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  1. Ignite VC: Jeffrey Fidelman on Building a Repeatable Capital Engine & Fundraising Wins | Ep209

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    Ignite VC: Jeffrey Fidelman on Building a Repeatable Capital Engine & Fundraising Wins | Ep209

    Jeffrey Fidelman—Founder & CEO of Fidelman & Company—breaks down how early-stage founders and emerging managers can run a repeatable, data-driven fundraising process. His team “productizes” investment banking: compliant and licensed advisory, a staffed outbound motion, and a new platform (Fundex) that systematizes sourcing, personalization, and follow-through. Big themes: stop hunting for silver bullets, design a weekly workflow, communicate like a pro, and ask for the sale. Who is Jeffrey Fidelman? Jeffrey started in traditional banking (Morgan Stanley, HSBC), helped operate a nine-figure venture fund, and now runs Fidelman & Company—an investment bank built for startups and emerging managers. He’s scaled a 40-person team that blends institutional rigor with hands-on execution, working across founder rounds and funds (typically Fund I–III/V). Why listen: He sits at the intersection of venture and banking, translating Wall Street process into fundraising outcomes for people who don’t have time to reinvent the wheel. The Big Idea: Productize Fundraising Most teams approach fundraising as a one-off sprint. Jeffrey treats it like a product and a pipeline. What “productized” looks like: * Compliance + transparency: Licenses, disclosures, real diligence—versus “Rolodex-for-rent.” * Staffed engine: Analysts and operators who do the unglamorous work (research, qualification, personalization, sequencing). * Clear incentives: A base fee to fund sustained effort, plus success economics aligned to capital raised. * Platform leverage (Fundex): A banker-backed, self-serve system for building targeted lists, managing outreach, and tracking what converts. Who They Serve (and Who Shouldn’t Hire Them) * Startups raising institutional seed–Series A where traction matters more than vibes. * Emerging managers (often Fund I–III/V, ~$20M–$300M) who need consistent, qualified LP conversations. * When they say “no”: Unrealistic timelines, expectations misaligned with market reality, or founders who want magic, not process. The Weekly Workflow That Moves Money Forget the fantasy of a single intro unlocking a round. Jeffrey’s team runs a repeatable weekly rhythm: * Lead Generation * Build/refine a tight investor list by stage, sector, check size, geography, and thesis. * Prioritize based on recency of activity and fit (spearfishing > spray-and-pray). * Qualification * Confirm mandate (stage, ownership targets, reserve strategy for funds; revenue, margins, LTV/CAC for companies). * Track disqualifiers ruthlessly to avoid wasting cycles. * Personalization * Use actual signals: portfolio patterns, recent memos, partner backgrounds. * One reason to care + one clear next step. No generic “circling a round” language. * Sequenced Outreach * Multi-touch cadence (email, LinkedIn, warm paths, occasionally a thoughtful call). * 5–6 touches is normal; design them up-front. * Follow-through * Treat every “maybe later” as a specific follow-up task with a date and a reason. * Log objections; update copy and filters from data, not vibes. * Newsletter/Update Layer * A monthly note to keep the pipeline warm and prime closes. Core belief: There are no silver bullets—only consistent systems. Pricing & Incentives (Why It Matters) Jeffrey advocates for a transparent base fee (to fund the real work of research and outbound) plus success-based economics tied to capital raised. The structure mirrors how an internal analyst + data subscriptions would be paid—just purpose-built for fundraising. Tools & Team Design * People: Former BDRs/SDRs often outperform traditional bankers in outbound because they think in funnels, not favors. * CRM: Move from generic tools to purpose-built workflows; Fundex grew out of internal needs for source-of-truth investor data and campaign analytics. * Experiment windows: Run 60–90-day experiments before changing copy/targeting; otherwise you mistake randomness for insight. LP & Investor Communication Use a simple three-part monthly update: * Last month: What happened (pipeline, wins, key metrics). * This month: What’s in motion (meetings, diligence, product/research). * Next month: What’s planned (targets, launches, hires) + optional ask (intros, talent, data). Why it works: It’s predictable, compounding, and lets prospects “ride along” until the timing is right. Founder & GP Pitfalls (and Fixes) Pitfall: Waiting for perfect decks. Fix: “Good enough” materials + more qualified conversations. Iterate from live objections. Pitfall: Not asking for the money. Fix: Use explicit closes: “If the rest of diligence checks out, are you comfortable taking a $X–$Y allocation?” Pitfall: Boiling the ocean. Fix: Start with the highest-probability 50–100 names. Earn the right to expand. Pitfall: Over-automating. Fix: Let AI assist research and drafting, but keep humans on qualification, nuance, and final sends. Market Reality Check * “Venture winter” ≠ zero capital: Dollars still flow, but standards are higher and timelines longer. * Seed expectations have shifted: Revenue or sharp leading indicators help. Narrative alone is fragile. * What’s next: Infrastructure for AI and energy/compute constraints are shaping both venture theses and LP interest. Valuation & Storytelling * Frameworks: Use comps and multiples as guardrails, not gospel; avoid outlier benchmarks to justify price. * Narrative: Investors buy a believable path—origination advantage, diligence advantage, or distribution advantage. Decks don’t raise money—founders and their narrative do. 30–60–90 Day Action Plan For Founders Days 1–30 * Define ICP investors (stage, check size, sector, geo). * Draft “why now/why us” narrative and a one-page. * Build first 75–100-name list; research 3 relevance signals per target. Days 31–60 * Launch a 6-touch sequence; log every objection. * Start monthly update cadence; add 10–15 “ride-along” prospects. * Book 10–15 first meetings; convert 3–5 to diligence. Days 61–90 * Tighten targeting from conversion data; refresh copy. * Formalize diligence packet (metrics, cohorts, references). * Ask for allocations explicitly; stack soft-circled commitments. For Emerging Managers Days 1–30 * Clarify mandate (check size, ownership, geography, reserves). * Build LP map (funds of funds, family offices, HNW, endowments). * Draft a one-page with sourcing+diligence edge. Days 31–60 * Start a monthly LP note (three-part format). * Run 50–75 targeted outreaches with true personalization. * Line up 3–5 reference calls (founders, co-investors). Days 61–90 * Share pipeline quality and “how we pass.” * Test 1–2 small events/webinars to compress discovery. * Push for anchor/lead soft-circles; set a first-close target date. What to Steal for Your Next Raise * A weekly pipeline review with real conversion metrics. * A tight investor ICP you can defend. * A 6-touch multi-channel sequence you actually finish. * A monthly update that compounds attention. * A clear close: amount, timing, and next steps. Resources Mentioned * Book: Productize by Aisha Armstrong. * Concepts: Spearfishing > spray-and-pray; no silver bullets; “good enough → learn in the market.” Final Word Fundraising isn’t a moment—it’s a machine. Build the machine, feed it every week, and let data (not drama) tell you what to do next. If you want this distilled into show-notes, chapter markers, or a LinkedIn post template for your episode page, I can spin that up too. 👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast Chapters: 00:01 Intro & guest background 00:37 Career path: banking to VC 02:56 Productizing fundraising 04:16 “Do it for us” inflection point 06:58 Licenses, transparency, pricing 09:42 Fundex launch & vision 10:42 Saying no & realistic timelines 12:29 Weekly lead-gen workflow 14:54 Multi-touch outreach cadence 15:49 Targeted spearfishing approach 17:03 Team design for outbound 19:26 CRM evolution to Fundex 20:39 Fee structures by vehicle 28:57 Monthly LP/GP update format 31:48 60–90 day testing windows 35:48 Market shift & venture winter 41:05 What LPs value most 43:06 Personal brand over company page 47:07 Valuation frameworks 52:00 AI infra & energy thesis 58:50 Fundex recap & close Transcript (00:01:12) Brian BellHey, everyone. Welcome back to the Ignite podcast. Today, we’re thrilled to have Jeffrey Fiddleman on the mic. He’s the founder and CEO of Fiddleman & Co., naturally, a firm that builds investment banking for startups and funds. Before that, Jeffrey worked in investment banking at Morgan Stanley, HSBC. He did some early venture work, co-founded a few startups, and now helps founders raise capital, shape their decks, valuations, and runs fundraising as a service. He knows both the polished financial model world and what it’s like to hustle for your first dollar. Let’s dive in. Thanks for coming on. (00:01:40) Jeffrey Fidelman Thank you so much for having me, Brian. Well, Jeffrey, I’d love to get your origin story. What’s your background? From the Northeast originally, born and raised in New York on Long Island. I ended up going to school, graduating from Harvard, and then spent the better part of a decade in banking. First at Morgan Stanley, as you mentioned, and then at HSBC. Really cut my teeth there. Although everyone around me was English speaking, when I started, it was totally foreign language to me. And I really was able to learn how institutional processes and structured works. I then was recruited by a family office to help them run a venture fund. We were investing in early stage tech and tech enabled investments. The fund was about $120, $25 million. And we invested in about four dozen companies, leaving some capital on for dry powder and follow-on rounds.

    59 min
  2. Ignite Startups: Max Greenwald on Precision Demand Gen with AI Agents | Ep208

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    Ignite Startups: Max Greenwald on Precision Demand Gen with AI Agents | Ep208

    If you only have time to read one deep-dive this week on modern B2B growth, make it this one. In our latest Ignite Podcast episode, we sat down with Max Greenwald, co-founder and CEO of Warmly.ai—a platform building AI agents that warm your total addressable market (TAM) and route only the hottest leads to sales. A former Google PM (yes, the “Where’s Waldo” Maps prank that ~100M people played) who has steered six pivots before breaking through, Max brings a rare, field-tested view of how demand is actually generated in 2025. Below is a full written breakdown for readers who may not catch the episode—complete with frameworks, playbooks, and practical takeaways you can put to work immediately. TL;DR (Skimmable Takeaways) * Warm demand beats cold outreach. Use AI agents to initialize relationship and intent before your team ever emails or calls. * Multi-signal > single-signal. Blend website behavior, firmographics, tech stack, channel touchpoints, and recency to score buying readiness, not just MQLs. * Open/Close for PMF. Deliberately open to explore new segments/solutions; close to double down on a narrow wedge once you see real pull (inbound, referrals, fast sales cycles). * Dogfood relentlessly. Warmly sources a big chunk of its own pipeline by running its product on itself—shortening feedback loops and sharpening the scoring logic. * Omnichannel or bust. The modern buyer pinballs across channels. Orchestrate consistent, helpful moments wherever they surface. The Origin Story (and Why It Matters) Max’s path: Princeton CS → Google PM → founder. The early venture years weren’t linear: rejections, co-founder turbulence, and six pivots—without changing the company name. The lesson isn’t “pivot more”; it’s pivot intentionally. Max’s team learned to separate idea vanity from signal quality, and to treat PMF as a sequence of experiments rather than a single epiphany. “Signals, not vibes. Inbound interest, shorter sales cycles, and word-of-mouth are the scoreboard—not the story you tell yourself.” — Max Greenwald From Anonymous Traffic to Booked Meetings Warmly’s evolution mirrors how demand gen has changed: * De-anonymize & observe: Who’s on your site, which pages matter, and how often do they return? * Turn conversation on: Live chat → AI chat to capture and qualify in real time. * Retarget with brains: Not just pixel-chasing—use context and timing to surface relevant prompts. * Score with multiple signals: Stitch behavior, firmographics, timing, and engagement into a single readiness score. * Route instantly: Push only the best leads to AEs with context, while nurturing the rest automatically. Outcome: Less spam, more meetings. Sales trusts marketing because they feel the difference in their calendars. The Open/Close Framework for PMF (and Go-To-Market Fit) Most founders oscillate between wandering and tunnel vision. Max’s answer: * Open Phases: Widen inputs (segments, use cases, price points). Look for surprising pull: unsolicited demos, referral chains, faster closes. * Close Phases: Narrow everything (ICP, message, channels, packaging). Write “not-for” rules. Instrument the funnel and operationalize what works. * Cadence: Time-box each phase and define the exit criteria (e.g., 3 straight weeks of >30% demo-to-opportunity conversion in a target segment). This rhythm protects teams from infinite exploration and from premature locking. The Demand Gen Playbook (2025 Edition) 1) Warm the Market Before You Pitch * Use AI agents to greet, guide, and qualify visitors—on site and across channels. * Offer contextual value (micro-audits, fast answers, tailored content) before asking for time. Quick win: Deploy an AI concierge on your high-intent pages (pricing, integrations, case studies) to offer a 90-second “fit check” and one-click meeting booking. 2) Build a Multi-Signal Lead Score Single-event triggers (e.g., one ebook download) are noisy. Combine: * Firmographics: Size, industry, territory * Technographics: Key tools in their stack * Behavioral: Pages viewed, depth, recency, return visits * Channel: Email replies, social touches, events/webinars * Context: Problem-specific pages, integration interest, pricing views Rule of thumb: If your “hot lead” definition fits in one sentence, it’s too shallow. 3) Orchestrate Omnichannel Moments Buyers hop between website, LinkedIn, G2, webinars, and email. Meet them with consistent narrative and next step wherever they show up. * Awareness: Short problem clips, proof snippets * Consideration: Integration demos, ROI calculators, teardown posts * Decision: Customer stories that mirror ICP pain, live Q&A, fast trials Guardrail: Every touch should make the next step painfully obvious. 4) Route with Context, Not Just Priority AEs need more than “hot lead.” Deliver a one-sheet: why now, what they looked at, similar customers, suggested opener, and a 3-bullet discovery plan. The handoff is part of demand gen. 5) Dogfood to Learn Faster Warmly runs Warmly on Warmly—capturing real conversations, false positives, and timing cues. Internal usage produces the sharpest tuning for scoring, prompts, and routing. Try this: Weekly “signal review” between RevOps and PM. Pick five wins and five misses; update rules and prompts that week. Inside the Stack: Where AI Adds Lift * Code generation: Faster iteration on experiments and internal tools. * Sales assistance: Summaries, email drafting, call prep—grounded in the multi-signal profile. * Support enablement: Faster, more relevant help so prospects don’t stall pre-demo. This isn’t “AI replaces SDRs.” It’s AI reduces waste and raises the floor on every touch. Metrics That Actually Matter * Meeting rate from high-intent pages (and time to book) * Demo-to-opportunity conversion (per ICP) * Opportunity velocity (days stage-to-stage) * Pipeline sourced by owned demand (vs. rented channels) * AE acceptance of routed leads (qualitative trust + quantitative accept rate) If these move, the MQL count can be… background noise. What’s Changing in MarTech (and How to Adapt) * Lean in-house teams, more agencies: Keep strategy and data close; outsource execution sprints where needed. * Content goes atomic: Short, high-signal pieces repurposed across channels with AI assists. * Agentic workflows: Helpful, brand-safe agents that learn over time and feel like teammates. “In a few years, agents won’t just answer—they’ll own outcomes with the same playbooks your best reps use.” — Max 90-Day Action Plan Weeks 1–2: Instrument * Identify high-intent pages and set up session recording + basic de-anonymization. * Define current “hot lead” criteria (even if imperfect). Weeks 3–6: Pilot * Launch an AI concierge on top pages with a short “fit check”. * Create the AE one-sheet template and automate the handoff. Weeks 7–10: Score & Route * Roll out multi-signal scoring; test 2–3 thresholds for “instant route” vs. nurture. * Start weekly signal reviews; adjust rules promptly. Weeks 11–12: Scale * Layer in retargeting with context (use the pages they touched). * Publish 3 proof assets that match your top ICPs; wire them into agent prompts. Founder Notes: Leading Through the Messy Middle * Narrative discipline: Keep a running doc of “not-for” segments to avoid silent scope creep. * Team rituals: Monthly gratitudes, weekly “what surprised us” reviews—low-friction ways to stay human and curious. * Capital efficiency: Brute-forcing channels is out; precision and sequencing are in. If You Only Do One Thing After Reading This… Add an AI concierge to your top two high-intent pages with a 90-second fit check and one-click booking. Measure meeting rate and time to book for two weeks. The clarity you gain on true demand will change how you score, route, and plan content. 👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast Chapters: 00:01 Intro and guest setup 01:12 Princeton to Google path 02:45 Leaving Big Tech to found Warmly 04:10 Early rejections and resilience 05:30 Co-founder dynamics and roles 06:50 The Open/Close framework 08:05 Defining ICP and not-for list 09:18 Six pivots, one mission 10:40 From de-anonymization to conversations 12:00 AI concierge on high-intent pages 13:22 Multi-signal lead scoring 14:45 Routing with context to AEs 16:10 Dogfooding and feedback loops 17:35 GTM systems and repeatability 18:50 Omnichannel orchestration 20:15 Content atoms and proof assets 22:00 Metrics that actually matter 23:30 Pipeline quality over volume 25:05 Hiring the first great AE 27:20 RevOps cadence and signal reviews 29:10 Buyer intent vs interest 31:00 Demand gen without waste 33:05 Agents as always-on SDRs 34:40 Near-term roadmap and vision 36:06 Closing takeaways Transcript Max Greenwald (00:00:00): It’s called the death triangle. It’s called the Bermuda triangle of you’re trying to convince investors to give you money. You’re trying to convince customers to buy a product or to find an idea. And you’re trying to convince co-founders to come join you. So I think in the very earliest score, it’s like co-founders, investors, you know, idea. And each leg of that triangle wants the other two to be perfect, right? It’s like a VC wants to know that you have an idea and you have co-founders. A co-founder wants to know you have funding and you have an idea. And for your idea to work, you’re going to need, you know, co-founders and VC funding. So it’s like just that brutal triangle. Brian Bell (00:00:53): Hey everyone, welcome back to the Ignite Podcast. Today we’re thrilled to have Max Greenwald on the mic. He’s the co-founder and CEO of Wormly.ai, former Google PM and founder who’s navigated multiple pivots in pursuit of product market fit and someone deeply invested in how AI is reshaping G

    36 min
  3. Ignite VC: The Truth About Product-Market Fit and Founder Grit with Gabriel Jarrosson | Ep207

    29 OCT

    Ignite VC: The Truth About Product-Market Fit and Founder Grit with Gabriel Jarrosson | Ep207

    Most founders believe that if they just build a great product, customers will come.But as Gabriel Jarrosson, General Partner at Lobster Capital, puts it — “Build it and they will come is the biggest myth in startups.” A seven-time founder with three exits and now an investor in over $25 million of early-stage deals, Gabriel has lived both sides of the startup grind. From coding alone as a computer science engineer to backing YC’s top performers, his journey reveals what truly separates startups that survive from those that don’t. From Founder to Investor Gabriel’s story begins where many do — building products that nobody wanted. After several failed ventures (and a few modest wins), he realized the hard truth: success isn’t about product perfection but about early traction. This realization led him to angel investing. But with limited capital, he started small — writing checks as low as $2,000. That grew into an angel syndicate and, later, into Lobster Capital, a fund that invests exclusively in the top 2% of each Y Combinator batch. His syndicate’s early wins and a viral YouTube channel in France helped him scale both his visibility and access. By 2023, Lobster Capital was born — a professionalized VC fund known for its traction-first approach. The Philosophy Behind “Traction-Driven” Investing Gabriel’s investment thesis is deceptively simple: “If you don’t have traction, what are we even talking about?” Having built seven startups, he learned that momentum and customer validation are the only real signals of product-market fit. He avoids “build it and they will come” fallacies and looks for founders who’ve proven demand — not just coded features. For Lobster Capital, this means focusing on startups with strong early revenue growth. In YC terms, that’s: * Good: Around $100K ARR * Better: $100K–$500K ARR * Best: $500K+ ARR (often growing 10–15% week over week) Those numbers may sound high for early-stage founders, but they’re exactly what separates the exceptional from the average. The Discipline of Saying No One of Gabriel’s biggest challenges as a former syndicate leader turned fund manager was learning to say no.As he puts it, “In a syndicate, you can say yes to everything. With a fund, you can’t.” He now filters ruthlessly — even rejecting deals he personally likes if they don’t meet the traction bar. Still, he leaves room for exceptions — especially in deep tech or moonshot bets where traction takes longer. About 10% of his portfolio is reserved for these high-risk, high-upside plays. The Meaning Behind “Lobster Capital” Ever wondered why “Lobster”? It’s not just a quirky brand.Gabriel chose the name for its symbolism: * Lobsters never stop growing, just like great startups. * Blue lobsters — ultra-rare — represent unicorns. * Their reddish-orange color mirrors YC’s branding. * And, as Jordan Peterson famously noted, lobsters have existed longer than trees — a reminder that power laws are as old as nature itself. It’s a memorable identity that ties humor, philosophy, and brand storytelling together — and it’s one reason founders remember his fund long after the pitch. Inside YC’s Top 2% Lobster Capital invests in only 3–5 companies per YC batch — a level of selectivity that forces precision. While other funds chase volume, Gabriel’s approach is concentrated conviction. He relies on YC’s internal data, founder networks, and pattern recognition from hundreds of past calls to identify which startups are breaking through. Over time, Lobster Capital has become so well-known inside YC that founders now pitch him first, reversing the traditional investor–founder dynamic. How AI Is Transforming Venture and Founding Gabriel is optimistic but grounded about AI’s role in both venture and entrepreneurship.He sees AI not as a threat but as a tool that lowers the barrier to entry — the latest in a long line of democratizing technologies: “First you needed a factory to start a company, then just a laptop, then cloud servers. Now, you can have AI build your app and write your code.” AI, he believes, will accelerate every part of the startup cycle — from ideation to exits — and even shorten fund lifecycles by speeding up liquidity events. Still, he’s skeptical that AI can replace human investors anytime soon. Venture capital, at its core, is a trust-based craft — part art, part intuition, and part psychology. Founders Who Win When it comes to evaluating founders, Gabriel looks for what he calls “relentless resourcefulness.”He’s less concerned with Ivy League pedigrees or fancy backgrounds and more focused on resilience, grit, and adaptability — the founders who find a way through the wall, not around it. “The best founders never stop. Close the door, they come in through the window. Close the window, they come through the chimney.” Key Takeaways * Early traction is everything. Ideas are easy; execution and revenue prove reality. * Saying no is a superpower. Discipline defines good investors. * AI won’t replace VCs — it will empower them. * The best founders are relentlessly resourceful. * Growth without traction is a mirage. Final Thought Gabriel’s story is a rare look at someone who’s seen the startup world from every angle — founder, failure, builder, angel, and VC. His philosophy distills a decade of lessons into one principle: traction is truth. Whether you’re raising your first round, launching a startup, or evaluating deals, this episode offers a blueprint for thinking like a founder—and investing like one, too.👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcastChapters:00:02 Early life in Vilnius and family influence in finance 03:00 Starting career as a trader in Amsterdam 04:10 Transition from public markets to family office investing 05:30 Discovering venture capital and building early networks 06:25 Joining Willgrow and professionalizing the venture journey 07:45 Lessons from angel investing and early portfolio wins 09:45 Evolution of Willgrow from transport and real estate to investments 11:50 Growth into a diversified global investment platform 13:00 Five core investment areas at Willgrow 14:10 Why Willgrow focuses on funds over direct deals 16:30 Building a “bulletproof” fund portfolio strategy 18:10 Strategic asset allocation and balancing risk across classes 20:40 How Willgrow sets portfolio weights and long-term targets 22:40 Shifts in venture returns and performance assumptions 23:50 Managing liquidity and duration through secondaries 25:55 Currency exposure between U.S. and European investments 28:20 Sourcing fund managers and building LP networks 30:40 Partnering with fund-of-funds and global advisors 31:00 GP–strategy fit as a key selection criterion 32:30 Evaluating track records and past success indicators 33:00 Investing in first-time GPs and assessing credibility 34:20 Soft referencing and network-based validation 35:00 From concentrated bets to diversified fund portfolios 37:20 Navigating a more competitive venture landscape 38:20 Specialist vs. generalist fund approaches 40:40 How Willgrow evaluates sector focus and adaptability 44:30 Benchmarking and monitoring fund performance 46:50 Lessons learned after four years of venture investing 48:50 Ticket sizing, pacing, and realistic growth assumptions 49:30 Risks of first-time teams in emerging managers 51:00 Case study: when a first-time GP team collapses 52:00 Evaluating fund valuations and markup practices 53:00 Due diligence and data room best practices 54:20 What LPs look for in deal memos and documentation 54:37 End of main discussion Transcript Brian Bell (00:01:11–00:01:36): Hey, everyone. Welcome back to the Ignite podcast. Today, we’re thrilled to have Gabriel Gerson on the mic. He’s a seven-time founder of Three Exits, now crafting early stage magic as GP at Lobster Capital, where he’s backed more than 25 million, plowed 25 million into YC startups. That’s amazing. He’s bootstrapped to 1 million ARR solo, survived four failed ventures, and now writes in podcasts about the bleeding edge of investing in AI-powered high-traction startups. Thanks for coming on. Well, thank you so much for having me. Gabriel Jarrosson (00:01:37): We’ve been close in the ecosystem for a long time, so I’m very excited about this conversation. Brian Bell (00:01:42–00:02:01): Yeah, no, we’ve been kind of collaborating kind of at a distance for years. And then we finally connected on a panel at the Decile event a month ago. So it’s cool. It was just kind of serendipitous that you were going to come on the pod a month later. So I’m excited to finally like sit down and get to know a little bit about you. Would love to know kind of like, you know, what’s your origin story? Where did it all start? Gabriel Jarrosson (00:02:02–00:04:50): Well, I mean, you touched on it briefly. originally a computer science engineer and turned founder. So my origin story is really with building startups on my own. That’s how I came to investing after building so many startups and failing so many, succeeding a few, not massive successes, but some stuff did work. And I was seeing myself in other founders. I was saying, oh, many times I was saying to myself, oh, they’re doing exactly the same mistakes that I did. The beginner’s mistake. I can recognize that now. And sometimes I was saying to myself, oh, they’re not doing those mistakes. They’re much better than me, which I guess the bar is not very high. And so I thought, how can I profit from that? I just understood probably before anyone else that those people are somehow on the right track. And that’s how I became an angel investor in 2013. been some years now. And I just try to convince them, be like, hey, you

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  4. Ignite VC: Scaling With Discipline and Growth Equity Without the Hype with Jim Ferry | Ep206

    27 OCT

    Ignite VC: Scaling With Discipline and Growth Equity Without the Hype with Jim Ferry | Ep206

    Most founders know the extremes: early-stage venture bets and late-stage buyouts. But what about the “middle”—where the product works, the market is real, and the challenge is disciplined scaling? That’s the world of growth equity. In this episode, Jim Ferry, Partner at Volition Capital, breaks down how founders can grow with focus, avoid valuation traps, and build durable companies in an AI-accelerated market. Below is a full recap for anyone who won’t catch the audio—complete with frameworks, questions to ask your team, and actionable takeaways. Why Growth Equity Is Different Growth equity invests after product–market fit but before a company is fully optimized at scale. You still have execution risk—go-to-market, hiring, operations—but you’re not betting on whether the product should exist. It’s less about “zero to one,” more about “one to ten.” What that means for founders: * You need evidence PMF is real (cohort retention, usage, expansion), not just a few big customers. * Dollars are aimed at repeatability—sales coverage, channel strategy, pricing, and ops. Defining Real Product–Market Fit (Beyond Vanity Metrics) Jim stresses PMF is a pattern in data and behavior, not a revenue milestone. Look for: * Consistent retention across cohorts * Expansion (upsell/cross-sell) without spiking churn * Sales efficiency that stays healthy as you add reps * Pipeline sources that are repeatable (not just founder-led or word of mouth) Founder self-check: If you paused paid channels for 30–60 days, would new logos and expansion still happen? If the engine stalls, you might have traction—not PMF. TAM vs. SAM: Right-Sizing Opportunity Yes, the TAM slide matters, but Jim argues serviceable and attainable market (SAM) is where strategy gets real. A focused SAM helps you: * Prioritize ICPs you can win now * Design a go-to-market motion that compounds * Choose adjacencies deliberately (not as a distraction) Try this exercise: Define your top three ICPs by pain, urgency, and willingness to pay. Map which channels predictably reach each one. Kill or pause everything else for two quarters. Capital Efficiency in Practice Capital efficiency isn’t austerity—it’s sequencing. Spend where the playbook is proven; protect burn where it’s not. Jim’s signals of efficient execution: * Payback periods within target (and not deteriorating as you scale) * Gross margin improving with volume or mix * Sales productivity consistent across tenured reps * GAAP discipline (not just adjusted metrics) Rule of thumb: Before you hire the next 10–20 go-to-market seats, prove the current motion is repeatable outside founder heroics or special discounts. Valuation Sanity: Start with Public Comps In choppy markets, private headline multiples can mislead. Jim’s approach: * Anchor on public comps (growth, margins, rule of 40) * Adjust for scale and risk (earlier stage = wider discount) * Reality-check with unit economics (LTV/CAC, payback, net dollar retention) Negotiation tip: If the bid–ask spread is wide, focus the conversation on business levers (pricing, mix, channel, margin) that—if improved—justify your target multiple. Where AI Helps—and Where It Doesn’t AI is accelerating adoption curves, but durability matters. What looks exciting today can be copied tomorrow. Jim looks for moats in: * Workflow integration (embedded in multi-step processes) * Proprietary data loops (improving model outcomes over time) * Distribution power (channels that competitors can’t match) Ask yourself: If a well-funded competitor replicated your model, what would be hardest to copy—your data, your seat in the workflow, or your distribution? Minority Investing, Major Impact Volition typically invests as a minority partner. That means support is “pull, not push.” Expect: * Help building talent pipelines (execs, operators, board members) * Access to portfolio playbooks and founder communities * A sounding board for pricing, packaging, and channel experiments * Prep for banker processes and clean data rooms when it’s time to exit Founder takeaway: If you want a partner, be clear on the 2–3 needles you want help moving in the next 12 months. Set that agenda early. Founder Evolution: Builder → Scaler → Operator Many companies stall because the role outgrows the original job description. Jim’s pattern: * Builder: Finds PMF, ships fast, sells vision * Scaler: Hires leaders, installs process, drives repeatability * Operator: Manages complexity, portfolio of bets, quality of earnings Honest moment: If you’re spending 70% of your time on tasks someone else should own, you’re probably late to hire that leader. Deal Structures 101 (Without the Jargon) When markets wobble, structures appear. Used well, they bridge valuation gaps and align incentives. Used poorly, they create headaches. * Liquidation preferences and dividends: Can protect downside but must fit growth plans * Participating preferred: Understand how it impacts founder outcomes * Earnouts / performance kickers: Make sure metrics are under management’s control Pro tip: Model the cap table under multiple exit scenarios. If the path to a great founder outcome requires a perfect landing, renegotiate. Where Others Aren’t Looking Some of Jim’s favorite hunting grounds are “unsexy” categories—supply chain, logistics, facilities, even parking. Why? Clear pain, willing buyers, and less noise. If your category isn’t hot on Tech Twitter, that might be your edge. Common Pitfalls Jim Sees * Confusing traction with PMF (one big customer ≠ repeatability) * Over-hiring GTM before the motion is proven * Top-down TAM theater without a credible SAM plan * Arbitrage theses (cheap CAC channels that decay quickly) * AI features without durable moats A Simple Blueprint to Apply This Week * PMF audit: Chart cohort retention, payback, and NDR by segment. Identify where the pattern is strongest. * Focus your SAM: Pick one ICP to win for the next two quarters. Write the “why us, why now” in one page. * Valuation reality check: Build a quick public comps table (growth, margins, rule of 40). Know your band. * Moat map: List your workflow integrations, data advantages, and distribution assets. Choose one to deepen. * Team design: Identify the next 1–2 leadership hires that unlock your builder → scaler transition. Who Should Read This * Founders with working products who need to scale with discipline—not just money. * Operators tasked with turning early wins into a repeatable growth engine. * Finance leaders navigating valuation, structures, and board expectations in a volatile market. Final Thought Growth equity isn’t about spray-and-pray or financial engineering. It’s about evidence-backed scaling—picking the right customers, proving the motion, and compounding with discipline. If that’s the game you’re playing, Jim Ferry’s frameworks are a sharp place to start. Enjoyed this summary? Share it with a founder who’s moving from builder to scaler—or drop your biggest question in the comments and we’ll tackle it in a follow-up. 👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast Chapters: 00:01 Welcome & episode setup 00:39 Jim’s origin story (Rhode Island → investing → Volition) 02:45 What growth equity really is—between early VC and buyout 06:17 Defining real product–market fit vs. vanity metrics 08:41 AI’s impact: speed, durability, and building moats 10:16 Anti-portfolio & misses: lessons from deals that got away 13:13 Volition’s check sizes, minority focus, and underwriting lens 16:47 TAM vs. SAM: why the attainable market (and share) matters 18:04 Capital efficiency in practice: burn multiple, alignment, pacing 19:25 Value-add after the check: talent, community, and playbooks 21:58 Minority investing approach: “pull, not push” support 23:40 Partnership model & Jim’s focus on internet business models 25:57 Team underwriting: founder traits that correlate with outperformance 29:00 Founder evolution: builder → scaler → operator (and when to hire) 31:16 Exit readiness: banks, data rooms, and a ButterflyMX example 33:42 Today’s valuation reality: wide bid–ask spreads; start with publics 36:50 Deal structures 101: prefs, dividends, participating preferred 39:44 Where others aren’t looking: logistics, supply chain, parking 40:59 Lessons from failed theses: why arbitrages and DTC CACs decay 42:20 Founder grit vs. market size; winning a disproportionate share 43:33 Underrated founders to watch (e.g., Kinetics, Rounds) Transcript Brian Bell (00:01:13): Hey, everyone. Welcome back to the Ignite podcast. Today, we’re thrilled to have Jim Ferry on the mic. He is the partner at Volition Capital. It’s a Boston-based growth equity firm that backs high growth founder on businesses across software, internet, and consumer sectors. He’s been at Volition for over a decade, leading investments in companies like Attitude. Did I say that right? Doing Things, Kinetics, Butterfly MX, and many others. We’re going to dive into his journey, what he’s seeing in the growth equity landscape. I’m pretty interested in this. And where he thinks the next wave of breakout companies will come from. Thanks for coming on. Jim Ferry (00:01:42): Yeah. Thank you for having me, Brian. Appreciate it. Brian Bell (00:01:44): Yeah. So I’d love to get your origin story. What’s your backstory? Jim Ferry (00:01:47): My origin story from Rhode Island, small state, my backyard backed up to the Massachusetts border. So I was only like 45 minutes outside of Boston. That’s where I reside today. That’s where the entire team is here. And actually went to school in Providence, Rhode Island. Didn’t want to go there. It felt too close to home. If anyone knows it, it’s a small state. You can drive acr

    45 min
  5. Ignite Startups: How Open Source and AI Are Transforming Modern Software with Marc Seitz | Ep205

    22 OCT

    Ignite Startups: How Open Source and AI Are Transforming Modern Software with Marc Seitz | Ep205

    In a world where startups are built faster than ever, access to secure, transparent, and affordable tools has never been more important. Enter Marc Seitz, founder of Papermark, an open-source alternative to DocSend that’s changing how founders share and protect their documents. From studying physics to leading a global open-source movement, Marc’s journey is anything but linear — and his story reveals how curiosity, experimentation, and community can drive real innovation. From Physics to Software: The Curiosity-Driven Path Marc didn’t begin his career in tech. He studied physics, fascinated by the universe and cosmology. But after years of waiting on data from telescopes like Hubble, he realized something was missing — instant feedback. “In software, you write a line of code and instantly know if it works. In physics, you might wait years for results,” he explained. That instant gratification, coupled with his growing passion for hackathons, pulled Marc into the world of software development. He began building small tools, joining hackathons across Europe, and eventually turning that spirit of experimentation into a business. HackerBay and the Power of Rapid Experimentation Marc’s first company, HackerBay, emerged from those hackathon roots. He and his co-founders saw how talented developers — many of whom were non-traditional or even school dropouts — were building incredible things in short timeframes. HackerBay partnered with major German manufacturers and enterprises, helping them run rapid “micro-experiments” to test digital ideas before deploying them to production. “We learned that the first version doesn’t have to be perfect — it just has to deliver value,” Marc shared. That mentality became the foundation for everything Marc would build next. The Spark Behind Papermark After HackerBay, Marc found himself frustrated by the legacy data room and document-sharing tools startups relied on — platforms like DocSend, Intralinks, and others that felt dated, slow, and expensive. So he asked a simple question: Why isn’t there an open-source version of this? Over a weekend, Marc tweeted his intent to build one. The post went viral. Within days, thousands of people were following the progress of what became Papermark — a modern, open-source platform for secure document sharing and fundraising. “Founders told me they hated using DocSend — it was clunky, slow, and lacked innovation. We realized we could build something better, faster, and open to everyone.” Why Open Source Wins Papermark’s mission is about more than just convenience. It’s about trust, transparency, and control. By being open source, any user — from a solo founder to a large bank — can inspect the code, host it privately, and know exactly how their data is handled. This makes Papermark especially appealing to enterprises, governments, and financial institutions that require strong compliance and data sovereignty. “We don’t need to ask customers to trust us — they can see the code. That transparency accelerates everything,” Marc noted. Papermark’s dual-licensing model allows enterprises to access additional features under an enterprise license while the open-source community continues to innovate and contribute to the base product. Managing an Open Source Community Running an open-source company brings unique challenges. Contributors submit code from all over the world — sometimes brilliant, sometimes chaotic. Marc describes being both founder and product manager at once, carefully balancing community contributions with product direction. “You have to stay compassionate. People contribute because they care. But not every feature belongs in the main branch,” he said. Papermark encourages small, meaningful pull requests and community-driven feedback, ensuring that the platform evolves rapidly without becoming bloated. AI Meets Open Source Marc believes we’re entering a new era where AI and open source are deeply intertwined. He envisions a world where developers — and even non-developers — can describe features in natural language, and AI agents generate the code for them. Tools like Cursor, Windsurf, and Lovable are early steps in that direction, blurring the line between building and prompting. “Imagine telling Papermark what feature you want, and AI builds it for you. That’s where we’re headed — personalized, one-of-one software.” At Papermark, Marc’s already exploring ways to integrate AI review agents that help maintain code quality and filter out low-value pull requests — a glimpse of what open source collaboration could look like in the next decade. Security, Privacy, and the Limits of “Control” When it comes to document security, Marc is pragmatic. While Papermark can prevent downloads and track who views a file, true security often comes down to human behavior. “You can always take a screenshot or a photo,” he said. “The goal isn’t to make data impossible to copy — it’s to make it auditable and transparent.” In mergers and acquisitions, for example, Papermark’s audit logs help companies prove who accessed what and when — a key compliance requirement that traditional PDF sharing can’t provide. The Future of Open Source and Startups Looking ahead, Marc sees open source dominating more of the software stack, even at the application layer where proprietary tools once ruled. He predicts that AI-generated code will make open source more prevalent — but less visible — as software creation moves from code editors to conversational interfaces. For startups, the shift is clear: barriers to entry are falling, and founder-market fit is becoming the ultimate differentiator. “You can build anything now,” Marc said. “So the question isn’t can you build it, but do you understand the problem deeply enough to solve it well?” Final Reflections Marc Seitz’s story is a testament to the hacker spirit — start small, move fast, stay open. From physics labs to hackathons to open-source infrastructure, his journey reflects a new kind of founder ethos: transparent, community-driven, and unafraid to challenge incumbents. Whether you’re a developer, founder, or investor, Papermark’s rise is a reminder that the future of software isn’t just about speed — it’s about openness, collaboration, and trust.👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcastChapters:00:01 Introduction and Guest Overview 00:28 From Physics to Software 01:41 Discovering the Physics-to-Software Path 03:06 The Appeal of Instant Feedback in Coding 04:36 Founding HackerBay 05:15 The Rise of Dropout Culture in Startups 06:14 Lessons from Early Experiments 07:25 The Hackathon Mentality 10:30 The Aha Moment for Papermark 11:39 Building an Open-Source Data Room 13:53 Why Founders Embrace Open Source 14:49 Open Source vs Proprietary Software 15:26 Selling to Enterprises and Data Sovereignty 17:14 Transparency and Trust Through Open Source 19:04 Who Uses Papermark 20:59 Licensing Models and AGPL Explained 22:27 Enforcing Open-Source Licenses 23:33 Legal and Ethical Issues in Open Source 24:50 Enterprise Adoption and Pricing 25:31 Papermark’s Growth and Free Tier 28:15 Competing with Incumbents 29:22 Community Contributions and AI Integration 30:45 AI and the Future of Open Source Collaboration 33:43 Control vs Convenience in Software 36:13 Surprising Community Pull Requests 38:22 Managing Product Bloat and Feature Creep 40:32 The Role of Maintainers and Contributors 42:04 Leveraging Community and Capital Efficiency 43:55 Building Publicly and Growing a Developer Community 46:01 AI, RAG, and Secure Document Search 47:15 Is Data Ever Truly Secure? 48:32 Transparency and Audit Logs in M&A 50:31 Evolution of Data Rooms and Compliance 51:02 Adding e-Signatures and Future Roadmap 51:49 The Future of Open Source Software Transcript Brian Bell (00:01:17): Hey, everyone. Welcome back to the Ignite podcast. Today, we’re thrilled to have Mark Seitz on the mic. He’s the founder of PaperMark, an open source alternative to DocSend that’s helping startups share documents more securely and affordably. Before that, Mark co-founded HackerBay, helped launch Intel Ignite in Europe and has been deeply involved in supporting founders through venture and open-source communities. Thanks for coming on. Marc Sietz (00:01:37): Thanks so much, Brian. Thanks for having me. Brian Bell (00:01:39): Yeah. So what’s your origin story? Marc Sietz (00:01:41): Well, it’s pretty typical, I guess, went the traditional route through university. I actually didn’t do anything related with computer science and kind of got into that a little bit later. But primarily, I think what really got me excited about startups and software was attending hackathons. So kind of taking on this like non-traditional career path in a way, where you didn’t go to McKinsey four years after university and then another four years in a big company and then maybe start a company after that. I kind of just like dove head in first through hackathons and then making that kind of a business and starting a company right after university. Brian Bell (00:02:21): That’s amazing. So you actually studied physics and then later moved into software, which is actually a more common path than you would guess in software. I meet a lot of people who did theoretical physics and really smart people. And then you kind of learn how complex data, big data can be in AI and you kind of move into that. What was that transition like? Marc Sietz (00:02:41): Yeah, it’s interesting. If you haven’t gone through that path, you wouldn’t expect that there’s actually this physics-to-software pipeline. But I think having gone through it, I know why. Just because physics, it’s such an interesting field, but

    53 min
  6. Ignite LP: Avoiding Team-Risk and Finding True GP–Strategy Fit with Justinas Milašauskas | Ep204

    19 OCT

    Ignite LP: Avoiding Team-Risk and Finding True GP–Strategy Fit with Justinas Milašauskas | Ep204

    When you think of global venture capital, Lithuania isn’t the first country that comes to mind. Yet in this episode of the Ignite Podcast, Justinas Milašauskas, Investment Manager at Willgrow, shares how a family office from Vilnius has built one of the most disciplined and globally connected venture strategies in Europe. With over 15 years of experience across trading, institutional sales, and portfolio management — from Amsterdam to Paris — Justinas brings a rare blend of analytical rigor and entrepreneurial spirit to the world of private markets. What started as a family office focused on transport and real estate has evolved into a diversified investment platform spanning buyouts, venture capital, credit, and real assets. From Derivatives to Venture: A Career Built on Adaptation Justinas’ journey into finance began early. Growing up in a family of bankers, he was surrounded by financial language long before his first job. After studying econometrics, he launched his career as a trader in Amsterdam and later joined Aegon, a global asset manager, where he managed credit portfolios. His career path took him through multiple institutional roles — from portfolio management to trading — but the turning point came when he joined a smaller family office in Lithuania. There, he discovered private markets and venture capital, a space that combined his love of numbers with the human side of investing: backing founders, selecting teams, and building trust. The Birth of Willgrow’s Venture Arm Willgrow’s story starts humbly — with a single truck in the early 1990s. Decades later, that transport business had scaled into Europe’s largest asset-heavy logistics company, and its founders launched Willgrow as a family office to manage and diversify their wealth. Today, Willgrow manages relationships with nearly 100 fund managers worldwide, investing across asset classes and geographies. The team of five focuses relentlessly on one principle: manager selection as a source of alpha. Rather than chasing deals or co-investments, they concentrate on identifying fund managers with exceptional strategy fit and proven execution. “We decided the best idea wins,” says Justinas. “If we don’t find a fund that meets our criteria, we simply don’t invest.” Why Willgrow Chooses Funds Over Direct Investments Unlike many family offices, Willgrow doesn’t rush into direct deals or co-investments. The reason? Focus and efficiency.Direct deals, Justinas explains, can consume time and distract from their primary goal: evaluating and backing the world’s best managers. Instead, Willgrow follows a fund-of-funds approach, building a “bulletproof fund portfolio” before moving into any co-investment strategy. The team spends its time conducting deep diligence, attending global LP conferences, and refining its asset allocation — not chasing the next flashy startup. Building a Balanced Portfolio When it comes to allocation, Willgrow applies both discipline and flexibility. Their strategic asset allocation typically targets: * 30–35% in buyouts * 20–25% in venture * 10% in credit * 10% in real assets * The rest in liquid markets Each asset class is meaningful but not oversized. They periodically reassess assumptions — like expected IRRs and risk dispersion — to adjust course as markets evolve. Venture IRRs, for instance, have cooled from 29% in 2021 to around 14–15% today, prompting Willgrow to incorporate secondary funds for better liquidity and shorter durations. Sourcing GPs and Avoiding Red Flags Being based outside major financial hubs poses unique challenges. To overcome this, Willgrow invests heavily in relationships — partnering with fund-of-funds, established LP networks, and on-the-ground advisors. When evaluating GPs, Justinas prioritizes what he calls “GP-strategy fit” — ensuring that a manager’s experience and expertise align with their fund’s thesis. First-time GPs are welcome, but first-time teams are a red flag. “Team risk is the biggest risk,” he says. “If they haven’t worked together before, that’s an automatic no.” He also looks for managers who are credible within their networks, operate with transparency, and have evidence of thoughtful decision-making. Track record matters, but so does the story behind each investment. From Concentration to Diversification Willgrow’s early approach leaned toward concentration — larger checks in fewer funds. But as venture markets became more competitive and AI blurred the lines between winners and copycats, the firm adapted. Now, they write smaller checks across a wider range of managers to capture more opportunities while reducing idiosyncratic risk. It’s a reflection of Willgrow’s core philosophy: stay consistent in process but flexible in execution. Inside the LP’s Due Diligence Playbook For emerging GPs hoping to work with family offices like Willgrow, Justinas offers practical insights. A well-organized data room is essential — with detailed investment schedules, ownership breakdowns, co-investor lists, and concise deal memos. “Every data room can be better,” he laughs. “There should be a standard by now.” LPs don’t need glossy presentations; they want clarity, structure, and evidence of thought. Willgrow reviews sample deal memos — including hits and misses — to understand how a GP reasons through decisions. And while references help, off-sheet backchanneling remains key to gauging credibility. Lessons from Four Years of Venture Investing After four years in venture, Justinas admits that some early assumptions have changed. Ticket sizes are smaller. Diligence cycles are longer. Patience matters more than ever.He’s also learned that manager selection is as much art as science — requiring intuition, relationships, and humility in equal measure. Looking Ahead: The Future of Willgrow Willgrow’s next chapter focuses on fine-tuning fund selection, expanding global reach, and backing the best emerging managers — especially at Fund II, where there’s more track record and stability. The firm plans to deepen its presence in the U.S., Europe, and Israel while exploring opportunities in India and Latin America. “The goal,” Justinas says, “is simple: meet the best managers in the world — and back them early.” Books, Mindsets, and Lasting Lessons When he’s not analyzing funds, Justinas looks to books for perspective. His favorites include Why Nations Fail, a deep dive into why some economies thrive while others collapse, and Leading by Sir Alex Ferguson, whose approach to talent mirrors Willgrow’s investment philosophy: find the right people early and nurture them to greatness. Ultimately, Justinas believes success in venture — like in leadership — belongs to those who stay curious, humble, and yes, a little paranoid. “The paranoid will survive,” he quotes. “Those who constantly adapt will thrive.” Key Takeaway Willgrow’s rise from a local family office to a global LP powerhouse offers a playbook for long-term investing: * Stay disciplined. Never chase deals for the sake of activity. * Build relationships. Your network is your best source of truth. * Diversify wisely. Flexibility is key in fast-changing markets. * Invest in people. The best returns often come from trust and partnership. 👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast Chapters:00:02 Early life in Vilnius and family influence in finance 03:00 Starting career as a trader in Amsterdam 04:10 Transition from public markets to family office investing 05:30 Discovering venture capital and building early networks 06:25 Joining Willgrow and professionalizing the venture journey 07:45 Lessons from angel investing and early portfolio wins 09:45 Evolution of Willgrow from transport and real estate to investments 11:50 Growth into a diversified global investment platform 13:00 Five core investment areas at Willgrow 14:10 Why Willgrow focuses on funds over direct deals 16:30 Building a “bulletproof” fund portfolio strategy 18:10 Strategic asset allocation and balancing risk across classes 20:40 How Willgrow sets portfolio weights and long-term targets 22:40 Shifts in venture returns and performance assumptions 23:50 Managing liquidity and duration through secondaries 25:55 Currency exposure between U.S. and European investments 28:20 Sourcing fund managers and building LP networks 30:40 Partnering with fund-of-funds and global advisors 31:00 GP–strategy fit as a key selection criterion 32:30 Evaluating track records and past success indicators 33:00 Investing in first-time GPs and assessing credibility 34:20 Soft referencing and network-based validation 35:00 From concentrated bets to diversified fund portfolios 37:20 Navigating a more competitive venture landscape 38:20 Specialist vs. generalist fund approaches 40:40 How Willgrow evaluates sector focus and adaptability 44:30 Benchmarking and monitoring fund performance 46:50 Lessons learned after four years of venture investing 48:50 Ticket sizing, pacing, and realistic growth assumptions 49:30 Risks of first-time teams in emerging managers 51:00 Case study: when a first-time GP team collapses 52:00 Evaluating fund valuations and markup practices 53:00 Due diligence and data room best practices 54:20 What LPs look for in deal memos and documentation 54:37 End of main discussion Transcript Brian Bell (00:01:09)Hey everyone, welcome back to the Ignite podcast. Today we’re thrilled to have Justinas Saskas, I knew I’d butcher that, on the mic. He’s an investment manager at WillGrow with 15 years across asset investing and prior roles spanning trading, institutional sales and portfolio management. He’s also an active angel investor and a member of Litban, which we’ll talk about. WillGrow is a family office, diversif

    55 min
  7. Ignite VC: Dr. Jack Stockert on Transforming Medicine Through Venture Innovation | Ep203

    14 OCT

    Ignite VC: Dr. Jack Stockert on Transforming Medicine Through Venture Innovation | Ep203

    When most people think about innovation in healthcare, they imagine hospitals adopting new technology or startups building the next wearable. Few imagine the American Medical Association (AMA) — a 177-year-old institution — backing a venture studio to reinvent how healthcare works from the inside out. That’s exactly what Health2047 was built to do. In this episode of the Ignite Podcast, host Brian Bell sits down with Dr. Jack Stockert, Managing Director of Health2047, to explore how a unique partnership between physicians, entrepreneurs, and investors is rethinking the future of healthcare — one startup at a time. From Practicing Medicine to Redesigning It Dr. Stockert’s story begins in traditional medicine. Growing up in the Midwest, he dreamed of becoming a doctor from an early age. But an early experience in medical school — caring for a young patient dying of AIDS — made him question the system itself. “All I could do was play cards with him. I realized the problem wasn’t just medical — it was systemic.” That realization pushed him to explore a bigger question: how could he impact healthcare beyond individual patient care? So he pivoted. He earned an MBA from the University of Chicago Booth School of Business, completed residency, and transitioned into consulting at McKinsey & Company, where he gained a 360-degree view of healthcare through the lens of strategy, finance, and operations. But the entrepreneurial pull remained strong. Building from the Ground Up Eventually, Stockert co-founded a healthcare startup in Chicago focused on giving independent physicians more control over their practice economics — empowering doctors to run their own bundled teams and manage capacity more effectively. It was the first taste of how technology, finance, and medicine could intersect to drive change. When his wife — also a physician — joined the Stanford faculty, Stockert moved to Silicon Valley and began exploring what came next. That journey led to the founding team of Health2047, a new kind of venture studio created by the AMA to bridge the gap between medicine and entrepreneurship. The Birth of Health2047: Innovation from Within At its core, Health2047 exists to solve healthcare’s hardest problems — the ones startups often avoid because they’re too complex, too regulated, or too deeply entrenched in legacy systems. Instead of chasing the next app, Health2047 focuses on system-level innovation. “We weren’t trying to build another digital health app,” Stockert explains. “We wanted to design better systems — to tackle foundational problems that affect physicians and patients alike.” The organization works like a hybrid between a venture studio and a strategic innovation lab. Each year, it incubates a small number of startups — typically two to three — focused on high-impact areas aligned with the AMA’s mission and reach. Four Strategic Pillars Shaping the Future Health2047’s portfolio is built around four strategic focus areas: * Radical Productivity – Using technology and workflow redesign to dramatically improve efficiency across healthcare systems. * Chronic Disease Reduction – Moving from managing illness to preventing it altogether. * Healthcare Value and Equity – Ensuring better outcomes at lower costs while addressing underserved populations. * Data Liquidity – Unlocking insights from siloed health data to improve care coordination and research. What makes the model unique is its loopback with the AMA — startups can leverage the AMA’s 200-year network of physicians, state medical societies, and influence in policy and standards. This gives them an advantage few health startups can access on their own. Startups Making Real Impact Health2047’s growing portfolio includes companies tackling everything from radiology AI to chronic care innovation: * Moneta Health – Using voice and AI to support dementia care. * HOPPR – Building foundational AI models to transform radiology imaging. * Phenomix Sciences – Co-founded with Mayo Clinic to redefine how we understand and treat obesity. * ScholarRx – A digital education platform revolutionizing medical training worldwide. * Zing Health – Serving special-needs and underserved populations with chronic conditions. Each company shares one trait: it aims to solve a foundational healthcare problem, not just optimize an existing process. A Partnership Between Mission and Market Unlike traditional venture capital, Health2047’s model blends mission-driven goals with market-driven scale. “Physicians want better outcomes for patients. Investors want sustainable returns. Those two aren’t in conflict if you design the right system,” Stockert says. The AMA provides the mission and credibility; Health2047 provides the venture expertise. Together, they ensure that innovation serves both physicians and patients — not just profit margins. Looking Ahead: Healthcare in 2047 When asked what healthcare might look like by the year 2047, Stockert paints a picture of connected care that’s both human and intelligent. He envisions a future where chronic diseases are better managed — or even prevented — and where AI augments, rather than replaces, clinicians. “Superintelligence is not the same as wisdom,” he notes. “Technology can’t replace empathy. But it can empower clinicians to deliver more of it.” That belief shapes Health2047’s work: build tools that amplify the human side of medicine, rather than automate it away. Beyond Apps: Designing for Systems, Not Screens One of the most pivotal decisions in Health2047’s journey came early on — when the team decided not to become a design studio for healthcare apps. “Healthcare didn’t need another app. It needed system-level design.” That decision set the tone for how the studio approaches innovation: think beyond interfaces, and build infrastructure that changes how care is delivered, financed, and experienced. The Obesity Revolution and GLP-1 Breakthroughs Later in the conversation, Stockert dives into the emerging science of obesity, particularly GLP-1 therapies (like semaglutide and tirzepatide). He argues that these drugs represent a watershed moment in medicine — one that could redefine primary care, chronic disease management, and public health as a whole. He also calls for policy change to make these therapies more accessible, emphasizing that obesity is a disease, not a failure of willpower. From Gila Monsters to Healthcare Reinvention In a fascinating close, Stockert shares the unlikely origin of GLP-1s — tracing back to research on the Gila monster, a desert lizard whose venom contains a compound that inspired modern obesity drugs. It’s a perfect metaphor for Health2047’s mission: great breakthroughs often come from unlikely intersections — between medicine and innovation, between empathy and analytics, between the lab and the boardroom. The Takeaway Healthcare is too important to leave to any one group — doctors, investors, or technologists alone. The power of Health2047 lies in bringing them together. Under Dr. Jack Stockert’s leadership, the AMA’s venture studio isn’t just funding startups; it’s reimagining the very systems that shape how we live, heal, and thrive. The result? A new model for healthcare innovation — one that could define medicine for the next century. 👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast Chapters: 00:00 Early Medical Journey 03:18 Combining Medicine and Business 04:33 Lessons from McKinsey 05:35 Becoming a Founder 07:46 Moving to Silicon Valley 09:43 The Origin of Health2047 10:08 Why the AMA Created a Venture Studio 12:28 Identifying and Incubating Startups 13:16 The Four Strategic Pillars 14:36 Building Fewer, Deeper Companies 16:17 Problem Framing and Greenfield Innovation 18:11 Portfolio Highlights: Moneta Health, HOPPR, Phenomix Sciences, ScholarRx 20:09 The AMA’s Role and Mission Alignment 22:50 Why the Year 2047 24:00 Blind Spots in Digital Health 26:19 Healthcare in 2047 29:39 Balancing Investor Returns and Clinician Impact 31:57 AI and Wisdom in Medicine 33:09 The Human Element in Healthcare 35:38 The Smartest “No” Health2047 Ever Made 38:58 Policy Fast Track: GLP-1 Therapies 42:00 The Systemic Shift 43:18 Closing Reflections Transcript Brian Bell (00:01:15):Hey, everyone. Welcome back to the Ignite podcast today. We’re thrilled to have Jack Stockert, MD, on the mic. He’s the managing director at Health 2047, the American Medical Association. I’ve heard of those guys. The venture studio that builds funds and scales startups to transform health care from within. Thanks for coming on, Jack. Dr. Jack Stockert (00:01:32):Yeah. Hey, Brian. Great to be with you. Brian Bell (00:01:33):Should I call you Dr. Stockert? Dr. Jack Stockert (00:01:36):No, no, that’s unnecessary, but I appreciate that. Brian Bell (00:01:39):I’d love to get your origin story. What’s your background? Dr. Jack Stockert (00:01:42):You know, I grew up back in the Midwest and wanted to be a doc since I think I wanted to be anything. So I think it was, I have a six-year-old now and she wrote on her sign for school, she wanted to be a doctor. So I guess it was right around six, but I navigated a path that led me to University of Chicago and ultimately to medical school. So all the traditional biology, basic science research and immunology and developmental biology and when I got into medicine in my first year of clinical work, my first patient was 28 and dying of end stage AIDS on the floor. And all we could do for him was really I’d show up at the end of the day and play cards with him. He had no family that was present. And so I sat there and wondered, what’s the point of this? What am I doing? I wanted to do this. I love medicine. I love scie

    43 min
  8. Ignite PE: Joe Zanca’s Playbook for Deal Flow and Turning Conversations into Closings | Ep202

    12 OCT

    Ignite PE: Joe Zanca’s Playbook for Deal Flow and Turning Conversations into Closings | Ep202

    If you’re a private equity buyer, independent sponsor, or founder exploring an exit, this episode with Joe Zanca is a pragmatic masterclass on buy-side sourcing and deal design. You’ll learn how to build a credible investment thesis, run multi-channel outreach that actually converts, value lower-middle-market software and services companies, and structure offers with the right balance of cash at close, earn-outs, seller notes, equity roll, and working capital. Joe’s edge: founder empathy—earned as a former operator—which makes sellers pick up the phone and stay engaged through diligence. Who’s Joe Zanca—and Why Listen? Managing Partner at Deal Gen Partners, Joe helps PE funds, independent sponsors, and PE-backed operators source off-market opportunities. Before that, he founded and exited On Demand Storage, then launched the podcast “Behind the Deal.” That operator-to-dealmaker arc powers his approach: conversations first, spreadsheets second. The result is warmer founder relationships, better intel, and cleaner paths to close. The Big Idea: Thesis Before Deals Most buyers start by “looking for deals.” Joe flips it: build the thesis first—then go find the companies that match. A sharp thesis clarifies: * Platform vs. Add-On: Are you building a new stand-alone platform or enhancing an existing one? * Customer & Revenue Quality: Recurring vs. re-occurring, churn dynamics, and customer concentration. * Operational Story: Where value creation will come from—pricing power, cross-sell, sales productivity, procurement, or IT savings. * Feasible Multiple Expansion: Realistic path from today’s multiple to tomorrow’s outcome (not wishful thinking). This alignment saves months of wandering and makes outreach far more compelling to sellers: “We believe your business fits this plan—here’s why.” Founder Empathy Beats Spreadsheets Founders aren’t swayed by templated emails and vague “strategic interest.” They respond to people who understand the grind: * Lead with context. Reference their niche, customers, and growth levers you’ve actually seen. * Talk in outcomes. “Here’s the 18-month plan and what it could mean for your team and equity.” * Respect momentum. Validate what’s working before pitching change. Joe’s operator background helps him ask better questions (and fewer of them), creating trust without a data-dump or a fishing expedition. Multi-Channel Outreach That Lands Calls Joe’s approach is deliberate, not spammy: * Data Sources + Filters: Build a right-fit list from industry databases and public breadcrumbs (ICP filters, signals, and ownership details). * Sales Navigator to triangulate decision-makers and warm paths. * Email + Power Dialers for efficient, respectful volume—personalized by sector. * Handwritten Notes for high-intent targets (yes, they still work). * Podcasting as a Relationship Engine: His show creates genuine touchpoints that often become deal conversations. The throughline: consistent, thoughtful touches that prove you’ve done the homework. Platform vs. Add-On: Pick the Right Path Choosing wrong wastes time. A quick gut-check: * Platform if there’s room to build a category wedge, durable recurring revenue, and multiple expansion via professionalization and tuck-ins. * Add-On when it slot-fits a larger thesis (geography, product adjacency, channel access, or a capability gap). Joe emphasizes documenting this decision in a 1–2 page Deal Hypothesis that the target can react to. When sellers see themselves in your story, diligence speeds up. Valuing Lower-Middle-Market Software (and Services) Today Pricing isn’t just ARR × a number. Buyers weigh: * Growth + Profitability Mix (quality of growth, not just speed) * Net Dollar Retention / Churn * Customer Concentration & Contract Terms * Sales Efficiency / Pipeline Predictability * First-Institutional Readiness (reporting, leadership bench, systems) Multiples compress when revenue is fragile, expands when retention is sticky and ops are tight. Joe outlines “what good looks like” and cautions against paying for future fixes you don’t control. The Terms That Make (or Break) a Close Great deals die on structure, not price. Joe’s quick framework: Attractive to Sellers * Cash at Close: Signals conviction; reduces founder anxiety. * Clean Reps & Warranties / Light Escrows: Lower friction. Bridge the Gap * Earn-Outs: Tie a portion of price to clear, controllable KPIs. Avoid “gotcha” metrics and set achievable windows. * Seller Notes: Helpful when banking markets are tight; align interests without strangling post-close cash. * Equity Roll: Keep founders invested emotionally and financially—especially in platform plays. Don’t Forget Working Capital * The quiet lever that affects real proceeds and Day-1 health. * Align on a normalized working-capital peg early; growth companies often need more WC than trailing looks suggest. Process & CRM: Qualify, Don’t Chase Joe’s team runs a crisp process: * Define ICP (revenue mix, customer profile, end-market dynamics). * Discovery Screen in minutes: founder intent, timing, deal-breakers. * Document Everything in a simple CRM: status, next step, hypothesis notes, and a short founder narrative. * Move On Quickly when fit or intent isn’t there. Energy is finite. This discipline makes it easier to re-engage months later with context, not chaos. From Conversation to Close: The Trust Flywheel * Podcast → Relationship: Offering a platform to share founder stories builds goodwill. * Relationship → Signals: Founders reveal what they value—and what they won’t accept. * Signals → Tailored Offer: Structure mirrors the founder’s priorities (speed, certainty, upside). * Tailored Offer → Close: Less haggling, fewer surprises. Joe’s mantra: “Make it easy to say yes.” That means clarity on the plan, honesty about risks, and a structure that respects the founder’s journey. Case-Type Playbooks Joe Sees Work * Multiple Arbitrage: Buy a strong niche asset, layer go-to-market discipline, and add tuck-ins to grow from sub-scale to strategic size. * First Institutional Lift: Professionalize reporting, pricing, and pipeline; stabilize churn; then refi or sell to a bigger buyer. * Cost-to-Grow: Use shared services (including IT savings and vendor consolidation) to unlock margin while funding growth—Joe cites work like Bullpen Technology Partners as an example of operational value creation across portfolios. Common Mistakes to Avoid * Thesis Drift: Chasing shiny deals that don’t match your platform logic. * Vague Outreach: “We’re interested in exploring synergies”—delete. * Overpaying for Fixes: Paying a premium for improvements you still need to execute. * Messy Earn-Outs: Metrics the seller can’t control or that conflict with integration plans. * Ignoring Working Capital: It can erase hard-won “headline price” gains. * Skipping the Founder Narrative: If you can’t tell their story back to them, you haven’t earned the deal. A Simple 7-Step Checklist to Put This Into Action * Write the Thesis (1–2 pages): ICP, value creation levers, platform vs. add-on, target outcome. * Map the Market: Build a right-fit list with ownership notes and quick health signals. * Create the Outreach Pack: 3 email variants, a 30-second call opener, and a founder-friendly one-pager. * Run the Cadence: Email + calls + 1–2 thoughtful touches (e.g., handwritten note or relevant content invite). * Qualify Fast: Use a 10–15 minute screen; don’t force fit. * Co-Draft the Hypothesis: Share the 18-month plan, ask for redlines; refine together. * Structure for Certainty: Balance cash, earn-out, notes, equity roll, and a fair WC peg early. Final Take Deals are human before they’re financial. Joe Zanca’s approach proves that empathy, clarity, and process are the real unfair advantages in today’s market. Get the thesis right, respect the founder’s arc, and design a structure that aligns incentives. Do that—and you won’t just find more deals; you’ll close better ones. 👂🎧 Watch, listen, and follow on your favorite platform: https://tr.ee/S2ayrbx_fL 🙏 Join the conversation on your favorite social network: https://linktr.ee/theignitepodcast Chapters: 00:01 Introduction 00:41 Origin Story 04:12 Operator Lessons That Shape Sourcing 08:31 Why Start Deal Gen Partners 11:46 Launching the “Behind the Deal” Podcast 14:08 Defining the Podcast Focus 15:18 Content to Relationships (Credibility Flywheel) 20:07 Sourcing Toolkit & Channels 22:26 Fee Model (Retainer + Success) 25:26 Process & CRM Hygiene 27:38 Where They Hunt (LMM Software & Services) 29:56 Valuing Software Today 30:47 What Expands or Compresses Multiples 34:04 Three $10M ARR Exit Scenarios 39:42 How Much Equity Should Founders Roll? 40:12 Offer Structures: Cash, Earn-Outs, Notes 44:36 Negotiating Aggressive Earn-Outs 45:03 Blending Terms to “Meet in the Middle” 50:35 Other Critical Terms (WC, Escrows) 55:34 Working Capital Deep Dive 56:33 Bullpen Technology Partners Overview 59:03 Closing Takeaways 01:00:50 Final CTA & Where to Reach Joe Transcript Everyone, welcome back to the Ignite podcast. Today, we’re thrilled to have Joe Zanka on the mic. He’s a managing partner at DealGen Partners, where he helps private equity funds source off-market deals before anyone else. Before DealGen, Joe built and exited on-demand storage, launched a top-rated business podcast, and most recently joined Bullpen Technology Partners. He’s got Founder Grit, a banker’s Rolodex, and Sixth Sense for where the next deal might come from. Thanks for coming on the show, Joe. (00:01:16)Thanks, Brian. Thanks for having me, man. This is going to be exciting. I’m happy to be here. (00:01:21)Yeah, I know. We’ve been planning this for a while, so it’s great to finally get you on the pod. I usually ask the same question to kick it off, which is, what is your origin story? (00:

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