The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 468. When Product-Market-Fit Isn’t Enough: The Hidden Forces Behind Brand Loyalty, Gravity, and Increasing Consumer Spend (Shamin Walsh)
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Feb 3, 2025 Shamin Walsh, Managing Director at BAM Ventures, brings a wealth of experience as an attorney and early-stage investor. In their conversation, Walsh delves into the nuances of consumer brand loyalty beyond product-market fit, discussing investment metrics and shifting consumer spending behaviors. They highlight the struggle of mid-market apparel brands, the challenges of engaging consumers in tech, and the critical traits for founders in today’s market. Insights on navigating consumer packaged goods investments and the importance of cultural dynamics round out this engaging discussion.
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Non-Linear Path to VC
- Shamim Walsh's path to venture capital was non-linear, starting with an early investment in Sweetgreen during college.
- Meeting other founders through Sweetgreen propelled her angel investing and eventually led to her role at BAM Ventures.
Bifurcation of Consumer Spend
- Consumer spending is bifurcating, with some focusing on essentials due to rising costs, and others prioritizing luxury and convenience.
- Mid-market brands often struggle to stand out in this polarized landscape.
Finding Signal in Consumer Tech
- Analyze early metrics like repeat rates and retention for utility-focused consumer tech apps.
- Be cautious with early signals from social apps, as initial hype can be misleading.