Raising your first round has always been hard — but in today’s market, the rules are changing fast.
In this episode of Build Mode, our host and Startup Battlefield lead Isabelle Johannesen sits down with Charles Hudson, Founder and Managing Partner of Precursor Ventures, to talk about what early-stage founders need to know before raising their first institutional round.
Charles shares a candid look at how the venture landscape has shifted, why AI is changing what investors pay attention to, and how founders can better navigate fundraising when the old playbooks no longer apply.

They get into:
• Why raising pre-seed and seed funding feels harder right now
• How AI is reshaping venture capital
• What founders should know before choosing an investor
• Why the highest valuation is not always the best deal
• How to build momentum during a fundraise
• Why storytelling and a strong blurb matter more than ever
• What happens when a startup raises too much too soon
• Why the biggest risk may not be a down round — but no round at all
• How to think about whether venture capital is actually the right path

Whether you’re preparing to raise, currently fundraising, or just trying to understand how early-stage venture is changing, this conversation is packed with practical, honest advice for founders building in today’s market.

Subscribe to Build Mode on⁠ Apple Podcasts⁠, ⁠Spotify⁠, or⁠ wherever you like to listen⁠. And watch the full videos on⁠ YouTube⁠. New episodes of ⁠Build Mode⁠ drop every Thursday.

Chapters:
00:00 – The New Rules of Startup Fundraising
02:00 – What VCs Look for in First-Time Founders
08:50 – The Biggest Fundraising Mistakes Startup Founders Make
13:20 – Why Startup Valuations Are So Unpredictable in 2026
18:20 – Why Raising Too Much Money Can Hurt Your Startup
25:55 – Should Every Startup Raise Venture Capital?
29:20 – How to Choose the Right VC Investor
33:55 – Why Silicon Valley Still Gives Founders an Advantage
36:40 – How to Build Momentum During a Startup Fundraise

Hosted by Isabelle Johannessen. Produced and edited by Maggie Nye. Audience development led by Morgan Little. Special thanks to the Foundry and Cheddar video teams.

Nobody has to care: that’s the biggest challenge facing many startups.

Not every startup that struggles for funding is a bad business. Sometimes the metrics are strong, growth is real, and the founders have done everything right.

The problem? Investors believe the biggest returns are happening somewhere else.

In the latest episode of our Build Mode podcast, Charles Hudson of Precursor Ventures explains why great companies can still struggle to raise capital when they’re outside the markets VCs are betting on — and why timing and category matter just as much as execution.

What if GLP-1s like Ozempic could do more than just tip the scales? Physician Dhruv Khullar traces the winding path of the “moderation molecule” — from a discovery in Gila monster saliva to a potential diabetes medication and addiction treatment — and how they could quiet the relentless noise of craving. The most surprising effects of GLP-1s may not be in the gut, but in the brain. (Recorded at TED2026 on April 15, 2026)

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