Receipts by OpStart

Paul Anthony

Receipts is a podcast from OpStart about the financial side of building a startup — the part most founders only talk about in private. Each episode digs into the real numbers behind the build: burn rate, runway, R&D credits, fundraising scars, the first real CFO conversation. The decisions that worked, the ones that didn't, and what the spreadsheets actually said when things got hard. Made for founders pre-seed through Series C — the ones doing the work, not posting about it. No spin, no recycled LinkedIn wisdom. Just candid conversations with founders, operators, and the finance pros keeping the back office in order so the rest of the company can grow. If you've ever wondered what the journey really costs, Receipts is the paper trail. Presented by OpStart, the finance team behind the build.

Episodes

  1. 1d ago

    Treating the iPad Generation: How Blue Light Health Turns Screen Addiction Into Real Healthcare

    Dr. Avi Jayaraman, physician, two-time founder, and CEO of Blue Light Health, joins Paul Anthony in the studio to talk about building healthcare businesses that actually get paid for. Avi went from earning his MD in Dallas to accidentally falling into startups with Sonara, a platform that let opioid-recovery patients take methadone at home instead of traveling to a clinic every single day. After Wharton and a stint on the VC side, the founder seat pulled him back in. Blue Light Health is his virtual clinic taking on something close to home for a lot of parents: technology and social media addiction in kids. Avi breaks down the staggering numbers behind the problem and why a clinical approach beats a tech-only blocking app. He and Paul close on the lessons every founder needs: when to go straight to enterprise decision-makers, why the right angel investors change everything, and practical advice for keeping your own kids out of a clinic down the road. In this episode, you'll learn: ● Why the biggest opportunities come from picking a huge problem and catching a lucky confluence of timing factors ● How a few well-connected angel investors unlocked enterprise sales conversations Avi never could have reached on his own ● The case for going straight to the board, CEO, and CFO instead of testing your product in a small, controlled setting first ● Why technology and social media addiction in kids is a clinical problem, not a "use a blocking app" problem ● How existing psychiatric medications and therapy can address both the addiction and the underlying mental health disorder ● Why building the clinical science first is the real moat, and how that data unlocks value-based-care contracts with payers ● How AI is collapsing the old choice between building tech or providing a service into a single venture-scale model ● Avi's advice for parents on delaying screens and protecting kids' emotional regulation early Timestamps 00:00 - Welcome and meeting Dr. Avi Jayaraman 01:12 - Avi's background: from med school to founder 02:00 - Sonara: at-home methadone and access to care 12:00 - Picking big problems and catching the right timing 12:39 - Finding room for the right angel investors 13:48 - Going straight to enterprise decision-makers 17:41 - Private equity in healthcare: the other side 20:46 - Blue Light Health and the gap on the clinical side 22:33 - Why screen addiction in kids is a clinical problem 24:16 - Therapy and medication for digital addiction 28:00 - Building a venture-scale business that's profitable early 34:08 - The team and tech behind Blue Light Health 36:51 - Proving ROI to insurance payers 40:20 - Where tech fits and the real moat 45:55 - Advice for parents on kids and screens 49:30 - How to support Blue Light Health 50:42 - Closing: the role OpStart plays behind the scenes Connect: ● OpStart: https://www.opstart.co ● Paul Anthony on LinkedIn: https://www.linkedin.com/in/paul-anthony-8a256087/ ● Dr. Avi Jayaraman on LinkedIn: https://www.linkedin.com/in/avinash-jayaraman/ ● Blue Light Health: https://bluelighthealth.com Hashtags: #OpStart #BlueLightHealth #HealthcareStartups #StartupPodcast #FounderStory #DigitalHealth #MentalHealth #ScreenTimeAddiction #VentureCapital #StartupFunding #HealthTech #Wharton #FoundersJourney #Entrepreneurship #StartupLife

    53 min
  2. Jun 3

    An API Key for Batteries: How Proper Voltage is Powering the Hardware Decade

    Greg Slauson, CEO of Proper Voltage, joins Paul Anthony to unpack how a career that started selling structured fixed income on a Goldman Sachs trading floor led him through a solar fintech rocketship, a caramel apple business bought with an SBA loan, and ultimately to building the intelligence layer that turns batteries from a limiter into an enhancer. Greg and Paul have been friends for 12 years, since they were randomly paired as summer intern roommates in Chicago, and Proper Voltage runs its accounting and tax through OpStart, so the conversation moves easily between deep technical detail and the real mechanics of building a company. From there the conversation works through a founder's education the hard way: growing a capital markets team from two people to mid-twenties at GoodLeap, buying and operating Daffy Apple while juggling two other jobs at 90-hour weeks, and learning that a 40-year-old running an HVAC business often knows more than a fresh MBA. Greg is candid about why he walked away from fintech entirely, why he believes the back half of the 2020s belongs to hardware, and how that thesis led him to a six-person battery startup he convinced to hire him. The result is Proper Voltage, the battery operating system that digitally adjusts voltage so products get full power through the entire discharge, enables new chemistries to plug into existing systems, and unlocks features like hot-swapping for robots and data centers. Greg and Paul close on the parts most founders underrate: why working capital is the lifeblood of a hardware business, why chasing headline revenue numbers can quietly kill you, and why the little things, down to whether a deck says Q1 or Q2, compound into trust. In this episode, you'll learn: - Why Greg optimized his early career around who he worked for instead of salary or title, and how that compounded over 12 years - What buying and running a seasonal caramel apple business taught him that 90% transfers to companies of any size - How Proper Voltage turns a battery from a product's limiter into its enhancer, explained through a power drill, a drone, and a Boston Dynamics backflip - Why Greg believes humanoid robotics in 2026 looks like AI did in 2021, and what that means for the next three years - How sodium-ion batteries change the safety and economics of data center backup power - Why working capital, not just margin, determines how far a hardware company can scale without giving away equity - The case for building slow and steady when VCs are pushing for zero-to-$60M in a year

    56 min
  3. May 4

    Building a Music Town: How Juke is Reviving Live Music One City at a Time

    Griff Eaton, founder of Juke, joins Paul Anthony for OpStart's first in-person interview to unpack how a frustrated night at the Livery in Benton Harbor turned into a venture-backed platform now reshaping live music in cities across the country. Griff walks through the three barriers that kill the simple act of tipping a local artist (no cash, awkward walk to the stage, no idea what songs they actually play) and the PowerPoint-and-paper-printouts prototype he ran with the Justin Stoblin band to prove people would pay if those frictions disappeared. From there the conversation moves through a real founder's gauntlet: relaunching after COVID killed his first wedge, winning Notre Dame's McCloskey New Venture Competition for $50K, getting the call from Tim Connors, joining Platform Venture Studio, and going upmarket with Kids Bop's Live Nation tour, Wembley, Red Rocks, and a surreal Zoom with Matchbox Twenty during the Barbie bump. Griff is candid about what didn't work, why chasing huge tours wasn't a sustainable channel for Juke, and how he and the team came back to the original problem with a sharper lens. The result is "Music Town," Juke's city-partnership model where economic development teams, venues, and local artists plug into a single platform, with QR codes routing every show in a city to one place. Griff and Paul close on the lessons every first-time founder needs: when to pivot, when to commit, why fun is a real competitive advantage, and how to keep building when the easy answers are gone. In this episode, you'll learn: ● The three barriers that block live-music tipping and song requests, and why removing them changes the economics for local artists ● How Griff validated the idea with a PowerPoint slideshow, paper song lists, and a TV he carried in from his living room ● What winning the McCloskey New Venture Competition actually unlocked beyond the prize money ● Why joining Platform Venture Studio reshaped Juke's go-to-market and what founders should weigh before going the studio route ● What stadium tours with Kids Bop and conversations with Matchbox Twenty taught Griff about scale, timing, and creative production ● Why Juke pivoted back to local venues and built the "Music Town" city-partnership model ● The case Griff makes for keeping fun at the center of an early-stage company, and why it compounds Connect: ● OpStart: https://www.opstart.co ● Paul Anthony on LinkedIn: https://www.linkedin.com/in/paul-anthony-8a256087/ ● Griff Eaton on LinkedIn: https://www.linkedin.com/in/griffin-juke/ ● Juke: https://juke.band/search Hashtags: #OpStart #Juke #LiveMusic #StartupPodcast #FounderStory #MusicTown #SouthBend #Elkhart #VentureStudio #SmallBusiness #StartupLife #LocalMusic #Entrepreneurship #MusicTech #FoundersJourney

    46 min

About

Receipts is a podcast from OpStart about the financial side of building a startup — the part most founders only talk about in private. Each episode digs into the real numbers behind the build: burn rate, runway, R&D credits, fundraising scars, the first real CFO conversation. The decisions that worked, the ones that didn't, and what the spreadsheets actually said when things got hard. Made for founders pre-seed through Series C — the ones doing the work, not posting about it. No spin, no recycled LinkedIn wisdom. Just candid conversations with founders, operators, and the finance pros keeping the back office in order so the rest of the company can grow. If you've ever wondered what the journey really costs, Receipts is the paper trail. Presented by OpStart, the finance team behind the build.