Go Slow to Grow Fast

As AI becomes a bigger part of everyday life, we take a look at how it can be applied in commerce, where software agents can search, decide, and complete transactions on a user’s behalf. Moderated by Blair Garrou, this session at Mercury Fund Day at The Ion breaks down the shift from real-time, user-driven checkouts to systems based on ongoing permissions and delegation. The panel features Matt Bouchner (Satsuma.ai), Coert Voorhees (LISNR), and Aileen Allen (Mercury Fund), who discuss how new payment rails and machine-readable systems are making this possible and where the biggest opportunities will be as this new model of commerce takes shape. 🎧 Episode Highlights [08:17]: Building the infrastructure layer powering agentic commerce across retailers [15:53]: From “bot equals bad” to “bot equals customer” in retail adoption [23:38]: The gap between payment protocols and real merchant adoption [28:20]: Why retailers are still in experimentation, not full-scale deployment [47:01]: The tipping point: when consumers get used to buying through agents Key Takeaways: ● Agentic commerce is shifting transactions from user-driven sessions to delegated, always-on workflows. Instead of actively browsing and checking out, users will set preferences and let software agents discover, compare, and act on their behalf. ● The biggest bottleneck isn’t the idea, it’s the infrastructure. Reliable product data, merchant readiness, payment rails, and trust layers all need to align before agentic commerce can move from experimentation to real adoption. ● Control and trust will define winners in this new model. Retailers and brands want visibility into how their products are presented and sold, while both merchants and consumers need confidence that agents are acting accurately, securely, and in their best interest. Guest Spotlight: Blair Garrou Blair Garrou is the Managing Partner at Mercury Fund, where he has built his career around backing and advising tech entrepreneurs and scaling disruptive startups beyond Silicon Valley. Matt Bouchner Matt Bouchner is the founder and CEO of Satsuma.ai, where he helps retailers and brands make their products discoverable and purchasable across emerging AI-driven channels. He started the company while in college, originally building a consumer app that scaled to over a million users before pivoting to infrastructure powering agentic commerce. Coert Voorhees Coert Voorhees, VP Commercial at LISNR, leads go-to-market efforts for a platform that enables secure, proximity-based data exchange through sound. He joined LISNR following its acquisition of Arden, the web3 loyalty startup he co-founded. Coert’s work centers on how information moves between people and how technology can make those interactions more seamless and impactful. Aileen Allen Aileen Allen is a Partner at Mercury Fund, where she focuses on agentic commerce and the future of buying behavior. With over 15 years of experience in B2B software across marketing, growth, and go-to-market strategy, she works closely with founders to scale revenue and bring new products to market. For More Information: Produced by Speakerbox Media. For more episodes, visit Mercuryfund.com/content Stay Connected: ● https://www.linkedin.com/in/bgarrou ● https://www.linkedin.com/in/mattsuma ● https://www.linkedin.com/in/coert-voorhees ● https://www.linkedin.com/in/aileen-allen

This episode brings together a panel of AI-native founders building at the front lines of enterprise innovation: Aneka Sokhal (Moshi), Hunter Honnessy (Unlimited AI), and John Kalfayan (Collide). Moderated by Alex Gras of Mercury Fund, the conversation explores the rise of the “forward deployed engineer” model—embedding technical, domain experts directly with customers to accelerate product development and build trust. The panel shares how AI tools and agentic workflows are compressing timelines from months to days, reshaping how startups approach product, engineering, and customer collaboration. They also address the challenge of scale: how to turn fast-moving pilots into repeatable systems rather than a services-heavy business. It’s a practical, candid discussion on what it takes to build and scale AI-native companies today. 🎧 Episode Highlights ● [13:45]: Early mistakes deploying FDEs and why subject matter expertise matters ● [21:18]: Speed vs. quality: how AI tools shrink timelines from months to days ● [29:55]: Trust as the real currency for enterprise clients ● [36:21]: Scaling by turning pilots into repeatable templates and systems ● [55:32]: Why today’s AI is just the starting point for what’s ahead 🔑 Key Takeaways: ● AI has dramatically compressed product development timelines, but speed alone is not the advantage. The real edge comes from embedding technical, domain-savvy operators directly with customers to translate real problems into working solutions quickly and build trust. ● The forward deployed engineer model blends product, engineering, and customer collaboration into one role. Domain expertise matters as much as coding ability, and AI tools now enable smaller teams to ship production-ready solutions that once required large teams. ● Scaling AI companies requires turning fast-moving pilots into repeatable systems. The winners will be those who productize what they learn, build templates and guardrails, and create processes that allow agentic workflows to compound over time rather than becoming a services-heavy business. 👤 Guest Spotlight: Alex Gras Alex Gras is a Senior Associate at Mercury Fund, focused on investing in and supporting AI-native startups. He also serves as a Board Member for Collide, Volt, and MealMe, Inc., working closely with founders on product strategy, growth, and organizational design. Aneka Sokhal Aneka Sokhal is the Founder of Moshi, where she is building a statistically trained agentic workforce for financial investors and traders. She brings experience from NASA computer vision research, generative 3D innovation at Rice University, and quantitative finance at JP Morgan. Hunter Honnessy Hunter Honnessy is the CTO and Co-Founder of Unlimited.ai, building AI-native tools to bring transparency and insight to alternative asset portfolios. His background spans risk management, quantitative investing, and data-driven systems design. John Kalfayan John Kalfayan is a Forward Deployed Engineer at collide., working with energy companies to implement enterprise RAG platforms and AI-driven workflows. His background includes IIoT, edge computing, and oil and gas data systems. For More Information: Produced by Speakerbox Media. For more episodes, visit https://mercuryfund.com/content/ Stay Connected: ● https://www.linkedin.com/in/alexandergras/ ● https://www.linkedin.com/in/anekha/ ● https://www.linkedin.com/in/hunter-honnessy/ ● https://www.linkedin.com/in/johnkalfayan/

Live from Software Day at The Ion, this episode brings together founders, engineers, and investors for a dynamic conversation on how modern engineering is evolving in the era of AI. Mercury Fund Co-Founder Dan Watkins moderates a panel featuring Matt Cohen of Zen Cohen and Colin Hendricks of Omniscience. Together, they explore how AI is reshaping engineering paradigms, team structures, and traditional talent strategies as it becomes an essential tool for building and scaling software companies. This conversation goes beyond tools and automation — it highlights the enduring importance of mentorship, community, and human-centered product thinking in building durable companies. 🎧 Episode Highlights • 06:19 – Introduction to the panel and modern engineering in an AI-driven world • 11:33 – How AI is changing the day-to-day work of software engineers • 20:22 – Why testing, clean code, and evaluation matter more than ever • 35:11 – How AI reshapes product teams and scaling strategies • 46:36 – Live audience Q&A on AI use cases, limitations, and real-world applications 🔑 Key Takeaways • AI is transforming how software is built, but strong engineering fundamentals remain critical. Clean code, rigorous testing, and thoughtful data design are even more important in an AI-enabled workflow. AI should be treated as a collaborator — not a shortcut. • AI expands who can build software and changes how teams are structured. Founders, product leaders, and designers can move faster, but scaling still requires experience, judgment, and knowing when to bring in deep technical expertise. • Companies that thrive in today’s AI-driven landscape are those that prioritize human perspective. Mentorship, community, and human-centered product thinking remain essential to building durable products and teams. 👤 Guest Spotlight Dan Watkins Co-Founder and Managing Director, Mercury Fund Dan works closely with founders to build and scale technology companies, focusing on engineering strategy, product-market fit, and long-term value creation. He also co-founded Quicksilver Labs, a venture studio designed to accelerate company formation and product development. His expertise includes connecting founders with capital, mentorship, and the infrastructure needed to grow durable, venture-backed businesses. Matt Cohen Managing Director, Zen Cohen Matt works with CEOs and leadership teams to design and scale modern software organizations. With over three decades of experience as an entrepreneur, investor, and engineer, he focuses on AI, data, and machine learning. His portfolio includes work with Toyota and Indeed, guiding AI adoption, product architecture, and engineering strategy. Colin Hendricks CTO, Omniscience Colin leads the development of AI-powered software for clinical trials. He has worked across fintech, IoT, cybersecurity, and data-driven platforms, building scalable systems for companies such as Liongard, Enbase, and Triple Point Technology. He is known for translating complex, ambiguous needs into revenue-generating software products across big data, time series analytics, data science, and AI. For more episodes, visit: Mercuryfund.com/content/ Produced by Speakerbox Media. Stay Connected • Dan Watkins: https://www.linkedin.com/in/dan-watkins-2880141/ • Matt Cohen: https://www.linkedin.com/in/mattcohenprofile/ • Colin Hendricks: https://www.linkedin.com/in/chendricks/

Heath Butler goes live from Software Day at The Ion with newly appointed managing director John Reale to talk about Houston’s growing innovation ecosystem. They spotlight the push to make The Ion a founder-centric platform, one that gives startups real value through capital, talent, and resources. During the live Q&A, founders in the audience share what they need most, including stronger hiring pipelines, easier access to capital, and better support systems. The conversation makes one thing clear: building a thriving Houston innovation hub will take collective momentum and alignment across the community.   🎧 Episode Highlights ●       [01:44]: Introduction to Today Is Day One and guest John Reale ●       [08:49]: The innovation cycle: How John Reale envisions The Ion helping build Houston as an innovation hub in the next ten years ●       [19:28]: Live Q&A: How The Ion can help founders access resources including access to talent, funding, and support ●       [29:42]: Founder Advantage Program: A platform designed to remove friction, compress time, and compound outcomes at its core ●       [33:25]: Building success together at The Ion   🔑 Key Takeaways: ●       The Ion is more than just a building, it’s a founder-centric platform that delivers real advantages whether it’s access to talent, knowledge, customers, and capital. It should function like a product that removes friction, compresses time, and compounds founder outcomes from “Day One.”   ●       Houston has a unique, shared opportunity to redesign its innovation economy and become a vibrant ecosystem. The city is positioned to build a new category of innovation district, one designed around coordinated incentives, collaborative infrastructure, and modern venture acceleration.   ●       Building the ecosystem requires active participation and collective effort from all fronts. The live Q&A illustrates how founders need real-time, hands-on support, and the community must show up for them. The Ion’s success depends on founders, investors, corporates, and partners engaging, giving back, and co-creating the ecosystem together.   👤 Guest Spotlight: John Reale John Reale is the managing director at The Ion and Rice Alliance for Technology and Entrepreneurship. His work focuses on helping founders create category defining companies and building a founder-centric, innovation-led economy in Houston. For More Information: Produced by Speakerbox Media. For more episodes, visit Mercuryfund.com/content/ Stay Connected: ●      https://www.linkedin.com/in/john-jr-reale-75a46810/ ●      https://www.linkedin.com/in/heathbutler/

Capitalizing on emerging market trends is an essential component of startup success. In today's session, Remington Tonar, co-founder of Cart.com, and Josh Teekell, founder and CEO of SmartAC.com, tackle their combined experiences in fast-growing startups to bring new insights to founders and aspiring business leaders. Together, they share how to recognize opportunities early, adapt to shifts in customer behavior and align your company for growth when the market changes. This episode was recorded at Software Day at the Ion. Key Insights & Timestamps: [00:00] Podcast begins [02:40] Launching Lessons: How early-stage vision becomes mature market strategy [12:38] Advice to Struggling Founders: Tips from multi-time successful entrepreneurs [22:07] Finding a Niche in a Big Market: Focused strategy for early startup success [31:40] Margins Still Matter: Market trends & managing investor expectations [40:09] Q&A About AI: Scaling software companies & generating revenue  Key Takeaways:  Early Days vs Future Success: For Cart and SmartAC, responding to market needs was extremely important for early success, but maintaining and scaling required mobility and adapting. Listening to customers, thinking about multiple perspectives, and knowing when to change focus is essential in responding to trends without risking investor dollars.   Market Signal vs Trend Noise: Josh Teekell isn’t afraid to get stubborn when it comes to finding your right market fit. “I think the mindset of the entrepreneur and their resolve to make it happen is the most important thing.” Josh advocates for entrepreneurs having resolve in their ideas and to stay in alignment with their vision.  Vision vs Strategy: Remington believes that entrepreneurs have to maintain a distinction between vision and strategy to stay true to themselves. “The vision tells us the end, and you just may need to find a different [strategy to get there.” Remington thinks that building a brand and fitting your market takes time, especially when you’re educating your market.  Guest Spotlight: Remington Tonar Remington Tonar is the Co-Founder of Cart.com. He has a background in innovation and growth consulting for both Fortune 500s and early stage venture capital.  Josh Teekell Josh Teekell is the Founder and CEO of SmartAC.com. He is also the Founder and Owner of Allied Outdoor Solutions and the Founder of Mistbox.     Heath Butler Heath Butler is a VC at Mercury, an early-stage venture capital firm. Heath is a venture investor, professional board director, startup advisor, author and speaker.   Resources Mentioned: Mercury |mercuryfund.com, Cart.com, SmartAC.com   For More Information:  Produced by Speakerbox Media. For more episodes, visit Mercuryfund.com/content.  Stay Connected:  Remington Tonar on LinkedIn  Josh Teekell on LinkedIn  Heath Butler on LinkedIn

A good Go-to-Market (GTM) strategy can make or break your early-stage company, but how do you know which strategy will yield the greatest results? Aileen Allen, Venture Partner at Mercury, meets with 3 experts— Lisa Roberts, CMO of Otto, Mike Miles, VP of RevOps at Cognite, and Sean Rohde, VP of Sales and Marketing at Kahuna— to break down GTM best practices, from hiring to design to pricing. This episode was recorded at Software Day at the Ion.  Key Insights & Timestamps:  [00:00] Podcast begins [09:18] ICP vs Persona: Unpacking customer-focused strategy & sales [18:29] Founder vs Sales Team Selling: When to transition & when to share sales responsibilities [30:35] What Metrics Matter? Marketing, sales, & operations weigh in on data worth tracking [40:34] Audience Q&A: AI costs, B2B vs B2C models, & usage vs product pricing [46:19] 10 Pitches, 10 Founders, 10 Minutes: Learn more about potential up-and-comers  Key Takeaways:  Who’s Your Customer? When considering your GTM strategy, you need to know the difference between your ICP (or, Ideal Customer Profile) and your Persona. While your ICP is the ideal model for the businesses you’re trying to sell to, your persona is the individual (or, in the cases of enterprises, individuals) that is going to make the buying decision. What’s Your Sales Strategy? Founder-led sales don’t just go away as your early-stage business grows and scales. Instead of focusing on taking your founder out of the sales strategy, think of them as a megaphone for your high-level messages, while your sales team can handle the day-to-day. What Metrics Matter? Data matters, from the earliest marketing decisions to scalable operational strategies. When you’re evaluating the data from your GTM strategy, don’t be afraid to evaluate every stage of the operation and look for insights that lead to repeatability and lessons learned.   Guest Spotlight:  Aileen Allen  Aileen Allen is a Venture Partner at Mercury, investing in ambitious early-stage B2B SaaS/AI founders, and was formerly a B2B SaaS GTM Exec. Lisa Roberts Lisa Roberts is the Chief Marketing Officer at Otto, a client communication solution for Veterinary Medicine. She is also the Chief Product Officer at Mercury. Mike Miles Mike Miles is the VP of Revenue Operations at Cognite, a global industrial Saas leader. Mike has worked at Fortune 500s and startups, leading RevOps and Enablement teams that drive sustainable growth. Sean Rohde Sean Rohde is the VP of Sales and Marketing at Kahuna, a workforce management software. Prior to Kahuna, Sean held sales leadership roles at HashiCorp and Alert Logic. Resources Mentioned:  Mercury |mercuryfund.com, Otto | otto.vet, Cognite | cognite.com, Kahuna | kahunaworkforce.com  For More Information:  Produced by Speakerbox Media. For more episodes, visit Mercuryfund.com/content/ Stay Connected:  Aileen Allen on LinkedIn  Lisa Roberts on LinkedIn  Mike Miles on LinkedIn  Sean Rohde on LinkedIn

GenAI has the power and promise to transform enterprise operations, but a critical question remains: should F500 companies buy GenAI-based solutions from venture-backed companies, or should they build these next-gen platforms in-house? Heath Butler, Partner at Mercury, is joined by a panel of enterprise experts and venture-backed AI innovators for a dynamic conversation on AI adoption in the enterprise. Panel members include Benjamin Kent, CEO of Ambyint, James Gardner, Principal at KPMG, Jon Sobel, Co-Founder and CEO of Sight Machine, and David Burnley, VP of Product Innovation at Insperity. This episode was originally hosted as a panel at CXO Summit 2025. Key Insights & Timestamps: [00:00] Podcast begins [03:55] Why Enterprise Pursue AI: Data-driven problem-solving on a massive scale [14:51] Failures & Victories: Startup perspectives on selling AI products [20:24] Buy vs Build: How can enterprises fulfill their AI needs effectively? [33:36] Where Consultants Come In: Selecting AI solutions for customers & clients [41:20] Final Advice to Founders: Research, readiness & reflective selling practices Key Takeaways: Buy vs Build: With an enterprise perspective, David Burnley has both bought and built AI products with Insperity. For enterprise companies, the capacity to build or buy is heavily determined by the talent and operations they already have in place. If an enterprise has engineers and experts at their disposal, it’s going to be harder to sell to them, when they know they might be able to make something better.  Show Your Work: For founders looking to break into enterprise selling, Jon Sobel is a strong advocate for finding a way to show your work and prove your effectiveness to your client from the beginning. With his team at Sight Machine, Jon has become an expert on identifying the right ways to show value, because AI products need buy-in from the people within an enterprise, not just the leadership. Align Your Values: From the consulting side, James Gardner and his team at KPMG consider recommending startup products and services to their clients based on aligning values. Consultants are looking for high-quality solutions to topical and trending problems for their clients, and they want to see that a startup can fill that niche without compromising on quality. Consider Your Customer: Benjamin Kent at Ambyint has learned the hard way to be considerate and even choosy about the enterprise clients he sells to. His advice to other startups? Be mindful of when you’re selling to enterprises, if they’ve tried their hand at AI in other ways, and the readiness and depth of the data they’re working with. Guest Spotlight: Benjamin Kemp: CEO, Ambyint James Gardner: Principal, KPMG Jon Sobel: Co-Founder & CEO, Sight Machine David Burnley: Vice President of Product Innovation, Insperity Heath Butler: Partner, Mercury Resources Mentioned: Mercury | mercuryfund.com, Ambyint | ambyint.com, KPMG | kpmg.com, Sight Machine | sightmachine.com, Insperity | insperity.com For More Information: Produced by Speakerbox Media. For more episodes, visit Mercuryfund.com/content. Stay Connected: Benjamin Kent on LinkedIn James Gardner on LinkedIn Jon Sobel on LinkedIn David Burnley on LinkedIn Heath Butler on LinkedIn

What does it really take to scale product and operations in an AI first world? In this episode, three operators and investors at the forefront of this transformation share their insight and expertise: Adrian Fortino at Mercury Fund, Dan Watkins of Mercury Fund and Pelagos Forma, and Roberto Montezuma of Fractal River. Together, they’ll unpack the operational shifts needed to succeed in a world where AI isn't the add on— it's at the center of your strategy. This episode was recorded live at the CXO Summit. Key Insights & Timestamps: [00:00]: Podcast begins [02:42] Where’s the Market Headed? Predicting the rapidly changing AI future [19:53] What About Development? Scaling operations from an AI-curious perspective [36:01] All About Mindset: Realistic expectations from the new world of AI-first tech [46:01] Focus vs Prioritization? Roberto’s advice to leaders embracing AI [50:35] Co-Creation & Customization: Dan helps startups get in on the enterprise ground floor Key Takeaways: What’s Next: Buying vs building is a big discussion for companies and enterprises when integrating AI into their workflows, but perspectives are likely to shift towards a buy and build mindset. Companies will continue to integrate AI, but as software capabilities expand and evolve, many will want to build within the tools they’re buying, customizing AI agents for their unique needs without compromising on having to use multiple tools. When to Strike: The iron is hot for AI startups, but Dan Watkins of Mercury warns that this won’t always be the case. As AI usage ramps up, the prediction is that only the fittest of providers will survive, honing their services for specific industries and verticals to meet the needs of companies and customers who want a fully integrated AI in their workflows. Where to Prioritize: With AI growing in popularity and usage, it can feel impossible for a company leader to know where to start or where to focus their energy most. In Roberto’s opinion, leaders need to accept AI as an evolving tech and focus on creating a culture within their workplaces that embraces AI and furthers innovation at all levels. Guest Spotlight: Roberto Moctezuma Roberto is an entrepreneur, board member, advisor and angel investor with over 20 years of senior executive experience in the high-tech industry. Roberto is the CEO of Fractal River, a consulting firm that helps growth startups create the strategic and operational infrastructure they need to scale faster. Dan Watkins Dan is a Venture Partner and Co-Founder of Mercury Fund, CEO of Pelagos Pharma, and Director and Co-Founder at OmniScience. Adrian Fortino Adrian is an early stage investor focusing on entrepreneurs and technology innovation originating in the U.S. Midcontinent. He is a General Partner at Mercury Fund. Resources Mentioned: Mercury | mercuryfund.com, Fractal River | fractalriver.com For More Information: Produced by Speakerbox Media. For more episodes, visit Mercuryfund.com/content/. Stay Connected: Robert Moctezuma on LinkedIn Dan Watkins on LinkedIn  Adrian Fortino on LinkedIn

Large language models have taken over the world of search and transformed how products are discovered, driving more than 5 billion visits per month with 65% of users being open to purchasing based on AI recommendations. Pete Blackshaw, Co-Founder and CEO of BrandRank, refers to GenAI LLMs as “answer engines,” because consumers aren’t afraid to turn to these models for answers to their most complex inquiries about products, companies, and even the professionals behind them. Is your company discoverable in the new era of search, or will AI uncover insights you aren’t prepared for? This episode was originally hosted as a Fireside Chat at CXO Summit 2025, moderated by Aileen Allen from Mercury. Key Insights & Timestamps: [00:00]: Podcast begins [05:53] Answer Engines & the New Frontier: Tapping the $250B online search market [15:38] Visibility, Vulnerability, Readability: Is your company ready for the AI takeover? [20:36] How LLMs Change Consumer Perspectives: Rethinking search engine optimization [26:02] BrandRank’s Sales Cycle: How Pete’s team grows their client base [35:06] When Will AI Be Default? Predicting the future of online searches [42:18] Audience Q&A: Pete talks AI agents, content formatting, & attributions Key Takeaways: Consumers Turn to AI for Answers: Whether you’re only exposed to AI search results through Google integrations or you’re a ChatGPT inquiry master, your online searching habits are already impacted by LLMs. Pete explains that consumers have already seen the potential of this technology to give them in-depth, all-encompassing answers to complicated questions– and they’re trusting AI to tell them about what they want, or even need, to buy. Visibility, Vulnerability, Readability: When BrandRank evaluates and audits a company’s readiness for AI-driven search, it depends on 3 key categories. For visibility, Pete wants to know if companies are on an LLMs radar at all when performing an inquiry. Vulnerability is about understanding how answer engines can understand even the worst aspects of your business. Readability is about your content and if you’re putting enough out there for AI to work with. Optimize Your Content for LLMs: Beyond the 3 key aspects BrandRank uses for evaluation, Pete and his time try to recommend actionable and realistic steps for companies to take without compromising organic search engine optimization. Rethinking and restructuring your content for AI-driven engines should still value transparency and thoroughness, especially considering how many sources that LLMs can pull from when crafting summaries for users. Guest Spotlight: Pete Blackshaw Pete Blackshaw is Co-founder and CEO of BrandRank.AI, a fast growing start-up on a mission to help brands measure, protect, and grow trust through the power of AI-driven search and discovery, especially in high-consequence areas such as sustainability, product performance, data usage and supply chain. He is author of a book by Doubleday entitled “Satisfied Customers Tell Three Friends, Angry Customers Tell 3000: Running a Business in Today’s Consumer-Driven World”. He’s a 2016 Mediapost "Online All Star" recipient, a 2014 inductee of the World of Mouth Marketing Hall of Fame, and a 2010 Grand Prize winner of the “Great Minds” award from the Advertising Research Foundation. Aileen Allen Operator turned Investor. Aileen Allen invests in ambitious B2B SaaS founders, most of whom are located outside of the coastal hubs. Her current focus is on dev tools, infrastructure, and workplace productivity solutions. She leverages 15+ years of GTM experience to help portfolio companies achieve their growth objectives. Resources Mentioned: Mercury | mercuryfund.com, BrandRank.AI | brandrank.ai, CXO Summit 2025 For More Information: Produced by Speakerbox Media. For more episodes, visit Mercuryfund.com/content. Stay Connected: Aileen Allen on LinkedIn Pete Blackshaw on LinkedIn

The first 100 days of President Trump's second term have been among the most destabilizing in history. Rapid changes in innovation policy have taken place, while AI has become unregulated, digital currencies are becoming more regulated, and America has developed a sharper focus on defense and space innovation initiatives. While some have been surprised by the chaos, others believe that disrupting the global economic order is the only option to drive America forward, and entering us into a Golden Era of Innovation. American macro and geopolitical analyst Worth Wray joins Blair Garrou and Heath Butler of Mercury as he discusses his views on what just happened, what lies ahead, and why he believes the best of American Exceptionalism is yet to come. This episode was recorded live at the CXO Summit. Key Insights & Timestamps: [00:00] Podcast begins [09:07] What’s Wrong with America? How the US became a victim of its own success [20:45] Trump & the Future of Foreign Policy: Is the era of globalization officially over? [33:08] Is China an Ally or a Threat? Managing complex global relations in a new tech world [48:56] Elon Musk & Prime Movers: Is the quest for US innovation worth the risk of chaos? [58:05] American Dreams & Unalienable Rights: Collectivism brings conflicting ideas & policies [1:05:23] Space, Crypto, & AI: Will American Exceptionalism return to its former glory?   Key Takeaways: What’s Wrong with America? American success has been a sword that cuts both ways; the country has spent years at the top of global markets with unparalleled strength, but this success, this strength has pulled policies in every direction and spread resources thin. Offshoring, interference in global conflicts, and de-industrializing America has made exceptionalism and innovation harder to come by, while the nation’s top competitors make strides to close the gaps. What’s the Biggest Threat to the US? The current US administration under the Trump presidency is leading to chaotic and catastrophic impacts in the national and global economy, but Worth isn’t afraid to admit that a shake-up in power structures was much needed. Although current policies aren’t always guided with the best intentions, Worth emphasizes that global threats to American security, power and production need to be reckoned with. The United States needs to build its way out of its current predicament, or the nation will have to bend the knee to others. What’s Next for American Exceptionalism? Exceptionalism isn’t dead and hope isn’t lost, and Worth wants innovators and entrepreneurs to be mindful of 3 key categories for the future of American success: space, cryptocurrency, and artificial intelligence. In these key tech areas, the United States has the power, resources, intelligence and innovation to succeed— but action is needed and more people need to be willing to take the risk on new ideas. Guest Spotlight: Worth Wray  Worth Wray is the Chief Strategy Officer (CSO) at Phantom Space. Worth’s prior experience includes leading macro strategy at Corriente Advisors and strategy roles at STA Wealth Management (Avidian Wealth Solutions), Evergreen GaveKal, and Salient Partners. He has also advised and invested in early-stage deep technology companies. Resources Mentioned: Mercury | mercuryfund.com, Phantom Space | phantomspace.com For More Information: Produced by Speakerbox Media. For more episodes, visit https://mercuryfund.com/content/ Stay Connected: Worth Wray on LinkedIn Blair Garrou on LinkedIn Heath Butler on LinkedIn

The Mercury CXO Summit in Austin is the largest gathering of software ecosystem participants in the Midcontinent and featured expert panels and next-level conversations. These conversations explored the full spectrum of growth stage capital, from sourcing venture capital and private equity to strategic exits. In this highlight reel episode, we kick things off with the Private Equity Panel, diving deep into how PE firms approach founder led businesses. Then, we move into the Growth Venture Panel, where seasoned investors share insights into what it takes to raise capital at the growth stage. Finally, we wrap with the M&A Path to Liquidity Fireside Chat, a candid discussion about navigating the acquisition process. If you're a founder or growth executive thinking about the next capital raise or your exit, this episode is a must listen.  Key Insights & Timestamps:  [00:00] Podcast begins [02:59] Private Equity Panel: A sharper perspective on how to win in the PE sponsor market [21:44] Sophisticated Storytelling to Private Equity Firms: Where expectations meet reality [35:41] Growth Venture Panel: Align with investor expectations for rare IPO opportunities [55:45] How Gen AI Changes Valuations: Navigating a new world of tech investments [1:07:22] M&A Path to Liquidity: Planning tools to control your company’s future [1:22:53] Finding Your FInancial Fit: Advice for navigating the acquisition process Key Takeaways: Private Equity Panel: In a market where uncertainty is the new constant, private equity buyers are rewriting the playbook for what makes a company valuable. This Private Equity Panel, led by Aziz Gilani of Mercury and featuring Ramesh Venugopal from Riverwood Capital and Mike McMullan from Vista Equity Partners, unpacks how shifting revenue multiples and the rise of AI narratives are reshaping the path to a successful PE-led buyout. Growth Venture Panel: As the venture markets reset, founders face new rules for securing growth capital. The Growth Venture Panel, hosted by Samantha Lewis of Mercury in discussion with Karen Page of B Capital and Roberto Avila of Sageview Capital, dives into how Growth VCs are underwriting deals during the Age of AI and how AI adoption is reshaping valuation and exit expectations. Additionally, Karen and Roberto give their professional opinions on what sets standout companies apart and how the best are preparing for faster-moving markets. The M&A Path to Liquidity: In today’s volatile capital markets environment, the M&A process requires more than just good timing—it demands precision, preparation, and perspective. Blair Garrou, Managing Partner at Mercury, leads this Fireside Chat with Pooyan Mehdizadeh and Will Cass from Needham & Company as they unpack why some venture-backed companies break through uncertainty while others stall, how shifts in buyer behavior are reshaping deals, and what it takes to stand out in a crowded field. From navigating AI disruption to sharpening transaction strategy, Will and Pooyan offer guidance for founders on creating a successful exit.  For More Information:Produced by Speakerbox Media. For more episodes, visit Mercuryfund.com/content.

Do you want to dive deeper into the exciting world of blockchain, stable coins and the future of money management? Samantha Lewis, Partner at Mercury, sits down with Dave Sutter, CEO of OpenTrade, to explore how OpenTrade is leveraging blockchain to create stable coin infrastructure and yield for the next generation of financial services. If you've been wondering when blockchain will move from the theoretical to transformative, this conversation will give you a front row seat to the shift already underway. This episode was recorded live at the CXO Summit. Key Insights & Timestamps: [00:00] Podcast begins [09:22] Stable Coins: Why they’re important, who uses them, what’s next [17:22] Why Now? Infrastructure, administration & access lead to stable coin success [33:27] Impact on US Dollar: Stable coins as a defense technology for dollar hegemony [39:14] “Dark Side” of the Coin: Understanding risks & regulations in blockchain [48:14] OpenTrade’s Future: The de facto standard for stable coin yield? Key Takeaways: Fair Financials & Equitable Access: Understanding the appeal of stable coins like USDC and USDT requires consideration for a world outside of the dependable neighborhood bank. Dave explains that, in a large portion of the world, banking and finances are not always stable. A US dollar-based digital currency allows for global stable currency regardless of borders, while encouraging the hegemony of the US dollar in global markets. Risks & Regulations: Concerns about illegal activities and lack of sanctions have plagued blockchain from the beginning, but Dave is confident in stable coins as a regulatable and widely adoptable digital currency. Security and sanctions will have to be prioritized as stable coins like USDC become increasingly widely used nationally and abroad, and the infrastructure being prioritized today will ensure a safe, financially viable future for stable coins. Entrepreneurs & Late(r) Adopters: For fintech entrepreneurs and finance professionals on the fence about whether they should be thinking about stable coins, Dave urges having at least some experience, personal or professional, with stable coins to test the usability. Dave has found that, with an increasing demand for seamless global transactions, fintech companies of all sizes will see the positive impact of making stable coin systems available to their customers. Guest Spotlight: Samantha Lewis Samantha Lewis is a Partner at Mercury Fund. Her specific focus is on Mercury’s Power theme, where she seeks to fund startups utilizing blockchain, data platforms and fintech to rethink the way people access capital and transact globally. Dave Sutter Dave Sutter is an experienced entrepreneur, executive, builder, and expert in the area of distributed ledgers, blockchain, and crypto technologies and global trade, payments, and transaction banking. He is a veteran of the industry who has pioneered the technology's application in financial services, specifically in asset tokenization, stablecoins, and transaction banking. He is the CEO at OpenTrade.  Resources Mentioned: Mercury | mercuryfund.com, OpenTrade | opentrade.io For More Information: Produced by Speakerbox Media. For more episodes, visit https://mercuryfund.com/content/ Stay Connected: Samantha Lewis on LinkedIn Dave Sutter on LinkedIn

Is blockchain a game changer, or just another buzzword? This week, Go Slow to Grow Fast dives into the world of blockchain, beyond the hype and speculation, into real applications shaping industries. Samantha Lewis, Partner at Mercury, is joined by Manolo Sanchez, former CEO of BBVA, and Ian Epstein, co-CEO of Profitr and Global Head of Capital Markets & Distribution at Republic. Talking points include the power of decentralized technology, how startups can harness blockchain for security and transparency, and where the blockchain space is headed next. This episode is part of the Software Day at the Ion series, a collaborative initiative between the Ion and Mercury fund.   Key Insights & Timestamps:  [00:00]: Podcast begins   [01:28]: Background & introductions for Manolo, Ian & Samantha  [06:30]: Increasing relevance & revolutionizing blockchain across industries  [16:12]: Blockchain’s application to the everyday person anywhere   [22:02]: What’s holding blockchain back from increasing adoption?  [31:56]: Investment backing for blockchain & how to talk to customers about it  [35:54]: Q&A, including AI vs blockchain & new US administration impact    Key Takeaways:  Blockchain Has a Marketing Problem: “Blockchain is an incredibly valuable piece of technology infrastructure,” Samantha explains, citing Mercury’s focus on blockchain and fintech investments as a sign of blockchain’s current market impact and future success. “It gets a bad name because of the craziness that goes on in the crypto markets, so being able to separate those two is key.”  Programmable is Key: “if you want to dumb this down, blockchain is digital money that’s programmable,” Manolo defines, explaining the importance of blockchain as an accessible transaction of value. “The ability to transfer value at the speed of the internet and to use native tools for programming, that creates a new paradigm.”   Breakout Failures & Lack of Killer Apps: “Blockchain has failed to break out, and I think that the reason are business leaders in the web3 industry are pretty bad,” Ian states, lending his opinion to the growing sentiment that blockchain should be given more of an opportunity to make a mark in US financials. “I think it’s been a failure to have a contiguous operating system and to find high quality application layers.”   Guest Spotlight:  Manolo Sanchez:  Manolo Sanchez is the former Chairman, President and CEO of BBVA Compass. Currently, he is an Adjunct Professor at Rice University and serves on the Boards of several fintech startups and companies.     Ian Epstein:  Ian Epstein is the Co-CEO of Profitr, CEO of OpenDeal Broker, and  EVP at Republic. He has a background in global capital markets, liquid cross asset portfolio management, and private equity strategies.    Samantha Lewis:  Samantha Lewis is a Partner at Mercury Fund. Her specific focus is on Mercury’s Power theme, where she seeks to fund startups utilizing blockchain, data platforms and fintech to rethink the way people access capital and opportunity, build wealth, spend money and organize as communities.   Resources Mentioned:  Mercury | mercuryfund.com, Profitr | profitr.com, Republic | republic.com, Rice University | business.rice.edu  For More Information:  Produced by Speakerbox Media. For more episodes, visit MercuryFund.com/Content.  Stay Connected:  Ian Epstein on LinkedIn  Manolo Sanchez on LinkedIn  Samantha Lewis on LinkedIn

Artificial intelligence is shaping up to be one of the most transformative technological advancements of the 21st century. Go Slow to Grow Fast Host Heath Butler is joined by executives from 3 vertical AI SaaS companies— Matt Robillard of SmartAC, Collin Mclelland of Digital Wildcatters, and Jeremy Gottlieb of Veritec AI— to break down what’s real, what’s hype, and what’s next for the future of AI in the startup world. Whether you're looking to integrate AI into your business, build an AI first product to take to market, or just trying to keep up with the rapid advancements, this conversation is one you won't want to miss. This episode is part of the Software Day at the Ion series.   Key Insights & Timestamps:  [00:00]: Podcast begins   [01:26]: Why AI? 3 AI SaaS companies weigh in on tech & data opportunities  [08:05]: Internal & External Leveraging: AI usage from hiring to workflows to system building  [11:05]: Beyond the Hype? Delivering next level customer value during the AI boom   [23:26]: Small Teams, Big Dreams: How do you build a $100M business with 5 employees?  [29:41]: Personal AI Usage: Everyday tasks made easier at work & home  [33:47]: Audience Q&A: AI-first approach, hiring talented teams, & marketing unique models    Key Takeaways:  Building AI-First Companies: “I think if you’re an AI native company, you have the wonderful opportunity of thinking from first principles,” Matt Robillard explains, citing that SmartAC progresses with their AI technology so as to not be hindered by pre-existing workflows. “It’s about really leaning into what this could be.”   Beyond the Hype? “I think the cost curve is coming down dramatically, and for companies like ours, it’s incredibly beneficial,” Jeremy Gottlieb says, diving into how Veritec AI will change the game in the litigation space. “This gives us an opportunity to come in and compete with our larger competitors.”  Big Businesses, Small Teams! “I don’t think I need a team of 50 engineers anymore,” Collin Mclelland admits, explaining that Digital Wildcatters is focused on using AI at every level of their business to build efficient teams, products and systems. “It’s important to hire technical people that understand the [AI] business as well.”   Guest Spotlight:  Jeremy Gottlieb  Jeremy Gottlieb is the Co-Founder and CEO at Veritec AI, a company offering comprehensive AI-powered solutions tailored for the legal industry. Jeremy is a 2-time founder, a board member, and an advisor.     Matt Robillard  Matt Robillard is the Head of Artificial Intelligence at SmartAC, the first and largest Customer Loyalty Management for HVAC. Matt is an engineer and entrepreneur with software and systems experience.     Collin Mclelland  Collin Mclelland is the Co-Founder and CEO at Digital Wildcatters, a community for the next generation of energy professionals. Collin wants to move the energy industry forward and power the world.     Heath Butler  Heath Butler is a VC at Mercury, an early-stage venture capital firm. Heath is a venture investor, professional board director, startup advisor, author and speaker.     Resources Mentioned:  Mercury | mercuryfund.com, Veritec AI | veritec.ai, SmartAC | hvac.smartac.com, Digital Wildcatters | collide.io, Software Day at the Ion  For More Information:  Produced by Speakerbox Media. For more episodes, visit MercuryFund.com/Content.  Stay Connected:  Heath Butler on LinkedIn  Jeremy Gottlieb on LinkedIn  Matt Robillard on LinkedIn  Collin Mclelland on LinkedIn

What makes Texas’ VCs tick? In today's session, Blair Garrou, Managing Partner at Mercury, leads a panel discussion with 3 Austin-based VC firms on the current investment landscape in Texas. Joining Blair are esteemed venture capitalists Craig Cummings of Moonshots Capital, Conrad Shang of Ensemble VC, and Han Shen of iFly.vc. Together, they’ll share key insights on emerging investment trends, discuss which sectors are attracting the most capital, and advise startups on navigating today’s market while achieving funding goals. This episode is part of the Software Day at the Ion series.  Key Insights & Timestamps:  [00:00]: Podcast begins   [01:07]: 2024 Venture Capital Report: Blair talks Gunderson Dettmer findings  [04:56]: Meet the Panelists: What differentiates these 3 venture funds from others?  [11:32]: Portfolios & Philosophies: iFly.vc, Ensemble & Moonshots reveal what makes them tick  [20:55]: Living in the Future? How VC funds embrace AI in the digital age  [29:10]: Market Volatility: How should investors manage uncertain financial times?  [36:03]: Audience Q&A: AI disruption, Houston investment advice & the importance of location    Key Takeaways:  “That ‘fit’ really is a big piece of the equation in our assessment,” Han Shen says, diving into iFly’s unique positioning and strategy as a solo GP. “We understand what is in it for the founders and us as investors, even before we extend a term sheet. To talk numbers, iFLY started in 2016 and over the course of the last 8 years, we’ve invested in a total of 15 companies.”  “As AI is disrupting how startups are being built, the prediction that people have is that the next multi-billion-dollar company is going to be built with five people,” Conrad Shang hypothesizes, explaining how Ensemble VC is revolutionizing their AI-first approach. “Our belief was that the same impact will also affect investing. Our high conviction model is one where AI is also going to disrupt venture.”   Guest Spotlight:  Craig Cummings  Craig Cummings is the General Partner at Moonshots Capital in Austin. Craig actively invests in technology start-ups, many of which are founded by military veteran entrepreneurs. Prior to Moonshots, Craig was the co-founder and CEO of mobile app RideScout, and was an Intelligence Officer at the NSA.    Conrad Shang  Conrad Shang is the founder and Managing Partner at Ensemble VC, based in Austin. Before founding Ensemble VC, Conrad led the $4 billion venture capital portfolio at UTIMCO. His success in venture capital was recognized by the Kauffman Fund Returner Index, where he was ranked #27.    Han Shen  Han Shen is a Founding Partner at iFly.v based in Austin. Han’s career in venture capital started in 2009 and has spanned at VantagePoint and Formation 8. Previously, Han worked for Rohm and Haas Company, the largest US specialty chemical company, where he was credited as a key inventor of 4 US patents.    Blair Garrou  Blair Garrou is co-founder and Managing Director of Mercury, an early-stage venture capital firm headquartered in Houston. Prior to co-founding Mercury, Blair worked with Intermat, Genesis Park, and the Houston Technology Center (HTC), and led the formation of the Houston Angel Network (HAN).    Resources Mentioned:  Mercury | mercuryfund.com, Moonshots Capital | moonshotscapital.com, Ensemble VC | ensemble.vc, iFly.vc | ifly.vc, Gunderson Dettmer 2024 Venture Capital Report  For More Information:  Produced by Speakerbox Media. For more episodes, visit MercuryFund.com/Content.  Stay Connected:  Blair Garrou on LinkedIn  Craig Cummings on LinkedIn  Conrad Shang on LinkedIn  Han Shen on LinkedIn

Today, Heath talks with Mercury CMO Melissa Turowsky on the evolution of marketing and how big changes are forcing venture backed startups to reevaluate how they think about marketing function, customer acquisition, and the talent required to achieve their business goals. In the episode, Melissa retells her journey through startups and marketing from New York to Houston and how she arrived at Mercury. She also explains why you should “go for the gold” when hiring for talent, talks on metrics in marketing strategy, and lays out the difference between ‘vitamin’ and ‘painkiller’ strategies for cutting through advertising noise.

Samantha Lewis, Partner at Mercury and Kauffman Fellow, joins the show to talk about her experience as a millennial VC and the impact she hopes to have in venture as a woman in a male-dominated field. Focusing on impact investing in the web3 and FinTech space, Samantha has an eye for innovation and a heart for diverse founders, entrepreneurs, and investors. Talking points for this episode include Samantha’s experience in the Kauffman fellowship, investing with ESG in mind, and the future generation of VCs.

Heath Butler sits down with Ayoola John, AKA AJ, formerly Product Manager at Facebook and Coinbase who is now working on his own startup—an AI assistant for community managers called Astronaut. AJ shares how he jumped from Chevron to Facebook to now working for himself. Having immigrated from Nigeria, AJ has witnessed many different communities and now seeks to help community leaders nurture their own communities with AI. In this episode, Heath and AJ talk about the revolutionary power of AI, how to channel it into a startup, and the vital steps in ensuring great product market fit while following through with a world-changing vision.

In this episode, Heath talks with Steven Carter, Co-Founder and Chief Product Officer at Otto, formerly TeleVet. In college, Steven saw a demand for a horse-selling version of CARFAX. So, he filled the gap. Similarly, after seeing a demand for a tele-vet service, Steven helped start what is now the number one tele-vet service in the world, Otto. Heath and Steven discuss the pivotal moments and pressing challenges of starting a company and helping it grow. Sometimes, this means stepping back and steering the boat in unseen ways—such as hiring a new CEO. Listen in to hear the humbling hero’s journey of tech startups.

Today, Heath welcomes Adrian Fortino on the pod to discuss the tumultuous journey: the good, the bad, and the ugly in starting a startup. Adrian is the Managing Director at Mercury at the Midwest office in Ann Arbor, Michigan. He tells his story of being a founder and emphasizes the importance of learning to understand the ‘no’s. Adrian and Heath talk about navigating the zero to one journey, pitfalls to avoid in an uncertain economic environment, and what to focus on in the early building stages of a startup.

In this part-two episode, Heath sits down with Aziz Gilani from Mercury Fund to discuss the current investing environment while also touching on topics such as pricing and fundability. They talk about how entrepreneurs can best build relationships with VCs and how founders should be thinking about their businesses to thrive in the current environment.

Aziz Gilani, Managing Director at Mercury, joins host Heath Butler to talk about the current economic environment and the impact it’s having on founders looking for funding. As a member of the National Advisory Council on Innovation and Entrepreneurship, Aziz brings his economic expertise to the pod and gives some insight into when we might see funding return to “normal” conditions. Talking points include inflation, economic recession, and Mercury’s current investment habits during this time.

This week, Heath sits down with Sid Upadhyay, Co-Founder and CEO at WizeHire to explore why grade-A talent matters in a startup. Sid talks through the pre-product market fit stage and the hiring process, touching on the most critical decisions that a founder should make early on in the bootstrapping journey. Finding what good versus great looks like for each role is crucial, Sid says—and that it all does boil down to going slow first so that you can grow fast later.

Blair Garrou, Co-Founder of Mercury, joins the inaugural episode of Go Slow Grow Fast to talk about how hiring grade A talent impacts fundraising valuations. In today’s down market, startups need to be extremely focused on the intersection of product market fit, company performance, and a solid team of employees. Blair walks through the founding of Mercury, Mercury’s own methods of evaluating product market fit, and how founders can benefit from hiring grade A instead of settling for B+.

Explore Mercury's innovative podcast crafted specifically to guide startups through growth hurdles. Gain practical wisdom from experienced investors, advisors, and accomplished founders, customized to your unique path. From surmounting funding hurdles and mastering the product-market fit to broadening your customer reach and fostering a growth-focused mindset, "Go Slow to Grow Fast" addresses the complete spectrum.