Fund/Build/Scale

Nicholas Thorne is a partner at prehype, a venture development firm that helps large companies create startups by acting as an incubator. He's also the founder of Audos, an AI co-pilot designed to assist entrepreneurs in conducting customer interviews, creating slide decks, and potentially investing in their ideas. According to Nicholas, Audos can even write code and identify freelancers, functioning as a virtual technical product manager. I interviewed him to explore how this co-pilot supports entrepreneurs, particularly those in the “conceptual stage,” to locate — and eventually exploit — what he calls ‘founder-customer fit.’ He outlined the ideal user profiles for Audos, which range from small business owners to corporate innovators and also explained how Audos leverages AI to tackle various tasks for entrepreneurs and discussed the investment opportunities he's pursuing. Finally, Nicholas shared some of the resources he's using to deepen his understanding of AI. Runtime: 25:39 Episode breakdown Links Nicholas ThorneprehypeAudosEthan MollickOne Useful Thing@emollickDan Shipper@danshipper

I met Fortune Senior Finance Reporter Allie Garfinkle in February 2024 at an event for comms professionals. She had just taken over the Term Sheet daily deals newsletter covering startups, venture capital, M&A, trends and pretty much anything tech-related. When news broke right after our panel that Reddit was filing to go public, she didn’t have a desk or a chair, so she grabbed her laptop, sat on the floor with her back to the wall and began drafting her next column. She wasn’t stressed out — she seemed excited and laser-focused. Term Sheet comes out five times each week which means she’s up and reviewing reader tips between 4am and 6am. “I actually write every day because I want it to feel urgent. It's sort of this odd equivalent of being journalistically naked,” she said. A lot of tech reporters use their platforms to make predictions, pick winners and embroider their opinions, but Allie tends to play it right down the middle. “The thing that I probably excel at is sort of being somewhere between neither being a cheerleader nor being an incredibly harsh critic,” she said. “I actually try to approach every person in front of me on their terms, like, “okay, who are you?” Episode breakdown (3:49) “I started at Fortune in January. New year, new job. I'd actually never written a daily newsletter before, ever.” (7:00) “I think there are great hot takers in this business. But I don't think I will ever be one of them.” (9:27) “What's the bar for including things? I try to put myself in the position of the readers.” (11:57) “The Reddit IPO — actually the day we met — I had another story in the can. I recall this.” (14:40) “There's a certain kind of conventional story of success I find incredibly boring.” (16:53) “There's sometimes stories where I don't know if I'm the right person.” (17:13) Why Elon Musk just isn’t that interesting to write about. (19:07) How Allie really feels about writing tech trend pieces. (21:44) She explains how Stephen Sondheim’s rules for songwriting also apply to tech reporting. (25:04) Allie’s advice for early-stage founders who are fundraising in 2024. (29:04) “I don't want to work with jerks. This is something that I've had to learn the hard way over time.” Links Allie GarfinkleFortune articles by Allie GarfinkleReddit’s S-1 paints the picture of a company with a complicated past, present, and futurePoor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger Thanks for listening! – Walter. fundbuildscale@gmail.com

Before Igor Jablokov was CEO and founder of Pryon, he worked with Apple on a prototype of Siri. He also founded a speech recognition company that Amazon acquired to develop its Alexa AI and Echo devices. He joined me on the podcast to talk about the evolution and challenges of building AI technologies and companies, different phases of startup growth, and how AI is transforming enterprise software procurement. Igor also offered his insights on the current AI hype cycle, explained the concept of “knowledge friction,” and shared some personal anecdotes and observations about achieving enduring entrepreneurial success in the AI domain. Runtime: 42:55 Episode breakdown (2:42) “We were their first AI-related acquisition that birthed what many people know as Alexa.” (6:44) What happens when you can’t commercialize the technology you’ve created? (9:11) How Pryon originated the concept of “knowledge friction.” (14:33) Igor deconstructs the three main types of founders working in AI today. (18:38) Where he thinks we are in the current AI hype cycle. (21:14) “Before ChatGPT, it was a desert and very few of us survive in the desert with a small amount of water.” (23:06) Inside Pryon’s September 2023 $100M Series B round. (25:26) Why early-stage AI startups have a major advantage over legacy tech companies. (28:07) Founders need “practical experience in an industry that eventually you're going to be a part of.” (35:00) “Tech is as perishable as fruits and vegetables you can procure from Trader Joe's.” (38:58) Questions Igor would ask the CEO if he was interviewing for a role with a startup. Links Igor Jablokov,PryonPryon Closes $100 Million Series B Round Led by Thomas Tull’s US Innovative Technology FundAmazon.com Acquires Voice Recognition Start-up YapFollow Fund/Build/Scale on Substack Thanks for listening! – Walter. fundbuildscale@gmail.com

If you're building a first-to-market solution using emerging technology that could meaningfully contribute to society and generate a 50x return, TDK Ventures President Nicolas Sauvage wants to hear from you. I invited him on the podcast to learn about TDK Ventures’ approach to corporate VC, which uses backcasting to identify ideal future technologies and then invest in entrepreneurs who are working towards those goals. Portfolio companies include startups that make things like flying taxis, batteries from reclaimed materials and technology for nuclear fusion. “There's no doubt in my mind that no one can forecast the future,” said Nicolas. “But what we can do, all of us, is to dream of an ideal future, then backcast from there, and look at what are the gaps to get to this ideal future.” Runtime: 43:31 Episode breakdown Links Nicolas SauvageEntrepreneurship: A superhero’s journeyCorporate VC is booming, but is it what your startup needs?TDK VenturesDeep ExplorationsAutoflightAscend ElementsSPANDivirodTypeOne EnergyStarship Technologies AM BatteriesMetalenzJesper SorensonIlya StrebuleavThe Venture Mindset: How to Make Smarter Bets and Achieve Extraordinary GrowthPaul Holland Thanks for listening! – Walter. fundbuildscale@gmail.com

In this episode of Fund/Build/Scale, host Walter Thompson engages in a comprehensive discussion with Hantz Févry, co-founder and CEO of Stoovo, an AI-based geospatial data company. Hantz shares invaluable insights into separating one's identity from their job, the importance of rapid execution in startups, and the journey from working at Google to launching his own company. This episode targets tech workers aspiring to start their own businesses and immigrants in the U.S. on worker visas, highlighting the unique challenges and strategies for achieving entrepreneurial success. Hantz speaks on redefining success, Stoovo's pivotal evolution post-pandemic, and the critical importance of profitability and investment strategy. Tune in to gain practical advice and inspiration for your startup journey. Runtime: 36:23 Episode breakdown 2:26: “We realized that when it comes to the last hundred meters, there's a big gap.” 6:34: “I don't like to call it a pivot. I like to say that Stoovo evolved.” 8:35: “I do not think pivoting is a bad word. Actually, I think it's a sign of resilience.” 10:55: “By working together, it was very natural for the whole team to transition.” 15:07: “I was working at a company called Google, but I am Hantz, I'm not a Googler.” 17:10: “You might get there. You might not, but at least you were courageous enough to try.” 18:36: How Hantz defines work-life balance 22:20: Before he could launch Stoovo, “I had to wait until I had my green card.” 25:16: “I didn't have a uncle here, I do not have that famous garage where I can just sleep” 27:37: How Hantz and his co-founder Pierre connected with early investors 29:19: His framework for assessing founder-investor fit 33:38: Fundraising advice for Black and immigrant founders 34:32: Why “you don't need to be in Silicon Valley to build a business.” Links Hantz Fevry, CEO/co-founder, StoovoStoovoStoovo appStoovo app500 GlobalLe labyrinthe des égarés: L'Occident et ses adversairesAmin Maalouf Subscribe to Fund/Build/Scale 🎧 Apple Podcasts: https://podcasts.apple.com/us/podcast/fund-build-scale/id1719488387 🎧 Spotify: https://open.spotify.com/show/0EbC8PTUSfpZ4USPC9ErnN Follow Fund/Build/Scale on LinkedIn Thanks for listening! – Walter. fundbuildscale@gmail.com

Enterprise companies like Salesforce, Oracle and Cisco use sales-led growth to drive revenue and build relationships with potential customers. Early-stage startups can't afford to rely on traditional sales and marketing, which is where product-led growth (PLG) comes in. Instead of creating slick sales collateral and hiring aggressive go-getters, PLG presents the product itself as the primary driver for customer acquisition, expansion and conversion. "It's an end-user-based revenue motion," said Laura Schaffer, VP of Growth at analytics platform Amplitude. "So you're trying to ultimately drive revenue growth by focusing on the end user." I invited her on the podcast to talk about how founding teams with limited resources can build a robust PLG framework that gathers actionable data and drives engagement. "If you think of payment, it's just a kind of friction. Just like completing a signup is friction. Just like learning a new product is friction," said Laura. "Payment and pricing and charging is just another friction." Episode breakdown Links Laura Schaffer, VP Growth, AmplitudeAmplitudeAmplitude glossary of common termsHow to run painted door tests that don’t piss off your usersElena’s Growth ScoopProduct-led GeekFollow Fund/Build/Scale on LinkedInSubscribe to FBS on Substack Thanks for listening! – Walter.

In this episode of Fund/Build/Scale, I interviewed Amex Ventures Managing Director Kevin Weber about some of the nuances between traditional VC and corporate venture capital. It’s quite a mix: he’s looking for founders who can create value for individual American Express cardholders and the firm itself, so we talked about what types of opportunities he’s looking for, some of the problems he’s trying to solve, and the role risk plays in pushing organizational boundaries. “In many cases, I actually want to take more risk in some of the investments that I'm going to make because that risk and the investment that I'm making for the potential opportunity that I could have to American Express is likely worth the bet,” he said. If you’re interested in pitching Amex Ventures or another CVC, listen in for insights on fintech, AI, and e-commerce investments, the importance of aligning startup strategies with corporate goals, and key advice for first-time founders on fundraising and market positioning. Episode summary 00:19 Meet Kevin Weber: Amex Ventures' Managing Director 00:42 The Role of Corporate Venture Capital 01:24 Kevin's Career Journey 02:53 Amex Ventures' Investment Strategy 03:06 Differences Between Corporate and Traditional VC 04:05 Strategic Value and Partnerships 05:30 Focus Areas and Portfolio Companies 07:49 AI and Machine Learning in Venture Capital 09:29 Investment Process and Founder Relationships 15:11 Turning Investments into Partnerships 20:23 Collaborating with Businesses to Achieve Goals 20:39 Addressing Pain Points and Future Trends 21:10 Focus on AI 22:23 Business Goals and Fraud Prevention 24:09 Investment Strategies and Pivots 25:37 Exit Strategies and Acquisition Policies 31:40 Working with Accelerators and Incubators 34:44 Advice for First-Time Founders 39:07 Risk Tolerance in Corporate Venture Capital Links Kevin Weber, Managing Director, Amex VenturesAmex VenturesWeber joins Amex VenturesJobs at Amex VenturesGoodie NationFollow Fund/Build/Scale on LinkedInSubscribe to FBS on Substack Thanks for listening! – Walter.

Everyone's looking for ways to implement AI solutions, but integrating them into existing systems means entering uncharted territory. Despite the hype cycle, a majority of enterprise customers “are spending 70-80% of their capacity maintaining legacy application infrastructure,” said Jeremiah Stone, CTO of SnapLogic. As a result, these companies often lack the necessary talent to effectively assess or integrate AI, making compliance and security the two biggest challenges for AI-first founders. To overcome these and other adoption barriers, early-stage CEOs need to become educators and great listeners before they can ever act as salespeople. In this episode, I interviewed Jeremiah to learn more about identifying and overcoming barriers to AI adoption, strategies for effective customer engagement and the importance of transparency and iterative experimentation in AI development. Episode summary Links Jeremiah Stone, CTO, SnapLogicSnapLogic company overviewSnapLogic Names Jeremiah Stone CTOFund/Build/Scale on LinkedInFund/Build/Scale on Substack Thanks for listening! -- Walter.

Deb Kemper is a managing partner of Golden Seeds Ventures, a firm that focuses on backing early-stage, women-led companies. She joined me on the podcast to share tactics with founders who want to build networks with investors outside of Silicon Valley and discuss some of the challenges facing anyone seeking follow-on funding these days. We also talked about the criteria investors use to gauge the strengths of teams and their ideas. “I know some investor groups do full-on psychological assessments of founders and their teams,” she said, noting that she prefers to learn through observation. One red flag: entrepreneurs who can’t easily explain their ideas aren’t ready to work with investors. “If I go to a networking event and someone can't tell me in 60 seconds what they do — or even less — I'm done,” said Deb. “They just want to talk to you and tell you everything about their company. And I walk away saying, “I still don't know what they do.’” Episode breakdown Links Deb Kemper, managing partner, Golden Seeds VenturesGolden Seeds VenturesUtah Tech Week 2024Fund/Build/Scale on LinkedInFund/Build/Scale on Substack Thanks for listening! – Walter.

One of the first interviews I did for the podcast was with Renen Hallak, CEO and founder of AI infrastructure company VAST Data. The company launched in 2019, and three years later, it was ranked No. 5 on the Deloitte Technology Fast 500™. Today, its customer base includes massive organizations like Disney, Verizon, the US Air Force and the US Department of Energy. It’s one of the fastest-growing companies in its sector. You can probably tell I was a little nervous. Most of the questions I asked covered VAST Data’s first eighteen months: his customer discovery process, how his team worked to gain traction and build credibility with clients and also, why he looked for a co-founder who could take over go-to-market strategy. Renen also spoke frankly about his previous experiences launching startups, which weren’t as successful. When it came to fundraising, “I did not know how to do it,” he said. “I didn't understand the game. I thought that VCs judge ideas based on the merit of the idea. In fact, I think most of the weight goes to who you are, what you've done, and who vouches for you, in terms of who they choose to invest in.” If you’re an academic or a worker in a technical role who’s thinking about starting up, you’ll definitely want to listen to this episode. LINKS Renen HallakVAST DataVAST Data Ranked 5th Among North America’s Fastest-Growing Technology CompaniesFund/Build/Scale on LinkedInFund/Build/Scale on Substack EPISODE BREAKDOWN

Viviana Faga is general partner at Felicis, a venture firm that invests in seed to Series B startups in several sectors. Since its founding in 2006, the company has backed breakout companies like Adyen, Canva, Shopify and Runway. Because she’s a former operator with experience in positioning, branding and go-to-market strategy, I asked her to come on Fund/Build/Scale to talk about how she evaluates seed-stage AI investments and share some of the tactics she’s using to help founders “really focus on this idea of a defensible brand.” Episode breakdown: Links: Viviana FagaFelicisNeurIPS 2024No Priors podcast Thanks for listening, – Walter. FBS on SubstackLinkedIn

Fiat Ventures General Partner and co-founder Drew Glover fits the textbook definition of an emerging investor, but we had so much to talk about, the term itself never came up during our interview. Founded in 2022, Fiat Ventures is nearing the end of its $25M Fund One, which has focused on seed-stage fintech startups. “Seed is really the space that's optimized to our process, which is to work with them prior to investment,” said Drew. In addition to Fiat Ventures, he also co-founded full-stack consultancy Fiat Growth, along with Fiat Advisory, a business marketplace that connects founders with experienced operators. Working separately, Fiat’s three arms strategically support early-stage founders from talent spotting to market entry in a capital-efficient manner. In our interview, Drew unpacked the firm's philosophy of assembling a consortium of experts tailored to each stage of a startup's growth, rather than relying solely on an in-house marketing team. We covered a lot of ground: Drew talked about his journey from football at UC Berkeley to venture capital. Because he's a person of color who navigated unconventional paths into the industry, he emphasized his commitment to accessibility and mentorship for underrepresented founders and fund managers. He also explained how and why Fiat Ventures actively seeks talent beyond Silicon Valley. “As a Black VC that had to find a backdoor into the VC space, I understand how few folks that look like myself are out there both as a fund manager, as a venture capitalist, as well as a founder of color,” said Drew. “I'm typically looking for ways to make myself as available as possible.” Episode breakdown Links Drew Glover40 Under 40: Drew Glover, Fiat VenturesAlex HarrisMarcos FernandezFiat GrowthFiat VenturesFiat Ventures, with $25M for first fund, brings ‘insider’ approach to investing in early-stage fintechsSteady AppChimeOakland Citizens Committee for Urban Renewal (OCCUR)David E. Glover Emerging Technology CenterFintech MeetupMoney 2020

Early-stage deep tech founders working in AI and ML, or sectors like mobility, robotics and semiconductors are generally better off raising funds, seeking mentorship and connecting with potential customers via investors who aren’t expecting rapid growth and expansion. Because corporate VC looks for strategic plays that can accelerate their companies’ tech adoption and expand access to markets, they’re often more in alignment with deep tech startups. They also cast a wider net — while Y Combinator enrolls 1.5% of the applicants it receives, Intel Ignite is still highly selective, but it has a 4% acceptance rate and a broader global reach, says VP and GM Tzahi Weisfeld. In this episode, we discussed his program’s selection and evaluation process, the kind of team Intel Ignite wants to mentor, and how they help deep tech founders overcome common challenges like feature prioritization and hiring. “We look at the size of opportunity for Intel to be engaged,” said Tzahi. “And for us to look at this as a relevant thing, we would want to see a major impact.” Interested in more corporate venture capital insights? I’m interviewing two more CVCs this season: Kevin Weber (managing director, Amex Ventures) and Nicolas Sauvage, (president, TDK Ventures), so please subscribe to Fund/Build/Scale on your preferred podcast platform. Links: Intel IgniteTzahi Weisfeld, VP, GM, Intel IgniteIntel CapitalCB Insights State of CVC 2023 reportIntel To Acquire Granulate

I’m Walter Thompson. After working for years in early-stage startups and as a journalist, here are three hard truths I’ve learned: There’s no such thing as “founder DNA.” If you’re willing to take on risk and invest years of your life in something that has maybe a 10% chance of paying off, you can be a startup founder. Here’s why I founded Fund/Build/Scale: This podcast is for anyone who’s interested in learning the basic skills required to launch a startup, secure initial funding and transform an idea into a sustainable business. Interested? Subscribe to Fund/Build/Scale and follow the podcast on LinkedIn or Substack to get articles, excerpts, transcripts and more. Thanks for listening.

The average failure rate for a tech startup is 90%. Around one-fifth will flame out in the first year, and the overwhelming majority of the ones that make it past that mark will never be acquired or go public. It’s brutal. It takes years to build a sustainable technology company, and considering how unbalanced the risk/reward ratio is, each founder needs to craft personalized mental and emotional frameworks that suit their needs. Because there’s no single recipe for long-term success, I was glad to interview Poshmark CEO Manish Chandra and DevRev CEO Dheeraj Pandey about how they deal with the fear, uncertainty and doubt that affects every entrepreneur. Poshmark is a pure consumer play, and DevRev sells enterprise software, but because Dheeraj and Manish are repeat founders who’ve taken startups from Day Zero to IPOs, they were an excellent choice for the last episode of season 1. We broke down some of the strategies they’ve developed over time for recruiting, fostering early adopters, driving growth, and transitioning across industries. Both guests also unpacked some of the strategic decisions that propelled their companies forward and spoke openly about how they navigated some very lonely times along the way. Episode breakdown Links Manish ChandraPoshmarkTracy SunLyAnn ChhayDheeraj PandeyDevRevKaboodleNutanixTiE GlobalGokul Rajaram on TwitterWhat Is Forming, Storming, Norming and Performing?How to Be a C.E.O., From a Decade’s Worth of ThemRise of Empires: OttomansEclectic grandpa styleSimon Sinek Thanks very much for listening to season 1 of Fund/Build/Scale! There’s much more to come in season 2, which starts very soon. Join the FBS LinkedIn groupSubscribe to Fund/Build/Scale on Substack Fund/Build/Scale is sponsored by Mayfield and Securiti.

For this episode of Fund/Build/Scale, I interviewed Dipanwita Das, CEO and co-founder of Sorcero, about the journey of taking an AI startup from research to reality. She shared her experience of interviewing more than 300 people to shape Sorcero's product and technical requirements, as well as strategies for aligning customer needs with product development. We also discussed the challenges of building a capable team, fundraising, and the process she and her co-founders used to transform their thesis into a marketable product. Links SorceroDipanwita DasWalter BenderRichard GravesWhat is a minimum loveable product?Funding alert: AI startup Sorcero raised a (mid-pandemic) $3.5M bridge roundAI startup Sorcero secures $10M for language intelligence platformHow Sorcero is improving the accessibility of scientific literature Thanks for listening! Fund/Build/Scale is sponsored by Mayfield and Securiti.

Going from zero to $1M in annual recurring revenue is worth celebrating, but it’s no guarantee that your startup is on a path to success. How long did it take to reach this milestone? How much did you spend to acquire each customer, and how many have renewed or extended their contracts? When it comes to sales, repeatability equals success. To learn more about the tactics startups use to reach $1 million ARR (and beyond) I interviewed Rehan Jalil, CEO of Securiti. Drawing from his experience as a three-time founder, we talked about setting up an initial sales motion, understanding and validating the problem you're solving, focusing on a specific audience to hone your value proposition, and building trust with early customers. Episode breakdown: Thanks for listening! Follow Fund/Build/Scale on LinkedIn and Substack.

Successful entrepreneurs must translate their personal visions into something tangible enough to attract employees, investors, and eventually, customers. There are best practices for product management and software pricing, but how do you make yourself persuasive (and authentic) enough to convince someone else to risk their time and money on your idea? I interviewed May Habib (CEO and co-founder, Writer) and Gaurav Misra (CEO and co-founder, Captions) to learn how they use a mix of hard and soft skills to maintain a clear and strategic vision that informs everything from recruiting to GTM strategy. We also discussed methods for finding investors who understand your space, building a team, and why “rarely is the first idea the right idea.” Here’s a full episode breakdown: Part 1: May Habib, CEO and co-founder, Writer Part 2: Gaurav Misra, CEO and co-founder, Captions

In part two, Armon explained why he initially resisted investor advice to raise a Series A and spoke frankly about the challenges involved with stepping up into a leadership role, which led to some interesting talk about overcoming impostor syndrome, something a lot of us can relate to. Part 2:

I interviewed Coalesce CEO and co-founder Armon Petrossian in February 2024 to talk about his company's journey from seed stage to Series A. I had no idea he was already working on his next round: just a few weeks after we recorded this interview, Coalesce announced a $50M Series B. To help me prepare, his team shared their slightly redacted Series A pitch deck, which was immensely helpful. I'd intended to make this a mini-episode, but there was so much here, I decided to break it up into two parts. Part 1: