Capital is a commodity (but your investor relationships aren’t)
Podcast: Build ModePublished On: Thu Dec 11 2025
Description: Venture capitalists Ross Fubini (XYZ Ventures) and Leslie Feinzaig (Graham & Walker Ventures) pull back the curtain on how VCs build their own go-to-market strategies — not just how they evaluate startups, but also how they win over LPs and founders alike. In this episode of Build Mode, they share hard-won lessons from raising their first funds and how that experience allows them to empathize with founders. They discuss why "founder-market fit" applies to VCs too, how authentic thought leadership beats manufactured content, and why the best investor relationships start years before you need the money. Plus, the importance of building trust over transactions and why your network truly is your competitive advantage in venture. Chapters: 00:00 Intro 01:01 Meet the VCs: From Netscape to Costa Rica 03:06 The Horror Show of Raising a First Fund 05:29 Building a Fund as Proof of Concept 08:52 The Schtick: Why VCs Need a Unique Thesis 11:44 Thought Leadership That Actually Works 15:34 The Qualification Process: Knowing in Two Minutes 19:06 Authentic vs. Manufactured Content 27:59 Building Relationships Before You Need Money 30:00 Founder-Market Fit for VCs 32:52 Key Takeaways: Person, Firm, Terms—In That Order 36:45 Field Notes: Creative Ways VCs Court Founders New episodes of Build Mode drop every Thursday. Isabelle Johannessen is our host. Build Mode is produced and edited by Maggie Nye. Audience Development is led by Morgan Little. And a special thanks to the Foundry and Cheddar video teams.
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