EP 104: The Psychology Driving Fundraising, VC Decisions, and Founder Failure w/ Aram Attar

Most founders fail for psychological reasons—not tactical ones.In this episode of $100M Exits, Jason Kirby sits down with Aram Attar, founder of The VC Factory, to unpack the hidden psychology shaping fundraising outcomes, VC decisions, and why smart founders keep repeating the same mistakes.With 15+ years advising founders, sitting on boards, and training venture capitalists, Aram shares a clear conclusion: most failures aren’t about intelligence, strategy, or effort—they’re about how decisions are made under uncertainty.They explore the difference between trying to win versus trying not to lose, how VC psychology impacts fundraising more than your pitch, the hidden risks in earnouts and partial exits, and why the strongest teams balance promotion- and prevention-focused thinkers.Subscribe & get our free investor/buyer list at https://thunder.vcKey TakeawaysWhy founders repeat mistakes—even after seeing others failTrying to win vs trying not to loseHow VC psychology shapes fundraising outcomesRisks in earnouts, partial exits, and misalignmentWhy balanced thinking drives better decisionsWhat you’ll learn in this episodeWhy a “5-year plan” often turns into a 20-year journeyHow VCs avoid the sunk-cost trap in bridge financingThe mindset frameworks behind outlier investment betsHow to spot “what can go right?” vs “how do I not lose?” investorsThe #1 mistake first-time fund managers make with fund sizeRaising capital?Get a list of vetted VCs for FREE:https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=YouTube&utm_medium=Video&utm_campaign=Episode104&utm_id=%24100M++ExitsGet the latest fundraising insights:https://blog.thunder.vc/funding-101?utm_source=YouTube&utm_medium=Video&utm_campaign=Episode104&utm_id=%24100M++ExitsTimestamps:00:00 Introduction00:39 A 20-year journey to a $2.2B exit01:57 How VCs make decisions03:50 Investing in a Mexican retail company06:20 What mindset-based investing really means10:04 Behavioral insights every founder should know15:34 Research behind successful VC thinking23:43 Missed deals and costly VC mistakes24:20 How investment committees really work24:51 The champion rule in venture capital26:06 Inside the investment committee process29:37 Why founder empathy matters33:04 The power of honest communication36:28 How to evaluate emerging fund managers43:01 Advice for new fund managers46:29 Final thoughts and key resourcesABOUT ARAMAram Attar is a venture capitalist and founder of The VC Factory, focused on improving venture outcomes by shaping how investors and founders think, decide, and align. His work spans advising VC funds, CEOs, governments, and accelerator programs, with an emphasis on psychology, character, and long-term performance.LinkedIn: https://www.linkedin.com/in/aram-attar/Website: https://thevcfactory.com/ABOUT JASON KIRBYJason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders navigate capital strategy and M&A. A serial entrepreneur with four exits, Jason has coached hundreds of founders and led transactions totaling $200M+ through Thunder.Email: [email protected]: https://www.linkedin.com/in/jasonrkirby/ABOUT $100M EXITS$100M Exits equips founders with the insight and guidance needed to navigate capital strategy through conversations with founders and investors who’ve already done it. Best suited for founders doing $5M+ in revenue.Be sure to subscribe and let us know who you want us to interview next.