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 and fractional CFOs
• How to avoid overspending before product-market fit
• The mindset shifts needed before approaching VCs

This episode is packed with advice for founders navigating long development timelines, technical risk, and early go-to-market strategy — especially if you’re looking to raise money while keeping burn low and momentum high.

RUNTIME 48:59

EPISODE BREAKDOWN

(2:24) “Like a lot of people in venture, I have sort of a windy path.”  

(6:47) Inside Collaborative Fund: “We all roll up our sleeves on everything here.”  

(7:55) Which industries and founder profiles Sophie is watching in 2025.  

(10:37) Where consumer AI hardware may be headed.  

(12:03) What her typical work week looks like.  

(15:05) In a people-driven industry, inexperienced founders need to de-risk themselves before doing investor outreach.  

(17:37) “We don't necessarily create a hard line or a clear box around what makes a climate tech investment.”  

(22:43) “There are a few things that investors in climate and energy tech are looking for.”  

(26:23) When it comes to solo founders, “expectations from funders [are] a little bit higher.”  

(28:28) What excites Sophie about working with first-time founders.  

(30:17) The most common reason why a team with a strong idea fails to execute.  

(33:31) Why a founder’s “adaptability quotient” is so critical to their success.  

(36:53) Personalities (and business models) that should avoid venture capital.  

(40:16) “I hope I've managed to retain a good amount of empathy.”  

(42:11) One piece of advice for VCs she returns to frequently.  

(44:37) “The only real seismic changes are going to happen when you start to see more female entrepreneurs build really successful companies.”  

(46:52) The blogger you need to read “before you kick off your fundraise.”  

(47:39) The one question Sophie would have to ask a CEO before accepting an offer from an early-stage startup.

LINKS

• Sophie Bakalar
• Craig Shapiro
• Collaborative Fund
• Fred Wilson, AVC archive

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Thanks for listening!

– Walter.