Big Fish with Spencer Matthews S1 E11: Harry Stebbings: How I turned $50 into a $140m fund
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Jan 18, 2023 
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Begin With Step One And Iterate Relentlessly
- Start with step one and keep iterating; the only thing that matters after step one is the next step.
- Harry began at 18 with $50, buying a microphone and domain, then cold-emailed VCs to build a podcast flywheel that scaled over years.
Build A Flywheel With Strategic Early Guests
- Use early guests' distribution to create a growth flywheel and social proof.
- Harry booked known guests launching books or shows, leveraged their press packs, then asked new investors to introduce three more, turning 3→9→27.
Capital Raised Is An Input Not The Goal
- Raising capital is an input; returns to investors are the true output.
- Harry has raised over $400m across vehicles but stresses cash in is meaningless without strong returns over time.