Startups Decoded

Mike Ma doesn’t invest in decks. He invests in people.As Managing Partner and Head Coach at Sidecut Ventures, Mike works with what he calls “coachable superheroes”, early-stage, mission-driven founders tackling real problems in economic mobility, healthcare, climate, and education.In this conversation, we unpack what it actually means to be coachable as a founder, why most advice fails in practice, and how real progress happens when coaching, capital, and execution collide. Mike shares lessons from the trenches — blending Fortune 500 experience with venture-backed CXO roles, and explains why the best founders don’t just seek answers, they build judgement.We also explore Sidecut’s hands-on approach to venture building, the parallels between adaptive sports coaching and startup leadership, and why helping founders unlock potential often means meeting them exactly where they are, not where the pitch says they should be.This episode is for founders who want fewer platitudes, better questions, and support that actually shows up.Chapters00:00 Introduction to Impact Investing02:42 The Thesis of Sidecut Ventures04:59 Understanding Impact and Returns07:49 The Case for Climate Investments10:41 The Duality of Capitalism13:06 The Role of Ethics in Business15:47 The Importance of Mission-Driven Founders18:33 Evaluating Founders Beyond the Surface23:54 The Foxhole: Partnering with Founders27:19 The Impact of Investment Models32:01 The Reality of Foundership36:50 Understanding the Founder’s Journey39:43 Evaluating Impact and Market RisksMike Ma Managing Partner and Head Coach at Sidecut Ventures, where he invests in and coaches early-stage, mission-driven founders working on some of society’s hardest problems.He brings a rare blend of Fortune 500 experience (Bank of America, Vanguard) and venture-backed CXO leadership(including Betterment and Own Up), rolling up his sleeves across product, strategy, and fundraising. Mike believes the best venture outcomes are built through proximity, trust, and real coaching, not performative advice.Sidecut Ventures: Pitch: https://www.sidecut.vc/pitch-usLinkedIn: https://www.linkedin.com/in/michaelwma/Presented by Morrison Foerster - mofo.comAccess All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.comMusic Credit“Neptuno” – Phondupe (Album: Onykia) 

Startups Decoded - Presented by Morrison Foerster - mofo.com.Luke Tobin has built seven businesses across hospitality, e-commerce, and agencies. Three exits. One of them: an eight-figure agency sale that started with £100, no funding, and a healthy dose of imposter syndrome.Today, Luke sits at the messy intersection of founders, capital, and exits, backing businesses, fixing broken agency models, and coaching operators to turn self-doubt into fuel instead of friction.In this episode, we get brutally practical on what actually drives profitable growth, why most agencies never become exit-ready, how to price for margin (not ego), and why thinking like a buyer early changes everything. This is an operator conversation, not “founder vibes”. If you want a business that works without you sweating through every Monday, press play.Subscribe nowChapters00:00 Introduction to Entrepreneurship and Exits10:31 The Journey of Building and Selling Businesses19:14 Structuring for Success: Frameworks and Control22:02 Uncovering Unique Value in Startups23:27 Prioritizing Impactful Outcomes25:39 Balancing Human Intelligence and AI27:25 Effective Automation Strategies29:06 Navigating Growth Stages in Business31:56 The Importance of Agility in Startups34:09 Cultural Dynamics in Team Growth37:32 Hiring Smart: The Founder’s Dilemma39:31 Investment Insights and Founder EvaluationLuke TobinLuke Tobin is a founder, investor, and operator with three exits and seven businesses built across hospitality, e-commerce, and agencies. He scaled his most recent agency from £100 to an eight-figure exit in five years with no external funding.Today, he’s the founder of Unusual Group, owner of Tobin Capital, partner at A-Frame Venture Studio, and author of The Success Method newsletter read by 100,000+ founders weekly. Luke advises founders on pricing, operations, hiring, and exits with a relentless focus on building businesses that actually work.Who Should ListenAgency owners who want better margins (and a real exit path)Founders dealing with imposter syndrome while scalingOperators building without funding and without delusionInvestors who care about operator-led growthAnyone who wants the real playbook behind profitable businessesAccess All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.comMusic Credit“Neptuno” – Phondupe (Album: Onykia)

Niluka Kavanagh left Big 4 consulting with a simple question: Can I work for myself, and can I do it from anywhere?That question turned into an experiment, then a business, then ImagineThat, a global club for first-time founders who are trying to build something without losing themselves in the process.We talk about the unsexy realities people don’t plan for: uncertainty, isolation, confidence dips, and the weird moment where you realise “being your own boss” can still mean being owned by customers. Niluka shares the framework she uses with founders to go from “I’ve got skills” to “I’ve got a business,” why you should design your life before you design your model, and why your personal brand is the only asset that survives pivots.This is a conversation for anyone in corporate with a pull toward independence, and anyone early-stage who wants fewer vibes and more clarity.Subscribe nowChapters00:00 The Journey of Transitioning from Corporate to Entrepreneurship03:08 Finding Purpose and Vision in Business05:53 Understanding the Risks and Rewards of Entrepreneurship08:44 Building a Support Network for Founders11:35 The Importance of Market Validation14:25 Creating a Founder Brand and Authentic Storytelling22:27 Building Your Founder Brand25:41 The Importance of Values in Branding29:47 The Power of Storytelling in Personal Branding34:07 Recognizing Your Achievements as a Founder38:31 The Role of Community in Entrepreneurship43:20 Creating a Supportive Environment for FoundersNiluka Kavanagh A founder, executive coach, keynote speaker, and creator focused on the future of work.She is the Founder of ImagineThat, the global club for new founders, and the creator of The Modern CEO, a leadership program helping companies evolve into next-generation workplaces.Previously, she worked as a consultant at KPMG with clients like Mastercard, Tesco, and London Stock Exchange, co-founded KPMG FutureThinkers, and led communications for KPMG SheCan.Niluka has spoken at leading universities, including Oxford, Trinity College Dublin, and Edinburgh University, and her work has been featured in The World Financial Review and Cambridge University Press.Who Should ListenNew founders transitioning out of corporate rolesExecutives leading younger or hybrid teamsOperators building modern leadership culturesAnyone curious about how careers, ambition, and identity are reshaping entrepreneurshipMusic Credit“Neptuno” – Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com

Women, BIPOC, and LGBTQIA+ founders still get boxed out of capital, but Katie Dunn has built her angel investing thesis to do the opposite, and she’s doing it with actual reps (29 investments) and serious financial scar tissue (25+ years in banking with $10B financed).Subscribe nowIn this episode, Katie breaks down what early-stage angels really look for when they say they’re “betting on the founder”, why most cold outreach fails (hint: nobody reads the investor’s thesis), and how underrepresented founders can cut through the noise with clarity, credibility, and a simple story that lands.We also get into the underrated part: investor relationships. Katie explains why your first investors should be your easiest next-round capital, why founders go dark when things get hard (and how that backfires), and how angels often deliver more value than VCs because they actually have time, context, and intent to help.If you’re raising pre-seed/seed, building community, or trying to stop fundraising from eating your soul, this one’s a practical reset.Chapters00:00 Introduction to Angel Investing04:18 Katie’s Journey in Finance06:55 The Importance of Diversity in Funding10:04 The Role of Immigrants in Startups12:43 Building Community and Networks15:30 The Value of Collaboration18:23 The Role of Angels vs. VCs21:07 The Importance of Communication23:45 Finding the Right Investors26:45 Using Technology to Connect29:32 Assessing Founders and Their Pitches32:20 The Art of the Pitch Deck35:01 Final Thoughts and ResourcesKatie DunnAn experienced angel investor, board director, and startup advisor investing in underrepresented U.S. founders at the pre-seed and seed stages, primarily in CPG and technology. Through Masthead Strategies, she’s helped founders raise over $30M by combining investor psychology, storytelling, and AI-powered tools.Her portfolio includes Outcast Brands (Blood Monkey Gin, Two Shores Rum), Another Tomorrow, Juliet Wine, WTHN, Forecastr, and Goodword. Katie also serves on the boards of Outcast Brands and the Enthuse Foundation, and advises Fierce Foundry, a femtech venture studio.Who Should ListenFounders preparing to raise pre-seed or seed capitalUnderrepresented founders seeking tactical fundraising adviceAngels or new investors looking to sharpen their evaluation processAnyone who wants to understand how trust, clarity, and communication drive funding decisionsMusic 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.

Startup investing used to be gated, exclusive networks, complex diligence, and full-time fund managers. But what if anyone could build a startup portfolio the same way they’d shop online?In this episode, Cheryl Kellond, serial founder and CEO of Play Money, shares how her platform is democratizing early-stage investing by pairing curated deals from new fund managers with an experience that feels more like shopping than finance. We dive into her journey from launching Bia Sport and Apostrophe (acquired by Centivo) to building Play Money, the new “fantasy league” for startup investing.Expect a candid lesson on why making startup capital more inclusive can reshape who gets funded and who gets to build wealth.Subscribe nowChapters00:00 Introduction to Play Money and Its Mission04:37 The Challenges of Accessing Capital11:21 The Evolution of Early Stage Investing16:59 Understanding the Angel Investment Landscape22:30 The Role of Education in Angel Investing28:20 The Founder Experience on Play Money33:49 Building Trust and Validation in Startups39:27 The Future Vision for Play MoneyCheryl KellondFounder & CEO of Play Money, is a concept-to-launch expert who has driven $750M+ in revenue from healthtech, SaaS, hardware, and media products. She previously founded Apostrophe (Techstars ’17, acquired by Centivo) and Bia Sport (Lemnos ’12), and has launched major products at Adobe, Yahoo, and E*TRADE. Voted Denver’s Most Admired CEO and a 40 Over 40 honoree, she’s passionate about disrupting legacy industries and building founder-friendly ecosystems.Who Should ListenAspiring angel investors who want a smarter, accessible entry pointFounders curious about new funding pathwaysEmerging fund managers building their first LP baseAnyone interested in wealth-building through startups without “full-time VC” complexityMusic Credit“Neptuno” – Phondupe (Album: Onykia)Access All Areas.Listen: Apple || Spotify || YouTubeSubscribe: SubstackCommunity & Events: Founders CircleConnect: LinkedInSocials: TikTok || Instagram || XWeb: startupsdecoded.com

As AI moves from clever tool to “virtual teammate,” nowhere is the shift more real than in finance.In this episode of Startups Decoded, Invoice Butler founder & CEO Mihir Deo joins Andy Walsh to explore what happens when AI agents start doing the unglamorous work humans have always done—chasing invoices, managing cash flow, and acting like your accounts team.We unpack how Invoice Butler is quietly replacing manual accounts receivable workflows with an AI-powered, human-backed agent, what that means for trust, brand, and relationships, and why the future of finance teams is smaller, sharper, and heavily automated, not human-free.Subscribe nowChapters00:00 Introduction to AI and Trust06:48 The Impact of AI on Business Dynamics10:58 The Birth of Invoice Butler16:51 How Invoice Butler Works22:54 The Future of Automation and Human Touch37:44 Target Customers and Vision for Invoice ButlerMihir Deo:Founder & CEO of Invoice Butler. With a background in software and product development, Mihir is focused on building AI tools that solve real problems, blending automation with human-first design.Invoice Butler:Invoice Butler blends AI efficiency with human oversight to deliver automated financial processes businesses can actually trust — reducing admin, improving cash flow, and giving founders more time to focus on growth.Music 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 on Substack.

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