focal podcast Why I Turned Down Apollo to Build a $100M+ Fintech | How 200 Rejections Led to 10 LOIs in 8 Weeks | Why Non-Dilutive Capital Is the Future | The 3-Point Checklist Before Quitting Your Dream Job | Don Muir, Founder & CEO of ARC
Don Muir turned down his dream job at Apollo to build the AI-powered bank Arc.
This episode goes through the exact playbook the former BCG consultant and private equity investor used to de-risk his leap into entrepreneurship - including his 3-point checklist that allowed him to say no to Apollo. Don shares hard-won lessons about finding product-market fit, recruiting world-class talent, and why it took 190 rejections to get to his first 10 customers.
Don Muir is the co-founder and CEO of Arc, a zero-asset commercial bank powered by AI that offers intelligent capital management and private credit to ambitious businesses. To date, Arc has raised over $180M in debt and equity.
In Today's Episode We Discuss:
01:30 - Why I chose debt over equity and existing markets over new ones
04:10 - The bottoms-up approach to finding your unique right to win
08:44 - From crowdfunding communities to non-dilutive capital: 4 pivots to product-market fit
11:42 - Execution over innovation: Why first-time founders shouldn't reinvent the wheel
14:14 - The 3-point checklist before rejecting Apollo's offer
16:26 - Getting 10 CEO signatures with just a Stanford email address
21:49 - 190 rejections, then 10 straight wins: The LOI breakthrough moment
23:29 - Finding fast-moving waters: When to pivot vs. persevere
25:28 - The Stanford.edu email hack that opened CEO doors
32:25 - Why technical co-founder pedigree is overrated (but VCs disagree)
38:07 - How one $100k check turned hundreds of "no's" into "yes's"
42:32 - The sleepless nights that forced the Apollo phone call
45:59 - When your biggest rejection becomes your largest partner
49:41 - Why the "safe path" is actually the riskiest choice
52:55 - The venture capital myth: Why most startups don't need VC money