Fund/Build/Scale - podcast cover

Fund/Build/Scale

Walter Thompsonfundbuildscale.substack.com
After working for years in early-stage startups and as a journalist, here are three hard truths I’ve learned: 1. Success in Silicon Valley hinges on connections, hard work and luck. 2. Startups often fail because founders lack fundamental business knowledge. 3. Real, actionable advice comes from those who’ve actually done it. 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 — less if you’re a woman or person of color — you can be a startup founder. Here’s why I founded Fund/Build/Scale: 1. To help founders make fewer mistakes. 2. To share successful strategies that can accelerate your go-to-market journey. 3. To inspire more people to see themselves as potential founders. There’s a lot of overlooked talent out there, and we are missing out. 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. I’m talking to guests about everything: finding a co-founder, conducting customer discovery, recruiting early employees, developing a PLG strategy, fundraising when you’re outside a major tech hub — all of it. Interested? Subscribe to Fund/Build/Scale on all major platforms and follow the podcast on LinkedIn to get articles, excerpts, transcripts and more. Fund/Build/Scale is a production of Truth and Soul Media LLC.
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Episodes

Avoiding Founder Burnout and other Early-Stage Startup Pitfalls

Pro tip: If you can’t see yourself getting up every morning for the next ten years and being excited about going to work, don’t launch a startup. Ajay Prakash co-founded Rinse in 2013 to take the friction out of laundry and dry cleaning — for consumers, and for the small, family-owned businesses behind the counter. Since then, Rinse has scaled into a national brand, and Ajay has become a lecturer at Stanford Graduate Business School’s Startup Garage, where he teaches frameworks for validating id...

Aug 23, 202543 minSeason 2Ep. 70

De-Risking Deep Tech: How to Land Seed Capital for Complex Ideas

Karthee Madasamy is the founder of VC firm MFV Partners and the founding managing partner of Harper Court Ventures, both of which focus on early-stage deep tech startups. In this episode of Fund/Build/Scale , he explains what early-stage founders get wrong about TAM, why technical validation isn’t enough, and how to de-risk your company when the market barely exists. We also talk about: What MFV looks for when evaluating scientific founders The importance of “market inevitability” and strategic ...

Aug 21, 202541 minSeason 2Ep. 69

Execution > Ideas: What Engineers Need to Know Before Becoming Founders

Jyoti Bansal sold his first company, AppDynamics, to Cisco for $3.7 billion. Harness, his next company, reached a similar valuation a few years later. As an entrepreneur — and as a VC at Unusual Ventures — Jyoti has built and backed multiple billion-dollar startups. But despite his track record, he says technical founders often overlook the same hard truth: good ideas don’t build great companies. It’s all about execution. In this conversation, Jyoti explains how he helps engineers become CEOs, t...

Aug 18, 202544 minSeason 2Ep. 68

How to Think Like a VC When You’re Building (or Joining) a Startup

Brian Rothenberg, partner at Defy and former VP of Growth at Eventbrite, joins Fund/Build/Scale to share what really matters when evaluating early-stage startups. From spotting false signals of traction to building defensible business models, Brian offers practical advice for both founders and operators. He also explains why job seekers should “think like a VC” before joining a startup, how he prefers to be pitched, and what signals he looks for in AI and emerging tech companies. Whether you’re ...

Aug 17, 202534 minSeason 2Ep. 67

Cap Table Strategy: A Playbook for Early-Stage Founders

When you’re raising your first rounds, every cap table decision can echo for years. Give away too much equity early, lock yourself into restrictive pro rata rights, or over-optimize for valuation — and you may find yourself boxed in just when your company starts to grow. Pulley co-founder and CEO Yin Wu has seen these mistakes firsthand. In this episode of Fund/Build/Scale, she offers practical, founder-first strategies for structuring and managing your cap table so you can attract top talent, k...

Aug 12, 202539 minSeason 1Ep. 66

From D2C to B2B: How to Pivot Without Losing Your Mission

A turbulent flight sparked Wayne Slavin’s idea for Sure: let consumers buy insurance in real time. But after launching as a D2C app, he realized the bigger opportunity was powering insurance sales for others. Sure’s pivot to B2B turned it into a vertical SaaS platform that lets enterprise companies embed insurance at the point of transaction. In this episode, Wayne explains how to pivot without losing your mission, why founders should lead early enterprise sales, and why he refuses to run proof-...

Aug 08, 202552 minSeason 2Ep. 65

How to Sell Your World-Changing Idea to a Mission-Driven Investor

James Joaquin is co-founder and managing partner at Obvious Ventures, a VC firm that backs startups tackling intractable problems like climate change, chronic disease, and income inequality. Their portfolio includes businesses that once sounded like science fiction but are reshaping billion-dollar industries. He says he's looking for technology that will “move humanity forward." But this episode isn’t just about mission-driven investing. James gets extremely tactical: he breaks down how Obvious ...

Aug 01, 202547 minSeason 2Ep. 64

Why Conviction Matters More Than TAM: The Seed-Stage Litmus Test

Uncork Capital Partner Amy Saper shares practical advice for early-stage founders building AI-enabled tools for engineering, product, and design teams, or as she describes them, "products that make you not want to quit your job." Drawing on her experience in product marketing at Twitter, Uber, and Stripe, she explains why storytelling is an underrated founder skill, how to refine your ideal customer profile, and why it’s good to reverse-engineer a roadmap from your Series A goals. She also share...

Jun 23, 202541 minSeason 2Ep. 63

How (and How Not) to Pitch a Cybersecurity VC

Ten Eleven Ventures CTO and Operating Partner Scott Lundgren shares practical advice for early-stage cybersecurity founders. He explains why founder-market fit matters more than product polish, how teams should think about TAM in fragmented markets, and the signals he looks for in technical pitches. He also breaks down how Ten Eleven’s network helps with diligence and customer development — and why “cool tech” often misses the mark. Plus: his take on the AI hype cycle, and why building credibili...

Jun 22, 202538 minSeason 2Ep. 62

Deep Tech Without Stealth: Inside Dusty Robotics’ Origin Story

Construction workers spend hours on their hands and knees snapping chalk lines to mark where walls, plumbing and utilities should go. It’s painstaking, back-breaking labor. And that’s how it’s been done for centuries. Tessa Lau saw an opportunity — and built a robot that does it faster, safer, and with surgical precision. In this episode of Fund/Build/Scale , the Dusty Robotics founder and CEO shares some of what she's learned about transitioning from a researcher to a deep tech founder, includi...

Jun 19, 202543 minSeason 2Ep. 61

Leveraging Founder-Market Fit to Win Over Risk-Averse Buyers

What happens when a team of legal veterans decides to rebuild the dispute resolution process from the ground up? To find out, I interviewed Rich Lee, co-founder and CEO of New Era ADR, a platform designed to resolve legal disputes faster, at lower cost, and with less friction for both companies and individuals. We talked about building a team that had enough credibility to sell into one of the most risk-averse industries, how they approached trust-building with both customers and investors, and ...

Jun 13, 202540 minSeason 2Ep. 60

From Side Project to API Powerhouse: How Postman Went Global

Before Postman became a category-defining platform used by millions of developers, it was a personal side project. In this episode, co-founder and CEO Abhinav Asthana shares how he went from hacking on API tools in Bangalore to leading a global company with nearly 900 employees across three continents. We talk about: Building a developer-first product that spread through word of mouth Choosing a CEO when everyone on the founding team is an engineer How to reach U.S. customers before you have a U...

Jun 09, 202550 minSeason 2Ep. 59

When a Power User Becomes CEO: How Medium Found Its Way Back

When Tony Stubblebine took over as CEO of Medium in 2022, the platform was burning $2.5 million a month, bleeding subscribers, and was overrun with content that left founder Evan Williams cringing. Tony pitched Ev a turnaround built on small teams with access to data, customers, and the freedom to rebuild Medium like a startup from the inside out. He wasn’t just another executive parachuting in — Tony had worked with him as head of engineering, later as a power user and publishing partner, and e...

May 30, 202550 minSeason 2Ep. 58

Muse Capital’s Approach to Finding Value in Overlooked Markets

Rachel Springate is the founding general partner of Muse Capital, an early-stage venture fund focused on overlooked sectors like women’s health, wellness, parenting, gaming, and sustainability. In this episode, she shares her strategy for finding value where other investors aren’t looking, explains how Muse assesses early traction in non-traditional markets, and breaks down the persistent funding gap facing women founders. We also discuss: How AI could transform women’s health Why traditional VC...

May 28, 202550 minSeason 2Ep. 57

Creative Ops at Startup Speed: Lessons from Superside

Fredrik Thomassen, co-founder and CEO of Superside, joins the show to unpack how startups can scale creative work without slowing down or burning out their teams. Superside is a subscription-based design company that helps fast-growing teams get high-quality creative at scale. In this conversation, Fredrik shares how he built a globally distributed team, why async collaboration beats real-time meetings, and what most startups get wrong when managing creative work. We also get into: Hiring in ove...

May 23, 202545 minSeason 2Ep. 56

How to Pitch VCs Like a “Dangerous” Founder

What makes a founder dangerous? Not credentials. Not their pedigree. And it's not who they know. For investor and former operator Promise Phelon, a dangerous founder is someone with lived experience, relentless conviction, and the ability to build something the world doesn't expect. Promise is the founder and managing partner of Growth Warrior Capital, an early-stage venture firm that invests in founders building seed and Series A enterprise AI companies. In this episode, she shares hard-won les...

May 10, 202559 minSeason 2Ep. 55

The 5-Year Ramp: How Alcatraz Scaled in Enterprise Security

What kind of founder spends five years building a product before going to market? One who's trying to solve a very hard problem. Vince Gaydarzhiev is the founder of Alcatraz, a deep tech startup that uses facial authentication. The platform isn’t used to lock people out of single offices or consumer gadgets; its customers are buying global enterprise security, where compliance is strict, trust is earned, and failure isn't an option. In this episode, Vince shares the emotional, strategic, and tec...

May 07, 202532 minSeason 2Ep. 54

From Play to Pay: How Soundtrack Uses PQLs to Drive Growth

What turns a free trial user into a paying customer? For Ola Sars, founder and CEO of Soundtrack, the answer is all about behavior. In this episode, we break down how his team uses product-led growth (PLG) and product-qualified leads (PQLs) to drive conversions. You'll hear how playing 100 tracks became a key signal for purchase intent, the tactics Soundtrack deploys to help self-serve customers experience value fast, and what it takes to scale a SaaS business in a market ruled by consumer giant...

May 06, 202545 minSeason 2Ep. 53

From ML Engineer to CEO: Brightwave's Mike Conover on Turning Technical Vision into Company Strategy

Mike Conover started his career as a machine learning engineer. Today, he’s the co-founder and CEO of Brightwave, an AI startup helping financial professionals make faster decisions with massive, unstructured data. In this episode of Fund/Build/Scale , Mike shares how he made the leap from technical contributor to strategic leader—and the hard lessons he learned along the way. From translating technical vision into a focused go-to-market strategy, to learning how to coach, hire, and scale intent...

Apr 18, 202555 minSeason 2Ep. 52

What Investors Really Want From AI Founders

Igor Taber has sat on both sides of the table: first as a VC at Intel Capital, then as an operator at high-growth AI startup DataRobot. Now, as co-founder of Cortical Ventures, he’s backing the next generation of AI-first startups. In this episode, Igor shares how his operating experience reshaped his investment lens, what most VCs still miss about early-stage execution, and how founders can break through the AI noise to build something that actually lasts. We also get into: What it really takes...

Apr 11, 202540 minSeason 2Ep. 51

The Art of the Waitlist: Siqi Chen on Driving Scarcity, Hype, and Feedback Loops

Runway CEO and co-founder Siqi Chen shares how his team used a waitlist not just to build hype, but to engineer smarter growth. In this episode of Fund/Build/Scale , Siqi breaks down how Runway strategically kept customers in a holding pattern to gather feedback, qualify demand, and refine product-market fit. We also talk about: How to build trust with early users through transparency Using scarcity and access control as GTM levers Why financial planning should be accessible to everyone on the t...

Apr 11, 202540 minSeason 2Ep. 50

PR Advice for Founders in the AI Era

Ayelet Noff has spent more than two decades helping startups land meaningful press — but she’s also seen how the game has changed. In this episode of Fund/Build/Scale , the founder of SlicedBrand and new PR tech startup Dazzle shares what still works, what doesn’t, and how founders can earn meaningful attention in today’s fractured media landscape. We get into: – What makes a pitch actually land with reporters – How to build credibility before you have traction – The biggest mistakes founders ma...

Apr 03, 202550 minSeason 2Ep. 49

The Hard Tech Hustle: Building and Selling Industrial AI

Sahitya Senapathy, founder and CEO of Endeavor AI, joins Fund/Build/Scale to talk about launching a solo-founded startup at the intersection of AI and heavy industry. From building FEMA apps at age 11 to raising $7M before finishing college, Sahitya shares the hard lessons behind the headline. We dig into: – Selling AI solutions to manufacturers with no network and no co-founder – What enterprise customers actually care about in early-stage tech – Navigating credibility as a first-time founder i...

Apr 01, 202546 minSeason 2Ep. 48

Inside a VC’s Playbook for Capital-Intensive Startups

Sophie Bakalar, partner at Collaborative Fund, joins Fund/Build/Scale for a candid conversation about early-stage investing in climate tech, consumer AI, and deep tech hardware. She shares how she evaluates “green” founders with limited experience, what kind of traction she looks for in pre-revenue companies, and why a passion for solving a real-world problem outweighs having a stacked resume. We also cover: Tactical funding strategies for capital-intensive startups The value of adaptable teams ...

Mar 28, 202549 minSeason 2Ep. 47

Building a Market from Scratch: Generative Music for Enterprise Customers

Recorded in July 2024, Aimi founder Edward Balassanian joins Fund/Build/Scale to share how his AI-powered platform creates generative, copyright-safe music for enterprise clients. He explains how customer discovery with DJs shaped Aimi’s tech, why compliance is core to their strategy, and why the company downsized after hitting product-market fit — all while inventing a market where AI music solves problems humans can’t. RUNTIME 30:47 EPISODE BREAKDOWN (4:17) “ I consider myself a platform perso...

Mar 27, 202531 minSeason 2Ep. 46

How a Broke College Student Co-founded a VC-Backed Edtech Startup

In this episode of Fund/Build/Scale, Nectir co-founder and CEO Kavitta Ghai shares how she turned her frustration as a college student into a fast-growing, VC-backed edtech startup. Kavitta discusses the leap from student to founder, how she built an AI-powered tool for classrooms without a technical background, and the tactics that helped her and her co-founder land paying customers early. She also opens up about navigating the venture world as a first-generation founder and reframing risk as a...

Mar 19, 20251 hrSeason 2Ep. 45

Is AI Compute Broken? Tim Davis on Modular’s $130M Bet

Would you leave a stable, high-paying job at Google to build something that competes with NVIDIA, Intel, and AMD? That’s exactly what Tim Davis, co-founder and president of Modular, did. Since then, his company has raised $130M to reimagine AI compute infrastructure — but are AI startups really desperate for a new compute layer? And what’s it like to build a startup when your biggest competitors are trillion-dollar giants? In this episode of Fund/Build/Scale, Tim shares his vision for the future...

Mar 18, 202546 minSeason 2Ep. 44

Scaling European Startups: What Works, What Doesn’t, and What’s Changing

Building a startup in Europe presents a unique set of challenges, like fragmented markets, cultural differences in risk-taking, and a VC ecosystem that’s still maturing compared to Silicon Valley. But things are changing fast. For this episode of Fund/Build/Scale , I sat down with Lucile Cornet, partner at Eight Roads, a global VC firm that invests across Europe. We dive into: 🚀 How European founders are breaking away from Silicon Valley’s playbook 📈 The real signals VCs look for when deciding...

Mar 12, 202553 minSeason 2Ep. 43

What Journey’s Pivot from B2C to B2B Reveals About Enterprise Sales

Journey founder and CEO Stephen Sokoler appeared on Fund/Build/Scale in June 2024 to talk about how his startup pivoted from B2C meditation services to a B2B mental health platform, along with what that shift revealed about selling to enterprise clients. He breaks down the challenges of high customer acquisition costs, the trade-offs of venture capital, and the key lessons founders should know before making a major business model shift. RUNTIME 38:28 EPISODE BREAKDOWN (2:20) Why Stephen decided ...

Mar 12, 202538 minSeason 2Ep. 42

What Your CEO Won't Tell You About Your Stock Options

When you accepted the offer, maybe you imagined being in the group photo when your boss rang the bell at NASDAQ. But five years later, your company just raised its Series C, and an IPO isn’t on the horizon. Meanwhile, you need liquidity — whether it’s for a down payment on a house, starting a family, or another major life event. The stock options you’ve earned are fully vested, but they’re just sitting there . So how do you turn them into cash? If your company allows it, you can sell your shares...

Mar 07, 202542 minSeason 2Ep. 41
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