Brian Rothenberg, partner at Defy and former VP of Growth at Eventbrite, joins Fund/Build/Scale to share what really matters when evaluating early-stage startups. From spotting false signals of traction to building defensible business models, Brian offers practical advice for both founders and operators.

He also explains why job seekers should “think like a VC” before joining a startup, how he prefers to be pitched, and what signals he looks for in AI and emerging tech companies. Whether you’re raising capital, building a company, or considering your next role, this conversation will help you see the startup landscape through an investor’s eyes.

(2:14) “ I've been fortunate to always be pretty entrepreneurial… it was just how I was wired.”

(5:11) How advising friends and investing in their companies led Brian into VC.

(6:45) “ The bulk of our capital goes to seed, seed plus or Series A. But we do go as early as an idea and a person.”

(7:48) Defy’s areas of interest and average check size.

(8:53) “ We will be entering into a period where we'll see a lot of new and profoundly different consumer AI experiences.”

(10:26) “ I see a lot of promise in rewiring a lot of the financial infrastructure and plumbing through use of blockchain.”

(12:42) The traits and metrics Defy looks for in early-stage AI startups.

(14:33) Brian loves Sean Ellis’ customer satisfaction survey.

(15:55)  Why proof-of-concept programs don’t generate recurring revenue or reduce churn rates.

(19:01) Have you noticed that we don’t hear about many AI startups making a pivot?

(21:00) Thanks to AI tools, “ we will see a lot more niche businesses and founders not having to dilute themselves as much as they had previously.”

(22:22) How Brian grades the VC community’s ability to judge AI traction.

(24:42) Technology alone doesn’t build a defensible startup.

(26:57) How to pitch the team at Defy.

(29:40) Why startup job seekers need to start thinking like investors.

(32:58) The one question Brian would ask the CEO if he were interviewing for a job with an early-stage startup.

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Thanks for listening!

– Walter.