『Triangle Tweener Talks』のカバーアート

Triangle Tweener Talks

Triangle Tweener Talks

著者： Triangle Tweener Fund
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 A podcast for builders by builders in the Triangle. We explore the startup journey and stories with local Triangle founders, from the idea to the exit and everything in between. Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West. We couldn’t share posts like this without our amazing sponsors: Gold Sponsors: Balentine: https://www.balentine.com/triangle-entrepreneurs EisnerAmpner: https://www.eisneramper.com Robinson Bradshaw: https://www.robinsonbradshaw.com Silver Sponsors: Automated Consulting Group: https://automated.co Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html 2025 Sponsors: Extensis HR: http://www.extensishr.com/2025 Triangle Tweener Fund マネジメント・リーダーシップ リーダーシップ 個人ファイナンス 経済学
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  • Triangle Startup Venture Funding, Valuations & Deal Terms

    Triangle Startup Venture Funding, Valuations & Deal Terms
    2025/12/18
    In this special solo episode of Triangle Tweener Talks, Scot goes beyond the two-part Tweener Times report to walk founders through what the data actually means in practice. This episode exists for one reason: to give Triangle founders clearer goalposts, better context, and fewer surprises when they sit down to raise capital.Tune in to hear:How founders can self-service fundraising expectations using real Triangle dataThe most common caps, discounts, and raise sizes at each stageWhy $1M ARR is a major valuation inflection pointSAFE vs convertible note vs priced round, when each actually makes senseWhat investors look for at Seed vs Series A (and why many founders get stuck)How founder-market fit and AI trends skew early valuationsWhy Triangle companies often raise less, and why that’s a strengthWhere to read each part:Part 1: https://www.tweenertimes.com/p/part-iii-triangle-startup-venture Part 2: https://www.tweenertimes.com/p/part-iiii-the-triangles-first-andWhere to Find Scot Wingo:LinkedIn: https://www.linkedin.com/in/thescotwingo/Tweener Times: https://www.tweenertimes.com/X: https://x.com/scotwingoIn this episode:00:00 – 03:00 Why this data exists & the founder questions it answers03:00 – 07:00 How the Tweener Fund dataset was built (and anonymized)07:00 – 15:00 The origin of the Tweener List and index strategy15:00 – 22:00 How funding stages are defined by company progress22:00 – 35:00 SAFEs, convertible notes, priced rounds — explained35:00 – 45:00 How deal structures change from Pre-Seed to Series A45:00 – 59:00 Valuations, raises, and dilution by stage59:00 – 1:07:00 What founders should actually do with this dataIf this is your first time really digging into venture fundraising, you’ll hear a few terms that investors use casually but aren’t always obvious. Here’s a quick guide to the most common ones we reference in this episode:Pre-Seed: The earliest stage of venture funding. Often used to fund initial product development, early customer discovery, or getting to a first version of product-market fit. Rounds are typically smaller and more founder-bet driven.Seed: The stage where a company has early traction and is working to prove repeatability. Investors expect evidence that customers want the product, not just that it can be built.Series A: A growth-oriented round where the question shifts from “Does this work?” to “Can this scale?” Metrics, revenue quality, and go-to-market execution matter much more here.Valuation: The implied value of your company during a fundraise. In early stages, this is often based more on progress, team, and market than on traditional financial metrics.Pre-Money vs. Post-MoneyPre-money: Your company’s valuation before new capital is investedPost-money: Your valuation after the new money comes inThis distinction matters a lot for understanding dilution.Dilution: The percentage of ownership founders give up when they raise capital. More money or a higher valuation doesn’t always mean less dilution — structure matters.SAFE (Simple Agreement for Future Equity): A popular early-stage investment instrument that delays setting a valuation until a future priced round. Simple in theory, nuanced in practice.Convertible Note: A loan that converts into equity later, usually at a discount or valuation cap. Older than SAFEs and still common, especially with certain investors.Valuation Cap: The maximum valuation at which an investor’s SAFE or note will convert. Lower caps are better for investors; higher caps are better for founders.Discount: A percentage reduction applied to a future valuation to reward early investors when their investment converts.Priced Round: A funding round where the valuation is explicitly set and equity is issued immediately. More complex, but often clearer once companies reach later stages.Progress-Driven Investing: Scot’s way of describing how early-stage investors price risk: capital is deployed based on company progress (traction, learning, momentum), not perfection.Founder-Market Fit: How well a founder’s background, experience, and insight align with the problem they’re solving. This often plays an outsized role in very early valuations.---This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.We couldn’t share posts like this without our amazing sponsors:Gold Sponsors:Balentine: https://www.balentine.com/triangle-entrepreneursEisnerAmpner: https://www.eisneramper.comRobinson Bradshaw: https://www.robinsonbradshaw.comSilver Sponsors:Automated Consulting Group: https://automated.coBank of America: https://business.bofa.com/en-us/content/technology-industry-group.html2025 Sponsors:Extensis HR: http://www.extensishr.com/ ------Triangle Tweener Talks is sponsored by:Atomic Object: https://atomicobject.com/
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    1 時間 11 分
  • Mike Doernberg: From ReverbNation to PlayMetrics, Spinoffs, PE, and a Lifetime of Building in the Triangle

    Mike Doernberg: From ReverbNation to PlayMetrics, Spinoffs, PE, and a Lifetime of Building in the Triangle
    2025/12/04

    In Part 2 of this two-part deep dive, Triangle Tweener Talks host Scot Wingo sits down with legendary Triangle founder Mike Doernberg to explore his journey on scaling multiple companies, spinning out new ventures, navigating private equity, and why he never left North Carolina.

    Tune in to hear:

    • How ReverbNation grew from a side project into a 6M-artist platform
    • The spin-out journey behind Adwerx, and why it worked
    • Mike’s framework for identifying spinoff opportunities inside existing companies
    • Why the team is the company, and why incubated teams can struggle
    • The origins of PlayMetrics and the youth-sports system-of-record vision
    • How Mike navigates private equity without losing culture or control
    • What PE adds that venture capital often can’t
    • What it’s like to scale from 25 people to 450+
    • Mike’s long view on the Triangle startup ecosystem, then vs. now
    • Why he never moved to the Bay Area
    • Whether a Mike-led venture studio might be next 👀


    Where to Find Mike Doernberg:

    LinkedIn: https://www.linkedin.com/in/michaeldoernberg/
    PlayMetrics: https://home.playmetrics.com/

    Where to Find Scot Wingo:

    • LinkedIn: https://www.linkedin.com/in/thescotwingo/
    • Tweener Times: https://www.tweenertimes.com/
    • X: https://x.com/scotwingo

    In this episode:
    00:05 — Welcome to Part 2 with Mike Doernberg
    00:12 — Coming back from “Home Depot retirement”
    00:18 — The origin and explosive growth of ReverbNation
    00:27 — Solving the cold-start problem before it had a name
    00:33 — Building Promote.it → the foundation for Adwerx
    00:42 — Spinning out Adwerx and structuring the deal
    00:52 — Should Mike run a venture studio? Scott pushes him
    01:00 — Why incubating ideas is easier than incubating founders
    01:10 — The spinout challenge: talent dilution
    01:15 — The path to PlayMetrics and modernizing youth sports
    01:27 — Selling Reverb to focus fully on PlayMetrics
    01:38 — Navigating private equity the right way
    01:47 — How PE can empower (not suffocate) founders
    01:55 — Running a 450-person org and learning a new leadership mode
    02:03 — Why Mike stayed in the Triangle — and how the ecosystem evolved
    02:16 — Triangle vs. Bay Area: culture, risk, and quality of life
    02:30 — Final reflections & Scott’s challenge on a future venture studio
    02:38 — Outro & sponsor thank-yous


    ---

    This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.

    We couldn’t share posts like this without our amazing sponsors:

    Gold Sponsors:

    • Balentine: https://www.balentine.com/triangle-entrepreneurs
    • EisnerAmpner: https://www.eisneramper.com
    • Robinson Bradshaw: https://www.robinsonbradshaw.com

    Silver Sponsors:

    • Automated Consulting Group: https://automated.co
    • Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html


    2025 Sponsors:

    • Extensis HR: http://www.extensishr.com/



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    Triangle Tweener Talks is sponsored by:

    • Atomic Object: https://atomicobject.com/
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    40 分
  • Mike Doernberg on Tweener Talks: The Early Chapters of a Multi-Exit Triangle Founder

    Mike Doernberg on Tweener Talks: The Early Chapters of a Multi-Exit Triangle Founder
    2025/11/20

    In Part 1 of this two-part deep dive, Triangle Tweener Talks host Scot Wingo sits down with legendary Triangle founder Mike Doernberg to explore the earliest chapters of his career, from CPA to multi-exit entrepreneur.

    Mike walks through the founding of Marathon, the rise of early PC-driven consulting, the creation and spinout of SmartPath, raising capital through the old-school angel gauntlets, navigating the DoubleClick acquisition, and why “retirement” lasted all of three months.

    Tune in to hear:

    • What the early startup ecosystem looked like before the Triangle was “the Triangle.”
    • The origins of Marathon and how the rise of PCs and early web consulting created new opportunities.
    • How a project inside GlaxoSmithKline became the spark that turned into the SmartPath product.
    • Mike’s philosophy for spinning out products successfully, and why strict separation is essential.
    • Raising capital in the 90s and early 2000s: angel gauntlets, tough rooms, and memorable TIG stories.
    • The SmartPath exit to DoubleClick and why Mike now believes they sold too early.
    • How exiting young led him to a very short-lived “retirement” and why founders struggle to sit still.

    Where to Find Mike Doernberg:

    LinkedIn: https://www.linkedin.com/in/michaeldoernberg/
    PlayMetrics: https://home.playmetrics.com/

    Where to Find Scot Wingo:

    • LinkedIn: https://www.linkedin.com/in/thescotwingo/
    • Tweener Times: https://www.tweenertimes.com/
    • X: https://x.com/scotwingo

    In this episode:
    01:02 – Mike’s early background & move to NC
    03:30 – Becoming a CPA but wanting more
    05:54 – Early exposure to startups at Ernst & Young
    07:50 – Why entrepreneurship became inevitable
    09:50 – Story of Burl Software and Y2K
    12:10 – How Marathon was formed
    13:22 – Rising PC adoption and early web consulting
    14:51 – Early e-commerce and building internet applications
    17:00 – How the GlaxoSmithKline project inspired SmartPath
    19:06 – The power of deeply understanding a customer problem
    20:34 – Building early commerce & workflow applications
    23:40 – SmartPath as an early low-code platform
    24:59 – Why selling SmartPath was his biggest mistake
    26:00 – Raising venture in the 90s & 2000s
    28:20 – The TIG pitching gauntlet
    30:00 – A founder’s early-career fear of the unknown
    31:10 – The SmartPath exit to DoubleClick
    33:00 – Life at DoubleClick & post-acquisition changes
    35:20 – Mike retires for 3 months (Home Depot era)
    36:50 – Why founders struggle not to build
    38:45 – The addiction and community of company building


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    This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.


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    Triangle Tweener Talks is sponsored by:

    • Atomic Object: https://atomicobject.com/
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    41 分
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