Father and son team John and Tyler Richards — veteran entrepreneurs, venture investors, mentors, and educators — discuss all things entrepreneurship and venture capital.
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Father and son team John and Tyler Richards — veteran entrepreneurs, venture investors, mentors, and educators — discuss all things entrepreneurship and venture capital.
John & Tyler go over the Carta Q3 Pre-Seed Analysis, Early Stage Trends, VC, SaaS
Startup Ignition Podcast
53 minutes
2 weeks ago
John & Tyler go over the Carta Q3 Pre-Seed Analysis, Early Stage Trends, VC, SaaS
In this episode of the Startup Ignition Podcast, Tyler and John Richards break down the latest data from Carta’s Q3 2025 State of Pre-Seed report. They analyze the current venture landscape, discussing why funding has seen a seasonal decline, the bifurcation of round sizes into "tiny" and "monster" deals, and why capital efficiency is becoming the new standard. The duo also plays a "fill in the blank" icebreaker covering pitch deck mistakes and founder superpowers, and they debate whether AI has dethroned SaaS as the king of investment sectors.
(00:00:00) The "Unicorn Whirlpool" and the dangers of raising too much too early
(00:01:06) Welcome to the show: A cold December in Utah
(00:02:06) Icebreaker: The fastest way to lose a $500k pre-seed round
(00:03:26) Icebreaker: A founder's true superpower is understanding the customer
(00:04:07) Icebreaker: A pitch deck is not complete without a Go-to-Market strategy
(00:07:23) Icebreaker: The one slide we would ban from pitch decks forever
(00:10:42) Icebreaker: When do we know a founder is going to be successful?
(00:14:48) Decoding the Data: Carta’s Q3 2025 State of Pre-Seed Report
(00:17:14) Data Insight: Pre-seed funding declined by cash raised and deal count
(00:19:25) Data Insight: The "Barbell Market" (Tiny rounds vs. Monster rounds)
(00:27:04) Data Insight: How many checks does it really take to fill a round?
(00:28:41) A warning against taking small checks from non-accredited investors
(00:31:54) Data Insight: The absolute dominance of SAFEs over convertible notes
(00:36:46) Data Insight: Geography still matters (The West Coast dominates)
(00:41:28) Data Insight: SaaS is still King (and the Gartner Hype Cycle)
(00:47:25) Why John and Tyler stick to Pre-Seed investing despite the risks
(00:50:21) Summary: Capital is concentrated, disciplined, and tethered to traction
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Father and son team John and Tyler Richards — veteran entrepreneurs, venture investors, mentors, and educators — discuss all things entrepreneurship and venture capital.
