What does an early-stage investor actually need to see before writing a check?
Mike Chan, Managing Partner at Deep Ventures, joins Helena Fogarty to break down how he evaluates startups at the earliest stages, including companies that are still pre-product and pre-revenue. Mike explains why founders still need to show proof of demand, how he evaluates founder-market fit and distribution, and why saying you'll start executing once the funding arrives is a major red flag.
They also unpack how Deep Ventures operates across both a fund and a 1,300-member syndicate, what Mike learned investing through crypto bear markets, why technical founders often underestimate go-to-market, and how he thinks AI and crypto will increasingly intersect.
Plus, Mike shares what he learned from being a founder himself, why founders shouldn't obsess over competitors, what he wants founders to ask prospective investors, and why the strongest fundraising position is one where you aren't desperate to raise.
The takeaway: build the proof points first, create optionality, and raise from a position of strength.
Follow Inside Startup Funding for more conversations with the founders and early-stage investors shaping how startups get funded.
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