Innovation with Mark Peter Davis

This week, Phuong and I dive into one of the most crucial yet often perplexing aspects of startup formation: cap table construction and equity distribution. If you're setting up a startup or restructuring your cap table, this conversation is a must-listen.We discuss the essentials of setting up a cap table that aligns with industry norms, aiming to attract investors while motivating founders and early employees. From understanding equity splits among co-founders to planning an option pool for future hires, we cover actionable insights that can help founders avoid common pitfalls. This is a tough topic for new entrepreneurs and we hope that this can help folks build a balanced and adaptable ownership structure that supports growth and long-term success.

As someone passionate about the role of innovation in advancing society, I’m particularly interested in how rapidly evolving technologies - like artificial intelligence, robotics, and dual-use technologies - are reshaping the military landscape. Naturally, I was thrilled and honored that Major General Julian “Ghost” Cheater joined me on the pod to explore this intersection of technology and warfare.Ghost, a senior leader in the U.S. Air Force, shared invaluable insights into how the military anticipates future conflicts and adapts to emerging technologies, as well as the importance of collaboration between the military and private sector tech companies. We dove deep into everything from how advanced software applications are used to streamline operations, to the critical role private companies play in supporting national defense through dual-use innovations.One of the most eye-opening moments of the conversation was when we discussed the ongoing conflict in Ukraine and the lessons being learned in real time, especially in terms of adapting technology to the battlefield. Ghost emphasized that the tech industry and military can help prevent conflict through innovation. This episode was a powerful reminder that while the stakes are high in defense, there is tremendous opportunity for technologists and entrepreneurs to contribute to national security in meaningful ways. I'm excited for listeners to hear how they can get involved and make a difference.Links:Defense Innovation UnitAir Force AcquisitionChief Digital and Artificial Intelligence OfficeDoing Business with the Department of Defense Flow ChartPodcast Links: Website, YouTube, Twitter, LinkedIn

Determining how much capital a startup should raise during each funding round is hard. This week, Phuong and I break down the tools and methodologies that founders and VCs use to calculate the right number, emphasizing the importance of creating a detailed operating model. The conversation covers key fundraising strategies, including aligning milestones with investor expectations and avoiding common pitfalls like over-dilution. Our goal during this chat was to offer practical insights on managing capital efficiently and ensuring long-term growth. If you’re a founder looking to navigate the fundraising landscape with confidence, this episode is definitely for you.Links:Podcast Links: Website, YouTube, Twitter, LinkedIn 

We kick off a new season by sitting down with Patrick Butler, the CEO of BizDefender. Patrick, a seasoned founder with deep technical expertise, discusses his latest venture, BizDefender, a company co-founded with Interplay. BizDefender addresses the growing epidemic of fraud targeting small and medium-sized businesses. The conversation delves into the various types of business fraud, including hacking, social engineering, and brand spoofing. Patrick explains how BizDefender is stepping up with a simple, accessible solution, including a free-tier product, to help businesses monitor and mitigate these fraud risks, which are often invisible yet devastating.Patrick and I also discuss the broader mission behind BizDefender, which aligns with Interplay’s studio model of building companies that create both social value and sustainable business solutions. Patrick emphasizes how small businesses are particularly vulnerable to fraud, with median losses that could cripple many companies. BizDefender aims to provide these businesses with a much-needed defense, offering tools to monitor dark web activity, protect against phishing attacks, and offer human support to navigate the complex landscape of fraud prevention.Give it a shot and see how BizDefender can help your company stay safe at bizdefender.com.Links:BizDefender Links: Website, LinkedIn, InstagramPodcast Links: Website, YouTube, Twitter, LinkedIn

For this week's episode - the last one before the podcast takes a summer break - my colleague Mike Rogers joins to discuss Apple's new updates + AI announcement. Additionally, we touch on the implications of growth round pay-to-play dynamics in the early-stage market.

This week's pod is a mid-year check-in on the global markets with Chris Zhang. Chris shares his insights on the current state of the U.S. and global markets and we dissect key economic data, market trends, and potential risks, offering a nuanced evaluation of the economic landscape.

Phuong delves into the crucial strategies for acquiring initial customers when launching a B2C (business-to-consumer) product. We discuss the importance of targeting early adopters who feel the problem intensely and are willing to tolerate an imperfect product. Practical advice is provided on how to find these initial users both offline and online, emphasizing the value of human contact and direct feedback. The episode also highlights successful pre-launch community building and beta program strategies, with real-world examples such as Harry's pre-launch referral program.Follow us on Twitter: @mpd, @interplayPodcast Links: Website, YouTube, Twitter, LinkedIn

I recently sat down with Chris Zhang, CIO and partner at Ascend Interplay, to discuss the often misunderstood concept of diversification. We explored the endowment model, which focuses on alternative assets like private equity, venture capital, and real estate, and how it can be applied to ultra-high-net-worth families and individuals with long-term investment horizons. I note how this approach can help capture the illiquidity premium and provide diversification benefits. Chris shared his insights on the limitations of traditional measures like volatility and correlation, and we discussed how true uncorrelated assets are scarce in the current macro environment. Our conversation highlighted the importance of understanding the nuances of diversification and risk management in investing.Links:Follow us on Twitter: @mpd, @interplayPodcast Links: Website, YouTube, Twitter, LinkedIn*DISCLAIMER*Interplay Family Office LLC (“Interplay”) is registered as an investment adviser with U.S. Securities and Exchange Commission (“SEC”). Registration of an investment adviser does not imply any level of skill or training. Information about the qualifications and business practices of Interplay is available on the SEC’s website at www.adviserinfo.sec.gov._ Interplay only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Offering of asset management services through Interplay is pursuant to an investment advisory agreement.The views expressed in this podcast are subject to change based on market and other conditions. The podcast may contain certain statements that may be deemed forward looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.Information communicated during the podcast does not involve the rendering of personalized investment advice but is limited to the dissemination of general market information. A professional adviser should be consulted before implementing any of the strategies or options presented. The podcast is not an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein. Neither Interplay nor its advisory persons render tax or legal advice. Please consult your tax and legal advisors for advice concerning your circumstances.

DESCRIPTIONRecruiting and team construction are crucial for any company's culture and success. This week, Phuong and I dive into this topic and how important it is to focus on hiring when building a startup. Phuong provides insights into assessing team needs, creating effective job descriptions, conducting thoughtful interviews, and evaluating candidates based on grit, humility, and integrity. When looking to add people to the team not only should technical qualifications be considered but we underscore the significance of soft skills.  Every person you bring into your team has an impact on shaping organizational culture and success. Lastly, we share a tool used here at Interplay, Superman Analysis. We use Superman Analysis to assess team needs and identify gaps in skills enabling us to ensure our team is structured and staffed as it should be. LINKSFollow us on Twitter: @mpd, @interplay, @MikeyjrogPodcast Links: Website, YouTube, Twitter, LinkedIn, Superman Analysis*DISCLAIMER*Interplay Family Office LLC (“Interplay”) is registered as an investment adviser with U.S. Securities and Exchange Commission (“SEC”). Registration of an investment adviser does not imply any level of skill or training. Information about the qualifications and business practices of Interplay is available on the SEC’s website at www.adviserinfo.sec.gov._ Interplay only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Offering of asset management services through Interplay is pursuant to an investment advisory agreement.The views expressed in this podcast are subject to change based on market and other conditions. The podcast may contain certain statements that may be deemed forward looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected. Any projections, market outlooks, or estimates are based upon certain assumptions and should not be construed as indicative of actual events that will occur.Information communicated during the podcast does not involve the rendering of personalized investment advice but is limited to the dissemination of general market information. A professional adviser should be consulted before implementing any of the strategies or options presented. The podcast is not an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein. Neither Interplay nor its advisory persons render tax or legal advice. Please consult your tax and legal advisors for advice concerning your circumstances.

Todd Saunders, CEO of Broadlume, brings his experience from Google to discuss vertical SaaS in the flooring industry. Chetan Narain, co-founder and CTO of Pepper and former Uber Eats innovator, shares insights on food distribution. They explore how vertical SaaS offers unique advantages, emphasizing the evolution of industry-specific technologies. The duo discusses AI's transformative power, boosting efficiency, customer satisfaction, and profitability. Their conversation reveals the enormous potential for these companies to revolutionize underserved sectors.