Triangle Tweener Talks

Triangle Tweener Fund

A podcast for builders by builders in the Triangle. We explore the startup journey and stories with local Triangle founders, from the idea to the exit and everything in between. Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West. We couldn’t share posts like this without our amazing sponsors: Gold Sponsors: Balentine: https://www.balentine.com/triangle-entrepreneurs EisnerAmpner: https://www.eisneramper.com Robinson Bradshaw: https://www.robinsonbradshaw.com Silver Sponsors: Automated Consulting Group: https://automated.co Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html 2025 Sponsors: Extensis HR: http://www.extensishr.com/

  1. Three Companies, One Brand: Building Offline Over 13 Years with David Shaner

    FEB 5

    Three Companies, One Brand: Building Offline Over 13 Years with David Shaner

    This is Part 1 of a two-part conversation. In this episode, we focus on Offline’s origin story and business evolution, not AI (yet). Highlights from Part 1 Offline has effectively been three different companies under one brandEarly versions tried to reinvent Meetup, and failedA city-guide app reached ~3M people/month but couldn’t monetizeConsumer businesses can look successful while quietly breakingSubscription was the first model that truly workedRestaurants don’t want “deal seekers”, they want incremental revenueOffline works because it optimizes excess capacity, not discountsCOVID forced a near-shutdown, and a total rethink of operationsToday, Offline runs across 10 cities with ~600 restaurants and ~10,000 subscribersMost founders only hear about the winning version of a company. This episode shows the cost of getting there: years of pivots, wrong turns, false confidence, and learning, sometimes the hard way, how markets actually work. Offline didn’t succeed because of a clever growth hack. It survived because David kept learning, iterating, and refusing to confuse traction with sustainability. Where to Find David Shaner: LinkedIn: https://www.linkedin.com/in/davidshaner/ Offline Media: https://www.letsgetoffline.com/ Where to Find Scot Wingo:  LinkedIn: https://www.linkedin.com/in/thescotwingo/  Tweener Times: https://www.tweenertimes.com/  X: https://x.com/scotwingo Timestamps00:00–02:30 – Introduction & what this two-part series will cover02:30–05:30 – David’s background, NC State, and discovering entrepreneurship05:30–08:00 – The original idea: human connection in a screen-first world08:00–11:30 – Era 1: trying (and failing) to reinvent Meetup11:30–13:30 – Era 2: city guides, millions of users, zero monetization13:30–15:40 – Era 3: subscriptions finally click15:40–17:30 – COVID, near shutdown, and survival17:30–23:30 – Why restaurants accept discounts (the airplane seat analogy)23:30–25:30 – Why Groupon failed restaurants — and why Offline didn’t25:30–44:00 – Productivity, systems thinking, and process obsession44:00–45:10 – What’s coming in Part 2---  This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.  We couldn’t share posts like this without our amazing sponsors:    Gold Sponsors:  - Balentine: https://www.balentine.com/triangle-entrepreneurs  - EisnerAmpner: https://www.eisneramper.com  - Robinson Bradshaw: https://www.robinsonbradshaw.com    Silver Sponsors:  - Automated Consulting Group: https://automated.co  - Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html   2025 Sponsors:  - Extensis HR: http://www.extensishr.com/ ------Triangle Tweener Talks is sponsored by: Atomic Object: https://atomicobject.com/

    46 min
  2. Tony Atti: Phononic Founder: Scaling Phononic from 2008-2026 and Beyond | PART 2 of 2

    JAN 29

    Tony Atti: Phononic Founder: Scaling Phononic from 2008-2026 and Beyond | PART 2 of 2

    Part 2 picks up where the origin story ends, and where the real work begins. Tony breaks down the three phases of Phononic: proving the science, surviving productization, and ultimately finding the market where solid-state cooling wasn’t just better, but mission-critical. It’s a candid look at why deep-tech companies require patience, capital discipline, and brutal focus to survive. This is the episode for founders navigating scale, manufacturing, or markets that don’t yet exist. Highlights from Part 2 The three semiconductor problems Phononic had to solve, togetherWhy feasibility took ~$10–15M before a real product even existedThe hidden cost of productization (and why Phase 2 was the most dangerous)Why Phononic nearly spread itself too thin across HVAC, cold chain, and data centers“Market → product fit” vs. product → market fitThe moment AI and accelerated computing changed everythingWhy data centers became Phononic’s core focusLicensing non-core markets instead of shutting them downTony’s three most important lessons for founders building outside Silicon ValleyPhononic’s story isn’t about chasing trends, it’s about surviving long enough for timing, technology, and market need to finally align. For founders building deep tech, Part 2 is a reminder: focus is strategy, patience is power, and big outcomes demand big ambition. Where to Find Tony Atti: LinkedIn: https://www.linkedin.com/in/tony-atti-ph-d-316483/ TradePending: https://phononic.com/ Where to Find Scot Wingo:  LinkedIn: https://www.linkedin.com/in/thescotwingo/  Tweener Times: https://www.tweenertimes.com/  X: https://x.com/scotwingo Timestamps: 05:55 — Back in conversation: “layman’s version of the 3 problems” 06:06 — The 3 fundamentals: material science, semiconductor processing, packaging 07:40 — The 3 metrics that matter: coldness, electricity consumed, work/heat pumped per area 08:31 — Doing university partnerships “right the first time” (no cap table traps) 09:35 — Key insight: academia solved pieces separately; Phononic integrated all 3 09:47 — First chips built on Centennial Campus; early build process vs today’s automation 10:36 — Cost to feasibility: roughly ~$10M to get to commercially meaningful chips 11:33 — Phase 2 = productization (unexpected + expensive) 11:45 — Big lesson: market/product fit (not product/market) 12:28 — Reality of productization: inventing mechanical/thermal/software/firmware + supply chain from scratch 13:30 — The mistake: trying to productize across 3 huge markets at once (HVAC, cold chain, data centers) 15:34 — Why it was intoxicating: solid-state = smaller/better/faster/efficient + millisecond response time 16:25 — The strategic pivot: raise $100M to go deep in one vertical + license non-core 17:22 — Data centers weren’t obviously mission-critical (then) 18:15 — Inflection: jump to 1.6T + cooling becomes critical for signal integrity 19:08 — COVID tailwinds: vaccine cold chain + air quality/HVAC relevance 19:37 — AI compute explosion: optics → GPUs → switches → whole data center becomes thermal hotspot 20:38 — Licensing moves: PeltierPro for cold chain/merchandising; Halton for HVAC 21:17 — Company snapshot: ~100–140 people; 30k sq ft fab in Durham; Fabrinet Thailand; teams in Thailand + China 21:53 — EBITDA positive Q4; 2026 forecast revised up; possible cash-flow positivity mid-2026 23:26 — Tony’s 3 founder lessons: market/product fit, ruthless focus, dream big (same work for $100M vs $1B) ---  This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.  We couldn’t share posts like this without our amazing sponsors:    Gold Sponsors:  - Balentine: https://www.balentine.com/triangle-entrepreneurs  - EisnerAmpner: https://www.eisneramper.com  - Robinson Bradshaw: https://www.robinsonbradshaw.com    Silver Sponsors:  - Automated Consulting Group: https://automated.co  - Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html   2025 Sponsors:  - Extensis HR: http://www.extensishr.com/ ------Triangle Tweener Talks is sponsored by: Atomic Object: https://atomicobject.com/

    26 min
  3. Tony Atti and How Phononic Was Founded During the 2008 Financial Crisis| PART 1 of 2

    JAN 22

    Tony Atti and How Phononic Was Founded During the 2008 Financial Crisis| PART 1 of 2

    In this episode (Part 1), we cover the origin story.  Tony walks through the decisions, failures, and inflection points that led to Phononic’s founding: leaving the Northeast for graduate school at USC, working on applied energy systems at JPL during the Mars rover era, and learning painful but formative lessons from a university spin-out that didn’t work. Then comes the moment you can’t script. In the fall of 2008, while the global financial system is actively collapsing, Tony presents a research thesis on why semiconductors transformed everything except cooling. He walks out that same day with a term sheet and a $2M commitment to found Phononic. Highlights from Part 1 Growing up blue-collar in Buffalo and why that shaped Tony’s leadership styleThe career-defining decision to leave the Northeast for USCWhat JPL teaches you about rigor, testing, and humilityWhy most university spin-outs struggle with equity alignmentHow venture capital experience sharpened Tony’s founder instinctsWhy cooling is the last unsolved semiconductor frontierFounding Phononic the day Lehman collapsedWhy the Triangle, and NC State’s Centennial Campus, won as Phononic’s homeWhere to Find Tony Atti: LinkedIn: https://www.linkedin.com/in/tony-atti-ph-d-316483/ TradePending: https://phononic.com/ Where to Find Scot Wingo:  LinkedIn: https://www.linkedin.com/in/thescotwingo/  Tweener Times: https://www.tweenertimes.com/  X: https://x.com/scotwingo Timestamps: 01:40 — Scot tees up why Tony is a “special treat” + why Phononic matters in the Triangle 03:50 — Travel / frequent flyer miles (4M miles + recent global sprint) 05:10 — Why Phononic is a “quiet deep tech giant” more people should know 05:23 — Tony background: blue-collar Buffalo + early “entrepreneur roots” (paper route, driveways, grass) 06:00 — Parents + upbringing + being the only Italian family in an Irish neighborhood 06:50 — “Boardroom to factory floor” comfort as a leadership superpower 07:07 — College path: biochem → decides against med school → USC opportunity 08:20 — USC + energy/sustainability roots before it had a name 08:50 — JPL/Caltech work: solid polymer electrolytes + Mars-era applied R&D 10:07 — JPL geek-out: what JPL does + Tony’s work context 11:42 — Engineering culture: redundancy, testing, quality mindset 11:56 — Funny JPL story: Tony’s dad jokes “it’s all fake, filmed here” 12:26 — The Martian detail: radioisotope thermoelectric generator explanation 12:59 — First startup failure: university IP / cap table misalignment lessons 14:23 — Timeline bridge: how that failure pushed Tony into VC + founding MHI Energy Partners 15:48 — The Phononic founding story starts: 2007–08 crisis + job search 16:46 — Venrock mentor moment: “world doesn’t need another VC” challenge 17:00 — Thesis: semiconductors transformed everything except cooling/heating 17:41 — 3-month “liars and thieves” tour: universities + semiconductor ecosystem due diligence 18:20 — Thermoelectrics vs vapor compression (what makes solid-state different) 19:16 — The pitch day: Lehman collapse on the screens while Tony presents 20:45 — Term sheet drop: $2M commitment + “founded the company that afternoon” 21:33 — Why Venrock matters / halo effect (Scot commentary) 21:59 — Why North Carolina: portfolio company move + Tony relocates 23:26 — Why RTP/NC State won: Centennial Campus enabled fast lab/fab buildout ---  This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.  We couldn’t share posts like this without our amazing sponsors:    Gold Sponsors:  - Balentine: https://www.balentine.com/triangle-entrepreneurs  - EisnerAmpner: https://www.eisneramper.com  - Robinson Bradshaw: https://www.robinsonbradshaw.com    Silver Sponsors:  - Automated Consulting Group: https://automated.co  - Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html   2025 Sponsors:  - Extensis HR: http://www.extensishr.com/ ------Triangle Tweener Talks is sponsored by: Atomic Object: https://atomicobject.com/

    27 min
  4. Brice Englert on How TradePending Scaled: Pricing, Sales, and Growing the TAM | PART 2 of 2

    JAN 15

    Brice Englert on How TradePending Scaled: Pricing, Sales, and Growing the TAM | PART 2 of 2

    In Part 2 of the conversation with Brice Englert, we move from origin story to execution and scale. We cover: Pricing without overthinking: how TradePending set pricing before having perfect dataSales-first growth: building an outside sales motion that paid for itself quicklyScaling with discipline: reaching profitability fast and choosing when to reinvestPrivate equity, from the founder’s seat: rolling equity, staying on, and navigating majority ownershipGrowing TAM over time: expanding the product surface area instead of chasing a massive TAM upfrontWhat’s next: stepping aside as CEO, staying on the board, and gearing up for the next auto tech companyBrice’s story is a masterclass in building a durable SaaS company without shortcuts, staying close to customers, making practical decisions early, and expanding only when the foundation could support it. Part 2 shows what happens when disciplined execution meets long-term thinking. Where to Find Brice Englert: LinkedIn: https://www.linkedin.com/in/briceenglert/ TradePending: https://tradepending.com Where to Find Scot Wingo:  LinkedIn: https://www.linkedin.com/in/thescotwingo/  Tweener Times: https://www.tweenertimes.com/  X: https://x.com/scotwingo Timestamps: 05:10 – Starting TradePending and early engineering decisions06:20 – Finding the first lead engineer06:55 – First product build and rapid time to market07:25 – SaaS business model and early monetization08:55 – Pricing strategy and premium positioning09:45 – Why pricing doesn’t need to be perfect early10:25 – Sales-led growth and early break-even11:55 – Refining the sales motion and deployment speed12:00 – Launching second and third products13:05 – Reaching meaningful scale and revenue milestones13:25 – Deciding to explore growth and exit options14:00 – Choosing a majority private equity partner15:55 – Staying on post-deal and rolling equity17:05 – Working with PE and scaling responsibly18:10 – Acquisitions and expanding the platform19:30 – Stepping aside as CEO and planning the next chapter21:00 – Lessons on leverage, risk, and capital structure22:10 – Using AI tools to build the next company23:30 – Teasing the next startup24:10 – Reflections on TAM and long-term growth26:00 – How TAM expands through customer-led innovation28:05 – Final takeaways and closing thoughts ---  This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.  We couldn’t share posts like this without our amazing sponsors:    Gold Sponsors:  - Balentine: https://www.balentine.com/triangle-entrepreneurs  - EisnerAmpner: https://www.eisneramper.com  - Robinson Bradshaw: https://www.robinsonbradshaw.com    Silver Sponsors:  - Automated Consulting Group: https://automated.co  - Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html   2025 Sponsors:  - Extensis HR: http://www.extensishr.com/ ------Triangle Tweener Talks is sponsored by: Atomic Object: https://atomicobject.com/

    28 min
  5. Brice Englert on Building TradePending: From “No”s to Product-Market Fit in Auto Tech | PART 1 of 2

    JAN 8

    Brice Englert on Building TradePending: From “No”s to Product-Market Fit in Auto Tech | PART 1 of 2

    In this episode (Part 1), Brice shares the early story: how the idea formed, how he got the first version built, what the market told him at the beginning, and what he did to push through the inevitable uncertainty that comes with building from scratch. This is the origin story and early foundation of TradePending, before the scaling years. You’ll hear: How Brice got started and why he chose automotive as the arenaWhat the earliest product looked like (and what didn’t work first)The “crowded market” problem, and how Brice found an opening anywayEarly execution lessons: getting something live, getting customers, and learning fastThe mindset shift from idea → real business momentumTradePending’s story is a reminder that the early stage isn’t about having the perfect model, it’s about building something real, listening hard, and creating momentum one customer at a time. Where to Find Brice Englert: LinkedIn: https://www.linkedin.com/in/briceenglert/ TradePending: https://tradepending.com Where to Find Scot Wingo:  LinkedIn: https://www.linkedin.com/in/thescotwingo/  Tweener Times: https://www.tweenertimes.com/  X: https://x.com/scotwingo Timestamps: 01:57 – Introduction to Brice Englert02:50 – How Scot discovered TradePending05:30 – Brice’s background and early career07:30 – Engineering, Air Force, and selling technology08:15 – MBA and early entrepreneurship exposure11:45 – Corporate lessons from UBS14:00 – Entering auto tech through M&A17:10 – How acquirers evaluate startups22:00 – From corporate development to operator24:10 – The idea behind TradePending25:50 – Naming the company and early vision27:00 – Leaving corporate and managing risk30:55 – Taking the leap into entrepreneurship33:25 – Early funding and staying lean34:30 – Customer feedback and early skepticism38:35 – Competing in a crowded market40:00 – NC IDEA rejection40:12 – Rejection as fuel  ---  This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.   We couldn’t share posts like this without our amazing sponsors:    Gold Sponsors:  - Balentine: https://www.balentine.com/triangle-entrepreneurs  - EisnerAmpner: https://www.eisneramper.com  - Robinson Bradshaw: https://www.robinsonbradshaw.com    Silver Sponsors:  - Automated Consulting Group: https://automated.co  - Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html   2025 Sponsors:  - Extensis HR: http://www.extensishr.com/ ------Triangle Tweener Talks is sponsored by: Atomic Object: https://atomicobject.com/

    43 min
  6. Triangle Startup Venture Funding, Valuations & Deal Terms

    12/18/2025

    Triangle Startup Venture Funding, Valuations & Deal Terms

    In this special solo episode of Triangle Tweener Talks, Scot goes beyond the two-part Tweener Times report to walk founders through what the data actually means in practice. This episode exists for one reason: to give Triangle founders clearer goalposts, better context, and fewer surprises when they sit down to raise capital. Tune in to hear: How founders can self-service fundraising expectations using real Triangle dataThe most common caps, discounts, and raise sizes at each stageWhy $1M ARR is a major valuation inflection pointSAFE vs convertible note vs priced round, when each actually makes senseWhat investors look for at Seed vs Series A (and why many founders get stuck)How founder-market fit and AI trends skew early valuationsWhy Triangle companies often raise less, and why that’s a strength Where to read each part:Part 1: https://www.tweenertimes.com/p/part-iii-triangle-startup-venture Part 2: https://www.tweenertimes.com/p/part-iiii-the-triangles-first-and Where to Find Scot Wingo: LinkedIn: https://www.linkedin.com/in/thescotwingo/Tweener Times: https://www.tweenertimes.com/X: https://x.com/scotwingoIn this episode:00:00 – 03:00 Why this data exists & the founder questions it answers 03:00 – 07:00 How the Tweener Fund dataset was built (and anonymized) 07:00 – 15:00 The origin of the Tweener List and index strategy 15:00 – 22:00 How funding stages are defined by company progress 22:00 – 35:00 SAFEs, convertible notes, priced rounds — explained 35:00 – 45:00 How deal structures change from Pre-Seed to Series A 45:00 – 59:00 Valuations, raises, and dilution by stage 59:00 – 1:07:00 What founders should actually do with this data If this is your first time really digging into venture fundraising, you’ll hear a few terms that investors use casually but aren’t always obvious. Here’s a quick guide to the most common ones we reference in this episode: Pre-Seed: The earliest stage of venture funding. Often used to fund initial product development, early customer discovery, or getting to a first version of product-market fit. Rounds are typically smaller and more founder-bet driven.Seed: The stage where a company has early traction and is working to prove repeatability. Investors expect evidence that customers want the product, not just that it can be built.Series A: A growth-oriented round where the question shifts from “Does this work?” to “Can this scale?” Metrics, revenue quality, and go-to-market execution matter much more here.Valuation: The implied value of your company during a fundraise. In early stages, this is often based more on progress, team, and market than on traditional financial metrics.Pre-Money vs. Post-MoneyPre-money: Your company’s valuation before new capital is investedPost-money: Your valuation after the new money comes inThis distinction matters a lot for understanding dilution.Dilution: The percentage of ownership founders give up when they raise capital. More money or a higher valuation doesn’t always mean less dilution — structure matters.SAFE (Simple Agreement for Future Equity): A popular early-stage investment instrument that delays setting a valuation until a future priced round. Simple in theory, nuanced in practice.Convertible Note: A loan that converts into equity later, usually at a discount or valuation cap. Older than SAFEs and still common, especially with certain investors.Valuation Cap: The maximum valuation at which an investor’s SAFE or note will convert. Lower caps are better for investors; higher caps are better for founders.Discount: A percentage reduction applied to a future valuation to reward early investors when their investment converts.Priced Round: A funding round where the valuation is explicitly set and equity is issued immediately. More complex, but often clearer once companies reach later stages.Progress-Driven Investing: Scot’s way of describing how early-stage investors price risk: capital is deployed based on company progress (traction, learning, momentum), not perfection.Founder-Market Fit: How well a founder’s background, experience, and insight align with the problem they’re solving. This often plays an outsized role in very early valuations. --- This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West. We couldn’t share posts like this without our amazing sponsors: Gold Sponsors: Balentine: https://www.balentine.com/triangle-entrepreneursEisnerAmpner: https://www.eisneramper.comRobinson Bradshaw: https://www.robinsonbradshaw.comSilver Sponsors: Automated Consulting Group: https://automated.coBank of America: https://business.bofa.com/en-us/content/technology-industry-group.html2025 Sponsors: Extensis HR: http://www.extensishr.com/ ------Triangle Tweener Talks is sponsored by: Atomic Object: https://atomicobject.com/

    1h 11m
  7. Mike Doernberg: From ReverbNation to PlayMetrics, Spinoffs, PE, and a Lifetime of Building in the Triangle

    12/04/2025

    Mike Doernberg: From ReverbNation to PlayMetrics, Spinoffs, PE, and a Lifetime of Building in the Triangle

    In Part 2 of this two-part deep dive, Triangle Tweener Talks host Scot Wingo sits down with legendary Triangle founder Mike Doernberg to explore his journey on scaling multiple companies, spinning out new ventures, navigating private equity, and why he never left North Carolina. Tune in to hear: How ReverbNation grew from a side project into a 6M-artist platformThe spin-out journey behind Adwerx, and why it workedMike’s framework for identifying spinoff opportunities inside existing companiesWhy the team is the company, and why incubated teams can struggleThe origins of PlayMetrics and the youth-sports system-of-record visionHow Mike navigates private equity without losing culture or controlWhat PE adds that venture capital often can’tWhat it’s like to scale from 25 people to 450+Mike’s long view on the Triangle startup ecosystem, then vs. nowWhy he never moved to the Bay AreaWhether a Mike-led venture studio might be next 👀 Where to Find Mike Doernberg: LinkedIn: https://www.linkedin.com/in/michaeldoernberg/PlayMetrics: https://home.playmetrics.com/ Where to Find Scot Wingo: LinkedIn: https://www.linkedin.com/in/thescotwingo/Tweener Times: https://www.tweenertimes.com/X: https://x.com/scotwingoIn this episode:00:05 — Welcome to Part 2 with Mike Doernberg00:12 — Coming back from “Home Depot retirement”00:18 — The origin and explosive growth of ReverbNation00:27 — Solving the cold-start problem before it had a name00:33 — Building Promote.it → the foundation for Adwerx00:42 — Spinning out Adwerx and structuring the deal00:52 — Should Mike run a venture studio? Scott pushes him01:00 — Why incubating ideas is easier than incubating founders01:10 — The spinout challenge: talent dilution01:15 — The path to PlayMetrics and modernizing youth sports01:27 — Selling Reverb to focus fully on PlayMetrics01:38 — Navigating private equity the right way01:47 — How PE can empower (not suffocate) founders01:55 — Running a 450-person org and learning a new leadership mode02:03 — Why Mike stayed in the Triangle — and how the ecosystem evolved02:16 — Triangle vs. Bay Area: culture, risk, and quality of life02:30 — Final reflections & Scott’s challenge on a future venture studio02:38 — Outro & sponsor thank-yous --- This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West. We couldn’t share posts like this without our amazing sponsors: Gold Sponsors: Balentine: https://www.balentine.com/triangle-entrepreneursEisnerAmpner: https://www.eisneramper.comRobinson Bradshaw: https://www.robinsonbradshaw.comSilver Sponsors: Automated Consulting Group: https://automated.coBank of America: https://business.bofa.com/en-us/content/technology-industry-group.html2025 Sponsors: Extensis HR: http://www.extensishr.com/ ------Triangle Tweener Talks is sponsored by: Atomic Object: https://atomicobject.com/

    40 min
  8. Mike Doernberg on Tweener Talks: The Early Chapters of a Multi-Exit Triangle Founder

    11/20/2025

    Mike Doernberg on Tweener Talks: The Early Chapters of a Multi-Exit Triangle Founder

    In Part 1 of this two-part deep dive, Triangle Tweener Talks host Scot Wingo sits down with legendary Triangle founder Mike Doernberg to explore the earliest chapters of his career, from CPA to multi-exit entrepreneur. Mike walks through the founding of Marathon, the rise of early PC-driven consulting, the creation and spinout of SmartPath, raising capital through the old-school angel gauntlets, navigating the DoubleClick acquisition, and why “retirement” lasted all of three months. Tune in to hear: What the early startup ecosystem looked like before the Triangle was “the Triangle.”The origins of Marathon and how the rise of PCs and early web consulting created new opportunities.How a project inside GlaxoSmithKline became the spark that turned into the SmartPath product.Mike’s philosophy for spinning out products successfully, and why strict separation is essential.Raising capital in the 90s and early 2000s: angel gauntlets, tough rooms, and memorable TIG stories.The SmartPath exit to DoubleClick and why Mike now believes they sold too early.How exiting young led him to a very short-lived “retirement” and why founders struggle to sit still.Where to Find Mike Doernberg: LinkedIn: https://www.linkedin.com/in/michaeldoernberg/PlayMetrics: https://home.playmetrics.com/ Where to Find Scot Wingo: LinkedIn: https://www.linkedin.com/in/thescotwingo/Tweener Times: https://www.tweenertimes.com/X: https://x.com/scotwingoIn this episode:01:02 – Mike’s early background & move to NC03:30 – Becoming a CPA but wanting more05:54 – Early exposure to startups at Ernst & Young07:50 – Why entrepreneurship became inevitable09:50 – Story of Burl Software and Y2K12:10 – How Marathon was formed13:22 – Rising PC adoption and early web consulting14:51 – Early e-commerce and building internet applications17:00 – How the GlaxoSmithKline project inspired SmartPath19:06 – The power of deeply understanding a customer problem20:34 – Building early commerce & workflow applications23:40 – SmartPath as an early low-code platform24:59 – Why selling SmartPath was his biggest mistake26:00 – Raising venture in the 90s & 2000s28:20 – The TIG pitching gauntlet30:00 – A founder’s early-career fear of the unknown31:10 – The SmartPath exit to DoubleClick33:00 – Life at DoubleClick & post-acquisition changes35:20 – Mike retires for 3 months (Home Depot era)36:50 – Why founders struggle not to build38:45 – The addiction and community of company building --- This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West. ------Triangle Tweener Talks is sponsored by: Atomic Object: https://atomicobject.com/

    41 min

Ratings & Reviews

5
out of 5
7 Ratings

About

A podcast for builders by builders in the Triangle. We explore the startup journey and stories with local Triangle founders, from the idea to the exit and everything in between. Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West. We couldn’t share posts like this without our amazing sponsors: Gold Sponsors: Balentine: https://www.balentine.com/triangle-entrepreneurs EisnerAmpner: https://www.eisneramper.com Robinson Bradshaw: https://www.robinsonbradshaw.com Silver Sponsors: Automated Consulting Group: https://automated.co Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html 2025 Sponsors: Extensis HR: http://www.extensishr.com/