In this episode, Jack Richardson engages with Carmen Alfonzo Rico to explore her journey from her early career to founding Kokoa. Carmen shares insights from her angel investment experience with Hopin and discusses key realizations in investing and the startup world. The conversation delves into Kokoa's pre-seed investment strategies, unique benchmarking approaches, and the assessment of potential investments, focusing on founders and market fit. Carmen highlights the balance of empathy and ruthlessness in founders, the dynamics of small funds, and Kokoa's stance on no follow-ons. The episode also covers strategies for raising a venture fund, comparing direct founder investments with fund investments, and Kokoa's future plans.

(0:00) Introduction to the episode and guest Carmen Alfonzo Rico

(1:19) Carmen Alfonzo Rico's journey from early career to founding Kokoa

(4:05) Key realizations in investing and the startup world

(7:19) Carmen's angel investment experience with Hopin

(10:53) The strategy behind Kokoa's pre-seed investments

(12:01) Kokoa's unique approach to benchmarking and evaluation

(16:41) Assessing potential investments: founders and market fit

(23:07) The balance of empathy and ruthlessness in founders

(24:10) Understanding fund dynamics and the advantages of a small fund

(26:01) Kokoa's stance on no follow-ons and fund growth strategies

(32:45) How to successfully raise a venture fund

(38:56) Comparing direct founder investments and investing through funds

(40:14) Kokoa's future plans and reflections on its inception