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Why startups should ‘be more concerned’ about competition in VCs’ portfolios l Best of Build Mode

This week on Build Mode, we’re diving back into the archives for a special best-of episode all about venture capital. Host Isabelle Johannesen and producer Maggie Nye revisit conversations from past seasons to give founders a glimpse behind the VC curtain and a better understanding of what investors are really looking for. From choosing the…

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This week on Build Mode, we’re diving back into the archives for a special best-of episode all about venture capital. Host Isabelle Johannesen and producer Maggie Nye revisit conversations from past seasons to give founders a glimpse behind the VC curtain and a better understanding of what investors are really looking for.

From choosing the right investors to building a differentiated go-to-market strategy, these venture capitalists and founder-turned-investors share hard-earned lessons on fundraising, portfolio dynamics, investor-founder relationships, and what separates the companies that successfully raise their next round from those that don’t.

In this episode, you’ll hear from:
⁠Yuri Sagalov, managing director at General Catalyst⁠
⁠Ross Fubini, managing partner at XYZ Venture Capital⁠ and Leslie Feinzaig, founder and general partner at Graham & Walker⁠
⁠Paul Irving, partner at GTMfund⁠
⁠Leah Solivan, founder of TaskRabbit and founder of Precedent VC⁠

Chapters:
00:00 Intro
01:19 Yuri Sagalov (General Catalyst): The three types of investors and who founders should avoid
03:29 Ross Fubini (XYZ VC) & Leslie Feinzaig (Graham & Walker): What great investors actually bring to the table
08:36 Paul Irving (GTMfund): The go-to-market signals investors look for
12:30 Leah Solivan (TaskRabbit / Precedent VC): Understanding the competition inside your investors’ portfolios
14:30 Outro

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. 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.

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1 Comment

1 Comment

  1. @stepheninscoe1707

    June 19, 2026 at 2:26 am

    Not complicated. The VC model is a form of gambling, like the horse races. The VCs read form (what have you done up to this point). They look at the ground conditions (market and competition), they look at the potential prize (size of market, exit valuations and number of exits/odds). Then they decide how much money to place on that bet, if anything. One difference is that for some bets they also need to guess the probability of other gamblers join the bet later on and probably on worse odds (valuation). The VCs want their horse to win, but the reality is they are meeting on several horses in several races and only need some of them to win. They are not all in on one horse.

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Most startups stall because they build one great product instead of a repeatable multi-product engine. Daring Ventures’ Maddi Holman, Verkada’s Filip Kaliszan, and Atlassian’s Tamar Yehoshua discuss the operational playbook for capital allocation, systemizing internal innovation, and engineering a compounding “Second Act” before the core product’s growth curve flattens.

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