Consumer Isn’t Dead, VC Just Got It Wrong ft. Michael Duda

Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – https://www.tryglimpse.com In this episode, Mike chats with Michael Duda, Founder and Managing Partner of Bullish, the consumer-focused investment firm behind brands like Peloton, Warby Parker, Harry’s, Hims, and more. Michael has spent over a decade backing consumer companies that quietly compound value while the rest of venture chases hype cycles. Michael breaks down why consumer has fallen out of favor in VC, why most people misunderstand power-law returns, and why an 8–12x outcome in consumer can still be a massive win. He also shares how Bullish evaluates founders, why product matters more than marketing, how celebrity brands actually work (and usually don’t), and where AI fits into consumer without turning every company into an “AI startup.” You’ll learn: ✅ Why consumer can generate power-law returns (if you invest early enough) ✅ The difference between moonshots and real venture outcomes ✅ Why most founders raise too much capital—and regret it ✅ How Bullish underwrites founders vs. ideas at pre-seed and seed ✅ Why great products beat great marketing every time ✅ When celebrity involvement actually helps a brand ✅ How AI is speeding up consumer innovation without replacing taste or judgment ✅ Why the shrinking middle class is changing who brands are really built for ✅ What Michael has changed his mind about after 15+ years in venture 👉 If you’re building or investing in consumer—and tired of hype-driven narratives—this episode is a grounded look at what actually works in venture-backed consumer businesses. Timestamps 00:00 Intro 01:00 Can Consumer Produce Power-Law Returns? 04:45 Why 100x Outcomes Are Rare in Consumer 08:00 Stability vs Moonshots in Venture 12:00 Bullish’s Consumer-First Investment Strategy 15:30 How Much Capital Is Too Much Capital 18:00 Founder vs Idea: What Matters More 21:00 How Bullish Uses Consumer Insights 24:30 Product vs Marketing (and Why Marketing Fails) 27:30 Celebrity & Creator-Led Brands Explained 31:30 Why Bullish Is Shifting Back to Pre-Seed 36:00 When Pre-Launch Investing Makes Sense 39:00 AI’s Real Impact on Consumer Businesses 44:10 The Shrinking Middle Class & Consumer Spending 48:30 How Founder Profiles Are Changing 52:30 What Michael Has Changed His Mind About 55:00 Final Thoughts on Consumer VC 📬 Subscribe for more founder stories & scaling insights: 👉 The Consumer VC Newsletter – https://www.theconsumervc.com/ Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc