Angel investors love to say they have an investment thesis—but do most people actually have one before they start writing checks? In this episode, the guys unpack what an investment thesis really is, why it matters, and how it can keep investors from chasing shiny objects (or the latest AI hype train). Along the way, they compare their own approaches to investing, debate whether founder quality outweighs market timing, and admit that sometimes the best investment isn't just about returns—it's about satisfying your own curiosity.

The conversation wanders through everything from power law returns to coachability, and why patience is one of the most underrated advantages an investor can have. With plenty of real-world examples, and a few self-deprecating jokes, the hosts explore how experienced investors develop conviction without becoming dogmatic—and why a good thesis should evolve as you gain experience. They close with a challenge for listeners: write down your own investment thesis and send it in for a future episode, because nothing tests your thinking quite like putting it on paper.

Key Topics

• Building guardrails to avoid FOMO and emotionally driven investments

• Why founder grit and coachability often outweigh industry expertise

• Investing in industries you know versus industries you want to learn about

• Timing, discipline, and avoiding overhyped markets

• Concentrated versus diversified investing within the same market

• Creating a follow-on investment strategy for winning companies

Connect

Mike Kelly

• LinkedIn

• Website

• Developer Town

Ben Pidgeon

• LinkedIn

• VisionTech

Jacob Schpok

• LinkedIn

• Elevate Ventures

Hear more interviews and stories like this one at www.VentureDeclassified.com

The information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities.

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.

Connect

Mike Kelly

• LinkedIn

• Website

• Developer Town

Ben Pidgeon

• LinkedIn

• VisionTech

Jacob Schpok

• LinkedIn

• Elevate Ventures

Hear more interviews and stories like this one at www.VentureDeclassified.com

The information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities.

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?

The discussion explores how investors should think about technical expertise, scalability, and the transition from a promising prototype to a manufacturable product. Along the way, the hosts compare the unique risks of software and hardware, debating whether hard tech is truly less nimble—or simply misunderstood by investors who are more familiar with SaaS.

The episode ultimately turns into a broader conversation about investor psychology, founder quality, and the tradeoffs between risk and reward. While hardware companies often require more capital and patience upfront, the group discusses why they can benefit from deeper competitive moats, stronger acquisition dynamics, and more defensible technology. For investors looking beyond software, this episode offers a candid look at what makes hard tech both challenging and compelling.

To hear more from Grant Chapman and explore additional conversations on hardware innovation, startups, and product development, visit the Hard Tech Podcast at thehardtechpodcast.com

Key Topics

• How hard tech differs from software at the pre-seed, seed, and Series A stages

• The transition from proving a concept to scaling manufacturing

• Technical risk versus execution risk in hardware and software companies

• The role of customer discovery before significant capital is committed

• Acquisition dynamics and the strategic value of hardware intellectual property

• Capital efficiency, power-law investing, and portfolio construction considerations

Connect

Mike Kelly

• LinkedIn

• Website

• Developer Town

Ben Pidgeon

• LinkedIn

• VisionTech

Jacob Schpok

• LinkedIn

• Elevate Ventures

Hear more interviews and stories like this one at www.VentureDeclassified.com

The information provided on the show is not intended to be investment advice and should not be relied upon as such. The investors on today’s episode are providing their opinions based on their own assessment of the businesses or topics presented. Those opinions should not be considered professional investment advice. If they start up pitched as a part of this episode, it is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell, subscribe for or buy any securities.