In this Venture Declassified Quick Tip, the hosts tackle one of the most common—and most misleading—metrics in startup updates: pipeline. Mike, Ben, and Jacob explain why experienced investors are skeptical of massive pipeline numbers at the pre-seed and seed stages, and what founders can do to present a more credible picture of future revenue. It's a quick lesson in separating real traction from wishful thinking.

In this special crossover episode of Venture Declassified, Mike Kelly, Ben Pidgeon, and Jacob Schpok join Grant Chapman on the Hard Tech Podcast to tackle a question many angel investors wrestle with: how should you evaluate hard tech opportunities differently from software companies?

In this episode of Venture Declassified, Mike Kelly, Ben Pidgeon, and Jacob Schpok tackle one of the murkier concepts in startup investing: mark-to-market valuations. What starts as a conversation about portfolio reporting quickly turns into a candid debate about spreadsheets, “black magic,” and the uncomfortable reality that startup valuations are often far more subjective than investors would like to admit.

In this quick Venture Declassified “nugget,” Mike Kelly, Ben Pidgeon, and Jacob Schpok break down the concept of drag-along rights—one of those legal terms that can have major real-world consequences for investors and founders. Using a real example involving a missed acquisition opportunity, the hosts explain why investors sometimes insist on having the power to force a sale. It’s a fast look at how governance provisions can protect investors from emotional decision-making when big offers hit the table. If you’ve ever wondered why drag-along clauses show up in deal documents, this short episode delivers the answer.

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok unpack one of the most misunderstood moments in startup investing: the exit. While headlines often highlight big acquisition numbers, the hosts explain why the reality behind those numbers is rarely as straightforward—or as lucrative—as it first appears.

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok dive into a reality every startup investor eventually faces: what happens when a company simply doesn’t work out. The conversation kicks off with Ben stepping off a real-time investor call dealing with a struggling portfolio company, which leads the group into an honest discussion about dissolutions, asset sales, and how investors determine “who gets what” when the outcome falls short of expectations.

The hosts break down how liquidation preferences, funding rounds, and cap table structures influence the waterfall when a company winds down. Along the way, they explore the practical side of navigating these situations—why transparency, documentation, and investor alignment matter when difficult decisions are being made quickly and under pressure.

But the discussion isn’t just about mechanics. The group also reflects on the human side of startup failures—from the emotional toll on founders who have poured years into their companies to the responsibility investors have to approach these moments with empathy and professionalism. The episode closes with a look at how experienced investors run postmortems on failed investments and what lessons can be learned for future deals.

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok unpack a topic that occasionally pops up in startup financials but rarely gets discussed openly: founder loans. What happens when a founder puts their own money into the company—and more importantly, what happens when it’s time to raise outside capital?

The group walks through common scenarios where founders fund early operations out of necessity, only for that contribution to later show up on the balance sheet as a liability. The conversation explores why these arrangements often lack proper documentation, how they’re perceived during diligence, and why investors tend to get uneasy if new capital is used to pay founders back.

Along the way, the hosts discuss practical approaches for handling these situations without derailing a round—from structuring repayment expectations to converting obligations into equity. With their usual mix of candor and dry humor, the crew offers a behind-the-scenes look at how investors actually evaluate these situations—and what founders should think about before lending their own startup money.

In this episode of Venture Declassified, Mike Kelly and Jacob Schpok are joined by Grant Chapman, co-founder of Glassboard, along with GrowthX Partner Jeanette Renshaw for a candid conversation about what it really takes to build—and invest in—hard tech. Drawing from deep, hands-on experience across hardware, medtech, and physical product development, the group unpacks why hardware timelines routinely stretch, why testing and validation are chronically underestimated, and why optimism is often the most expensive line item in a founder’s budget.

Recorded live from the Rally Innovation Conference, this episode of Venture Declassified features a wide-ranging and candid conversation with Jeanette Renshaw, Partner at GrowthX, on what actually drives early-stage success: understanding your ideal customer and learning how to sell—before you run out of runway. Jeanette breaks down why startup sales remains one of the least-supported (and most misunderstood) skills founders need to master, especially at the pre-seed and seed stages.

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok tackle one of the most overlooked—but most consequential—parts of startup investing: the cap table. From abandoned founder equity to a stack of mismatched SAFEs, the trio share war stories of cap tables that turn into what they like to call a “hot mess”—and why those messes can scare off the very investors a company needs most.

In this episode of Venture Declassified, hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok take a hard look at bridge rounds—what they are, when they make sense, and when they’re really just a disguised recap.

In this episode of Venture Declassified, hosts Jacob Schpok, Ben Pidgeon, and Mike Kelly unpack the inner workings of Special Purpose Vehicles (SPVs) and their role in managing follow-on investments. Drawing from recent real-world scenarios, the trio explores how SPVs are structured, how pro rata rights work in practice, and what happens when not all investors are on board for additional funding rounds.

In this episode of “Venture Declassified,” hosts Mike Kelly, Jacob Schpok, and Ben Pidgeon are joined by super angel investor Ken Miller for a candid conversation on the art and reality of exercising influence as an angel investor.

In this insightful episode of "Venture Declassified," hosts Jacob Spock, Mike Kelly, and Ben Pidgeon are joined by guest Ken Miller to tackle the timely and complex topic of tariffs, and their ripple effects on startups, investors, and the broader business ecosystem. The crew dives straight into the current landscape, highlighting the divide between companies with international exposure—who are feeling the pinch—and those insulated from global trade dynamics.

In this AMA episode of "Venture Declassified," hosts Mike Kelly, Jacob Schpok, and Ben Pidgeon break down what it really takes to succeed in early-stage venture capital—especially for students and aspiring founders.

In this lively episode of "Venture Declassified," hosts Mike Kelly, Ben Pidgeon, and Jacob Spock dive deep into their screening processes, offering a backstage pass to how venture capital decisions are made. The episode is a fascinating exploration of how these experts engage with potential portfolio companies, balance efficiency with thoroughness, and deal with the challenges of high-volume deal flow.

In this episode of "Venture Declassified," hosts Ben Pidgeon, Mike Kelly, and Jacob Schpok delve into the intriguing world of secondary markets. They explore how these markets offer a mechanism for current shareholders in privately-held companies to sell their shares to private entities. With a candid approach, the hosts detail how these transactions do not inject new cash into companies but rather enable liquidity for shareholders looking to exit their positions.

In this insightful episode of "Venture Declassified," hosts Ben Pidgeon, Mike Kelly, and Jacob Schpok join guest Toph Day to explore the rapid shifts within Indiana's burgeoning tech ecosystem. The discussion centers on the theme of "Innovate or Evaporate," emphasizing the need for businesses to adapt to swiftly evolving technological landscapes, particularly with AI advancements.

In this engaging episode of "Venture Declassified," hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok unpack the various types of investment vehicles and the appropriate contexts for their use. The episode is loaded with expert insights into the nuances of safes, convertible notes, and equity financing, making it a must-listen for both budding entrepreneurs and seasoned investors.

In this engaging episode of "Venture Declassified," hosts Mike Kelly, Ben Pidgeon, and Jacob Schpok unpack the various types of investment vehicles and the appropriate contexts for their use. The episode is loaded with expert insights into the nuances of safes, convertible notes, and equity financing, making it a must-listen for both budding entrepreneurs and seasoned investors.