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

Why PR Comes Before PMF

Do you want to know the difference between marketing and PR? Marketing is when you say something nice about yourself; PR is when other people say nice things about you. Jenna Guarneri is the founder of JMG Public Relations and author of the bestseller "You Need PR." In this episode, she shares DIY PR tactics that help founders establish themselves as experts, attract customers, and raise their profile with investors — without spending a fortune on an agency. If you’ve ever wondered why reporters...

Feb 26, 202531 minSeason 2Ep. 40

Investor Insights for African Startups with Capria Ventures’ Mobola da-Silva

Building a startup in Africa isn’t the same as doing it in Silicon Valley. Some challenges overlap, but many don’t, like currency volatility, limited early-stage funding, and investors who expect you to scale faster than the market allows. So how do you grow beyond your home market? How do you raise funds when VC is scarce? And what do African founders need to do to make their startups more venture-backable? To find out, I spoke with Mobola da-Silva, a partner at Capria Ventures who’s based in N...

Feb 15, 202546 minSeason 2Ep. 39

KarmaCheck CEO Eric Ly on Customer Discovery + Early Product Development

Eric Ly is the CEO of KarmaCheck, where he’s tackling a problem he first noticed years ago as a co-founder of LinkedIn: People don’t always tell the truth about themselves. To address this, KarmaCheck — launched in 2019 — automates key aspects of the background check process. By reducing complexity, employers can speed up hiring, while job applicants experience less friction along the way. “This is one of the first touch points with the employer: experiencing pain and frustration having to go th...

Feb 12, 202540 minSeason 2Ep. 38

Inside Acceldata: CEO Rohit Choudhary on Building a Leading Data Platform

Most early-stage founders I talk to are focused on getting their first customers, hiring their first employees, or maybe, if they’re lucky, closing their first round of funding. But what happens after that? For Rohit Choudhary, the answer was building a whole new category. Rohit is the CEO and co-founder of Acceldata, a data observability platform that helps companies manage the complexity of modern data infrastructure. Before starting the company, he spent years inside the problem — working on ...

Feb 03, 202538 minSeason 2Ep. 37

Vouch CEO Sam Hodges on Mitigating Startup Risk and Maximizing Growth

Startups face unexpected risks every day — cyberattacks, lawsuits, market shifts —but many entrepreneurs don’t think about risk management until it’s too late. In this episode of Fund/Build/Scale, Vouch co-founder/CEO Sam Hodges explains why risk management should be top of mind for early-stage founders. We discuss: Why risk management matters for early-stage startups How Vouch validated, built, and launched Corix as a new business unit The biggest mistakes founders make when managing risk Why w...

Feb 01, 202545 minSeason 2Ep. 36

Navigating Blue Oceans: Key Insights for Emerging Founders from Vectara CEO/co-founder Amr Awadallah

Amr Awadallah is the CEO and co-founder of Vectara. Previously, he co-founded Cloudera, which went public in 2017 and was acquired for $5.3 billion, and also served as VP of Developer Relations at Google Cloud. His first startup, Aptivia, was acquired by Yahoo, where he later became VP of Product Intelligence Engineering. I talked to him about his experience as an immigrant in Silicon Valley, the frameworks he’s built to articulate vision and credibility, and what he’s learned about pitching inv...

Jan 23, 202553 minSeason 2Ep. 35

2025 Cybersecurity Trends, Insights and Storytelling Advice from YL Ventures' Andy Ellis

In this episode of Fund/Build/Scale, I talked with YL Ventures Partner Andy Ellis (a former CISO) about his approach to storytelling, tactics for founder-led sales and marketing, and why he thinks the cybersecurity hiring challenge isn’t a talent shortage, but a market misunderstanding. We also discussed refining product-market fit, customer discovery methods and pitfalls like believing in one's own narrative too strongly. The conversation also touched on hiring strategies, managing design partn...

Jan 09, 202544 minSeason 2Ep. 34

Lessons from Operant AI's Startup Journey: “ We're not wasting time on wheel spinning.”

Two of the three co-founders of Operant AI — CTO Dr. Priyanka Tembey and CMO Ashley Roof — joined me to talk about building the first runtime application protection platform and navigating the challenges of cloud-native security. The company announced a $10M Series A in September 2024 — In October, we discussed taking the leap into entrepreneurship, the lessons they learned through customer discovery and education, making early hires count, and the importance of early-stage team dynamics. RUNTIM...

Jan 03, 202548 minSeason 2Ep. 33

Mercury Raise 2024 Survey: Founder Challenges, Fundraising Trends, and the AI Hype Cycle

Startups are built on grit, vision, and — surprisingly — a lot of peer advice. In this episode, I sat down with Mallory Contois, Head of Community at Mercury and leader of Mercury Raise, their founder success platform. Drawing from their latest survey, Mallory shares eye-opening insights about how early-stage entrepreneurs navigate challenges like fundraising, hiring, and customer acquisition. Why do founders rely more on peer networks and podcasts like this one than their VCs for operational ad...

Dec 19, 202445 minSeason 2Ep. 32

Rusty Ralston and Jay Patil of Swell VC: A Hands-on Approach to Building Startups

In October 2024, New York-based Swell VC announced its second fund with $11.5 million in commitments. Co-founded by general partners Jay Patil and Rusty Ralston in 2011, the firm now manages two seed-stage funds and a special purpose vehicle with $19 million in assets. Compared to larger firms, they’re small potatoes — but that’s intentional. Swell VC is all about being hands-on: helping founders with critical early hires and go-to-market strategies. I invited them on Fund/Build/Scale to discuss...

Dec 17, 202442 minSeason 2Ep. 31

Seed-stage Valuation Insights from Lightspeed's Nnamdi Iregbulem

If a team hasn’t built a minimum viable product, secured paying customers, or demonstrated strong unit economics, what exactly are seed-stage investors betting on? To get some answers, I sat down with Nnamdi Iregbulem, a partner at Lightspeed Venture Partners, to discuss what drives seed valuations, the traits of successful founders, and his perspective on AI startups. “A lot of the pitches that I get are basically two people, a PowerPoint deck, and their dog,” Nnamdi told me during our conversa...

Dec 15, 202433 minSeason 2Ep. 30

Dan DeGolier: How Fractional CFOs Become a CEO's 'Strategic Teammate'

In the startups I worked at, we never had spare laptops. When we hired someone, we’d order their laptop that day. That’s Startup Cashflow 101: don’t spend money until you have to. The same principle applies to your leadership team. Hiring a CMO before product-market fit? Too soon. And a CEO can handle COO duties for a while. Most seed-stage companies don’t need a full-time CFO either. A good controller can handle day-to-day finances, while a fractional CFO can plan future fundraising and create ...

Dec 09, 202427 minSeason 2Ep. 29

MaC Venture Capital’s Marlon Nichols Offers Seed-stage Insights for Future CEOs

When I learned that MaC Venture Capital just raised $150 million for its third fund since 2020, I immediately reached out for an interview with Marlon Nichols, the firm’s co-founder and managing general partner. Marlon previously co-founded Cross Culture Ventures, which merged with M Ventures in 2019 to form MaC VC. In this interview, we talked about his path from enterprise software into venture capital, the concept of cultural investing, and MaC VC’s focus on diverse founders. He also explaine...

Dec 05, 202446 minSeason 2Ep. 28

From PhD to CEO: Sahil Agarwal of Enkrypt AI Shares Essential Lessons for Aspiring Founders

In this episode of Fund/Build/Scale, host Walter Thompson interviews Sahil Agarwal, CEO and co-founder of Encrypt AI. Sahil shares his journey from academia to leading an international AI company, discussing the importance of storytelling, confidence, and addressing biases within AI models. He also delves into challenges faced by immigrant entrepreneurs and the balance between leadership and employee well-being. Sahil provides insights into navigating enterprise AI security, fundraising strategi...

Dec 04, 202433 minEp. 27

Transforming Practical Wisdom into Iconic Brands with David Placek

Branding is a condensed form of storytelling. That’s my opinion, but it’s also shared by David Placek, founder and president of Lexicon Branding. Here are a few of the companies and products they’ve named since 1982: Subaru Outback, Subaru Forester BlackBerry Pentium PowerBook Nissan Rogue Lucid Azure Sonos Swiffer NVIDIA Shield Febreze In May 2024, I interviewed him at his headquarters in Sausalito, California about brand architecture and positioning, the merits of being bold and authentic, and...

Nov 22, 202444 minSeason 2Ep. 26

From concept to Series A: How Inversion got its space-based cargo platform off the ground

Deeptech founders are solving problems that most of us don’t think of as problems and tackling challenges that push the boundaries of what we think is possible. This interview with Justin Fiaschetti, CEO and co-founder of Inversion, is a good example. Inversion is building a platform that will enable space-based cargo delivery using autonomous re-entry vehicles with parachutes that will let them deliver goods from space to pretty much anywhere on Earth in less than 60 minutes within 20 feet of t...

Nov 20, 202456 minSeason 2Ep. 25

How to run a board meeting in 60 minutes

If you want a healthy relationship, it’s essential to set clear expectations and boundaries from the start. The same holds true for a founder and their board. Despite the power dynamics, CEOs can still create a transparent communication framework that respects everyone’s limited time. In part two of my interview with TigerEye co-founder and CEO Tracy Young, we discuss her approach to work-life balance, the unique challenges women founders face while fundraising, how to run a board meeting in 60 ...

Oct 28, 202425 minSeason 2Ep. 24

Starting up in stealth: A conversation with TigerEye co-founder/CEO Tracy Young

In 2011, Tracy Young co-founded PlanGrid, which made software for construction teams. After scaling the company to 450 people and raising $69 million, it was acquired by Autodesk in 2018 for $875 million. That’s a win, but Tracy and her partners didn’t go for the exit because they’d reached the peak of the mountain. They cut the deal because PlanGrid was behind in the market, and they didn’t know how to catch up. Three years later, during the pandemic, Tracy and her husband, Ralph Gootee, co-fou...

Oct 27, 202423 minSeason 2Ep. 23

“Talent has no ZIP code:” Laura González-Estéfani on building startups outside Silicon Valley

Most of the world’s talent goes untapped. Unrecognized. With that in mind, I interviewed Laura González-Estéfani, founder of Miami-based VC firm TheVentureCity in May 2024. We talked about the potential of global talent and why more investors need to broaden their scope beyond major tech hubs. This episode provides valuable insights for founders who don’t have large networks or a business background. She offered practical advice on navigating the VC approval process, building trust with investor...

Oct 19, 202445 minEp. 22

“Cultural fit” is a polite way to say “personal bias”

Today is my 55th birthday! I was planning to take the day off, but I started thinking about a few people my age who work in tech and have been recently laid off. Unlike workers in their 20s and 30s, they’re facing a very different set of pressures: family, college payments, aging parents, retirement, etc. Most of the ones I know are having a hard time landing interviews, let alone full-time jobs. This is the shortest episode I’ve ever released, so technically, I guess that makes this a hot take....

Oct 16, 20245 minEp. 21

Shaping the future of work and care: Courtney Leimkuhler + Elana Berkowitz of Springbank

Based in New York, Elana Berkowitz and Courtney Leimkuhler are co-founders and partners at Springbank , where they focus on sectors that support working women and their families, largely in three key areas: the future of work, the care economy, and household consumer services. Their thesis is driven by growing demand from employers, insurers, and the government, recognizing the economic impact of caregiving, which includes fields like teaching, child care, nursing and home health care. “We look ...

Oct 14, 202440 minSeason 2Ep. 20

Crafting influence: Early-stage PR strategies from Chikodi Chima of Moonshot

I interviewed Chikodi Chima, founder of Moonshot, a PR firm focused on early-stage startups. The discussion revolves around the art of storytelling, thought leadership, and how PR can exponentially boost brand presence and connect with media, along with prospective customers, employees and investors. Chikodi shares insights from his journey as a former tech journalist to a PR professional, emphasizing the importance of creating compelling narratives and strategic influence for startup founders. ...

Oct 06, 202438 minSeason 2Ep. 19

From tech worker to tech founder: Lessons from Naveen Rao of Databricks

In 2014, Naveen Rao left his researcher job at Qualcomm to co-found machine intelligence platform Nervana. About two and a half years later, Nervana sold to Intel for more than $400 million. After a few years at Intel, Naveen became CEO and co-founder of open source startup MosaicML, which helped companies build and train large AI models more efficiently and affordably. Approximately two and a half years later, Databricks acquired that company for $1.3 billion and made him VP of Generative AI. N...

Sep 27, 202451 minSeason 2Ep. 18

Unlocking growth-stage VC: Insights from CapitalG's Jill (Greenberg) Chase and James Luo

In July 2024, I visited the Ferry Building in San Francisco to sit down with CapitalG partners Jill (Greenberg) Chase and James Luo. As Alphabet’s growth-stage VC fund, CapitalG specializes in backing startups that have found product-market fit and are ready to scale with investments ranging from $50M to $200M. We talked about the key signals that indicate a company is ready for growth-stage investment, how CapitalG leverages Google and Alphabet resources to boost its portfolio, and their framew...

Sep 25, 202453 minSeason 2Ep. 17

How Dovetail CEO Benjamin Humphrey scaled an Australian startup to global success

In this episode, Fund/Build/Scale host Walter Thompson interviews Benjamin Humphrey, CEO and co-founder of Dovetail, a customer insights hub based in Sydney, Australia. They discuss the challenges of hiring for a bootstrapped company, early customer acquisition strategies, and the impact of local networking when starting up far from major tech hubs like Silicon Valley. Benjamin shares his journey from being a lead designer at Atlassian to founding Dovetail, emphasizing the importance of building...

Sep 16, 20241 hr 4 minSeason 2Ep. 16

Startup PR 101: Essential tips from SISU founder Jenna Birch

Jenna Birch is the founder of SISU, a PR firm that serves early-stage startups and VCs. She’s also a partner at Kaya Ventures. We talked about how to recognize when it’s time to engage PR services, the importance of a founder’s personal branding and the path that led her from journalism into venture-backed tech. She also shared her methodologies for assessing clients, setting realistic expectations, and creating impactful media strategies. There are a lot of misconceptions around PR and comms, s...

Sep 13, 202444 minSeason 2Ep. 15

Navigating the coming Series A crunch with Point72 Ventures' Sri Chandrasekar

Before Sri Chandrasekar became managing partner at Point72 Ventures, he was a Senior Vice President at In-Q-Tel, the non-profit VC firm that invests in startups on behalf of the CIA and other national intelligence agencies. That work cultivated his interest in AI and ML a decade ago, which led hedge fund Point72 to recruit him to join its then-new venture arm in 2017. Fast-forward to 2024, Sri takes around 300 first-call meetings with founders each year. While we had an extended discussion about...

Sep 12, 202442 minSeason 2Ep. 14

Using an AI co-pilot to kickstart your business with Nicholas Thorne of prehype/Audos

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 ...

Sep 05, 202426 minSeason 2Ep. 13

Allie Garfinkle of Fortune's “Term Sheet” talks reporting, startups and AI

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...

Aug 28, 202432 minSeason 2Ep. 12

Lessons for early-stage AI founders from Pryon CEO Igor Jablokov

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 ...

Aug 26, 202443 minSeason 2Ep. 11
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