On Build Mode, TechCrunch's Startup Battlefield Editor Isabelle Johannessen cuts through the startup mythology to uncover how founders survive the brutal early days, navigate impossible funding landscapes, and somehow keep their companies — and sanity— intact. Each season, Isabelle is joined by founders, investors, and operators to dig into specific aspects of the startup journey, from creative go to market strategies to founder mental health. The interviews are full of candid startup wisdom—think cap table drama, co-founder breakups, and pivot panic. So, if you’re starting a company or or even just thinking about it, this is your survival guide.
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On Build Mode, TechCrunch's Startup Battlefield Editor Isabelle Johannessen cuts through the startup mythology to uncover how founders survive the brutal early days, navigate impossible funding landscapes, and somehow keep their companies — and sanity— intact. Each season, Isabelle is joined by founders, investors, and operators to dig into specific aspects of the startup journey, from creative go to market strategies to founder mental health. The interviews are full of candid startup wisdom—think cap table drama, co-founder breakups, and pivot panic. So, if you’re starting a company or or even just thinking about it, this is your survival guide.
Capital is a commodity (but your investor relationships aren’t)
Build Mode
45 minutes
4 weeks ago
Capital is a commodity (but your investor relationships aren’t)
Venture capitalists Ross Fubini (XYZ Ventures) and Leslie Feinzaig (Graham & Walker Ventures) pull back the curtain on how VCs build their own go-to-market strategies — not just how they evaluate startups, but also how they win over LPs and founders alike. In this episode of Build Mode, they share hard-won lessons from raising their first funds and how that experience allows them to empathize with founders. They discuss why "founder-market fit" applies to VCs too, how authentic thought leadership beats manufactured content, and why the best investor relationships start years before you need the money. Plus, the importance of building trust over transactions and why your network truly is your competitive advantage in venture.
Chapters:
00:00 Intro
01:01 Meet the VCs: From Netscape to Costa Rica
03:06 The Horror Show of Raising a First Fund
05:29 Building a Fund as Proof of Concept
08:52 The Schtick: Why VCs Need a Unique Thesis
11:44 Thought Leadership That Actually Works
15:34 The Qualification Process: Knowing in Two Minutes
19:06 Authentic vs. Manufactured Content
27:59 Building Relationships Before You Need Money
30:00 Founder-Market Fit for VCs
32:52 Key Takeaways: Person, Firm, Terms—In That Order
36:45 Field Notes: Creative Ways VCs Court Founders
New episodes of Build Mode drop every Thursday. Isabelle Johannessen is our host. Build Mode is produced and edited by Maggie Nye. Audience Development is led by Morgan Little. And a special thanks to the Foundry and Cheddar video teams.
Build Mode
On Build Mode, TechCrunch's Startup Battlefield Editor Isabelle Johannessen cuts through the startup mythology to uncover how founders survive the brutal early days, navigate impossible funding landscapes, and somehow keep their companies — and sanity— intact. Each season, Isabelle is joined by founders, investors, and operators to dig into specific aspects of the startup journey, from creative go to market strategies to founder mental health. The interviews are full of candid startup wisdom—think cap table drama, co-founder breakups, and pivot panic. So, if you’re starting a company or or even just thinking about it, this is your survival guide.
