Fund/Build/Scale

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
Introduction to Laura Schaffer and her background in sales and growth
Defining Product-Led Growth (PLG) as an end-user based revenue motion
Key components of PLG: Acquisition, Monetization, Retention
Initial steps for startups adopting PLG with limited resources
“There are bad, high-friction questions, and then there's good questions.”
Identifying and prioritizing target personas based on user engagement
Minimizing bias by focusing on user problems and using quantitative data
Strategies for moving from freemium to paid versions based on engagement signals
Using free tools like Google Drive and Amplitude for tracking and data collection
Techniques for embedding personas into organizational culture for alignment
Avoiding vanity metrics and ensuring engagement metrics are linked to value
Laura’s advice on maintaining focus and prioritizing effectively for growth
Links
Laura Schaffer, VP Growth, Amplitude
Amplitude
Amplitude glossary of common terms
How to run painted door tests that don’t piss off your users, CommandBarElena’s Growth Scoop [Substack newsletter]
Product-led Geek [Ben Williams’ newsletter]
Follow Fund/Build/Scale on LinkedIn
Subscribe 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 Ventures
Amex Ventures
Weber joins Amex Ventures, 6/12/2023, Global Corporate Venturing Leadership Society
Jobs at Amex Ventures
Goodie Nation
Follow Fund/Build/Scale on LinkedIn
Subscribe 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
Security and compliance “are the two things that are challenging for adoption right now.”
Before selling AI solutions, founders need to listen to (and educate) potential customers.
“Enterprises are spending 70-80% of their capacity maintaining legacy application infrastructure.”
The risk of data breaches and bad customer outcomes makes enterprises cautious.
Focus on solving unique problems AI can address better than existing solutions.
Build trust by starting discussions with security, compliance, and risk frameworks.
Innovate openly to demystify AI for customers.
Make sure your team is ready to answer typical security and compliance questions.
Maintain discipline in focusing on scalable solutions rather than niche problems.
“You have to create your own talent and upskill your data engineering team.”
“Experiment weekly on the things that look promising and treat it as an iterative process.”
Be transparent and involve customers early in your development process.
Links
Jeremiah Stone, CTO, SnapLogic
SnapLogic company overview
SnapLogic Names Jeremiah Stone CTO
Fund/Build/Scale on LinkedIn
Fund/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
How Golden Seeds Ventures works with Golden Seeds Angel Network
“You have to be really solving a customer problem in a way that we see is unique.”
Strategies for fundraising, extending runway + adapting to the current investment climate
Founders/companies that might benefit more from funding methods besides traditional VC
Why finding a co-founder is more about serendipity than process
How Golden Seeds gauges a team’s domain expertise/understanding of market needs
Deb talks about the need for products to solve substantial problems and not just be quick fixes
Common pitfalls for founders, especially around financial management and market positioning
“I don't think that's of any use to have a rubber stamp board.”
Deb’s perspective on the current state of AI investments and the potential for startups outside major tech hubs
Links
Deb Kemper, managing partner, Golden Seeds Ventures
Golden Seeds Ventures
Utah Tech Week 2024
Fund/Build/Scale on LinkedIn
Fund/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 Hallak, CEO/founder, VAST Data
VAST Data
VAST Data Ranked 5th Among North America’s Fastest-Growing Technology Companies [press release]
Fund/Build/Scale on LinkedIn
Fund/Build/Scale on Substack
EPISODE BREAKDOWN
What VAST Data does
Renen's career shift and the early challenges he faced starting VAST
Why his previous fundraising failed: “I did not know how to do it. I didn't understand the game.”
Customer discovery processes and early challenges in gaining traction/building credibility
What he learned from failure about fundraising and VC dynamics
Strategies for creating innovative products that withstand competition from big players
How VAST used customer feedback to shape their product development
The process and timing of building a team, particularly focusing on sales + marketing
Initial customer acquisition and how VAST secured large-scale data users early on
From zero -> $1 million ARR -> $10M ARR in about 18 months
How VAST anticipates/integrates future AI trends into its pipeline + business model
Renen’s personal advice for new founders transitioning from technical roles to CEO positions

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:
A look at Felicis’ strategy of investing across different sectors and stages
Viviana outlines areas of interest within AI and clarifies typical investment size
“If you're a traditional SaaS company, I think it's going to be very hard.”
How AI startups differ from traditional SaaS in terms of growth/funding opportunities
“I think TAM is just a false predictor in either direction.”
“It's hard to start an AI company if you have not been in research or in academia,”
“Every time there's a hot AI company, there's 15 new YC companies going after that problem 3-6 months later.”
“Marketing is formulaic, it really shouldn’t scare anyone.”
Questions AI founders should ask investors to ensure alignment and set expectations
Viviana shares her resources for keeping up with the latest developments in AI
“I always ask teams, ‘what's going to happen in five years that will determine your success, and walk me through it.’”
Links:
Viviana Faga, general partner, Felicis
Felicis
NeurIPS 2024 Conference on Neural Information Processing Systems
No Priors podcast
Thanks for listening,
– Walter.
FBS on Substack
LinkedIn

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
Founding Fiat Growth, and how it evolved into Fiat Ventures
Drew: “We believed we had a strategy around cost-efficient growth.”
How Fiat Ventures is adapting to recent shifts in fintech?
“Reverse-engineering venture” = working with companies prior to investment
“Do not hire a growth team. Bring a team like us in who can build your entire growth foundation.”
Common pitfalls in early-stage startup hiring and implementing growth strategy
The criteria and process Fiat Ventures uses to select and support startups
Fiat Advisors supports early-stage startups that aren’t yet ready for direct investment
“There is a relationship foundation in the VC space that needs to be honored.”
Fiat’s criteria for choosing investments and the importance of founder dynamics
Drew reflects on navigating the VC world as a person of color
Fiat Ventures’ plans for expanding services and the long-term vision for Fiat's ecosystem
Links
Drew Glover, GP, Fiat Ventures
40 Under 40: Drew Glover, Fiat Ventures, San Francisco Business Times, 4/21/23
Alex Harris, GP, Fiat Ventures
Marcos Fernandez, co-founder/managing partner, Fiat Ventures
Fiat Growth
Fiat Ventures
Fiat Ventures, with $25M for first fund, brings ‘insider’ approach to investing in early-stage fintechs, TechCrunch, 11/16/22
Steady App
Chime
Oakland Citizens Committee for Urban Renewal (OCCUR)
David E. Glover Emerging Technology Center
Fintech Meetup
Money 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 Ignite
Tzahi Weisfeld, VP, GM, Intel Ignite
Intel Capital
CB Insights State of CVC 2023 report
Intel To Acquire Granulate (2022 press release)

I’m Walter Thompson. After working for years in early-stage startups and as a journalist, here are three hard truths I’ve learned:
Success in Silicon Valley hinges on connections, hard work and luck.
Startups often fail because founders lack fundamental business knowledge.
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, you can be a startup founder.
Here’s why I founded Fund/Build/Scale:
To help founders make fewer mistakes.
To share successful strategies that can accelerate your go-to-market journey.
To inspire more people to see themselves as potential founders. 
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
[2:38] Dheeraj: “The hardest thing was to really find the innovators and the early adopters.”
[4:40] Manish: “I just kept saying, ‘I'm not the right guy to do this idea because I had no consumer background.’”
[7:03] Why it’s so important to build an advisory team early on
[8:12] Dheeraj: “Finding people who have hunger and humility… has always been hard.”
[10:51] Prioritize hiring early employees who will challenge you and your assumptions
[14:18] Use your initial recruiting process to refine your value proposition
[17:30] When Manish realized Poshmark was the right company for the moment
[21:24] Winning “VMworld awards basically told us that we're doing something right.”
[24:36] Manish: “We got the first version of the app ready, but there were a couple of problems.”
[30:09] Dheeraj: “We said, ‘we’ve got to take something to the have-nots.’”
[35:14] Embrace a design-first mentality from Day Zero.
[39:00] Search for ways to reduce friction from every internal and external process
[43:21] Dheeraj: “By the way, the only job of the CEO over time is to go towards the fire.”
[50:39] When it comes to design, “less is better”
[53:39] Manish: “Whatever you don't have, you can always find it in someone else.”
[55:16] Dheeraj: “The more and more money you actually raise, the less you can pivot.”
[59:21] Manish: “Always be closing, because money can disappear very quickly.”
[1:02:32] Dheeraj: “I think my learnings have been about keeping the balance sheet in your head all the time.”
[1:05:31] How to recognize when it’s time to throw in the towel
[1:07:01] Is work-life balance even an achievable goal for an early-stage founder?
Links
Manish Chandra, CEO, PoshmarkTracy Sun, co-founder, Poshmark
LyAnn Chhay, VP, Poshmark
Dheeraj Pandey, CEO, DevRev
Kaboodle
Nutanix
TiE Global
Gokul Rajaram on Twitter: “VISION => TALENT => TEAM”
What Is Forming, Storming, Norming and Performing?
How to Be a C.E.O., From a Decade’s Worth of Them
Rise of Empires: Ottomans
Eclectic grandpa style
Simon 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.
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Fund/Build/Scale is sponsored by Mayfield and Securiti.