Startups Decoded

In this episode, Andy Walsh sits down with Jennifer Lewis, former Founder CEO of queer social app Lex, to unpack the full arc from first fundraise to exit.Jennifer shares what really happens behind the scenes when you’re raising as a queer female founder, how she navigated a co-founder departure mid-fundraise, and why “perfect data rooms” don’t close rounds, relationships, and conviction do.They walk through how she scaled Lex into a beloved LGBTQ+ community, decided to sell to 9count, and protected the mission and culture through the acquisition.If you’re a founder wrestling with fundraising, leadership, or whether to sell, this is a candid, hard-won playbook from someone who’s actually done it.Subscribe nowJennifer LewisJennifer is an expert in launching and scaling startups from Seed to Series B. With global experience across Nike, Universal Music, Unilever, and Pepsi, she brings a bold, creative mindset to growth. She’s known for her work in women’s health, LGBTQ+ tech, and community-driven brands, and has led Lex through a major rebrand and exit. Jennifer has won 3 marketing effectiveness awards and over 40 creative awards.Chapters00:00 Introduction to the Journey of a Founder01:28 From Advertising to Startups: Jennifer’s Background04:47 Building Lex: A Personal Mission09:57 The Importance of Fast Decision-Making17:19 Navigating Co-Founder Dynamics and Fundraising21:53 Navigating Leadership and Team Dynamics25:34 Lessons from Fundraising Challenges29:12 The Reality of Fundraising for Female Founders33:16 The Importance of Culture in Acquisitions36:41 Reflections on the Acquisition Decision39:59 Exploring New Ventures and Personal GrowthAbout LexLex is a social app for LGBTQ+ connection, inspired by vintage personal ads. Originally launched in 2019, it grew into a vibrant digital community for queer expression, with over 1 million downloads and millions of messages sent monthly. In 2024, Lex was acquired by 9count, home to other social platforms like Wink and Summer.Music Credit:“Neptuno” - Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com

Robert Harary found his first venture deal while in high school detention, and hasn’t looked back since. Today, he sits at the center of the venture ecosystem as both an investor and founder, with a decade-plus obsession for making access to capital more transparent, efficient, and equitable.Robert is the #2 at Evolution VC Partners, where he’s been part of 300+ Culture Tech investments. He runs Timeless Ventures as GP, and has investments in companies like Colossal, Figure AI, and Sindarin. On the founder side, he co-founded DECKO (helping 300+ startups and funds raise $1.2B+) and Raisi (bringing founders in front of 2,000+ investors monthly).Startups Decoded is brought to you by Decko. Contact Decko and use the code word "Decoded" for 20% off. HQ@GetDECKO.comIn this conversation, we break down:Why access to capital, not ideas, is the biggest bottleneck for foundersHow Robert evaluates moonshots (and why he backed OpenAI early)Lessons learned from co-founding DECKO and WeraiseWhere the venture ecosystem is failing—and what needs to changeHis belief that democratizing capital will unlock the next wave of transformative companiesChapters00:00 The Utopian World of Fundraising06:40 The Evolution of Pitch Decks13:16 Crafting the Perfect Pitch Deck20:12 Understanding Investor Psychology21:59 Cold Outreach and Investor Engagement23:50 The Three Pillars of Startup Success26:08 Effective Cold Email Strategies28:29 The Art of Storytelling in Fundraising32:40 Investor Marketing as a Relationship Game39:14 Building Long-Term Investor RelationshipsGuest BioRobert Harary is an investor, founder, and venture capitalist obsessed with making capital access more equitable. He is a GP at Timeless Ventures, #2 at Evolution VC Partners (300+ Culture Tech investments), and an angel investor in moonshots, including OpenAI and Colossal. He has co-founded DECKO and Weraise, platforms that have helped 300+ startups and funds raise $1.2B+ from Sequoia, a16z, Accel, YC, and others.Who Should ListenFounders frustrated by investor access or gatekeepingInvestors curious about democratized deal flowOperators interested in the “deck science” behind successful fundraisingAnyone tracking moonshot bets reshaping the futureMusic Credit“Neptuno” – Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com 

Attorney, entrepreneur, and policy leader Ashley D. Bell is building Redemption Bank, a modern Minority Depository Institution designed to give founders something Silicon Valley rarely does: non-dilutive capital that preserves ownership.With experience spanning the SBA, the White House, and co-founding the National Black Bank Foundation with Dr. Bernice A. King (daughter of Dr. Martin Luther King Jr.), Ashley is fusing community banking, MDI syndication, and fintech infrastructure into a new model of founder finance.In this episode, we break down how to use banks—not just VCs—to extend runway, stabilize cash cycles, and raise without giving up equity.What We CoverWhy Redemption Bank: the market gaps MDIs can uniquely fill—credit where venture dollars don’t reachDebt > Dilution (sometimes): picking the right facility (LOC, equipment, AR, revenue-based) for your stageUnderwriting that sees your business: when ARR, AR aging, and cohorts matter more than FICOSyndication & Scale: how MDIs partner to increase check sizes without predatory termsTreasury as RevOps: banking tools that speed collections, reduce working-capital dragSignals & Stakeholders: why banking with a mission brand opens doors (enterprise, municipal, talent)Playbook: the 30-day path to “bank-ready” for early-stage companiesChapters 00:00 Introduction to Modern Banking and Treasury05:42 Ashley Bell's Journey to Redemption Bank11:08 The Legacy of Dr. Martin Luther King Jr.16:11 Redemption Bank's Unique Approach to Banking20:15 The Importance of Role Models in Entrepreneurship26:36 Reimagining Banking for Modern Founders34:25 Building Community and Trust in BankingAshley D. BellCo-Founder, Chairman & CEO of Redemption Bank. A former SBA Regional Administrator and White House policy advisor, he co-founded the National Black Bank Foundation with Dr. Bernice A. King to channel capital into underserved communities. As an attorney and entrepreneur, he’s focused on building a scalable, tech-forward MDI that expands access to responsible credit for founders and small businesses.Who Should ListenFounders exploring non-dilutive options (SaaS, e-comm, services)Operators/finance leads responsible for cash conversion cyclesAngels/seed investors advising portco’s on runway without dilutionEcosystem builders interested in MDIs, community finance, and equitable growthMusic Credit“Neptuno” – Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com 

94 percent of sports-science research excludes female physiology.The result? A $10 billion fitness industry that burns women out, leads to injury, and disrupts hormonal health.Lizzy Palmer, Founder and CEO of SyncN, is changing that. SyncN is the first cycle-aware fitness and nutrition platform that personalizes training and nourishment around women’s hormonal rhythms — used by athletes, creators, and founders who want performance without burnout.Sponsored by CherubIn this conversation, Lizzy unpacks:How SyncN helps founders align health with high performance — designing systems for consistency, not guilt.The hidden toll of fundraising — what chronic stress does to founders’ energy, hormones, and focus, and how to lead without self-erasure.Scaling through partnerships — how SyncN’s growth strategy ties mission to distribution through gyms, coaches, and women’s health platforms.What a free 6-month trial on SyncN?*Visit the SyncN Linktree and use the word Decoded” to unlock a Startups Decoded exclusive trial today. (Conditions apply)Disclosure: Andy Walsh serves as an advisor to SyncN. The views expressed here are my own and not influenced by my advisory role.Chapters00:00 Introduction to Health and Wellness for Founders01:21 Lizzy’s Journey: From Dance to FemTech04:37 The Gap in Female Health Research09:10 Understanding Female Physiology and Hormones13:16 Training Female Athletes: The Importance of Cycle Awareness17:57 Self-Compassion and Acceptance in Fitness22:15 Normalizing Conversations Around Menstruation25:53 Partnerships and Collaboration in FemTech28:15 Building Partnerships for Growth31:20 The Importance of Action in Partnerships32:52 Leveraging Professional Relationships36:10 Storytelling and Education in Fitness39:34 Mental Health and Founder Life43:50 Navigating Fundraising Challenges49:45 Introducing Sync In: A New Approach to Women’s HealthGuest BioLizzy Palmer is the Founder and CEO of SyncN, a cycle-aware fitness and nutrition platform helping women train and fuel in sync with their physiology. A former UX researcher at Meta and Roblox and a professional dancer and fitness coach, Lizzy founded SyncN to close the research gap in women’s health and empower female founders to optimize performance without burnout.Check out SyncNMusic Credit“Neptuno” – Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com

Forget Ivy League. Build Your Own Startup Empire.From Peter Thiel’s Fellowship revolution to building the 1517 Fund, Michael Gibson has made a career out of betting on outsiders. In this episode, he reveals how Thiel’s philosophy, back people, not pedigrees, shaped his mission to fund dropouts, renegades, and deep-tech builders rewriting the future.We unpack how to spot unconventional talent before the world does, why early bets on unproven founders can outperform safe money, and how the next wave of transformative startups won’t emerge from Ivy League halls, but from the edges of the system.Chapters00:00 From Journalism to Venture Capital: A Unique Journey07:05 The Dynamics of Founders and VCs12:50 The Role of Experience in Venture Capital17:32 Investing in Young Founders: The 1517 Fund22:56 Backing Renegades: A New Approach to Investment24:36 The Democratization of Innovation25:36 Identifying the Renegade Mindset28:10 The Impact of Educational Systems on Creativity32:25 Curiosity as a Key Trait36:20 The Role of Unorthodox Thinking38:40 Challenging the 10,000 Hour Rule42:16 The Importance of Unique Perspectives45:48 Managing Investor ExpectationsGuest BioMichael Gibson is the co-founder and general partner of 1517 Fund, a venture firm dedicated to backing dropouts, renegade students, and deep tech scientists who challenge the traditional path. Before starting 1517, he was Vice President of Grants at the Thiel Foundation, where he helped launch and run the Thiel Fellowship, and worked at Thiel Capital. With an academic background in philosophy from Oxford and early editorial roles at places like MIT Technology Review, Michael brings both intellectual depth and contrarian edge to venture capital. At 1517, he’s leading a reformation of how innovation is funded, betting on people with the courage to break from convention.Michael Gibson LinksLinkedInXBook: "Paper Belt on Fire"Who Should ListenFounders who’ve taken the unconventional path — dropouts, outsiders, or builders challenging industry norms.Aspiring entrepreneurs looking for insight into how Peter Thiel’s philosophy still shapes venture investing today.VCs and angel investors who want to understand how to spot raw, uncredentialed talent before it becomes obvious.Operators and innovators curious about how deep-tech and frontier thinkers are funded at the idea stage.Music Credit“Neptuno” – Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com 

Jaclyn Johnson is a powerhouse entrepreneur, investor, and advocate for women in business.By 35, she had already launched and sold two multimillion-dollar companies, including Create & Cultivate, a first-of-its-kind platform for female entrepreneurs that scaled to eight-figure revenue and partnered with Fortune 500 brands like Amazon, Mastercard, and Microsoft.Now, she’s back with Cherub, a double-sided marketplace designed to bridge the gap between underrepresented founders and democratizing access to category-defining companies. As both an angel investor and advisor, Jaclyn has backed businesses like Away, Live Tinted, and Chillhouse, bringing hard-won experience from her own journey into the founder–funding relationship.Subscribe nowIn this conversation, we break down:Jaclyn’s origin story: why she built CherubHow she approaches angel investing and the lessons she’s learnedWhat makes a great angel pitch (and what doesn’t)The realities of being an accredited investorWhy representation in funding isn’t just moral, it’s market-changingChapters00:00 The Importance of Angel Investments02:49 Jaclyn’s Journey as a Founder and Investor05:41 Understanding Angel Investors vs. Venture Capitalists08:28 The Role of Angel Advisors11:23 Building Relationships with Angels14:15 The Power of Brand Fame17:25 Cherub’s Mission and Deal Flow20:07 Educating Angels and Standardizing Investments23:13 Creating Effective Fundraising Pages26:12 The Role of Analytics in Fundraising29:04 Onboarding Founders to Cherub32:01 Connecting with Angels: Best Practices35:03 Diversifying the Investment Landscape37:58 The Future of Angel Investing40:35 Special Offers for Founders on CherubGuest BioJaclyn Johnson is the founder of Cherub and creator of Create & Cultivate, which she scaled to an eight-figure exit while reshaping how brands and communities support female entrepreneurs. Named a Forbes 30 Under 30 and an Adweek Disruptor, Jaclyn is an angel investor and advisor to companies including Away, Live Tinted, and Chillhouse. She’s dedicated to making capital and community more accessible for underrepresented founders while equipping the next generation of women entrepreneurs to scale.Who Should ListenFounders raising their first angel roundEntrepreneurs seeking representation and resourcesPeople curious about Angel Investing and how to get startedOperators looking to understand the angel landscapeMusic Credit“Neptuno” – Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com

What if founders could get the right advisor, investor, or board talent exactly when they need it, before they even ask?In this episode, Breen Sullivan (Founder & CEO, The Fourth Effect; longtime startup GC and board leader) lays out how AI is changing founder access: surfacing who you need and when, structuring “fit-for-purpose” advisory and board relationships, and turning connections into outcomes.We unpack why traditional networks leave too many founders behind, how to make boards growth drivers (not just governance), and how smarter, dynamic advisory models can lift retention, capital access, and founder resilience.Chapters00:00 Introduction to Boards and Advisories02:49 The Role of Community in Startups05:33 Understanding Advisory Boards08:12 The Impact of AI on Advisory Boards11:05 Fit for Purpose: Dynamic Advisory Relationships14:03 Navigating Advisor Roles and Responsibilities16:27 The Importance of Early Advisory Engagement19:32 Leveraging Advisors for Fundraising22:15 The Fourth Effect Platform Overview24:58 Connecting Founders with Advisors27:42 The Future of Advisory Boards and Capital RaisingBreen SullivanBreen Sullivan is Founder & CEO of The Fourth Effect and a seasoned startup executive, board member, and former General Counsel across high-growth companies. She focuses on building inclusive, ROI-driven boards and advisory networks that strengthen execution, fundraising, and leadership. She’s a leading voice on board diversity, founder access, and equitable innovation.The Fourth EffectWho Should ListenFounders building advisory benches and early boardsOperators/execs considering advisor or independent director rolesAngels and VCs exploring advisor-investor modelsBuilders designing AI-assisted founder support workflowsMusic Credit“Neptuno” – Phondupe (Album: Onykia)Access All AreasListen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com

How integrative care, AI, and behavior design are reshaping health: prevention-first, data you own, and systems busy founders can stick to.Founders are optimizing everything, except their health. Quick fixes don’t scale, and siloed care leaves people guessing.In this episode, Dr. Erik Reis, Co-Founder & Director of Health & Wellness at Nobody Studios and founder of The Neural Connection, maps a practical path to holistic, evidence-based wellness. We cover prevention vs. reaction, integrating Eastern + Western approaches, what data you should actually track, and how startups can build credible wellness products without the hype. If you’re building or buying health tech, or just trying to perform at a high level, this is your playbook.If you’re a founder, operator, or investor in health, performance, or longevity, this one’s for you.Subscribe nowchapter titles00:00 Introduction to Holistic Health and Medicine01:20 Dr. Erik’s Journey into Healthcare03:43 The Role of Technology in Healthcare09:29 The Importance of Preventative Care12:39 Integrating Eastern and Western Medicine16:51 Empowering Patients through Technology20:59 Behavioral Change in Health Management23:51 The Influence of Genetics and Lifestyle on Health25:36 Harnessing Technology for Health Management27:54 The Role of Data in Healthcare29:37 Collaboration and Innovation in Healthcare31:29 The Basics of Longevity and Health33:42 The Future of Startups in Health and WellnessDr. Erik ReisCo-Founder & Director of Health & Wellness, Nobody Studios; Founder, The Neural Connection (integrative neuro clinic). Erik specializes in complex neuro cases and scalable wellness systems that blend traditional therapies, modern neuroscience, and practical behavior design. His through-line: teach people to own their data, build prevention into daily life, and use tech to amplify, not replace, human care.Connect with Dr. Erik Reis:Nobody StudiosThe Neural Connection ClinicDr. Erik Reis - LinkedInWho should listenSeed–Series B founders optimizing health/performanceHealthtech builders aiming for evidence-based productsOperators/investors evaluating prevention and longevity playsMusic Credit: “Neptuno” - Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com

OpenAI’s latest “Zapier-killer” headlines were sobering, but Adam Robinson already did the unthinkable: he removed every human from RB2B, a $6M ARR SaaS, for seven days and let AI agents run sales, support, and onboarding, zero intervention.The outcome?Revenue growth held (+4%/mo), 96.6% answer accuracy in sales chats, and 89% support resolution with no customer meltdowns.In this conversation, Adam unpacks:The real playbook behind the stuntWhy he designs his business to fit AI tools (not the other way around)How great documentation and Intercom Fin “guidance” drive resolution,Where agent workflows replace repetitive tickets,Why he’s doubling down on PLG, freemium, and simplicity, even in a high-churn category.We get into transparency, customer expectations, and why a profitable, small team can now beat over-tooled incumbents.Also: Yes, the week he “disappeared,” Adam was off-grid at Burning Man.Subscribe nowChapters00:00 Why agents now (and the OpenAI “Zapier-killer” moment)02:06 From Lehman Brothers to bootstrapped SaaS operator04:56 The 7-day no-humans experiment: scope & safeguards09:07 Build-to-AI: shaping product so agents can handle the work12:50 Lean, profitable, small: the appeal of a high-margin micro-org17:35 Adapting process to tools (not tools to process)23:06 Intercom Fin “guidance,” escalations, and transparency25:44 Churn reality: category dynamics and buyer persona30:10 Agent workflows: auto-diagnosing email invites (SendGrid)34:05 Feedback loops: weekly founder calls and customer insights39:19 Human connection vs. agent efficiency in 202542:33 Embracing imperfection—and why “simple wins”Guest BioAdam Robinson is Founder & CEO of Retention.com and RB2B. He bootstrapped Retention.com from $0 to $22M ARR in four years and previously built Robly to an eight-figure exit. A former CDS trader at Lehman Brothers/Barclays, he now builds lean, profitable SaaS—and publishes the receipts.Who Should ListenSaaS founders optimizing for profitability over headcountOperators implementing AI in sales, support, and onboardingInvestors tracking agentic automation and PLG at scaleBuilders designing “self-running” products and processesMusic Credit“Neptuno” – Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.comStartups Decoded is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Send us a textHow LLMs are rewriting application security: less false positives, faster triage, and real-world founder playbooks.Founders are sprinting on AI—attackers are too. Traditional security tools drown teams in alerts and miss the real threats. In this episode, Almanax founder & CEO Francesco Piccoli breaks down AI-native application security: how LLMs detect logic bugs legacy scanners miss, cut up to 90% of noise, and triage vulnerabilities at the pace you ship. We cover where “shift-left” falls short, how to operationalize low-friction code scanning in GitHub, and what legal/compliance leaders expect before they’ll sign your deal.If you’re building or buying AI-accelerated software as a founder, CTO, or security lead, this is the playbook.Chapters00:00 AI-Native Security: Why It Matters Now01:19 Francesco’s Path to AppSec05:26 Why Legacy Tools Miss Real Bugs10:48 The Cat-and-Mouse Reality of Cyber15:46 Legal & Compliance: What Founders Owe20:34 Founder Best Practices (Week-1 Checklist)28:46 Cutting 90% of Alert Noise36:32 Making Security Usable for Devs39:45 When Breaches Happen: First Calls41:53 Wrap-Up + Next StepsFrancesco PiccoliFounder and CEO of Almanax, joins us to unpack how his team is building AI-native systems to catch 5x more bugs while cutting 90% of the noise. We talk about the future of application security, why shift-left isn’t enough anymore, and how triaging vulnerabilities at scale requires a new kind of intelligence.Who Should ListenSeed–Series B founders shipping fast on AI-native stacksEng leaders drowning in SAST/DAST false positivesSecurity & compliance owners prepping for SOC 2 / ISO 27001Music Credit: "Neptuno" - Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: Need clarity on fundraising, strategy, or scaling? You can book me, Andy Walsh, directly on Hubble for focused 1:1 advice. 15, 30, or 45 minutes no fluff, just solutions.Head to hubble.social/AndyWalshDiscover Smarter Investing with the Teaminvest Wealth Builders PodcastExpert insights and proven strategies from Australia's top investors. Build your wealth.Listen on: Apple Podcasts   SpotifySupport the show