gap in university innovation ecosystem: business leadership. If I was an energetic entrepreneur looking for a new project, I’d hang out around a university ecosystem and dig for a project worth scaling. * The “evolutionary” versus “revolutionary” investment - Pete’s distinction between the “evolutionary” and “revolutionary” opportunity stood out to me. He highlights that angel investors can still profit nicely from evolutionary investments, unlike most VCs who depend on revolutionary, portfolio-returning deals. I explore these ideas and more with Pete ONeill, Chief Innovation Officer for Texas A&M Innovation. Pete ONeill is a rare innovation leader who has successfully navigated the complexities of aerospace, healthcare, and academic technology commercialization. As Chief Innovation Officer for Texas A&M Innovation, he oversees intellectual property management across 11 universities and 8 state agencies, building on his experience as Executive Director of Cleveland Clinic Innovations and leadership of multiple successful healthcare startups. His unique journey from investment casting for jet engines to launching medical device companies gives him a distinctive perspective on transforming technical innovations into real-world opportunities. During our conversation, Pete shares: * A framework for spotting regulatory readiness that evaluates how knowledgeable founders are and how they view regulatory relationships. * Why market understanding must precede technical validation - demonstrated through his experience evaluating healthcare innovations at Cleveland Clinic. * A practical approach to university technology transfer that emphasizes matching external expertise with internal intellectual property. What We Cover: * 00:00 Introduction to High-Stakes Innovation * 01:51 Investment Casting Insights * 03:04 Transitioning from Aerospace to Healthcare * 04:33 Challenges in Highly Regulated Industries * 07:37 Regulatory Rigor as a Competitive Advantage * 08:31 Building Credibility with the FDA * 10:25 Evaluating Market Demand * 15:48 The Importance of a Strong Team * 19:19 Pete's Entrepreneurial Journey * 24:14 Texas A&M's Innovation Ecosystem Listen now on Spotify, Apple Podcasts, and YouTube. Connect with Pete * LinkedIn: https://www.linkedin.com/in/pete-oneill-41b13716/ Connect with Andrew * Newsletter: https://thediligentobserver.substack.com * X: https://twitter.com/AKazlow * LinkedIn: https://www.linkedin.com/in/andrewkazlow/ * Book: https://angelops.pitchfact.com/ * Website: https://pitchfact.com/ Stuff We Reference * Cleveland Clinic: https://my.clevelandclinic.org/ * Texas A&M: https://www.tamu.edu/index.html * Plug and Play: https://www.plugandplaytechcenter.com/ * NIH (National Institutes of Health): https://www.nih.gov/ * Elizabeth Holmes and the Theranos Case: https://www.integrityline.com/expertise/blog/elizabeth-holmes-theranos/ * FDA (Food and Drug Administration): https://www.fda.gov/ Know someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the “like” button or leave a comment with your thoughts. All opinions expressed are personal and may not reflect the views of the guest’s organization or of The Diligent Observer. Not investment advice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thediligentobserver.substack.com

    38 分钟

  3. 2024/12/17

    Episode 22: "50% of Corporate Payments are Still Paper Checks" | Payments Veteran Blair Jeffery on The Evolution of B2B Payments, Cross-Border Innovation, and Building Through Market Turbulence

    Today's episode explores three ideas that caught my attention: * The persistence of paper checks reveals deeper truths about business incentives - It totally blew my mind that half of B2B payments are issued by check. Blair’s comments immediately brought to mind the classic Charlie Munger quote: “Show me the incentive and I’ll show you the outcome.” * Regulatory shifts can derail even the best execution - Blair's story of how unexpectedly being forced into “regulated entity” status highlights how unexpected external forces can completely shove a company “off into a ditch,” regardless of how strong product-market fit might be. * Risk-taking has different dimensions - I LOVED Blair’s interview questions about "what’s the biggest professional risk you’ve taken?” and “What’s the biggest disaster you’ve been a part of?” These are 100% going into my investing (and interviewing) toolbox. I explore these ideas and more with Blair Jeffery, President & COO at ConnexPay. Blair Jeffery brings 25 years of payments industry expertise as President & COO of ConnexPay, where he's pioneering virtual payment solutions for travel and B2B companies. His journey includes leading Noventis through its WEX acquisition and serving as CEO at Vertical, where he transformed construction payment processes. With executive roles at industry leaders like First Data and successful exits through Paymetric (WorldPay) and Textura (Oracle), Blair combines deep operational knowledge with financial acumen from his CFA background. Beyond his operational impact, he actively shapes the next generation of fintech entrepreneurs through his board role with the Aggie Angel Network, bringing both capital and industry wisdom to early-stage startups. During our conversation, Blair shares: * Why the seemingly simple goal of digitizing B2B payments remains elusive, including a discussion about float economics, relationship dynamics, and reconciliation challenges. * A practical methodology for evaluating African fintech opportunities that focuses on team differentiation and product evolution potential beyond initial use cases. * Insights into geographic expansion challenges demonstrated through ConnexPay's European market entry and the necessary pivots in operational approach. What We Cover: * 00:00 Introduction * 03:10 Three Major Trends in Payments * 04:50 Why Businesses Still Love Paper Checks * 08:00 Inside the Banking Ecosystem * 13:10 Finding Your Way Into Payments * 19:30 The African FinTech Revolution * 24:00 When Regulation Changes Everything * 29:30 The Investor Who Wanted Out * 36:00 The Problem With Early Institutional Money * 41:10 How ConnexPay Bridges Payment Gaps * 43:40 Going Global: The European Expansion Listen now on Spotify, Apple Podcasts, and YouTube. Connect with Blair * LinkedIn: https://www.linkedin.com/in/blairjeffery/ Connect with Andrew * Newsletter: https://thediligentobserver.substack.com * X: https://twitter.com/AKazlow * LinkedIn: https://www.linkedin.com/in/andrewkazlow/ * Book: https://angelops.pitchfact.com/ * Website: https://pitchfact.com/ Stuff We Reference * Bitcoin: https://bitcoin.org/en/ *  Jerry Seinfeld: https://jerryseinfeld.com/ * Bill.com: https://www.bill.com/ * HighRadius: https://www.highradius.com/ * Ramp: https://ramp.com/ * Divvy (acquired by BILL): https://www.bill.com/ * Brex: https://www.brex.com/ * Intuit QuickBooks: https://quickbooks.intuit.com/ * ConnexPay: https://connexpay.com/ * FTV Capital: https://ftvcapital.com/ * VKTRY Insoles: https://vktry.com/ * Houston Angel Network: https://www.houstonangelnetwork.org/ * Aggie Angel Network: https://mcferrinrevventures.com/aggie-angel-network/ Know someone who would enjoy this episode? Share it with them! All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thediligentobserver.substack.com

    45 分钟

  4. 2024/12/10

    Episode 21: "95% Business, 5% Technical" | AI CONNEX Founder Dan Sinawat on Vertical AI Strategy, The Evolution of Machine Intelligence, and Why World Cup 2026 is a Massive Opportunity

    Today's episode explores three ideas that caught my attention: * It’s like 6yr too late for horizontal AI - Dan's commentary about how startups trying to “develop a new LLM” are wasting their time competing with billion-dollar foundational models reinforced how many founders are setting themselves up for failure by not laser focusing on vertical applications. Don’t be everything. Be one thing. * Global events as AI catalysts - PSA: The world is bigger than just the USA. Dan’s perspective on major world events (such as World Cup 2026) as unique opportunities for AI technology reframed how I think about major events’ potential for driving innovation. * The evolution of AI reasoning - Dan's breakdown of the next frontiers in AI tech highlighted how, despite the ridiculous stuff we can now do with AI, we're still just scratching the surface. His timeline for AGI development feels both exciting and sobering. And ASI… all at once wonderful and terrifying to think about. I explore these ideas and more with Dan Sinawat, Founder at AI CONNEX. Dan Sinawat brings a truly global perspective to AI innovation, shaped by his experiences across New York, Thailand, Japan, Singapore, and Texas. As the founder of AI CONNEX, he's addressing a critical gap in the market: the business application of AI technology. His unique vision of making Texas the AI capital of the world by 2026 is backed by strategic partnerships with respected venture firms and a deep understanding of both technical and business aspects of AI implementation. Dan's work has earned recognition from Dallas Innovates and the Dallas Regional Chamber as one of the most innovative AI leaders in DFW. During our conversation, Dan shares: * A framework for evaluating AI startups beyond the tech that emphasizes vertical focus, domain expertise, and scalability potential. * A clear timeline for AI evolution spanning from current applications through agentic AI (2025), machine reasoning, and eventual AGI (2026-2027). * A strategic approach to global expansion leveraging government programs and international partnerships for AI startups. What We Cover: * 00:00 Introduction * 01:57 Dan's Global Journey and AI Connex * 03:02 Bridging the AI Business Gap * 05:24 The Importance of Vertical AI * 07:39 Opportunities in Texas for AI Startups * 10:49 Agentic AI: The Future of AI Applications * 16:22 Machine Reasoning and AGI * 20:13 Evaluating AI Startups for Investment * 32:07 Global Perspective and Upcoming Opportunities * 32:38 Capitalizing on the World Cup and Olympics * 36:07 Texas: The Future AI Capital Listen now on Spotify, Apple Podcasts, and YouTube. Connect with Dan * LinkedIn: https://www.linkedin.com/in/dansinawat/ Connect with Andrew * Newsletter: https://thediligentobserver.substack.com * X: https://twitter.com/AKazlow * LinkedIn: https://www.linkedin.com/in/andrewkazlow/ * Book: https://angelops.pitchfact.com/ * Website: https://pitchfact.com/ Stuff We Reference * AI CONNEX: https://aiconnex.ai/ * AI Venture House: https://aiventurehouse.com/ * OpenAI: https://openai.com/ * Anthropic: https://www.anthropic.com/ * Microsoft: https://www.microsoft.com/ * AWS: https://aws.amazon.com/ * IBM: https://www.ibm.com/us-en * Oracle: https://www.oracle.com/ * U.S. Department of Commerce (ITA): https://www.commerce.gov/bureaus-and-offices/ita * Enterprise Singapore: https://www.enterprisesg.gov.sg/ * JETRO (Japan External Trade Organization): https://www.jetro.go.jp/en/ * Beyond JAPAN incubation program in Austin: https://www.b4d-jp.com/en/report/texas-austin * Spring AI Studio: https://spring.design/ * Canva: https://www.canva.com/ * Adobe: https://www.adobe.com/ * Intelligage: https://intelligage.io/ * Bryan Plaster: https://www.linkedin.com/in/bryanplaster/ * Walmart: https://www.walmart.com/ * Frisco: https://www.friscotexas.gov/ * Stonebriar Mall: https://www.shopstonebriar.com/en/ * World Cup 2026 in Dallas, TX: https://www.fcdallas.com/dallas2026 * Toyota: https://www.toyota.com/ * Olympics 2028 venue: https://www.nbcolympics.com/news/where-and-when-are-next-olympics-la-2028-dates-venues-and-more * X.AI: https://x.ai/ * Legendary Ventures: https://www.legendary.vc/ * Airbnb: https://www.airbnb.com/ * Pinterest: https://pinterest.com/ * Ben Goertzel: https://www.linkedin.com/in/bengoertzel/ Know someone who would enjoy this episode? Share it with them! All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thediligentobserver.substack.com

    38 分钟

  5. 2024/12/03

    Episode 20: "Part Art, Part Process" | Elevate Ventures' Patrick Sweeney on Startup Success Predictors, Recent Evolutions in VC Hiring, and the Criticality of Founder Empathy

    Today's episode explores three ideas that caught my attention: * Immigrant founders outperform statistically - Patrick's research shows a strong correlation between immigrant status and startup success. Makes me wonder how much untapped potential exists in commonly overlooked founder demographics. * The empathy imperative - Treating every "no" with respect is SO important because you never know where founders will be in a few years. * Sometimes revolution starts with regulation - A single 1968 ruling unleashed institutional capital into VC, which Patrick mentioned has enabled roughly 75% of public company value today. Got me wondering what current rules limit tomorrow's breakthroughs. I explore these ideas and more with Patrick Sweeney, Principal at Elevate Ventures. Patrick Sweeney brings a unique blend of quantitative rigor and founder empathy to venture investing, informed by his time as a Harvard Business School researcher studying the economic impact of venture capital. Now as Principal at Elevate Ventures, he leads investments for Indiana's $225M evergreen fund while championing the transformative power of innovation. His journey from energy trading to academic research to venture capital gives him a distinctive perspective on how capital allocation can drive both financial returns and societal progress. During our conversation, Patrick shares: * A practical approach to balancing quantitative and qualitative factors in early-stage due diligence, particularly around customer value propositions. * Insights on the microchip industry's strategic importance and why maintaining manufacturing capabilities is critical for economic stability. * A framework for thinking about product-market fit through three key indicators: positive unit economics, demonstrated demand, and scalability potential. What We Cover: * 00:00 Introduction * 01:02 Meet Patrick Sweeney * 04:02 Patrick's Venture Capital Journey * 06:16 Ellen Pao vs. Kleiner Perkins Case * 08:55 Diversity in Venture Capital * 10:45 The Art and Science of Investing * 13:07 Patrick's Mission and Motivation * 18:22 Insights from Elevate Ventures * 32:56 Conclusion and Final Thoughts Listen now on Spotify, Apple Podcasts, and YouTube. Connect with Patrick * LinkedIn: https://www.linkedin.com/in/patrick-w-sweeney/ Connect with Andrew * Newsletter: https://thediligentobserver.substack.com * X: https://twitter.com/AKazlow * LinkedIn: https://www.linkedin.com/in/andrewkazlow/ * Book: https://angelops.pitchfact.com/ * Website: https://pitchfact.com/ Stuff We Reference * Goose the Market: https://www.goosethemarket.com/ * Paul Gompers: https://www.linkedin.com/in/paul-gompers-09203197/ * Shark Tank: https://abc.com/show/535e2b07-18a9-4d94-9803-9ed8257b9d23 * Kleiner Perkins: https://www.kleinerperkins.com/ * Larry Warnock: https://www.linkedin.com/in/larrywarnock/ * Check out my full interview with Larry here: * Venus Aerospace: https://www.venusaero.com/ * Venture Capital’s “Me Too” Moment: https://corpgov.law.harvard.edu/2021/07/13/venture-capitals-me-too-moment/ * The Economic Impact of Venture Capital: https://www.gsb.stanford.edu/faculty-research/working-papers/economic-impact-venture-capital-evidence-public-companies * Chip War by Chris Miller: https://www.amazon.com/Chip-War-Worlds-Critical-Technology/dp/1982172002 * Brook Stroud: https://www.linkedin.com/in/brook-stroud/ * Check out my full interview with Brook here: * TSMC: https://www.tsmc.com/english * IEDC: https://iedc.in.gov/ * Elevate Venture Funds: https://elevateventures.com/resource-category/policies/ Know someone who would enjoy this episode? Share it with them! All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thediligentobserver.substack.com

    34 分钟

  6. 2024/11/26

    Episode 19: "Smart Money Goes Beyond the Checkbook" | Seasoned Angel Investor Mitra Miller on the Importance of Founder "Relentlessness", Innovation in Houston, and "Poker" vs "Roulette"

    Today's episode explores three ideas that caught my attention: * The power of student innovation - The story of Ariana Williams turning a class paper into Prairie View A&M's first innovation center demonstrates how exposure to possibilities can catalyze institutional change. * Angel groups are getting younger - The shift from mostly retirees to 75% working professionals in the Houston Angel Network reflects a broader evolution of early-stage investing. This materially changes the dynamics of engagement. * Daily optimization >>> big pivots - Her insight about successful founders making micro-adjustments daily rather than dramatic strategy shifts challenges the popular narrative about “pivots.” I explore these ideas and more with Mitra Miller, Vice President & President-Elect of the Houston Angel Network. Mitra Miller brings 25 years of venture development and innovation expertise to her role as Vice President & President-Elect of the Houston Angel Network. As managing member of Mill River Advisors, she works directly with investors and founders to optimize early-stage ventures, bringing deep expertise in strategic planning, due diligence, and commercialization. Beyond her commercial work, Mitra demonstrates her commitment to expanding innovation access through Eagle Investors, her non-profit focused on connecting under-resourced high school students with startup opportunities and business communities. During our conversation, Mitra shares: * Deep insights into building a sustainable innovation ecosystem in Houston through intentional collaboration between investors, entrepreneurs, and community organizations. * A perspective on value creation beyond check size that emphasizes strategic introductions, industry knowledge, and active engagement with portfolio companies. * How the cap table composition tells a story about an entrepreneur’s existing investor base. If it’s all dumb money - that’s a yellow flag. What We Cover: * 00:00 Introduction * 01:02 Meet Mitra Miller: Mentor of the Year * 06:44 Impactful Mentorship Stories * 11:13 Defining Innovation and Houston's Ecosystem * 17:37 Houston Angel Network: Vision and Trends * 23:50 Lessons Learned in Angel Investing * 30:14 Smart Money vs. Dumb Money * 42:24 The Relentless Entrepreneur Listen now on Spotify, Apple Podcasts, and YouTube. Connect with Mitra * LinkedIn: https://www.linkedin.com/in/mitram/ Connect with Andrew * Newsletter: https://thediligentobserver.substack.com * X: https://twitter.com/AKazlow * LinkedIn: https://www.linkedin.com/in/andrewkazlow/ * Book: https://angelops.pitchfact.com/ * Website: https://pitchfact.com/ Stuff We Reference * 2024 Innovation Awards: https://houston.innovationmap.com/2024-houston-innovation-awards-winners-2669881387.html * InnovationMap: https://houston.innovationmap.com/ * Natalie Harms: https://www.linkedin.com/in/nataliejharms/ * Wade Pinder: https://www.linkedin.com/in/wade-pinder/ * Arianna Williams: https://www.linkedin.com/in/ariannawilliams/ * Arianna Williams influenced PVAMU to establish its first innovation center: https://www.pvamu.edu/blog/this-pv-grad-is-earning-a-bachelors-degree-and-embarking-on-a-law-career-at-19/ * Robert Winter: https://www.linkedin.com/in/robertswinter/ * InnovationMap: https://houston.innovationmap.com/ * Eagle Investors: https://eagleinvestors.us/ * Prairie View A&M University: https://www.pvamu.edu/ * PNC Bank: https://www.pnc.com/ * Houston Angel Network (HAN): https://www.houstonangelnetwork.org/ * Rice Business Plan Competition: https://rbpc.rice.edu/ * Medical Adhesive Revolution: https://medical-adhesive.de/ * Grand Order of Successful Entrepreneurs (GOOSE): https://www.goose.capital/ * Angel Capital Association: https://angelcapitalassociation.org/ * Texas Medical Center: https://www.tmc.edu/ Know someone who would enjoy this episode? Share it with them! All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thediligentobserver.substack.com

    45 分钟
  7. Episode 18: "Government CAN Move Efficiently" | Innovation Fund Manager Mike Wilkes on Non-Dilutive Capital, Startup Support, and Local Job Creation

    2024/11/19

    Episode 18: "Government CAN Move Efficiently" | Innovation Fund Manager Mike Wilkes on Non-Dilutive Capital, Startup Support, and Local Job Creation

    Today's episode explores three ideas that caught my attention: * The Value of Intentional Silence - Mike’s approach to founder interviews, watching body language, and creating space for stories shows how sometimes what's NOT said reveals more than what is. * Government as Startup Catalyst - Mike explains how efficient government support can drive innovation. This challenges the stereotype of slow bureaucracy. McKinney EDC’s unique Innovation Fund model is making a crazy impact with nearly 50 companies funded so far. * Due Diligence Isn’t Just Analytical - The level of emotional connection to a problem affects investment decisions. This realization transformed Mike's approach from purely analytical to understanding founder passion as risk mitigation. I explore these ideas and much more with Mike Wilkes, Project Manager for the McKinney EDC Innovation Fund. Mike Wilkes is a Marine Corps veteran who now serves as Project Manager of the McKinney EDC Innovation Fund, where he oversees non-dilutive capital investments ranging from $50,000 to $500,000 for tech companies that headquarter in McKinney and create local jobs. After serving as a Marine Corps squad leader, he dove into entrepreneurship at Texas A&M and managed deal flow for North Texas Angel Network while still in college. He now applies this combined military and angel community management experience to drive innovative models for government-backed startup funding. During our conversation, Mike shares: * The 12-point McKinney EDC due diligence framework covering founder assessment to market analysis, showing how government entities can adopt venture-grade evaluation processes. * The critical role of corporate partnerships in ecosystem building as illustrated through a recent Plug and Play collaboration driving global connections and improved entrepreneur support services. * A perspective on DFW's funding gap at Series B and C stages, highlighting the opportunity for later-stage capital to round out the ecosystem. What We Cover: * 00:00 Introduction * 02:43 Challenges and Realizations in the Primer Industry * 06:53 Mentorship and Early Entrepreneurial Experiences * 07:37 Involvement with the Dallas Entrepreneurship Center * 08:45 Learning from the North Texas Angel Network * 09:51 The Emotional Aspect of Investing * 15:53 Current Role at McKinney Economic Development Corporation * 16:44 Unique Approach of McKinney's Innovation Fund * 25:59 North Texas Startup Ecosystem * 30:07 Advice for Angel Investors and Future Trends Listen now on Spotify, Apple Podcasts, and YouTube. Connect with Mike * LinkedIn: https://www.linkedin.com/in/mike-wilkes12/ * Website: https://uniquemckinney.com/innovation-fund/ Connect with Andrew * Newsletter: https://thediligentobserver.substack.com * X: https://twitter.com/AKazlow * LinkedIn: https://www.linkedin.com/in/andrewkazlow/ * Book: https://angelops.pitchfact.com/ * Website: https://pitchfact.com/ Stuff We Reference * Plug and Play: https://www.plugandplaytechcenter.com/ * Greg Head: https://www.linkedin.com/in/gregheadaz/ * Jeff Murphy: https://www.linkedin.com/in/jeffmurphy7781/ * Texas A&M University: https://www.tamu.edu/ * McFerrin Center for Entrepreneurship: https://mcferrin.tamu.edu/ * Dallas Entrepreneurship Center (The DEC Network): https://thedec.co/ * North Texas Angel Network: https://www.northtexasangels.org/ * McKinney Economic Development Corporation (McKinney EDC): https://uniquemckinney.com/ * Frisco Economic Development Corporation (Frisco EDC): https://friscoedc.com/ * IBM: https://www.ibm.com/ * Mark Cuban Foundation: https://www.markcubanai.org/ * Plano West High School: https://www.pisd.edu/plano_west_shs * Arkansas University: https://www.uark.edu/ * Sequoia Ventures: https://www.sequoiacap.com/ * Techstars: https://www.techstars.com/ * Health Wildcatters: https://www.healthwildcatters.com/ Know someone who would enjoy this episode? Share it with them! All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thediligentobserver.substack.com

    36 分钟
  8. Episode 17: "Your Board Can Make or Break the Company" | Curtis Feeny on Governance, Market Cycles, and the "Say Yes" Career

    2024/11/12

    Episode 17: "Your Board Can Make or Break the Company" | Curtis Feeny on Governance, Market Cycles, and the "Say Yes" Career

    Today's episode explores three ideas that caught my attention: * The university endowment mindset shift: Transition from the for-profit real estate world to Stanford's endowment revealed how different time horizons (centuries vs quarters) fundamentally change decision-making. * Weak markets force better habits: Launching a career in Oklahoma during the energy crash of the 80s and jumping into Silicon Valley post-internet-bubble taught Curtis that downturns force rigor and prevent the development of bad habits. A counterintuitive advantage in the face of a “tough” market. * Advisory board seats are earned: The Khan Academy progression from “informal advisor” to board member showed how the best board seats develop organically through proven value. The “give first” mentality seems to pay off. I explore these ideas in this week’s episode with Curtis Feeny, Senior Advisor at Peterson Partners. Curtis brings rare perspective from helping grow Stanford University's endowment from $1.5B to $10.5B, serving on over 35 corporate boards (including CBRE, Staples, Khan Academy, and more) and spending two decades as a venture investor at Voyager Capital. His unique journey from real estate operations to endowment management to venture capital provides him with an uncommonly broad view of how companies succeed and fail across multiple market cycles. During our conversation, he shares: * Insights on the evolution of university endowment investing, including cautionary tales of concentration risk from NYU and Emory's experiences. * Clear warnings about premature scaling, demonstrated through the story of Verari, a high-performance computing data center startup that reached $100M in revenue & raised growth capital at exactly the wrong time. * Perspectives on emerging opportunities in nuclear power, cybersecurity, and deglobalization that suggest where future innovation may be needed. Listen now on Spotify, Apple Podcasts, and YouTube. What We Cover: * 0:00 Intro & The Power of Early Lessons: Curtis's First Business * 2:45 Following Open Doors: From Engineering to Real Estate * 5:30 Geographic Flexibility: Moving for Opportunity * 9:15 Stanford Endowment Years: Managing $10B * 14:30 Asset Allocation: Lessons from University Endowments * 20:45 Entering Venture Capital During the Dot-Com Crash * 24:15 The Verari Story * 31:30 Board Governance: Lessons from 35+ Boards * 38:15 The Modern Advisory Role: Helping Young Companies Scale * 41:00 Future Opportunities: Nuclear, Cyber, and Deglobalization Connect with Curtis * LinkedIn: https://www.linkedin.com/in/curtisfeeny/ Connect with Andrew * Newsletter: https://thediligentobserver.substack.com * X: https://twitter.com/AKazlow * LinkedIn: https://www.linkedin.com/in/andrewkazlow/ * Book: https://angelops.pitchfact.com/ * Website: https://pitchfact.com/ Curtis’ Bookshelf: * Crossing the Chasm by Geoffrey Moore: https://www.amazon.com/Crossing-Chasm-3rd-Disruptive-Mainstream-dp-0062292986/dp/0062292986/ref=dp_ob_title_bk * This is How They Tell Me the World Ends by Nicole Perlroth: https://www.amazon.com/This-They-Tell-World-Ends/dp/1635576059 * The End of the World is Just the Beginning by Peter Zeihan: https://www.amazon.com/End-World-Just-Beginning-Globalization/dp/006323047X * Nuclear War by Annie Jacobsen: https://www.amazon.com/Nuclear-War-Scenario-Annie-Jacobsen/dp/0593476093 * Zero to One by Peter Thiel: https://www.amazon.com/Zero-One-Notes-Startups-Future/dp/0804139296 * The Hard Thing about Hard Things by Ben Horowitz: https://a.co/d/b3bhcbU Stuff We Reference * Mostek Semiconductor: https://en.wikipedia.org/wiki/Mostek * George Lippe: https://www.nreionline.com/mag/crow-flies-high * Trammel Crow Company: https://www.trammellcrow.com/ * Steve Clark: https://www.linkedin.com/in/stephen-clark-332a6714a/ * Joel Peterson: https://www.linkedin.com/in/joelpetersongsb/ * Condoleezza Rice: https://history.state.gov/departmenthistory/people/rice-condoleezza * New York University: https://www.nyu.edu/ * Emory University: https://www.emory.edu/home/index.html * Warren Buffett: https://www.forbes.com/profile/warren-buffett/ * Sequoia Capital: https://www.sequoiacap.com/ * Kleiner Perkins: https://www.kleinerperkins.com/ * Tim Draper: https://www.linkedin.com/in/timothydraper/ * Reid Dennis: https://www.legacy.com/us/obituaries/sfgate/name/reid-dennis-obituary?id=54696176 * Arthur Rock: https://en.wikipedia.org/wiki/Arthur_Rock * Bill Gurley: https://www.linkedin.com/in/billgurley/ * John Doerr: https://www.linkedin.com/in/john-doerr-03248211/ * Mike Moritz: https://www.linkedin.com/in/michaelmoritz/ * Bessemer Venture Partners: https://www.bvp.com/ * Byron Deeter: https://www.linkedin.com/in/byrondeeter/ * Mike Maples: https://www.linkedin.com/in/maples/ * Floodgate: https://www.floodgate.com/ * Mark Leslie: https://www.linkedin.com/in/markleslie1/ * Carbon Robotics: https://carbonrobotics.com/ * Verari: https://www.datacenterknowledge.com/business/verari-sold-driggers-back-as-ceo * Sal Khan: https://www.linkedin.com/in/khanacademy/ * Khan Academy: https://www.khanacademy.org/ Know someone who would enjoy this episode? Share it with them! All opinions expressed are personal and may not reflect the views of the individual’s organization or of The Diligent Observer. Not investment advice. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thediligentobserver.substack.com

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