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Today’s show:

Jason breaks down the real math behind raising a seed round. Here’s the funnel: contact 150 firms, get 50 first meetings, convert 2o into second meetings, and close 2 term sheets.

PLUS Jason responds to viewer questions about why hardware is no longer a dirty word for investors, how to differentiate your startup from frontier-model companies like OpenAI, even when they’re in your niche. Plus a pitch for “Founder Community College,” and anecdotes from Lon’s European odyssey.

Thanks for the Questions:

Richard Corral: CEO of Quanto: https://quanto.co/

ØnProtons on X: https://x.com/0nProtons

SergeDawg on X: https://x.com/sergedawg

Mahika Golani

Peridot: https://www.tryperidot.com/

Shawn Sully on X: https://x.com/aroogle

Programs and Accelerators Mentioned:

Y Combinator: https://www.ycombinator.com/

Techstars: https://www.techstars.com/

Antler: https://www.antler.co/

PearX: https://pear.vc/pearx/

Sequoia ARC: https://www.sequoiacap.com/arc/

Kauffman Fellows: https://www.kauffmanfellows.org/

Companies and Startups Referenced:

Whoop: https://www.whoop.com/

Knightscope: https://knightscope.com/

Eight Sleep: https://www.eightsleep.com/

Cafe X: https://www.cafexapp.com/

Media Referenced:

New Yorker Sam Altman profile: https://www.newyorker.com/magazine/2026/04/13/sam-altman-may-control-our-future-can-he-be-trusted

Off-Duty Recommendations

Terra Kaffe Demi compact automatic espresso machine: https://www.terrakaffe.com/products/tk-demi

Osteria Pastella (Florence, Italy): https://www.osteriapastella.it/

Timestamps:

0:00 Inside the TWiST private group chat

3:25 How to react when an investor says your "too early."

6:50 The ultimate seed round funnel

8:48 Jason's new Associate in Training program

10:09 Grasshopper Bank - Time is money. Don't waste either. Go to https://grasshopper.bank/twist and get an exclusive $500 cash bonus just for opening an account.

18:28 How have the metrics for early-stage companies changed?

20:20 LinkedIn Jobs - Hire right, the first time. Post your first job and get $100 off towards your job post at https://LinkedIn.com/twist

22:34 TWiST Bounties update

23:43 Competing against frontier labs

30:03 What signals real investor-founder alignment?

30:14 Northwest Registered Agent - Get more when you start your business with Northwest. In 10 clicks and 10 minutes, you can form your company and walk away with a real business identity — Learn more at https://northwestregisteredagent.com/twist

36:07 A crash course in Bay Area startup culture

40:15 Automatons-as-a-Service (AaaS)

42:29 Who in Silicon Valley does Jason really not like?

49:59 Museum Etiquette with Lon Harris

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Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland

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