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.