Build Relationships with Investors to Create Game‑Changing Companies

David Hornik, founding partner at Lobby Capital, shares insights from his 25-year journey in the industry. David discusses the evolution of venture capital, the growing importance of relationships over transactions, and his structured yet practical approach to investing. He highlights how liquidity challenges impact founders and early investors. David also shares his take on what makes a startup truly investable and why understanding a problem deeply is more valuable than chasing market trends.In this episode, you’ll learn:[06:14] How venture capital has evolved from a simple early- vs. late-stage VC model to today's fragmented landscape with seed, pre-seed, and late-stage funds[09:57] Entrepreneurship was for misfits in the 90’s; it’s now a top career choice.[19:06] Networking is a key driver for startup connections and investment in venture capital.[26:23] How David evaluates startups[32:21] Common reasons for saying no to a startups[35:07] Why even great VCs miss billion-dollar opportunitiesThe non-profit organization that David is passionate about: Institute of Contemporary Art in San FranciscoAbout David HornikDavid Hornik is the founding partner of Lobby Capital, a Silicon Valley-based venture firm focused on Series A investments. With nearly 25 years in venture capital, he previously spent two decades at August Capital. A seasoned investor, he has backed companies like Fastly, Splunk, and MaintainX. David also created Lobby, a renowned invite-only conference fostering deep founder-investor relationships. In addition to investing, he teaches entrepreneurship at Stanford and Harvard. Known for his relationship-driven approach, he emphasizes market potential, customer validation, and founder expertise when evaluating startups. He and his wife support the Institute of Contemporary Art in San Francisco.About Lobby CapitalLobby Capital is a Silicon Valley-based venture firm founded on decades of experience and a powerful network of entrepreneurs, investors, and industry leaders. Emerging from the renowned Lobby Conference community, the firm takes a people-first, hands-on approach to Series A investing. By providing deep expertise, strategic connections, and dedicated support, Lobby Capital helps founders scale and build transformative companies. With a strong belief that great businesses are built by great people, the firm leverages relationships to drive venture success and long-term impact. Its portfolio companies include Vantage Discovery, Kolena, Apera AI, Ownify, Procyon.ai, Faros AI, The Easy Company, Sprout Labs, Better Trucks, ForeVR Games among others.Subscribe to our podcast and stay tuned for our next episode.

Pablo Srugo, partner at Mistral Venture Partners and host of The Product Market Fit Show, shares his journey from co-founding startups like Gymtrack to becoming a venture capitalist focused on seed-stage investments. He reflects on the lessons learned through his and other founders' entrepreneurial highs and lows, including raising $6 million for a wearable tech company and navigating the challenges of a failed acquisition.Now, as an investor, Pablo emphasizes the importance of founder passion, solving top-priority customer problems, and the "why" behind ventures. He discusses what makes founders stand out, noting that only 10% of first meetings turn into investments. With vivid examples, like a company scaling to $90M in revenue before a dramatic downturn, Pablo provides an authentic look into the messy realities of early-stage investing.In this episode, you’ll learn:[01:50] Meet Pablo Srugo: From startup hustler to VC[06:24] Why some founders make poor investors and vice versa[09:08] The art of letting go: The ability to step back as an investor[13:05] How a compelling founder’s personal story and origin drives VC decision-making[16:49] Pablo’s focus on team, market fit, and value proposition[23:40] Value creation vs. noise: Understanding and delivering clear value is the most critical factor in gaining an investor’s conviction to invest.[30:25] Lessons from missed opportunities: Pablo passed on a startup that later scaled 30x and learned the importance of truly understanding the Ideal Customer Profile (ICP).[35:48] The Product Market Fit Show dissects the zero-to-one journey of successful founders and shares lessons from those who failed despite early traction.

Felipe Camposano, Managing Partner at Taram Capital, shares his journey as a pioneer in Chile's venture capital ecosystem and his efforts to support startups across Latin America. He discusses his transition from entrepreneur to investor, emphasizing his focus on mission-driven founders and leveraging networks for deal sourcing and evaluation. Felipe highlights Taram Capital’s unique approach to scaling startups through corporate partnerships, the importance of founder obsession with solving problems, and the critical role of localization in the region. He also shares insights from portfolio companies like YAPP and Webdox, showcasing the value of strong teams and founder-led growth.In this episode, you’ll learn:[02:05] Felipe’s Path to VC: From entrepreneur to investor, Felipe reflects on early lessons in founder selection at Fundación Chile.[07:36] Evolving the Chilean VC Landscape: Launching one of Chile's first VC funds to support local entrepreneurs and regional expansion.[10:31] The Genesis of Taram Capital: Leveraging corporate partnerships to help startups scale their go-to-market strategies.[13:15] Focus Areas for Investment: B2B SaaS, fintech, e-commerce, and data-driven solutions with a localization focus.[17:40] Investing with Fewer but Deeper Relationships: Building a network-driven approach to founder evaluation and support.[26:24] Spotlight on Portfolio Companies: YAPP simplifies health-tech connections; Webdox fosters business growth collaborative contract management.The non-profit organization Felipe is passionate about: ChileFlorida.orgAbout Felipe CamposanoFelipe Camposano is the Managing Partner at Taram Capital and Strategic Planning Chair at ASEM-BIO (The Chilean Biotechnology Association). He co-founded Lucien Biotech, holds board seats at DICTUC’s Agro Biotech Center, and previously directed New Business Development at Fundación Chile. Felipe founded INTRA, an enterprise knowledge management firm, and co-founded NEXION, offering tech development services in China. He has advised CORFO and ProChile, taught technology marketing at Universidad Católica, written for BioNexa, and holds patents recognized with innovation awards. His career spans venture creation, investment, and international business development across Latin America and beyond.About Taram CapitalTaram Capital is a Santiago-based early-stage venture capital firm specializing in early-stage investments in software, information technology, and healthcare. With a primary focus on Chile and the United States, Taram has made investments in companies such as Andes STR, Keirón, Regcheq, Dentalink, TaskHuman, Radar (Financial Services), SimpliRoute, Lirmi, LAP Global, and Webdox.Subscribe to our podcast and stay tuned for our next episode.

Neil Devani, founder of Necessary Ventures, shares his journey from healthcare and healthcare policy to venture capital, focusing on mission-driven startups tackling societal challenges. He discusses his investment strategy, offering insights into evaluating startups for transformative potential, talent retention, capital efficiency, and impactful storytelling. Neil highlights the importance of customer empathy and avoiding gratuitous technology. He also advocates for quality over speed during venture deals, emphasizing the importance of long-term founder-VC alignment. With a thoughtful approach to impact and innovation, Neil provides actionable advice for navigating the VC landscape.In this episode, you’ll learn:[01:49] How Neil’s early frustrations with the U.S. healthcare system inspired a desire to address systemic issues through technology and startups.[08:43] Creating Necessary Ventures with a mission to invest in companies addressing major societal challenges with innovative solutions.[11:38] Necessary Ventures investment strategy and philosophy: Mission-driven companies are prioritized for their competitive advantages in talent retention, capital efficiency, and market visibility.[14:37] The importance of avoiding "gratuitous" uses of technology and focusing on practical, impactful applications.[19:33] Speed vs. quality in venture capital: Prioritize long-term founder/VC alignment over short-term funding speed.[23:13] Have deep customer empathy and offer a solution providing transformative value to win over investors.[28:48] The future of Necessary Ventures: Fostering a unique approach to creating and measuring impact and value-add to startups.The non-profit organization Neil is passionate about: UpsolveAbout Neil DevaniNeil Devani is the founder and managing partner of Necessary Ventures, where he prioritizes investments in companies tackling complex challenges, particularly in healthcare, financial services, and education. His portfolio also includes startups in emerging technologies such as machine learning and robotics. Beyond investing, Neil serves as an advisor to various companies, nonprofits, and venture funds. He holds a J.D. from Stanford Law School, attended medical school at Drexel University, and earned a B.S. from Pennsylvania State University.About Necessary VenturesNecessary Ventures is a Silicon Valley-based venture capital firm specializing in seed to early-stage investments in AI, healthcare, and machine learning. The firm focuses primarily on companies in North America and Europe, with a particular emphasis on San Francisco, London, and New York. Its portfolio includes companies such as Plural Energy, Unlearn.AI, Readout AI, Magrathea, Rubi Laboratories, and Mooch, among others.Subscribe to our podcast and stay tuned for our next episode.

Dave Anderson, founding general partner at Beat Ventures, discusses his approach to investing in tech startups targeting overlooked legacy industries. He highlights the role of AI in revolutionizing these industries, giving examples of predictive AI application in meat processing and generative AI in finance. Dave stresses the importance of building Silicon Valley networks for funding and hiring while maintaining close customer relationships for execution. Drawing from his unconventional journey into venture capital, he calls for more diversity in the industry to open up opportunities for both founders and investors.In this episode, you’ll learn:[04:40] Challenges legacy industries face in adopting new technology[09:15] Beat Ventures’ focus on niche markets with high growth potential[14:22] The importance of networking in Silicon Valley and proximity to customers[19:08] How democratized technology is fostering diverse founders and investors[21:47] Notable AI innovations transforming legacy industriesThe non-profit organization Dave is passionate about: San Francisco School BoardAbout Dave AndersonDave Anderson is a Founding Partner and General Partner at Beat Ventures. Dave previously served as an Associate at Toyota AI Ventures. Prior to that, he co-founded Bamboo Detroit, the city’s first and largest co-working space for entrepreneurs, and was the director of venture services at NextEnergy, an early-stage technology incubator. An electrical engineer with experience in advanced battery systems, Dave worked with Bosch Battery Systems and General Dynamics Land Systems. He’s recognized as one of Crain Detroit Business’s 20 in their 20s and featured by Huffington Post and ABC’s 20/20. He holds an electrical engineering degree from the University of Michigan and an MBA from Harvard Business School, where he helped launch HBS Accelerate.About Beat VenturesBeat Ventures is a San Francisco-based VC firm investing in AI-driven companies that enhance human performance in overlooked legacy industries. Focused on pre-seed and seed stages, Beat Ventures supports startups using applied AI to complement human ingenuity, rather than replace it. The firm believes the future's most impactful companies will blend technology and human creativity to advance business and society. Its portfolio includes Volur, Stack AI, Truewind, Bitpart AI, Treehouse, Fishtail, Theo AI, Bolo AI, Poka Labs, Safe, Dropverse, and Clockwork.Subscribe to our podcast and stay tuned for our next episode.

Yiğit Ihlamur, co-founder and general partner at Vela Partners, shares his unique venture capital approach, which combines data analysis with personal connections to identify exceptional founders. At Vela Partners, an algorithmic scan of companies helps narrow down investment choices, but final decisions hinge on assessing founder resilience and motivation during meetings. Yiğit explains that, typically, he has already decided to invest by the time he meets a founder; the meeting confirms his conviction. He also discusses AI’s role in shaping the future of productivity tools and offers valuable advice to founders on preparation and authenticity when seeking investment.In this episode, you’ll learn:[02:06] Yiğit's journey from Google to venture capital, and his unique approach to combining engineering and venture investing.[06:27] How Vela Partners integrates artificial intelligence and quant-driven algorithms to identify high-potential startups[10:21] The significance of a balanced quantitative and qualitative assessment in VC investing[12:41] How AI is enabling the next generation of productivity tools[19:08] Articulate your personal story, intrinsic motivation, and ability to articulate your commitment to solving a particular problem.[24:07] What should startups do to attract algorithm-driven funds like Vela Partners? [27:02] Slow decision-making pace in VC is a problemThe nonprofit organizations Yiğit is passionate about: American College Institute (ACI) in TurkeyAbout Yiğit IhlamurYiğit Ihlamur is a co-founder, general partner, and Chief Technology Officer at Vela Partners, a venture capital firm specializing in AI and product-led solutions. Prior to Vela, Yiğit had an impactful career at Google, where he led initiatives for Gmail, Chrome, and Google Workspace, focusing on product-led growth strategies such as self-service signups, activation, and pricing flows. Starting in Google's European headquarters, he initially worked on technical support for IT admins and created productivity tools for internal teams. Yiğit is passionate about advancing human productivity through technology. Outside his professional pursuits, he enjoys kitesurfing, skiing, running, and spending time with his family.About Vela PartnersVela Partners is a Silicon Valley-based venture capital firm specializing in product-led, AI-native startups from inception to Series A. Acting as an "AI startup investing in other AI startups," Vela leverages its proprietary AI to guide investment decisions and enhance its own returns. The firm’s investor-focused tools drive its fund’s performance, while self-service tools for entrepreneurs expand Vela’s brand and distribution channels. Its portfolio includes innovative companies like Vieu, Cartken, Goooods, Nominal, LeakSignal, Base Operations, Cerby, Lightup, Vartana, and Axiom Cloud, among others.Subscribe to our podcast and stay tuned for our next episode.

Jessie Guo, an investment partner at Next Legacy Partners, shares her journey from early life in the northern China town of Dingxiang to a chance meeting with co-founder Russ Hall and joining the team at Next Legacy Partners. The firm supports mission-driven, early-stage tech startups and funds. Jessie discusses their approach to backing both emerging and established managers, highlighting the importance of diversity, discipline, and conviction in choosing investments.In this episode, you’ll learn:[02:15] Evolution, mission and core focus of Next Legacy Partners[09:10] The venture ecosystem expansion; new opportunities for emerging managers[12:30] Differences between Next Legacy’s emerging and established manager portfolios[19:32] The importance of differentiation in forming the conviction to back emerging managers[26:50] Two key areas for improvement in venture capitalThe nonprofit organizations Jessie is passionate about: Venture Forward, Alzheimer's Foundation of AmericaAbout Jessie GuoJessie Guo is an Investment Partner at Next Legacy Partners, focusing on Flagship and Emerging Leaders strategies. A Kauffman Fellow, Jessie also serves on the permanent board of Bridge Funding Global, supporting women and underserved emerging managers. She brings deep expertise in venture capital, having worked at CICC and China Renaissance, where she led private equity and venture capital investments and helped establish CICC’s fund of funds and wealth management businesses. Jessie earned both her bachelor’s and master’s in Finance from Peking University and an MBA with top honors from UC Davis.About Next Legacy PartnersNext Legacy Partners is a Silicon Valley-based venture capital and private equity firm dedicated to achieving meaningful returns by backing top early-stage venture capital firms and high-potential founders. Focused on democratizing access to venture capital, Next Legacy Partners invests on behalf of philanthropists, athletes, and changemakers, giving them entry into exclusive venture funds and companies. The firm’s mission extends beyond financial returns, aiming to drive positive impact. Next Legacy investments include: Affinity, Instil, Babylist, Rubrik, Lime, Kitopi, NorthOne, Flexport among others. Subscribe to our podcast and stay tuned for our next episode.

Lochan Alagh, co-founder of VC Nest, shares her journey from India to Silicon Valley, her work with nonprofits, and her transition into entrepreneurship and venture capital. She explains how VC Nest is addressing gaps in the VC ecosystem by supporting emerging fund managers through collaboration, networking, education, and thought leadership. Lochan emphasizes the need to prioritize founder support over just maximizing returns, fostering a healthier venture capital landscape.In this episode, you’ll learn:[1:51] Lochan’s inspiring journey from India to Silicon Valley[9:19] How venture capital drives innovation[12:19] Key challenges for emerging fund managers: fundraising, deal sourcing, and increasing competition[17:56] The pillars of VC Nest: focused events, curated VC-startup mixers, educational series, and thought leadership[22:50] Emerging fund managers are identifying future unicorns but still struggle with institutional backing (TechCrunch: 30 out of 34 unicorns were funded by emerging managers).The nonprofit organizations Lochan is passionate about: IIT Bay Area Alumni Association, Overseas Volunteer for a Better India (OVBI)About Lochan AlaghLochan Alagh is the co-founder and managing partner at VC Nest, a platform dedicated to supporting emerging venture capital fund managers and innovative startups. Before VC Nest, Lochan served as Executive Director at FalconX, where she fostered global innovation by forging strategic partnerships with accelerators and helping B2B startups establish a presence in Silicon Valley. She is also the Vice President of the IIT Roorkee Alumni Association (Bay Area Chapter), where she focuses on strengthening the alumni community. Previously, she led business strategy and operations at Cloud Harmonics, a rapidly growing startup, until its acquisition by Ingram Micro. Passionate about community service, Lochan is involved with nonprofits such as Overseas Volunteer for a Better India, working on water conservation initiatives, and New Leaders Council, which trains young progressives to become civic leaders. Additionally, she serves as a board member and secretary for the IIT Bay Area Alumni Association (2022-2024).About VC NestVC Nest is a Silicon Valley-based platform designed to empower emerging venture capital fund managers and foster the growth of the VC-startup ecosystem. It offers a range of resources, including networking opportunities, educational events, and fundraising support to help fund managers thrive. With a focus on collaboration and knowledge sharing, VC Nest provides fund managers with insider strategies on fundraising, access to Fund of Funds, and connections with fellow VCs. Additionally, it offers technology infrastructure, portfolio startup workstations, and actionable insights to drive the growth and success of both funds and startups.Subscribe to our podcast and stay tuned for our next episode.

Shreesha Ramdas, a successful serial entrepreneur and angel investor, shares his investment approach, which focuses on the individual stories of entrepreneurs rather than just their business ideas. He discusses the changing face of entrepreneurship in India and highlights the significance of community for founders through the story of how Funda, a thriving community of founders, investors, and operators, came to life.In this episode, you’ll learn:[2:17] “Silicon Valley—what I call Disneyland for tech—completely transformed my mindset.” - Shreesha Ramdas [5:36] New challenges for Indian entrepreneurs building global solutions[13:36] Founder stories matter[19:30] Funda: Building a strong community where founders can learn from each otherThe community activity Shreesha is passionate about: FundaAbout Shreesha RamdasShreesha Ramdas is a seasoned entrepreneur with a proven track record of launching and scaling products in highly competitive markets. He is the CEO and Founder of Lumber, a workforce management platform tailored for the construction industry. Previously, Shreesha was the CEO and Co-Founder of Strikedeck, a customer success automation company that was acquired by Medallia. Before Strikedeck, he served as GM of the Marketing Cloud at CallidusCloud and Co-Founder of LeadFormix, which was acquired by CallidusCloud. Shreesha also held leadership roles at Yodlee, OuterJoin, Catalytic Software, MW2 Consulting, and Tata. In addition to his entrepreneurial ventures, he actively invests in and advises several growth companies, including Workato, Enact, RevvSales, and others.Subscribe to our podcast and stay tuned for our next episode.

Rajan Maruthavanan, Cofounder and Managing Partner at Upekkha, shares deep insights into the dynamics of building B2B startups from India for global markets, particularly in the US. He discusses the strengths and challenges of Indian founders, such as thriving in vertical, niche markets versus struggling with infrastructure and dev tools for global adoption. Rajan emphasizes the importance of founders learning how to take advice and shares his thoughts on the key skills needed for founder success.In this episode, you’ll learn:[3:57] Building a new type of VC firm: The Upekkha story[7:36] Why Indian startups struggle to break into the US market[14:43] The Power of annual contract value (ACV): How ACV shapes startup strategy[19:03] The vertical advantage: Why Indian founders succeed in niche Markets[22:03] How biases and bad advice can trap founders into their biggest pitfalls[28:07] Changing the VC game by improving founder success ratesThe nonprofit organization Rajan is passionate about: Sitare FoundationAbout Rajan MaruthavananRajan Maruthavanan is the Cofounder and Managing Partner at Upekkha, with extensive expertise in guiding early-stage startups through their critical zero-to-one phase to achieve product-market fit. At Upekkha, he has made over 120 pre-seed investments in SaaS startups and assisted numerous founders with M&A activities in DeepTech and B2B SaaS over the past eight years. Previously, Rajan was an Operator and Head of Product for QuickBooks Global at Intuit, where he managed the India GST strategy and led iCombinator, Intuit’s internal accelerator. He also organized two notable conferences: SaaSx in Chennai (2014-2016) and StartupBridgeIndia at Stanford (2016-2019). Earlier in his career, he co-founded and served as CTO of a computer vision startup, developing a SIFT vector-based visual search for Nokia phones.About UpekkhaUpekkha, established in 2017, is an AI SaaS accelerator dedicated to helping Indian founders create global software brands. Currently in its 13th cohort, Upekkha has collaborated with over 165 startups and cultivated a network of more than 300 SaaS entrepreneurs. The firm has a diverse portfolio including companies like iMocha, Almabase, Kloudle, and Cloudbankin. Notably, about 25% of its startups hail from tier-II cities, such as Pune, Kochi, Bhopal, Chandigarh, Raipur, Vadodara, Jabalpur, Warangal, Coimbatore, and Trichy.Subscribe to our podcast and stay tuned for our next episode.