This episode is sponsored by J.P. Morgan and Cozen O'Connor. --- In this episode of Founding Philly, I sit down with Ted Mann, Mike Petrakis, Mike Crossey, and Joe Biancaniello for a roundtable conversation on what it really takes to start, fund, and scale a company in Philly. This episode is part of the Roundtable Series, a new format of Founding Philly. Same mission—spotlighting the startup journey—now with more voices at the table from across the Philly ecosystem. We kick things off with a look at Ted and Mike’s paths as repeat founders—how their past ventures shaped what they’re building today, and the lessons they carried with them. We also hear how Mike Crossey and Joe Biancaniello have supported the Philly startup scene over the years through their roles at Cozen O’Connor and J.P. Morgan, respectively. From there, the conversation shifts to one of the biggest questions in startups: how do you find an idea worth solving? For Ted and Mike, their businesses were born from personal frustration. But the group agrees—while a great idea matters, it’s only the beginning. As Mike puts it: “There’s validity to what investors look at—market size, unit economics, business model.” We also explore what founder-to-founder investing really looks like. Mike shares what it’s been like backing Ted as an investor—and how their partnership quickly became a two-way street. Together, they’ve shared lessons on monetization, product strategy, and go-to-market thinking, applying those insights directly to their own companies. Next, we turn to the fundraising environment, reflecting on how the past few years have challenged even the most experienced founders. While raising capital has become harder, Ted notes that timing the market is nearly impossible—and when you need to raise, you just have to figure it out. The key takeaway? Founders who build through hard times tend to emerge sharper, more focused, and better prepared for what’s ahead. We close with a candid discussion on the Philly startup ecosystem—what’s working, what’s missing, and what it will take to unlock the next wave of growth. The consensus: Philly needs more risk capital, more post-exit reinvestment, and more founders supporting founders. As Mike puts it: “There are a lot of people here who want to help—we just need to get on the same page.” Whether you're just getting started or scaling something new, this episode offers firsthand insight into idea validation, investor-founder dynamics, fundraising in tough markets, and the shared responsibility of growing a local startup community. The Roundtable Series is recorded at the Fitler Club, to learn more check out https://fitlerclub.com/.
