Most founders think VCs want a pitch deck full of market numbers, a roadmap, and a feel-good story about the future.

Hoxton Ventures Partner Payton Dobbs isn’t looking for any of that.

He wants to know if you actually understand the game you’re trying to play.

In this conversation, Payton breaks down the tactical stuff founders almost always get wrong:

He also talks about category creation, how to hire in the U.S. if you’re coming from Europe, why pricing is a strategic weapon, and the number-one question he asks every founder — the one that quietly decides whether you’re playing at venture scale or not.

If you’re an early-stage builder, this episode will help you level up before you start meeting with VCs.

02:12: Payton Dobbs’ background and the value of building presence in key markets

03:25: Not all good ideas are venture scale: how to assess billion-dollar potential

04:01: Why new category creation is crucial for venture scale startups

06:35: What VCs look for in a pitch deck: TAM, SAM, and logic behind the numbers

08:06: Case study: Deliveroo and building new markets from small segments

09:07: Identifying pain points and leveraging founder expertise

10:57: Advice for technical founders: the value of complementary co-founders and commercial skills

12:23: Building frameworks: due diligence on markets, competitors, and learning from others’ mistakes

13:54: Adapting go-to-market strategies for different business models (B2B SaaS, consumer, etc.)

15:00: The importance of having a perspective and being able to debate your point of view

15:50: Solo founders vs. teams: most are teams, but solo founders can succeed too

13:28: The state of the AI ecosystem in Europe and why it’s accelerating

17:18: Navigating US immigration and talent: why keeping dev teams in Europe can be strategic

20:34: Common mistakes when entering the US: “If you build it, they will not come”

21:21: Do you need to reboot customer discovery in new markets? Sometimes, but not always

22:24: The importance of understanding the competitive landscape and customer needs in each market

24:54: Hiring in the US: cultural differences and what to look for in team members

27:33: Payton’s parting advice for founders expanding to the US: grind, network, and be relentless

28:36: Building sales ops from scratch: tools, systems, and process before people

32:05: Understanding and accruing value in the business value chain

34:45: Signals that a team can move from tech to traction: agility, speed, and adaptability

36:37: Pricing as an art and a science; lessons from Nest and Apple

40:00: Metrics: NPS, customer surveys, and forward-looking indicators

44:42: What Payton hopes to unlock for founders by being based in the US

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Thanks for listening!

– Walter.