Episode #1 – How Not to Pitch a Billionaire
“So here’s the thing: nobody else can make this shit.”
That’s venture capitalist—”VC,” for those of you in the biz—Chris Sacca, adorable verbal tics and all, assuming the role of Alex Blumberg, aspiring podcast network mogul and venture capital supplicant.
“Our plan is to spend down our meager savings, go into debt and hope it works out. I have a lot of anxiety. Nazanin has a lot of anxiety.”
That’s Alex Blumberg, the ageless voice you remember from Planet Money and This American Life, as he heads down the familiar founder’s road of quitting his job in order to build his own company.
You’re literally hearing all of this because not only is he building a startup podcasting company, but he’s also making a podcast called “StartUp” about building a startup podcast company. Startup.
So here’s the thing: This podcast is one of the best things going if you’re interested in VC-funded startups. Unlike a lot of other post-hoc startup founding advice peddled around the web, Alex is recording this podcast as it happens. Sure, it’s still a professionally edited, mediated work. But his raw material hasn’t attenuated and been filtered through years of additional experiences and agendas. He doesn’t seem to be doing the standard faux-confessional Industry Man thing of trying to appear transparent while carefully tailoring his image to preserve the idea that he is ultimately a competent, fundable entrepreneur. He’s also showing his work, in the form of audio recorded as he goes about the business of building a company for the first time. Actually, this is Blumberg’s first full-time job.
We hear him in a pitch meeting with Chris Sacca. In his apartment with his wife, where he’s laughed at for suggesting a company name that comes from the Esperanto for “ear.” He comes across like the biggest naif ever to ask an investor for money. He overenunciates the words “pitch deck” and “angel investor” like he’s reading aloud from a foreign language text. He gives one of the worst elevator pitches you’ve ever heard. At one point Sacca interrupts him, takes a few notes, and then spits back an unpolished but much much better version of the pitch Blumberg could be giving.
If you’ve been around this world at all, you know that Blumberg is actually no worse than most entrepreneurs out there when they’re getting started. You just never *really* get to experience them at their worst. You only get to read about it 5 years after they’ve sold their company or failed and moved on to another experience and sat down to cobble together dubious memories of how everything really played out. If you like podcasts or entrepreneurship or have a fetish for reedy-voiced guys named Blumberg, do yourself a favor and starting listening.
In the first episode, we learn a few lessons:
1. Do your homework on potential investors. A Little Light Googling goes a long way.
2. How easy it is to lose yourself by trying to impersonate the person you think you should be. Alex is clearly passionate about his business but thinks his investors want to hear him recite a bunch of MBA buzzwords instead of speaking from the heart about what he believes the big business opportunity is and why he’s the one to do it.
3. Investors don’t give a shit that you have the right answers to most of their questions. But they want you to have *an* answer.
4. Everybody you meet during your current job is somebody you might want to call at your next job. Alex met Chris while reporting for Planet Money and got this coveted opportunity at least in part b/c he didn’t screw that up. So don’t get drunk at the conference and fall asleep under your booth.