Walter Thompson
Fund/Build/Scale
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....
Author
Walter Thompson
Category
Podcast website
Latest episode
Jul 11, 2026
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Episodes
The "Marionette Threat" of Generative AI with All Tech is Human’s David Polgar 18.11.2025 19:50
Today’s episode is something a little different. I’m doing a feed swap with Humans of AI, a podcast from the team at Writer. What you’re about to hear is their conversation with David Ryan Polgar, the Founder and President of All Tech Is Human, a leading organization in the Responsible Tech movement. He’s a pioneer in tech ethics and responsible innovation, and someone who’s been thinking about...
Cyan Banister & Cristian Cibils Bernardes: Early Signals, Founder-Investor Fit, and Trustworthy Consumer AI 07.11.2025 47:19
Recorded live in San Francisco during TechCrunch Disrupt 2025 week, this Fund/Build/Scale session brings together Cyan Banister (Long Journey Ventures) and Cristian Cibils Bernardes (Autograph) for a practical look at building consumer AI and the investor-founder dynamics that make it work. We dig into pre-traction signals that actually predict momentum, how to validate a weird idea, raise smart m...
From Engineer to CEO: Ryan Wang on Building Assembled and Finding Product-Market Fit 27.10.2025 53:40
I interviewed Ryan Wang, co-founder and CEO of Assembled, in his San Francisco office to unpack how he turned lessons from Stripe into a fast-growing startup that powers customer support teams at Robinhood, Canva, and Notion. We talk about: Finding the right co-founders and surviving a CEO hand-off Discovering product-market fit by asking one powerful question Turning a “sleepy” support category i...
The Starting Five: How to Build a Leadership Team That Can Scale 09.10.2025 35:14
When startups fail to scale, it’s rarely because of bad code or bad luck. More likely, it's because they didn’t hire the right people at the right time. Chris Barbin, founder and CEO of Tercera, shares a playbook for assembling your “Starting Five” — the essential leadership roles every professional services startup needs to grow from $10M to $100M and beyond. Drawing from decades as an operator a...
From Code to Customer: The Strategic Power of a Field CTO 07.10.2025 31:16
I’ve explored different aspects of product-market fit on the podcast, but when you’re scaling an open-source business with enterprise customers and a global developer community, you also need customer–engineering fit — the ability to translate between what’s being built and what the market actually needs. At Astronomer, Viraj Parekh is that bridge. He is part engineer, part strategist, and part cu...
Dead Weight on the Cap Table: Inside the Ugly World of Founder Breakups 20.09.2025 47:35
More startups die from co-founder breakups than from running out of money. Attorney David Siegel, a partner at Grellas Shah LLP, has spent years inside these conflicts, helping founders navigate everything from equity disputes to emotional meltdowns. In this conversation, he explains: Why greed and mismatched expectations trigger so many founder breakups How minority founders can protect themselve...
An Operator’s Playbook for Monetizing Product-Led Growth 18.09.2025 46:20
What do you do when everyone loves your product but no one’s paying for it? That was the challenge facing Beautiful.ai. Founder Mitch Grasso nailed the product, but to build a sustainable business, he brought in operator Jason Lapp as CEO. In this conversation, Jason shares how Beautiful.ai killed its freemium tier, introduced a credit-card-gated trial without losing momentum, and learned to serve...
Building a Bridge Across the Valley of Death 07.09.2025 41:11
Frontier tech startups don’t fail because the science is bad — they fail because no one needs what they’re building. In this episode, Roadrunner Venture Studios CEO/co-founder Adam Hammer explains how to avoid that fate. We talk about why the U.S. struggles to turn research into startups, why being right isn’t enough, and what it really takes to cross the Valley of Death between lab science and r...
Are You *Really* Ready to Raise a Round? Here’s How to Tell 06.09.2025 58:08
You don’t need a Stanford degree or a flashy deck to raise a pre-seed, seed or Series A, but you do need to show investors that you’ve put in the work. 645 Ventures co-founder Nnamdi Okike shares practical advice for founders who are prepping to raise capital, including what he looks for in pitch meetings, how to uncover “earned secrets,” and why chasing hot categories can backfire. We also dig in...
From Side Project to Series B: How Learning Led to Product-Market Fit 04.09.2025 36:32
Dan Lee co-founded what would become Nooks while on leave from Stanford. He wasn’t solving sales. He was exploring remote collaboration during the pandemic. But when they noticed that some of his most active users were in sales development — and that investors were starting to reach out — he followed the signal. Today, Nooks is a sales AI platform used by teams at Seismic, Fivetran, and Modern Hea...
Building Hard Tech: Lessons on Funding, Teams, and Timelines 01.09.2025 51:52
UPDATE: On 9/8/2025, ZEI announced "the conclusion of its operations." https://www.linkedin.com/posts/zeroei_zero-emission-industries-zei-announces-activity-7371012829409177601-yQph? ******* Transforming breakthrough research into a sustainable company is never simple — especially in hard tech. In this episode recorded in December 2024, Zero Emission Industries CEO/founder Dr. Joseph Pratt and Chi...
Forget the Spin: Startup Myths That Hold Founders Back 25.08.2025 43:43
Rob Biederman has sat on both sides of the table — first as co-founder and CEO of Catalant Technologies, and now as managing partner at Asymmetric Capital Partners. In this candid conversation, he explains why so much of the conventional wisdom around startups is actually counterproductive. He breaks down why design partners don’t equal traction, why headcount growth is a vanity metric, and why Si...
Avoiding Founder Burnout and other Early-Stage Startup Pitfalls 23.08.2025 42:38
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...
De-Risking Deep Tech: How to Land Seed Capital for Complex Ideas 21.08.2025 41:03
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 lo...
Execution > Ideas: What Engineers Need to Know Before Becoming Founders 18.08.2025 44:24
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....
How to Think Like a VC When You’re Building (or Joining) a Startup 17.08.2025 34:28
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 pre...
Cap Table Strategy: A Playbook for Early-Stage Founders 12.08.2025 38:44
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, f...
From D2C to B2B: How to Pivot Without Losing Your Mission 08.08.2025 51:58
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 lo...
How to Sell Your World-Changing Idea to a Mission-Driven Investor 01.08.2025 46:38
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...
Why Conviction Matters More Than TAM: The Seed-Stage Litmus Test 23.06.2025 40:46
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 custom...
How (and How Not) to Pitch a Cybersecurity VC 22.06.2025 38:06
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 wh...
Deep Tech Without Stealth: Inside Dusty Robotics’ Origin Story 19.06.2025 43:10
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 shar...
Leveraging Founder-Market Fit to Win Over Risk-Averse Buyers 13.06.2025 39:46
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 m...
From Side Project to API Powerhouse: How Postman Went Global 09.06.2025 49:49
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 C...
When a Power User Becomes CEO: How Medium Found Its Way Back 30.05.2025 50:14
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 —...
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