In this episode, David Paul interviews Gregg Scoresby, the founder and CEO of CampusLogic and PHX Ventures about building a thriving startup ecosystem in Arizona. They discuss the challenges and opportunities of attracting institutional seed stage capital, the importance of community vibrancy in building a top software city, and the role of AI in the future of software companies. Greg shares his insights on identifying founders with ambition and the ability to confront reality and emphasizes the need for founders to be connected to the math of their business. He also provides advice for founders and investors on building strong relationships and managing boards. You can watch/listen to the podcast on YouTube, Spotify, and Apple.

Takeaways

• Building a thriving startup ecosystem requires attracting institutional seed-stage capital and fostering community vibrancy.
• Founders with ambition and the ability to confront reality are more likely to succeed in building sustainable growth companies.
• AI is transforming the software industry, but the true value lies in applying AI to specific verticals and leveraging domain expertise.
• Investors should look for founders who are connected to the math of their business and have a deep understanding of their market and customers.
• Building strong relationships and managing boards effectively are crucial for both founders and investors.

Chapters

04:16 Institutional Seed Stage Capital in Arizona

05:32 Increase in Capital in Arizona

07:33 Collaboration in the Market

09:22 Capital Flowing into Early Stage Companies

10:52 Building Phoenix as a Top Software City

12:15 Community Development and Attracting SaaS Companies

14:40 Transition from Founder Operator to VC Investor

15:39 Being a Minority Shareholder

18:01 Providing Feedback to Founders

19:31 Founder's Ambition and Confronting Reality

22:21 Managing the Board and Asking Good Questions

23:49 Building Relationships and Giving Feedback

26:13 Identifying Founders Who Can Carry a Company to Success

30:37 The Impact of AI on Software Companies

33:48 Founder Characteristics of Successful Companies

37:08 Thoughts on the Future of AI