Venture Declassified

In this quick Venture Declassified “nugget,” Mike Kelly, Ben Pidgeon, and Jacob Schpok break down the concept of drag-along rights—one of those legal terms that can have major real-world consequences for investors and founders. Using a real example involving a missed acquisition opportunity, the hosts explain why investors sometimes insist on having the power to force a sale. It’s a fast look at how governance provisions can protect investors from emotional decision-making when big offers hit the table. If you’ve ever wondered why drag-along clauses show up in deal documents, this short episode delivers the answer.  ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok unpack one of the most misunderstood moments in startup investing: the exit. While headlines often highlight big acquisition numbers, the hosts explain why the reality behind those numbers is rarely as straightforward—or as lucrative—as it first appears.  The conversation breaks down the different ways exits actually play out for angel investors. From acquihires to strategic acquisitions and deals structured with stock, earnouts, or buyer notes, the hosts explore how value is really distributed after a company is sold. They also walk through why the headline price doesn’t necessarily reflect what investors ultimately receive, and how deal structure can dramatically shape the outcome.  Along the way, the group shares practical perspective on how angels should think about liquidity, timing, and expectations when a portfolio company exits. Whether you’re new to angel investing or have a few deals under your belt, this episode offers a candid look at what “success” can really mean when the exit finally arrives. Key Topics•      The range of exit scenarios founders and investors may encounter•      How earnouts and deferred payments affect investor returns•      When equity in the acquiring company becomes part of the deal•      Understanding acquihires and their impact on early investors•      The role of post-acquisition performance targets•      Why exit timelines can stretch years beyond the initial transaction•      Managing expectations around liquidity events in early-stage investing ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok dive into a reality every startup investor eventually faces: what happens when a company simply doesn’t work out. The conversation kicks off with Ben stepping off a real-time investor call dealing with a struggling portfolio company, which leads the group into an honest discussion about dissolutions, asset sales, and how investors determine “who gets what” when the outcome falls short of expectations.  The hosts break down how liquidation preferences, funding rounds, and cap table structures influence the waterfall when a company winds down. Along the way, they explore the practical side of navigating these situations—why transparency, documentation, and investor alignment matter when difficult decisions are being made quickly and under pressure.  But the discussion isn’t just about mechanics. The group also reflects on the human side of startup failures—from the emotional toll on founders who have poured years into their companies to the responsibility investors have to approach these moments with empathy and professionalism. The episode closes with a look at how experienced investors run postmortems on failed investments and what lessons can be learned for future deals.  Key Topics  •      Recognizing early warning signs that a startup may be struggling  •      How funding rounds and investor preferences affect payout order  •      The difference between convertible notes, SAFEs, and priced rounds in downside scenarios  •      Why transparency and documentation reduce investor conflict  •      The role angel investors can play during difficult portfolio moments  •      Product-market fit vs. management issues as causes of startup failure  •      Running post-investment debriefs to improve future investment decisions ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryIn this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok unpack a topic that occasionally pops up in startup financials but rarely gets discussed openly: founder loans. What happens when a founder puts their own money into the company—and more importantly, what happens when it’s time to raise outside capital?  The group walks through common scenarios where founders fund early operations out of necessity, only for that contribution to later show up on the balance sheet as a liability. The conversation explores why these arrangements often lack proper documentation, how they’re perceived during diligence, and why investors tend to get uneasy if new capital is used to pay founders back.  Along the way, the hosts discuss practical approaches for handling these situations without derailing a round—from structuring repayment expectations to converting obligations into equity. With their usual mix of candor and dry humor, the crew offers a behind-the-scenes look at how investors actually evaluate these situations—and what founders should think about before lending their own startup money.  Key Topics•      The risks of undocumented or informally structured founder financing•      Investor reactions when repayment is tied to a new funding round•      Options for restructuring or resolving founder debt before closing a round•      The role of board oversight and investor communication in these situations•      Early-stage cash constraints that lead founders to personally fund operations•      Navigating founder incentives and fairness during financing events•      How experienced investors evaluate these situations during diligence ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, Mike Kelly and Jacob Schpok are joined by Grant Chapman, co-founder of Glassboard, along with GrowthX Partner Jeanette Renshaw for a candid conversation about what it really takes to build—and invest in—hard tech. Drawing from deep, hands-on experience across hardware, medtech, and physical product development, the group unpacks why hardware timelines routinely stretch, why testing and validation are chronically underestimated, and why optimism is often the most expensive line item in a founder’s budget.Jeanette brings a go-to-market and founder-coaching lens to the discussion, highlighting how early assumptions around customers, timelines, and revenue expectations often collapse once physical constraints enter the picture. Grant shares hard-earned lessons from working with founders who discover too late that physics, compliance, and manufacturing don’t bend to pitch decks, while Mike and Jacob ground the conversation in what angels should realistically expect when evaluating hard tech opportunities.Together, the group offers a clear-eyed look at how hardware startups can responsibly de-risk, raise capital without overpromising, and avoid the common traps that derail otherwise promising companies. For angel investors, this episode delivers practical insight into separating ambition from execution—and understanding when patience, not speed, is the real advantage. Guest BioGrant Chapman is the CEO and co-founder of Glassboard, a hardware product development firm that helps startups and established companies design, prototype, and bring complex physical products to market. With over a decade of experience in hard tech and engineering, he leads development efforts that bridge early-stage validation and scalable manufacturing. Under his leadership, Glassboard has become a trusted partner for founders navigating the unique risks and execution challenges of hardware innovation. Chapman’s work emphasizes rigorous testing, practical product strategy, and connecting founders with the right capital and expertise to accelerate growth. LinkedIn Website Jeanette Renshaw is a Partner and Managing Director of Startup Growth at GrowthX, where she helps B2B founders get to market and build repeatable revenue engines. With over a decade of experience across 20+ tech industries, she has worked hands-on with hundreds of startups, coaching founders through early-stage sales, go-to-market strategy, and customer validation. LinkedIn Website Key Topics•      Why hardware timelines are longer and less forgiving than software•      How to spot unrealistic timelines and missing milestones in pitch decks•      Ethical ways to validate hardware demand before building the product•      Why early crowdfunding often backfires for hardware startups•      How founders accidentally alienate early investors through optimism•      What true “de-risking” looks like at each stage of hardware development•Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryRecorded live from the Rally Innovation Conference, this episode of Venture Declassified features a wide-ranging and candid conversation with Jeanette Renshaw, Partner at GrowthX, on what actually drives early-stage success: understanding your ideal customer and learning how to sell—before you run out of runway. Jeanette breaks down why startup sales remains one of the least-supported (and most misunderstood) skills founders need to master, especially at the pre-seed and seed stages.  The discussion digs into how investors can evaluate whether founders truly understand their market, moving past vanity metrics like the number of customer interviews and instead focusing on outcomes, clarity, and execution. Jeanette introduces GrowthX’s concept of intentional “micro-sprints,” explains why ICPs should be painfully narrow early on, and shares why founders—not hired guns, consultants, or AI—must own early sales conversations themselves.  From red flags that signal poor coachability to practical guidance on avoiding the “do nothing” status quo in buyer behavior, the episode blends humor, real-world examples, and hard-earned lessons from working deep in the weeds with founders. For angel investors and early-stage operators alike, this conversation offers a grounded look at how learning velocity, focus, and disciplined go-to-market work can dramatically reduce execution risk.  Key Topics•      Why early-stage go-to-market success depends on focus, not scale•      How investors can evaluate ICP clarity without relying on interview counts•      The risks of outsourcing sales learning too early•      When AI-generated feedback helps—and when it misleads•      Signals investors should look for to assess founder coachability•      Common red flags that indicate execution risk•      How founders overcome the “do nothing” status quo in buying decisions•      Why documenting learnings matters more than polished decks  Guest BioJeanette Renshaw is a Partner and Managing Director of Startup Growth at GrowthX, where she helps B2B founders get to market and build repeatable revenue engines. With over a decade of experience across 20+ tech industries, she has worked hands-on with hundreds of startups, coaching founders through early-stage sales, go-to-market strategy, and customer validation. LinkedIn Website  ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok tackle one of the most overlooked—but most consequential—parts of startup investing: the cap table. From abandoned founder equity to a stack of mismatched SAFEs, the trio share war stories of cap tables that turn into what they like to call a “hot mess”—and why those messes can scare off the very investors a company needs most.  Along the way, they unpack the mechanics behind dilution math, option pools, and convertible notes, and shine a light on the hidden gotchas that quietly eat away at ownership. But it’s not all spreadsheets and legalese—the conversation also digs into the human side: what happens when founders don’t own enough of their company, when incentives drift out of alignment, or when optimism leads to painful down rounds.  Whether you’re an angel investor learning how to spot red flags or a founder preparing for your next raise, this episode offers a candid guide to keeping ownership structures clean, credible, and fundable.  Key Topics•      Common scenarios that create broken cap tables•      Governance challenges and the importance of transparent decision-making•      Investor psychology: how over-diluted founders and misaligned incentives undermine growth•      Practical approaches to repair ownership structures•      The legal and emotional pitfalls of restructuring without new capital on the table•      Why alignment between founders, investors, and boards determines whether companies survive or stall ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok take a hard look at bridge rounds—what they are, when they make sense, and when they’re really just a disguised recap.  The conversation starts with definitions: a bridge round is typically a smaller, short-term raise—often structured as a convertible note or SAFE—intended to extend a company’s runway until the next major milestone. But as the hosts point out, bridges can fall into three very different categories: a pivot where the company needs fresh conviction, a quick infusion of capital to hold a team together until revenue catches up, or a milestone-driven raise where investors want a bit more proof before the next priced round.  The discussion also touches on founder storytelling and investor diligence. Is the pitch grounded in new information and realistic milestones, or is it just recycled pipeline promises? Asking for the prior pitch deck, comparing KPIs over time, and paying attention to who else is writing checks can reveal the true state of play.  Whether you’re an angel investor considering a bridge, a founder debating how to structure a raise, or just curious about the mechanics of early-stage capital, this episode offers a candid and practical breakdown of how bridges can either keep a company on track—or lead it further into trouble.  Key Topics•      Defining bridge rounds and how they differ from full priced round•      Common scenarios where bridges arise: pivots, milestone-driven raises, and team runway extensions•      Extension rounds and how insider vs. outsider participation signals confidence•      Market conditions and their impact on valuations and recapitalizations•      Risks of ego and financial incentives driving bridge decisions•      Governance dynamics: insider commitment, board participation, and signaling strength•      Key diligence questions for angels considering a bridge investment ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, hosts Jacob Schpok, Ben Pidgeon, and Mike Kelly unpack the inner workings of Special Purpose Vehicles (SPVs) and their role in managing follow-on investments. Drawing from recent real-world scenarios, the trio explores how SPVs are structured, how pro rata rights work in practice, and what happens when not all investors are on board for additional funding rounds.  Ben shares a current “pay-to-play” situation, explaining how failing to participate in a follow-on can push investors down the preference stack—or even convert them to common shares—dramatically impacting potential returns. The conversation dives deep into mechanics like preference stacks, pari passu arrangements, capital calls, and how SPVs track ownership across multiple rounds. Mike adds perspective on structural differences between manager-led and member-managed SPVs, and why understanding your voting rights and obligations matters.  They also highlight the nuances of running internal “waterfalls” within an SPV to distribute returns fairly among investors in different rounds. From the realities of last-minute investor dropouts to the importance of clear governance, the hosts offer a candid look at the operational and relational challenges that come with managing pooled investments.  The discussion wraps with practical guidance for angels considering joining or creating their own SPV—covering fee structures, deal economics, and minimum check sizes. Whether you’re investing through an angel group or setting up an SPV with friends, this episode delivers a grounded, experience-based look at protecting your position, avoiding unnecessary dilution, and making informed follow-on decisions. Key Topics•      Defining SPVs and their role in pooled startup investments•      Handling last-minute investor dropouts and capital call gaps•      Fee structures, hurdle rates, and carried interest models•      Governance considerations and voting rights within SPVs•      Risks and benefits of forming your own SPV with peers•      Minimum check sizes and factors influencing deal participation ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryIn this episode of “Venture Declassified,” hosts Mike Kelly, Jacob Schpok, and Ben Pidgeon are joined by super angel investor Ken Miller for a candid conversation on the art and reality of exercising influence as an angel investor.   The discussion kicks off with the dilemma many angels encounter: what to do when you see a portfolio company making decisions you disagree with—especially when you’re a minority on the cap table and not on the board. The group explores the most effective (and least destructive) ways to voice concerns, —asking sincere, probing questions to prompt founders to re-examine their assumptions.  Ken, Ben, and Mike unpack scenarios from disengaged boards to founders clinging to wishful thinking, debating whether tough conversations should happen one-on-one over lunch or in the boardroom. They dissect the role of data in clarifying disagreements, how to build consensus among other investors, and the importance of humility—accepting you might be wrong, even if you’re passionate and experienced.  The episode also tackles the reality of misaligned investor goals, such as the choice between holding out for a potential big exit versus taking chips off the table in a tough market. Throughout, the hosts keep it real about the ups and downs of angel investing—reminding listeners that failures are common, big wins can come unexpectedly, and open debate is often the healthiest path forward.  Whether you’re an experienced angel or just getting started, this episode is brimming with practical wisdom for navigating the emotional, interpersonal, and strategic challenges of influencing startups from the sidelines. Ken MillerWith 30 years of experience developing teams and focusing on growth and innovation, Ken Miller has gained deep insight into the unique challenges of leadership. While technologies and industries continue to evolve, he believes the solutions to these challenges are consistently found in the same place: people. His passion lies in building empowered teams and cultivating leadership, helping individuals understand the powerful connection between personal growth, innovation, and high performance. LinkedIn Key Topics•      The Value Angel Investors Bring Beyond Capital•      Minority Stakeholders: Influence Without Control•      Board Dynamics and Effective Questioning•      Approaching Disengaged Founders and Boards•      Building Consensus and Escalating Concerns•      Navigating Differing Investor Philosophies•      Recognizing When Influence Isn’t Working ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this insightful episode of "Venture Declassified," hosts Jacob Spock, Mike Kelly, and Ben Pidgeon are joined by guest Ken Miller to tackle the timely and complex topic of tariffs, and their ripple effects on startups, investors, and the broader business ecosystem. The crew dives straight into the current landscape, highlighting the divide between companies with international exposure—who are feeling the pinch—and those insulated from global trade dynamics.  The conversation kicks off with a candid exploration of how tariffs are impacting founder confidence and client spending, especially for startups selling into large, global enterprises. Ken and Mike weigh in on the trend of onshoring as companies reevaluate the risks tied to overseas manufacturing. The team dissects the purpose of tariffs, questioning whether they truly level the playing field or simply force startups to get more creative.  Jacob and Ben stress that, while entrepreneurs can’t control federal policy, they can—and should—plan for uncertainty. The hosts encourage founders and investors to be proactive about risk, advocating for scenario planning and optionality, rather than becoming paralyzed by volatility.  As the show wraps up, the hosts share practical advice: stay curious, gather data before making decisions, and always have a flexible plan B. The episode delivers a blend of practical strategies and optimism, reminding listeners that with creativity and adaptability, startups can weather almost any storm—even one involving tariffs. Key Topics•      Historical and Philosophical Perspective on Tariffs•      Startup and Investment Planning in Response to Tariffs•      Debate on Whether Tariffs are the Only Tool to Level the Competitive Playing Field•      How Tariffs Influence Investment Thesis and Portfolio Strategy•      Practical Guidance for Navigating Tariff-Induced Uncertainty•      Investor Perspective: Finding Opportunity Amidst Danger•      The Virtue of Constraints and Ingenuity in Crisis  ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this lively episode of "Venture Declassified," hosts Mike Kelly, Ben Pidgeon, and Jacob Spock dive deep into their screening processes, offering a backstage pass to how venture capital decisions are made. The episode is a fascinating exploration of how these experts engage with potential portfolio companies, balance efficiency with thoroughness, and deal with the challenges of high-volume deal flow.Jacob, Mike, and Ben begin by sharing their recent experiences at South by Southwest and quickly transition to discussing their week-long schedules. This sets the stage for a detailed conversation about screening potential investments, differentiating between immediate red flags and opportunities worth pursuing. The hosts reveal how each of their organizations handles the influx of applications and inbound interest, underscoring the importance of structure and criteria in maintaining a robust pipeline.Ben sheds light on his approach at Vision Tech, highlighting the value of maintaining a hands-on yet discerning method to assess new ventures. Meanwhile, Jacob offers insights into Elevate Ventures, where geographic requirements and innovation potential are key factors in initial screenings. Mike provides a view into their process of filtering deals and identifying champions within their team to advocate for promising startups.The trio also discusses the variables and criteria that can make or break a deal during the screening phase. They touch upon aspects like business model viability, founder preparedness, and market potential. Additionally, they explore how external factors and dynamics can shape the landscape of investing.The episode wraps up with a thought-provoking idea for future content: conducting live screening sessions with each host leading their respective deal discussions. This engaging episode is a must-listen for anyone interested in the intricate dance of VC deal screening and the mechanics behind investing smartly and successfully. Key Topics•      Discussion about dedicating time to due diligence and screening companies•      The process of reviewing deal flow and assigning partners for screening•      Various strategies in handling screening calls and time management•      Assessing company validity and readiness during calls•      Differentiating promising startups from less credible ones•      Warning signs during screening, such as a lack of competition or sense of urgency ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of "Venture Declassified," hosts Ben Pidgeon, Mike Kelly, and Jacob Schpok delve into the intriguing world of secondary markets. They explore how these markets offer a mechanism for current shareholders in privately-held companies to sell their shares to private entities. With a candid approach, the hosts detail how these transactions do not inject new cash into companies but rather enable liquidity for shareholders looking to exit their positions. The conversation is kicked off by Ben explaining the nuances of secondary markets, likening them to purchasing stocks in the public market but with private entities. Mike and Jacob expand on this by providing real-world scenarios, such as employees at companies like Stripe seeking liquidity before an IPO, or angel investors seeking exits after years of sitting on investments.A substantial portion of the discussion is dedicated to why secondary markets have flourished in recent years, with Ben attributing this to the scarcity of M&A or IPO opportunities. Mike poses an interesting counter to Ben's point, suggesting that public market regulations may dissuade profitable companies from going public, hence the rise in secondary markets.The hosts acknowledge that while secondary markets offer exciting opportunities, they're fraught with challenges, particularly in determining genuine market prices due to less frequent transactions compared to public markets. They also touch on strategic considerations, using secondary offerings to keep founders motivated or even save personal relationships, highlighting the real-world implications of delayed liquidity events.As they wrap up, the hosts reflect on the potential evolution of secondary markets, particularly amid global economic uncertainties and the influence of emerging technologies like AI. An informative listen for anyone curious about the dynamics of private equity and liquidity options. Key Topics•      Introduction to Secondary Markets•      Importance of board approval and rights of first refusal•      Employee stock options and larger secondary markets•      Interest in buying secondaries among investors•      Risks associated with founders selling significant portions of their holdings•      Importance of modeling out an option plan for potential stock options•      Considering secondaries based on current market and company conditions ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this insightful episode of "Venture Declassified," hosts Ben Pidgeon, Mike Kelly, and Jacob Schpok join guest Toph Day to explore the rapid shifts within Indiana's burgeoning tech ecosystem. The discussion centers on the theme of "Innovate or Evaporate," emphasizing the need for businesses to adapt to swiftly evolving technological landscapes, particularly with AI advancements. Toph illustrates this urgency with the example of Chegg, a company that saw its valuation collapse due to AI tools like ChatGPT. The conversation underscores the necessity for startups to harness modern tools like low code and no code platforms for competitive advantage, as highlighted by Mike's experience using Bubble to launch a tech venture. The episode delves into the exciting concept of tech convergence—blending software with hardware to form unique innovations. This theme is portrayed as crucial for companies aiming to stand out in today's market. The hosts provide valuable insights on strategic investment in this new era, and that understanding these elements is key to thriving in a quickly changing landscape. In a compelling segment, Toph declares Indiana the "Innovation Capital of the World," backed by its rich infrastructure, impressive talent pool, and collaborative environment, positioning the state as a prime hub for entrepreneurial endeavors. Listeners are encouraged to tune in for a thorough examination of Indiana’s role in the global tech scene and gain a deeper understanding of how businesses can ride the wave of innovation to stay ahead in their respective fields. Guest BioToph is the CEO of Elevate Ventures, the #1 most active Seed and Early Stage investor in the Great Lakes Region, top ten in the US and top twenty in the world. He is also the Chief Visionary for Rally, the largest cross-sector innovation conference. He is an innovator, entrepreneur, business creator, community builder, job maker and wealth creator throughout his endeavors over the last 30 years having co-founded eight businesses in seven different sectors with multiple exits to Fortune 500 companies. He has led companies across multiple sectors including artificial intelligence, SaaS, hardtech, broadband, entertainment, investment banking and real estate. He is also an IBJ 40 under 40 and top 250 most influential and impactful leader. LinkedIn  Key Topics•      Impact of AI and Technological Advancements: Discussing the shift in how companies need to approach building software products.•      The importance of disrupting oneself and innovating internally•      Introduction of low code/no-code platforms and their impact•      Investment Strategies and AI in Business: The difficulty in making long-term software investments.•      Indiana's strengths in infrastructure, talent, industry, and cost of living.•      Encouraging Indiana’s Entrepreneurial Ecosystem: Promoting a culture of risk-taking and innovation.   ConnectMike Kelly•      LinkedIn•      Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryIn this engaging episode of "Venture Declassified," hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok unpack the various types of investment vehicles and the appropriate contexts for their use. The episode is loaded with expert insights into the nuances of safes, convertible notes, and equity financing, making it a must-listen for both budding entrepreneurs and seasoned investors. Jacob outlines the main reasons why pre-seed and seed stages often employ safes and convertible notes, citing the difficulty in pricing companies at these early stages. Mike dives deeper into the topic, discussing the similarities and differences between safes and convertible notes, including the importance of cap rates and the implications of having or not having a maturity date. Ben contributes by explaining how the size of the investment can influence the choice of vehicle, emphasizing the balance between legal fees and capital deployment. The hosts also explore more nuanced instruments, such as rolling closes and warrant coverage, providing listeners with a thorough understanding of when and why these might be used. Jacob and Mike engage in a spirited debate over the merits and pitfalls of these investment vehicles, offering contrasting perspectives. Mike's pragmatic approach is balanced by Jacob's principled stance, both underpinned by Ben's thoughtful moderation. The episode wraps up with practical advice on navigating these financial instruments, making it an invaluable resource for anyone involved in venture capital or startup funding. Tune in to gain a comprehensive understanding of how different investment strategies can align with your entrepreneurial journey or investment thesis.  Key Topics•      Types of Investment Vehicles: Pricing the Round, Convertible Notes, SAFEs (Simple Agreement for Future Equity)•      Convertible Notes•      Precedent and Seed Stage Usage•      Difficulty in Pricing•      Potential Scenarios and Legal Aspects•      SAFEs•      Fundraising Speed and Simplicity•      Convertible Notes vs. SAFEs•      Convertible Notes’ Role in Different Rounds•      Merits and Demerits of SAFEs in Pre-Seed and Seed Stages•      Additional Investment Structures ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryIn this enlightening episode of "Venture Declassified," hosts Ben Pidgeon, Mike Kelly, and Jacob Spock tackle the subject of waterfall analysis, offering listeners a clear understanding of its role in the investment process. The topic comes to life through a real-life scenario where their portfolio company faced an acquisition offer, leading to choices between cash, equity, or a mix of both.Ben starts by defining waterfall analysis, explaining the allocation of returns and the considerations for investors, like liabilities, deferred wages, and fees. Mike emphasizes the importance for angel investors to ask for detailed breakdowns and understand the financial health of the acquiring company. Jacob underscores conducting due diligence and evaluating various payout options such as cash, equity, and earn-outs.Adding to the complexity, they explore liquidation preferences, convertible notes, and safes, and how these elements can significantly affect investor returns during an exit event. Jacob emphasizes the importance of understanding these factors to make informed investment decisions.This episode of "Venture Declassified" is packed with valuable insights for both novice and experienced investors, making it essential listening for anyone involved in the startup investment ecosystem. Tune in to gain a deeper comprehension of waterfall analysis and navigate the nuanced world of investment returns more effectively.  Key Topics•      Definition and explanation of waterfall analysis•      Breakdown of options: Cash, equity, earn-out, seller’s notes and buyer’s notes•      Understanding financials and capital structure of the acquirer•      Evaluating the acquiring company: Private equity vs. venture-backed firms•      Situational analysis for decision making:•    Keeping money in vs. cashing out•    Impact of overall portfolio performance and liquidity needs•    Evaluating industry growth and leadership team ConnectMike Kelly•      LinkedIn•      Website•      Developer Town Ben Pidgeon•      LinkedIn•      VisionTech Jacob Schpok•      LinkedIn•      Elevate Ventures Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of "Venture Declassified," hosts Jacob Schpock and Mike Kelly dive into an engaging discussion centered on using AI tools to create a Minimum Viable Product (MVP). They explore the necessary skills, costs, and time commitment involved in product development with a focus on leveraging low code/no code platforms and developer productivity tools. Mike emphasizes how tools like Figma can generate front-end experiences quickly, allowing for iterative design, which is particularly beneficial for early-stage companies.  Jacob and Mike analyze a hypothetical business idea related to improper financial categorization, discussing its scalability with AI-enhanced tools. They outline a detailed go-to-market strategy, emphasizing the importance of validating product-market fit through personal network engagements, cold outreach, and preliminary public testing.  The conversation shifts to product development, highlighting their MVP built on the Bubble platform and a professional website using Squarespace. They discuss their approach to branding, marketing strategies, and the resource commitment required for early-stage development. Mike underscores the significance of manual MVPs using tools like Excel for initial testing and feedback collection.  Jacob and Mike also provide practical advice for non-technical founders, recommending CRM tools like HubSpot and highlighting Bubble's ease of use for building MVPs. They stress the importance of learning from direct customer feedback and iterating based on real-world reactions.  In this insightful episode, listeners gain a comprehensive understanding of the strategies and tools essential for building and validating a scalable, high-margin SaaS company. Tune in to hear Jacob and Mike's expert analysis and practical tips for aspiring entrepreneurs navigating the MVP stage.  Key Topics•      Using AI Tools for MVP Creation: Low-code/no-code platforms and developer productivity tools.•      Current easier and more maintainable code for MVPs, especially B2B SaaS.•      Go-to-Market Strategy for an MVP•      Branding and Marketing Efforts•      Importance of timing in addressing business risks.•      Current AI's inadequacy in handling creative branding and marketing tasks.ConnectMike KellyLinkedIn - Start Something VenturesBen PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this insightful episode of "Venture Declassified," hosts Mike Kelly, Ben Pidgeon, and Jacob Spock tackle the often contentious topic of CEO compensation in startups. With an engaging and dynamic discussion, the trio delves into the intricate balance of aligning executive pay with company milestones and investor expectations.Key Topics•      Budget implications of CEO compensation with regard to business longevity and milestones.•      Risk of misalignment with post-money valuation.•      Signs of bad salary practices.•      The harmful impact of exorbitant CEO salaries on a company’s future and investor alignment.•      Real-world examples of inappropriate executive compensation.•      Discussing salary disclosure upfront during investment conversations.Adjusting founder compensations based on milestones.ConnectMike KellyLinkedIn - Start Something VenturesBen PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of "Venture Declassified," hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok dive into various investment strategies and market dynamics affecting angel investors. Key Topics•      Investment Strategies: Sticking to goals, but being flexible•      Benefits of Knowing CEOs or Board Members: Looking beyond just using deal platforms like AngelList.•      Emotional Engagement in Investments•      Importance of a Broad Investment Scope: Relying on a strong process and discerning team•      Balance Between Liquidity and Timing: Angel investors' mental preparation for potential losses.•      Considering Political Climate: National political climate and elections influencing market dynamics. ConnectMike KellyLinkedIn - Start Something VenturesBen PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryIn this episode of "Venture Declassified," hosts Mike Kelly and Jacob Spock, along with special guest Nick Wangler, co-founer and COO of Orthodontic Details, delve into the intricate dynamics of venture capital and startup fundraising. The episode offers invaluable advice for founders navigating the challenging VC landscape, focusing on practical strategies to enhance their pitch and financial planning.Key TopicsChallenges founders face with discounted estimatesVarious financial reports: pro forma vs. financial forecast.Importance of accurate pipeline coverage and cost management.Red flags in founder behavior: overpromising and underperformance.Discussion on personalized vs. generic fundraising advice.Balance between terms, market opportunity, and founder qualities.Constructive criticism and the safe exploration of ideas.Guest BioNick Wangler is the co-founder and COO of Details, a company that simplifies orthodontic supply management by streamlining purchasing processes for practices. With prior experience as the Director of Special Projects at ID8 Innovation and Partner/Director of Marketing Services at DeveloperTown, Nick brings a wealth of expertise in operational efficiency and marketing strategy. He holds a degree from Olivet Nazarene University and is passionate about improving orthodontic practice workflows to enhance patient care.LinkedIn | Website - Orthodontic DetailsHosts Mike Kelly | LinkedIn | Start Something VenturesBen Pidgeon | LinkedIn | VisionTechJacob Schpok | LinkedIn | Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this thought-provoking episode of "Venture Declassified," hosts Mike Kelly and Jacob Schpok, alongside guest Ben Pidgeon, delve into the complexities of investment decision-making in the venture capital world. This episode shines a light on the critical factors that influence whether to continue funding a company or finally "wave the white flag.The discussion starts with the importance of not relying solely on pipeline slides, which Mike Kelly criticizes as potentially fictional. He emphasizes past performance as a key indicator of future success and stresses the need for recent achievements rather than mere future promises. Ben Pidgeon brings up the founder education dilemma, highlighting the point at which early-stage investors must decide if continued investment in educating the founder is worthwhile. Real-life examples are shared, such as a company keeping the same big clients on their pipeline slide for a year, which Kelly uses to illustrate how tangible progress can outweigh stagnant predictions.Jacob Schpok and the team then navigate the nuances of bridge round considerations, underlining the necessity for strategic decision-making to ensure companies have enough runway to pivot effectively rather than just cover immediate expenses. They also touch on the operational pressures and challenges that come with urgent cash flow issues, advocating for clear communication and negotiation to resolve these matters.The conversation further explores the importance of understanding a startup’s burn rate and founders' commitment, signaling their belief in their venture by adjusting salaries when necessary. They also dive into the contrasting perspectives of funds versus angel investors, the limitations of the VC model, and the significance of maintaining pro-rata shares to avoid dilution. With practical insights, real-world scenarios, and expert opinions, this episode provides invaluable guidance for investors and founders alike on navigating the turbulent waters of venture capital. Tune in to gain a deeper understanding of the investment landscape and the crucial decisions that can make or break a startup. Key TopicsPipeline Skepticism: Emphasis on past performance as an indicator of future successInvestment Decision Framework: Evaluation based on recent achievements and learningBridge Round ConsiderationsBurn Rate and Founders’ CommitmentProfitable vs Break-even Companies: Assessment of stagnant investments and a discussion on investing in break-even companiesImportance of Maintaining Pro Rata SharesLiquidation PreferencesFounder Education DilemmaConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this special episode of "Venture Declassified," recorded live at the Rally Innovation Conference, hosts Mike Kelly, Ben Pidgeon, and Jacob Spock engage with a series of live pitches and conversations with entrepreneurs and founders. They unpack the complex dynamics of the fundraising landscape for startups, exploring how the backgrounds of entrepreneurs—whether they are repeat founders or first-timers—significantly influence their approach and success in securing investments.Mike and Ben discuss their roles as sherpas for first-time founders, guiding them through the serpentine process of fundraising. Repeat founders, having been through the process before, often present with confidence and humility. Mike shares his heuristics for pitch evaluations, emphasizing the importance of trusted personal introductions and subject matter expertise.The episode begins with Rockland Page, CFO of ROCKaBLOCK AR, who offers a candid glimpse into their "executives in residence" program and aggressive recruitment strategies.Next, Jim Bartek, CEO and Business Architect of Growth Heroes, shares insights on the transformative power of digital transformation for SaaS companies and the importance of strong elevator pitches to attract both talent and investment.Emily Edwards, founder and CEO of Paradise Spreads, then pitches her innovative plant-based spread, highlighting her company's growth as it enters grocery stores and negotiates with major players like Whole Foods.Tony Petrucciani, CFO of Boomerang Ventures, discusses his journey, focusing on building relationships and gaining traction in the market.The episode wraps up with AJ Richichi, founder and CEO of Sprockets, who provides insights into the importance of clear direction and modest valuation expectations for startups.Catch this episode for a blend of practical advice, real-world pitches, and strategic insights that can help guide both founders and investors toward more fruitful engagements in the startup ecosystem. Guest BiosRockland Page found success in the corporate world as a graphic designer but he always wanted something he could call his own. In 2017 he launched ROCKaBLOCK, a boutique apparel shop. Built upon Rockland’s talent for original artwork and design, his work focuses on the richness and depth of Black culture.WebsiteInstagram Jim Bartek is an experienced business consultant who works with executives at growth companies to increase profits and streamline operations through automation and process improvement. As a Salesforce.com Consulting and ISV Partner, Jim and his team specialize in redefining business processes and managing the implementation of CRM, ERP, and online accounting systems. They also developed Sales2Cash, an application that automates SaaS contracts, revenue operations, and invoicing within Salesforce. With a background in advising tech startups and co-founding a consulting company, Jim is actively involved in the entrepreneurial ecosystem, serving as an organizer for major events such as The Innovation Showcase and Indy Startup Weekend. He is also certHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this enlightening episode of "Venture Declassified," hosts Jacob Schpok, Ben Pidgeon, and Mike Kelly take a deep dive into the intricacies of Series A valuations, fundraising strategies, and the unique challenges faced by Midwest startups. The episode sheds light on the complex dynamics that come into play when a company with $3 million in annual recurring revenue aims for a Series A round, touching on standard valuation multiples, dilution impacts, and capital efficiency.The discussion begins with a look at the typical Series A valuation process, where companies with substantial annual revenue might see a valuation around 6x their annual revenue. This segues into a crucial conversation on securing new capital and the potential for significant dilution—up to 50%—when raising both new and old capital during this round.Ben shares insights into how first-time founders, especially in the Midwest, often navigate multiple seed rounds and rely on bridges because of the challenging investment climate. This leads to an emphasis on demonstrating effective use of initial capital to reach significant revenue milestones within 18-24 months. The hosts underline the importance of validating customer needs early and prioritizing capital efficiency to establish a strong product-market fit before seeking heavy investment.Jacob and Mike touch on the democratization of information, encouraging founders to back their valuation hypotheses with solid data. They also highlight the advantages of starting a company in the Midwest, where lower costs and a strong workforce create a favorable environment for startups.Mike rounds off the episode with reminders about the importance of investor diligence, considering the founders' understanding of their market, and the critical role of minimal spend on non-revenue activities for early-stage companies. The episode is rich with examples of successful pivots and strategic investments, making it a must-listen for anyone interested in the nuances of early-stage funding.Key TopicsSeries A Valuation and FundraisingFunding Challenges and TrendsRevenue Expectations and Capital EfficiencyMidwest Bias and Relocation IncentivesSAFE Investment StructureCase Studies and Success StoriesValuation and Risk AssessmentConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, hosts Mike Kelly and Ben Pidgeon explore the complexities of managing angel syndicate groups and the art of curating investment opportunities.Both Mike and Ben run angel syndicates, creating SPVs (Special Purpose Vehicles) for investments, and they highlight the challenge of recommending numerous deals each year without overwhelming their investors.Ben elaborates on his group's approach of working on multiple deals simultaneously, often over a two to three-month window. He stresses the importance of maintaining investor interest through a strategic marketing campaign—using compelling headlines and consistent updates. Mike, on the other hand, details his group's shorter, two-week window for deals and contemplates adopting more aggressive marketing tactics.The hosts emphasize the significance of transparency and thorough due diligence in maintaining investor trust. They also discuss the benefits for individual investors of joining an angel group, which helps filter out less favorable opportunities and ensures more efficient use of their time.Towards the end, Mike and Ben talk about the delicate balancing act in angel investing, such as assessing the idea's potential, valuation, and the founder's quality. They agree that perfection across all dimensions is rare, making trade-offs inevitable.Listeners gain valuable insights into the behind-the-scenes efforts of managing angel syndicates and the strategies involved in balancing deal flow with investor engagement.Key TopicsChallenges in Angel GroupsBalancing Attracting Attention and Managing Multiple DealsThe Role of Marketing in Angel InvestmentBuilding Trust and Conviction in DealsThe Competitive Nature of Deal FilteringBenefits of Joining Angel GroupsEvaluating ‘Best Opportunities’Handling Interest Levels and CommitmentsConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryWelcome back to Venture Declassified. In this episode, we continue our conversation into the nuances of creating an influential pitch. Jacob and Ben share their insights on the significance of active listening to evaluate a team effectively. We then pivot to tackle the challenging topic of setting valuations and discuss vital metrics including revenue, customer acquisition costs, and churn rates. Expect to hear candid conversations about founders' narratives, why presentation skills can trump slide content, and our biggest pet peeves in investment pitches. Plus, we suggest how founders enhance their narrative, run experiments, and adapt based on market feedback – all crucial for capturing investor interest. Later, we unpack the art of negotiating investment terms and the nuances of valuations, term sheets, and understanding current market conditions. But it's not all terms and numbers; we also explore traction indicators before revenue, stressing the importance of a committed founding team and setting realistic milestones. Stay with us as we declassify the fine print of startup investment, question conventional wisdom, and strive to empower founders and investors alike with actionable insights. Let's get started. Key TopicsTechniques for quickly evaluating teamsImportance of Team DynamicsAvoiding unrelated metricsMike's Experience Raising FundsRunway evaluation and financial managementInvestor Intuition vs. Presented InformationViability of ambitious plans with limited resourcesKey figures in generating investor confidenceConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryIn this episode of Venture Declassified, hosts Mike Kelly, Jacob Schpok, and Ben Pidgeon come together to talk about the fundamentals of an influential pitch. This episode promises to strip away the misconceptions and focus on what truly matters during investor presentations.As the hosts delve into the narrative aspect of pitch decks, they emphasize clarity and accuracy in communicating the startup's vision and potential. The episode also explores the strategic presentation of competition, underscoring that a well-researched landscape can significantly bolster a pitch. Venture Declassified's episode is not just about the content—it's a masterclass in fine-tuning the pitch to align with the investor mindset. Listeners can expect to gain valuable insights on constructing a pitch that not only resonates with investors but also positions their startup as a beacon of focus and potential. Key TopicsThe Art of Crafting the Perfect Pitch DeckUnderstanding the Pitch ProcessPrioritizing technical aspects and demos for due diligenceHighlighting the need to present benefits over featuresHow UX reflects the company's professionalism and competencyExpectations from companies concerning utilization of funds and delivering resultsLeveraging Competitive AdvantagesConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this engaging episode of "Venture Declassified," hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok dive into the pivotal role of technology, specifically AI and chat GPT, in revolutionizing the world of investing and due diligence. The episode is packed with insights on how these cutting-edge tools can streamline and enhance the investment decision-making process.The hosts kick things off by discussing the importance of validating business ideas, assessing the competitiveness and innovativeness of solutions, and determining market size to attract investment. Ben shares his experience using chat GPT for due diligence and market research, suggesting it might even score pitch decks. Mike also leverages chat GPT for deal filtering and understanding healthcare deals' competitive landscape. Jacob adds a practical tip: including "please" in prompts can make chat GPT results 3% better!They delve into utilizing chat GPT for pre-screening companies and creating targeted question sets. The hosts explore using AI to analyze assumptions behind projected revenues, which could be a game-changer for angel investors spread across multiple deals.Throughout the episode, the trio underscores the importance of AI in gathering information, detecting market trends, and mitigating bias from historical data. They discuss AI's potential in forecasting future technologies and market opportunities. Emphasizing the founding team's importance, they argue that focusing on the founders is often more crucial than the market or industry itself.Tune in to hear their insightful discussion on AI's transformative impact on investment strategies, and why it's a missed opportunity for angel investors not to leverage these powerful tools. Key TopicsValidating a Business Idea and Attracting InvestmentUse of AI and Chat GPT for Due Diligence and Market ResearchPractical Applications of Chat GPT in Investment Activities: Pre-screening companies, creating a question set for analysis, scoring pitch decksChat GPT’s ability to gather and analyze information from various platformsAI’s role in predicting future technologies and market opportunitiesPractical Experiences Using Chat GPTThe Cost-Effectiveness and Accessibility of AI ToolsTechnological Advancements and AI Utilization in InvestingConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, hosts Ben Pidgeon, Jacob Schpok, and Mike Kelly dive deep into the intricate world of board hygiene and governance, shedding light on the critical aspects that can make or break early-stage companies. Jacob Schpok and Mike Kelly explore into the nuances of good board hygiene. They underscore the significance of managing personal biases and relationships in boardroom decision-making. The conversation also touches on the value of board observer rights and the strategic use of 1099 contractors as operating partners to enhance board insights without compromising control.Ben Pidgeon brings a gritty reality check by discussing the pitfalls of passive boards, emphasizing the necessity for boards to be active and scrutinizing. He asserts that boards should hold the CEO accountable and ensure the company remains financially viable. The trio also underscores the importance of transparent communication to prevent surprises during board meetings—a theme echoed throughout their discussion.Jacob discusses the importance of CEOs managing their boards effectively, setting clear expectations, and retaining control and equity to attract Series A investment. The importance of robust, diverse boards for better scrutiny and decision-making is also highlighted, with differing viewpoints seen as a strength in navigating complex business landscapes.This episode is packed with insightful discussions and practical advice for anyone navigating or considering board roles in early-stage companies. As always, the hosts remind listeners that the information shared is not investment advice but an exploration of best practices and experiences in the venture capital world.Tune in for an enlightening conversation that blends real-world anecdotes with strategic insights, ensuring you're well-equipped to handle the challenges of board governance. Key TopicsChallenges in Communication with the Board: Importance of over-communicating during both good and bad times.Pros and cons of inviting investors to board meetings.Discussing good board hygiene, including personal biases and decision-making relationships.Need for professionalism in board behavior, especially in early-stage companies.The necessity of active, scrutinizing boards in order to ensure success.Board Members' Responsibilities: Value of quarterly board meetings and tracking minutes for transparency and strategic insightsEffective management of board members, setting expectations, and avoiding surprises in meetings.The value of a diversified board for robust decision-making and accountability. ConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this episode of Venture Declassified, hosts Jacob Schpok, Mike Kelly, and Ben Pidgeon look into the world of early-stage startup funding, particularly focusing on pre-seed investments. They discuss a $3 million pre-seed fund that evaluates startups at the ideation through pre-seed stage, offering checks as small as $20K. The hosts highlight the importance of founders clearly articulating the use of funds and demonstrating a strategic approach to utilizing investment capital. Throughout the lively discussion, the hosts share insights on the mindset of early-stage startups, the significance of revenue growth, and the potential role of warrants in incentivizing partnerships and aligning interests. They also touch on the necessity for founders to have a realistic valuation and available growth strategy to attract further investment.The hosts reflect on the distinction between stock options for employees and warrants for partners, presenting various scenarios on how warrants can be used creatively in different business contexts. They share examples of motivating partners with warrants tied to revenue milestones, incentivizing investors to retain capital in ETFs, and fostering strategic alliances through warrant agreements.In their candid and insightful exchange, Jacob, Mike, and Ben provide valuable perspectives on the intricacies of fundraising in the startup ecosystem, emphasizing the importance of founders' adeptness in utilizing funds efficiently and strategic partnerships in fostering growth. Their engaging conversation offers listeners a deeper understanding of the nuances of early-stage investing and the strategic dynamics at play in the startup landscape.Key TopicsVenture Capital Fund Strategy: Learning about ideation and pre-seed stage startupsMoving away from pitch competition-based decision-makingInvesting in multiple companies instead of a winner-take-all approachStartup Funding and Investment Considerations: Providing funds for early customer discovery and product validationGoal of getting business model to attract external investorsImportance of sustainable growth and increasing revenue over time: Revenue and valuation growth expectations for startupsDistinction between stock options for employees and warrants for partnersInvestment Strategies and Deal Structures: Negotiating terms and creating incentives for investorsConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In this insightful episode of Venture Declassified, hosts Mike Kelly, Jacob Schpok, and Ben Pidgeon deive into a range of compelling topics surrounding investment scenarios and the intricate dynamics of startups. The hosts first navigate a complex situation involving dissolving a preferred stock arrangement within a company and the potential repercussions of allowing private sales of shares post-funding on a company's growth trajectory. They stress the importance of positive metrics like pitch quality, revenue, and retention rates in their investment decisions, highlighting the impact of overvaluation and the potential for renegotiation if founders feel the deal was too rich. The discussion then goes into founder loans and deferred compensation, dissecting their implications on a company's financial health and capital deployment. The hosts distinguish between founder loans and traditional debt, emphasizing how debt structures can influence a startup's growth opportunities.Jacob Schpok passionately addresses the unintentional hindrance early investors may pose to startups, sparking a conversation about liquidation preferences and the repercussions of investors seeking early exits. The hosts analyze the intricacies of investor liquidity needs, ethical considerations surrounding financial decisions, and the ways in which employment and bankruptcy laws can influence debt obligations in startup environments.The hosts also reflect on their diverse startup portfolios, sharing updates and insights garnered from their experiences navigating the unpredictable terrain of venture capital. Through their nuanced discussions and candid exchanges, listeners gain valuable perspectives on the multifaceted world of startup investments and the myriad intricacies that shape entrepreneurial ventures. Key TopicsInvestment Scenario AnalysisImplications of allowing a private sale of shares post-fundingCriteria for investing based on positive metricsExploration of overvaluation and renegotiation strategiesIntroduction to liquidation preference and its impact on startupsChallenges of handling early investors seeking liquidity eventsHandling Founder Debt and Institutional Lender DebtLegal and Ethical Considerations in Startup ManagementImportance of transparency, shareholder votes, and professional advice for liabilities accumulationConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Welcome to another intriguing episode of Venture Declassified. Today, we delved into the captivating world of starting a distillery, as entrepreneur Mike Kelly shared his in-depth plans and strategies for establishing a distillery business in Indianapolis.The conversation unfolded as Mike discussed the intricacies of the go-to-market strategy, the role of a key partner, and the initial focus on commodity alcohol production. Alongside Jacob and Ben, the discussion explored the financial aspects, capital raising strategies, and the dynamics of engaging potential investors in a non-traditional venture like a distillery business.The dialogue revealed thought-provoking insights into the complexities of aligning investor expectations, managing risk, and carving a niche in the spirits market. Join us as we unravel the fascinating world of distillery entrepreneurship and investment strategies in this engaging and informative episode.Key TopicsBusiness Strategy and Funding for a Distillery VentureFocus on producing spirits with a good price point and positive cash flow without heavy branding investmentStructuring of the funding round, including potential valuations and investor participation preferencesDiscussion of potential minimum investment amounts and the impact on investor relationshipsStrategies for creating a sense of exclusivity and leveraging FOMO in investment opportunitiesComparison with traditional investment vehicles and risk vs. reward analysisPotential timeline for profitability and distribution of dividendsConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

In today's episode, we're diving into the complex world of startup fundraising as companies transition from pre-seed to seed stages. Our co-host experts, Jacob Schpok and Ben Pidgeon, join me in deciphering the intricacies of setting valuations, focusing on the nuances of revenue pro forma and the leap into Series A capital raising.Jacob Schpok kicks off the discussion with insights into aligning your company’s valuation with public SaaS multiples for a strong Series A entry, targeting a 6.5x on ARR. We explore the pressure that startups face in converting customers to solidify this valuation and highlight the distinct challenges hard tech companies encounter compared to their software counterparts.Ben Pidgeon tackles the subject of investor dilution, shining a light on potential pitfalls of convertible notes versus safes, and why terms are vitally negotiable. We bring in a real-world scenario—one that scrutinizes a startup's substantial dilution, analyzing its effects on founder incentive and growth trajectory.We also dive into personal experience with fundraising for a pre-product, pre-revenue Nashville-based startup, dissecting their strategy and needs for capital to prove product-market fit. And let's not skip the debate over safes and convertible notes, as we raise concerns over legal and financial risks, preference for convertible notes for their risk and downside protection, and the ensuing tax implications.Our conversation extends to boards and investors' roles in such decisions, the challenges of valuing a company pre-revenue and pre-product, and the importance of proper valuation caps. With the landscape as complicated as it is intriguing, Ben and the team advocate for setting clear expectations on valuation to pave the way for successful funding rounds.Join us in unpacking these topics, as we seek to provide founders and investors alike with deeper insights into the world of venture capital, negotiation, and valuation. Key TopicsTransitioning from pre-seed to seed stage with strategic capital raising goals.Emphasis on the significance of converting users to paying customers for valuation increasesPerspectives on valuation caps' effects on investment returnsThe strategy and financial needs for a startup entering the market.Strategies for prioritizing growth to attract institutional funding.Debates around valuation caps in early stages of business development.Factors affecting investor decisions, including competitive landscape and past experiences.The need for agreement between investors and founders on valuations.ConnectMike KellyLinkedIn - Website - Developer Town Ben PidgeonLinkedIn -  VisionTechJacob SchpokLinkedIn -  Elevate VenturesHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Welcome back to "Venture Declassified," the podcast that takes you behind the scenes of venture capital and private equity. Today we're diving deep into the ever-evolving world of venture capital and the fascinating yet perilous terrain of life science investing. We'll dissect whether venture capital always aims for a "home run" or if it can be content with "singles or doubles," as Jacob suggests, might be more in the wheelhouse of private equity. We'll also evaluate the asset class's shifting landscape, becoming more conservative amidst a rocky journey.Our discussion takes a critical turn as we tackle the complexities of life science deals. Why does it take more than money to succeed in this area? What role do intellectual curiosity and honesty play in the pattern matching necessary for investment success? Life sciences are a focal point today, not just because they've been the most lucrative for us, but due to the sheer excitement that palpable, tangible progress—like the potential to cure cancer—brings to the table.We analyze Carta's recent faux pas—opening secondary investments without proper communication—sparking a debate on the ethical considerations in our industry and Carta's significance despite this mishap. We delve into our own experiences with portfolio management, the tools we trust, and the importance of extracting meaningful data to spot trends and monitor growth.As we venture on this episode's journey, we don't forget to look through the "windshield" to anticipate what disruptive events might mean for industries like life science and SaaS, even as we understand the need to glance in the "rearview mirror" at times. So buckle up, as we navigate the challenging but potentially rewarding world of life science venture capital.Key TopicsDefinition and purpose of venture capital as a disruptive forceComparison with private equity for various investment outcomesSector-specific investment challenges: need for curiosity, honesty, pattern recognitionPortfolio successes and the tangible excitement of life science opportunitiesAnalysis of Carta's missteps in opening secondary investmentsUse of software tools for portfolio management activitiesEmphasis on extracting valuable insights and tracking macro-level trendsSpecific challenges associated with early-stage life science companiesLiquidity in Life Science InvestmentsHear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Episode SummaryWelcome to another episode of Venture Declassified. We are excited to welcome a very special guest, Rory Billing, a savvy entrepreneur disrupting the sports app industry. The idea for The Fan's Place was born out of a desire to find a way for everyone to win from their love of sports. The brothers, Rory and Connor, had been playing fantasy sports for years and realized that the casual fan needed something different.They designed a Beta gameplay that was tested in the fall of 2020, and even though it went well, it still didn't feel right. They knew that building a B2B business was a better fit for their skillset and the big players in fantasy sports weren't in that market. Having spent many hours watching sports in bars, and never having participated in a single loyalty program, they knew that there was a market for a more engaging customer loyalty experience.They took the consumer approved gameplay and pivoted The Fan's Place into a platform that helps businesses win and keep customers through gamification and loyalty tracks.Guest BioRory Billing is the founder of The Fans Place and a seasoned sports analytics expert. With over 26 years as a sports enthusiast and nearly two decades of experience in fantasy sports, Rory's lifelong passion for athletics has been the driving force behind his professional pursuits. He started his journey into fantasy leagues at the age of eleven and has since developed a sophisticated understanding of statistical analysis in sports.A graduate of Miami University with a degree in math and statistics, Rory has merged his academic background with his sports acumen. His research validated the Moneyball theory, highlighting his expertise in data-driven sports strategy. His professional endeavors now encapsulate this blend of sports fanaticism and statistical proficiency, as he continues to impact the sports community through The Fans Place, offering a platform for fans who value insights grounded in quantitative analysis.LinkedInThe Fan’s PlaceKey TopicsPitch for The Fan’s PlaceRory's strategy for raising funds and expanding the business model for The Fan’s PlaceApp's gamification techniques and engagement with usersDiscussing the strategy of an initial close with follow-up fundraisingRory's plan to focus on building a user base in Indianapolis before expandingTeam Building and Operational Strategy: Method of attracting talent and assembling a team in IndianapolisUse of WeFunder and other sources to secure additional funds.Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities. 

Show ZeroVenture Declassified is here to provide you with practical insights, expert advice, and a deeper understanding of the investment landscape for first-time investors.Hosted by a team of seasoned investors and financial experts, this podcast is tailor-made for newcomers who are eager to learn about the fundamentals of investing and want to make informed decisions. We understand that starting your investment journey can be intimidating, but our goal is to demystify the process and equip you with the knowledge and tools needed to succeed.Welcome to the show, episode zero, where we are going to tell you a little bit about why the three of us are sitting here together talking about venture investing. We appreciate you guys listening in. We’ve got our first episode coming up soon and look forward to carrying on the conversation. Meet the Hosts: Jacob SchpokJacob Schpok, a partner at Elevate Ventures, highlights the unique aspects of their venture capital firm. Elevate Ventures has a diverse portfolio of over 500 companies and has had over 130 successful exits. They currently manage over $200 million in assets under management (AUM). Elevate Ventures is highly active in the Great Lakes region and has been recognized as the most active VC firm since 2017. They invest in companies at various stages, starting from pre-seed to early-stage, including A and B rounds. They are willing to invest up to $4 million in a single company, with no single round exceeding $2 million.Ben PidgeonBen Pidgeon, an Executive Director at Vision Tech, highlights his experience in the investment space. Founded in 2006, Vision Tech is an investment firm that is geographically agnostic, meaning they invest in deals across various locations in the United States, from Seattle to San Francisco, New York or Philadelphia, to Indiana. They have a high deal flow with approximately 400 deals per year. Vision Tech primarily targets B2B SaaS, hard tech, and life science opportunities. Roughly half are conducted within the state of Indiana, while the other half is outside the state. This emphasis on both local and broader investments allows Vision Tech to leverage opportunities from various regions and sectors.Mike KellyMike Kelly, a partner at Start Something Ventures, shares his experience in the investment space. SSV is an angel investor group that focused on pre-seed to seed stage companies focus on tech or tech-enabled services. Occassionally (but not often) they go off script and also invest in everything from whiskey to real estate. Mike's the newest investor of the three, so he's the one normally asking the questions and listening to Jacob's and Ben's answers. Hear more interviews and stories like this one at www.VentureDeclassified.comThe information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities.