The Diligent Observer Podcast

Insights from a portfolio management software CEO who sees the venture market's "healthy shakeup" forcing overdue conversations about profitability and angel group sustainabilityToday's episode explores three ideas that caught my attention:The venture market reset is healthy - Alycia embraces the current volatility as necessary medicine. It challenges the trope that stability is always preferable - perhaps occasional chaos forces better investment discipline.Angel group models are evolving - After 20+ years in existence, Alycia questions if the traditional angel group structure still works. I’ve had a lot of conversations recently about the model, and this one definitely got me thinking.Data tracking is hard – Hearing Alycia’s commentary on how even professional fund managers often struggle to locate basic investment documentation was a shock, and reminds me that the venture industry is still, in many ways, in its adolescence.I explore these ideas and more with Alycia Doxon, CEO of Seraf, a deal flow and portfolio management platform serving angel groups, VCs, and family offices. After raising $27 million as a tech company COO, she acquired Seraf in 2023 through her holding company Harriet Ventures. Alycia brings a unique dual perspective - combining operating experience with deep insight into private market mechanics - giving her a practical view of what's working and broken in early-stage investing.During our conversation, Alycia shares:Data-driven insights on geographic investment trends that challenge the post-COVID narrative about distributed entrepreneurship and explain why physical proximity to innovation hubs still dramatically impacts returns.A primer on "safe stacking" where founders can potentially raise multiple rounds without ever converting to equity—highlighting a critical vulnerability in one of the startup ecosystem's most popular investment vehicles.Critical due diligence questions most LPs never ask including how fund managers handle administration, accounting, and the surprising number who manage these functions internally despite the operational strain.Connect with Alycia LinkedInStuff We Reference Ron WeissmanChristopher Mirabile & Ham LordKnow someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from the Chairwoman of Stella Foundation and founding member of Stella Angels who has invested in 160+ women-led startups and co-managed six consecutive San Diego Angel Conference funds totaling millions in early-stage capitalToday's episode explores three ideas that caught my attention:   Creativity is the gateway to better investing - Silvia's classroom exercises aren't just for students. Her approach to opening minds through creative prompts parallels exactly how angels need to spot outliers that don't fit conventional patterns.Relationships endure beyond failure - Her experience supporting founders through bankruptcy reminded me how the most valuable connections aren't defined by financial returns but by integrity during difficult moments. Muscle memory in pitching your thesis - Just as Silvia has her students pitch daily to build confidence, angels need the same repetitive practice to clarify and refine what truly matters in their investment approach.I explore these ideas and more with Dr. Silvia Mah, Director of Innovation at Biola University and Chairwoman of Stella Foundation. She brings a rare combination of scientific rigor and investment acumen as both a biochemistry PhD and seasoned angel investor who's backed over 160 startups with diverse founding teams. She bridges academic entrepreneurship with practical investment strategies while pioneering gender lens investing through multiple funds and angel groups. Her perspective is particularly valuable for understanding how university ecosystems can better connect with angel investors to create sustainable startup growth channels. During our conversation, Silvia shares: A "Three Cs of Capital" framework that helps angels understand their full value beyond just writing checks: financial capital, experiential capital, and network capital. A practical AI implementation technique for angel groups that transforms entrepreneur information into streamlined due diligence memos and project plans for volunteer teams. The "Angel Conference" model that universities are adopting nationwide to activate alumni networks, educate new angels, and fund campus-connected startups through mini-funds.Connect with Silvia LinkedInStuff We ReferenceIlya StrebulaevJohn HarbisonNext WaveKnow someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from a 20-year angel investing veteran who created data-driven tools used by hundreds of angel groupsToday's episode explores three ideas that caught my attention:Simple beats complex every time - John's URL clicking method to track outcomes is brilliantly basic. Sometimes the best solutions are staring us in the face.Expertise >> crowds - John's analysis revealed a U-shaped return curve where heavily-invested deals performed well, but surprisingly, some smaller deals with just a few deep-industry experts also outperformed. Fresh perspective on the “wisdom of the crowds.”The first five years deceive us - Learning that early outcomes skew negative while big returns happen 5-15 years later explains why many angels quit too soon. Vital for inclusion in any angel education.I explore these ideas and more with John Harbison, Chairman Emeritus of TCA Venture Group. With over 20 years of angel investing experience, John has led the ACA's data initiatives and helped develop the Angel Funders Report. His blend of management consulting and hands-on investing makes him a highly insightful, data-driven leader in the industry.During our conversation, John shares:A practical approach to data collection that simplifies complex cap table analysis by focusing on the key ratio between investment amount and return amount, making portfolio tracking manageable for groups of any size.Detailed data analysis showing that early investment outcomes are misleading – the first five years are dominated by shutdowns while significant exits typically happen between years 5-15, fundamentally reshaping how angels should set expectations.A forward-looking vision for how AI can transform angel investing, from automating member expertise matching to guiding diligence questions, potentially improving both efficiency and decision quality. Connect with John LinkedIn | BlogStuff We ReferenceSerafAlycia DoxonRon WeissmanCTANLaunchpad VenturesKnow someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from a 25-year veteran angel who advises investors and governments across four continents while chairing Silicon Valley's oldest angel network and the ACA Board of Directors Today's episode explores three ideas that caught my attention:   Angels are insulated from market turbulence - Ron's data shows angels maintaining pre-2021 investment patterns despite market volatility in recent months.  First-time CEOs are getting MORE funding - Contrary to what you'd expect in uncertain times, angels are backing more first-timers than ever. This challenges the conventional "flight to safety" narrative. Long-view investing as emotional discipline - Ron's emphasis on the reality of 5-8 year time horizons for angel investments is a psychological framework that helps investors avoid reactive decisions to monthly or quarterly fluctuations.  I explore these ideas and more with Ron Weissman, Chair of the Board of Directors at the ACA. He brings over 25 years in global venture capital and nearly two decades as an angel investor to his role. As Chairman of the Software Industry Group at Band of Angels, Silicon Valley's oldest angel network, Ron combines deep technical knowledge with historical perspective, having previously served as a CMO and Director under Steve Jobs at NeXT. His unique background as both a former Professor of History and technology executive made this a fascinating lesson in navigating uncertainty.  During our conversation, Ron shares: Evidence-based perspective on angel resilience backed by quantitative data showing investment patterns remain consistent despite economic turbulence. A counterintuitive insight that angels are funding more first-time CEOs than ever before, challenging the assumption that uncertain markets drive investors toward experienced founders. Historical patterns showing funds started after economic downturns "went higher, faster" and why this makes economic turbulence potentially advantageous for disciplined investors. Connect with Ron LinkedInStuff We Reference Denominator Effect by Ron WeissmanMary Todd LincolnACABand of AngelsKnow someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from a global ecosystem builder who's processed data on 108,000 startups while helping 240 investor communities across six continents manage their deal flow. GET FREE SOCKS: Seren will send the first 100 listeners that sign up for the AI Portfolio Monitoring waitlist a pair of Dealum’s signature red socks. What better way to impress your fellow angels at the next pitch event?!Today's episode explores three ideas that caught my attention:   A 30% spike in angel fundraising activity in Q4 2024 - Seren shared data showing a remarkable uptick in companies submitting fundraising applications, which could have a wide range of implications.  2,000 new companies per month - That's 108,000 startups total with structured data! Such a value-add for the ecosystem.  The "pitch deck black hole" - Seren's firsthand experience as a failed founder gives her empathy for entrepreneurs who send applications “into the void.” This perspective is so important for investors to consider as we design and implement our processes.I explore these ideas and more with Seren Rumjancevs, CEO of Dealum. Having sat on every side of the cap table as founder, accelerator manager, and innovation consultant, She now leads the platform managing deal flow for over 240 investor communities worldwide with data on more than 108,000 startups. Her firsthand experience with the "pitch deck black hole" drives her mission to create transparency and efficiency in early-stage fundraising. During our conversation, Seren shares:How a perfect storm of platform failures created both opportunity and skepticism - revealing the challenges European startups face when trying to win trust from US angel communities during a crisis.Insights from tracking 108,000 startups globally, including recent data showing a 30% spike in fundraising activity starting in Q4 2023.Why portfolio tracking remains a major operational challenge for angel groups, detailing how Dealum’s newest AI solution will transform unstructured email updates into structured data visualizations.Connect with Seren LinkedIn | LinkedIn | XStuff We ReferenceTrends in Funding Rates Part 1Know someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from a fund manager who has mobilized hundreds of women investors, championed gender-lens investing in the Southeast, and is now steering the ACA as its incoming ChairToday's episode explores 3 ideas that caught my attention:   Women angels grew 8x in 10 years - Kristina shared that female angels increased from 5% to 40% of all angel investors since 2014."Get out of your sandbox" - Her advice to deliberately step into unfamiliar networks struck me as the simplest yet most overlooked strategy for finding opportunities others miss.  Let’s be honest: we make investment decisions from the heart - When she quoted Bill Payne that investing ultimately comes from the heart, it validated what I’ve observed again and again. At the end of the day, most angel investment decisions, no matter how well researched or diligenced, are made with our gut. I explore these ideas and more with Kristina Montague, Managing Partner at JumpFund, which supports women-led ventures in the Southeast. As incoming Chair of the ACA and author of Jump In: Women Investing in Women, she brings over a decade of experience in gender-lens investing and building investor networks that drive returns and expand opportunities for overlooked founders. During our conversation, Kristina shares: Her account of launching the first micro-venture fund in the Southeast focused entirely on women-led ventures, illuminating the unique challenges and opportunities of pioneering a gender-lens investment approach in a traditionally underserved region. Tactical approaches for overcoming bias in investor due diligence questioning, including awareness of "prevention vs. promotion" questioning patterns that can disadvantage certain founders. An insider's view of the ACA's strategic initiatives, including new individual membership programs and advanced AI tools to leverage 20 years of investor data. Connect with KristinaLinkedIn | Website | XStuff We ReferenceAngel Funders ReportRon WeissmanMarcia DawoodKnow someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from an award-winning author and podcast host whose advocacy work is reshaping how angels invest and entrepreneurs access capital across ecosystems Today's episode explores three ideas that caught my attention:   Clarity is kindness - Marcia highlighted how the most requested entrepreneur feedback is for angels to simply say "no" faster.  Angel investing is still a mystery for many - It struck me how she still encounters people unaware they can participate in angel investing. There exists a massive pool of "latent” angels.  The golden gut - 30 years of industry experience can serve as a very effective "BS detector." Angel groups with diverse expertise can perform fantastic due diligence. I explore these ideas and more with Marcia Dawood, Host of the Angel Next Door Podcast and the Chair Emeritus of the ACA. She is also a partner with Mindshift Capital and author of the award-winning book "Do Good While Doing Well." Her work advocating for entrepreneurship in DC and leading the Growing Women's Capital syndication initiative exemplifies her commitment to making early-stage investing more accessible and effective for both investors and founders. During our conversation, Marcia shares: Insights on angel investing during market downturns that help investors avoid making reactionary decisions based on public market volatility. Her approach to podcast content strategy that shows how thoughtfully organized episodes can better educate both investors and entrepreneurs on complex investment concepts. The story behind her award-winning book "Do Good While Doing Well" that offers a roadmap to avoid common mistakes she made as a new angel investor. Connect with Marcia LinkedIn | Instagram | YouTubeStuff We Reference Kevin LearnedThe Angel Next Door PodcastAbout the ACAThe Angel Capital Association is the largest professional organization for angel investors, representing 15,000+ members across 250 groups who collectively invest over $650M annually in startups.Know someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from a commercial real estate veteran who's now funding underrepresented founders while challenging traditional angel investing assumptions Today's episode explores three ideas that caught my attention:   Financial models are founder due diligence too - Katie evaluates financial projections not for accuracy but to understand how founders think.  If it’s not a heck yes it’s a heck no - When she can't quickly decide, she defaults to "no." This candid approach respects founder time more than stringing them along.Angels tend to overvalue their money, undervalue their networks - The real value angels bring isn't capital but connections and expertise. Her viral LinkedIn post for a founder where she invested just $2,500 exemplifies this misunderstood dynamic. I explore these ideas and more with Katie Dunn.  She brings over 25 years of commercial real estate finance experience to angel investing, having underwritten more than $10 billion in deals throughout her career. Now focused exclusively on funding underrepresented founders in CPG and technology, she's helped startups raise over $27M by teaching entrepreneurs how to articulate their vision with clarity and confidence. Her board positions with Outcast Brands, Fierce Foundry, and the Enthuse Foundation further demonstrate her commitment to transforming how capital flows to previously overlooked founders. During our conversation, Katie shares: A framework for identifying the "fast no" in angel investing that respects founder time while maintaining clarity about investment criteria – something angels often struggle to articulate. The troubling reality of gender bias in startup funding including shocking examples of inappropriate investor demands that highlight why underrepresented founders face structural disadvantages. How founders can structure investor updates to maximize engagement and support, with specific communication best practices to look for. Connect with Katie LinkedIn | Website Stuff We Reference LOOPCaroline DellLOLACHIEFCitrine AngelsGaingelsWefunderKnow someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from a twenty-year tech ecosystem veteran creating pathways for women angel investorsToday's episode explores 3 ideas that caught my attention: Capital distribution defies logic - Kate highlighted that less than 2% of VC funding goes to women-led teams, yet data shows they're 3x better at capital efficiency. Wild.  Education activates capital - Confidence gaps, not capability gaps, often prevent qualified individuals from angel investing. Her focus on education first, then group formation, flips the traditional model brilliantly as this is something I’ve seen many investor communities struggle with.  Unconscious bias has measurable patterns - Research shows identical pitches get forward-looking questions when delivered by men versus backward-looking questions for women. The awareness of this tendency alone is a key step to evolving our approach. I explore these ideas and more with Kate Brodock, CEO of SWITCH and General Partner at The W Fund, focusing on addressing funding disparities for women and underrepresented founders. Her dual perspective as both investor and educator positions her uniquely to identify market inefficiencies, having created pathways for hundreds of new angel investors through her "Angel Sessions" programs. Kate combines academic knowledge with practical investment experience to address systemic challenges in the venture capital landscape.During our conversation, Kate shares: Specific examples of portfolio companies positioned to thrive through challenging market cycles - from agricultural data solutions to community-focused fintech platforms serving traditionally underbanked populations. A framework for recognizing unconscious bias in due diligence by comparing how investors typically approach male versus female founders with identical pitches. Insights on the "feminine versus masculine" leadership traits that impact how founders are perceived, along with strategies for founder coaching that strengthens leadership capacity beyond Series A. Connect with KateLinkedInStuff We Reference The Angel SessionsW FundSWITCHAGTechKnow someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.

Insights from a PropTech growth veteran who's scaled multiple startups to $175M+ in venture funding while driving innovation in commercial real estate Today's episode explores 3 ideas that caught my attention:  Ridiculous customer discovery is what it takes – The “in” doesn’t matter. What matters is being ready to make the most of that “in”. His first enterprise pitch came about because the buyer liked his logo. But the capacity to close was predicated on a stupid deep understanding of the problem.  Entertainment could save retail – The anchor mall tenant is changing. The TopGolf comparison suggests that destination experiences may replace traditional retail anchors in malls.From office building to urban microcosm - Henry envisions mixed-use transformations where office spaces evolve into self-contained neighborhoods, blending apartments, offices, and amenities. This shift challenges traditional concepts of commercial real estate and our experience of urban living. Fascinating.I explore these ideas and more with Henry Talamantes, PropTech Growth Expert. He guided numerous seed to Series B startups at the intersection of real estate and technology, driving over $175M in venture capital and creating thousands of jobs. He blends real estate operations experience with B2B technology expertise and is committed to community service through organizations like the Knights of Columbus and Ronald McDonald House of Dallas, as well as serving as President of the Dallas A&M Club.During our conversation, Henry shares: A counterintuitive framework for evaluating real estate technology that focuses on understanding incentive structures before examining the actual innovation How return-to-office trends are creating unexpected opportunities in urban real estate transformation Why technical solutions often fail in real estate - illustrated through examples of misaligned incentives and market misunderstanding Connect with Henry LinkedIn | XStuff We Reference WeWorkAirbnbVrboIconAmazonGoogleBoseSalesforceKnow someone who would enjoy this episode? Share it with them! P.S. Your feedback is important to me. Also, it tells the algorithms to pay more attention, which helps me out a lot. If you enjoyed this episode, hit the "like" button or leave a comment with your thoughts. Want more? Get essential angel intel straight to your inbox every week with The Diligent Observer Newsletter. Check out the entire show library and follow via Apple Podcasts, Spotify, and YouTube. Connect with Andrew LinkedIn | X | Angel Ops E-Book All opinions are personal and may not reflect the views of The Diligent Observer. Not investment advice.