In this episode, I'm joined by Virginie Raphael — investor, entrepreneur, and philosopher of work — for a wide-ranging conversation about incentives, technology, and how we build systems that scale without losing their humanity.
We talk about her background growing up around her family's flower business, and how those early experiences shaped the way she thinks about labor, value, and operating in the real economy. That foundation carries through to her work as an investor, where she brings an operator's lens to evaluating businesses and ideas.
We explore how incentives quietly shape outcomes across industries, especially in healthcare. Virginie shares why telehealth was a meaningful shift and what needs to change to move beyond one-to-one, supply-constrained models of care.
We also dig into AI, venture capital, and the mistakes founders commonly make today — from hiring sales teams too early to raising too much money too fast. Virginie offers candid advice on pitching investors, why thoughtful cold outreach still works, and how doing real research signals respect and fit.
The conversation closes with a contrarian take on selling: why it's not a numbers game, how focus and pre-qualification drive better outcomes, and why knowing who not to target is just as valuable as finding the right people.
If you're thinking about the future of work, building with intention, or navigating entrepreneurship in an AI-accelerated world, this episode is for you. And for more conversations like this, join us at Snafu Conference 2026 on March 5th, where we'll keep exploring incentives, human skills, and what it really takes to build things that last.
Start (0:00) Reflections on Work, Geography, and AI Adoption
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Virginie shares what she's noticing as trends in work and tech adoption:
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She notes that transitions to transformational technology never happen overnight, which creates opportunities:
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Robin adds context from her own experience with Robin's Cafe and San Francisco's Mission District:
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Observed cultural and business momentum tied to geography
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Mentions Hollywood decline and rise of alternative media hubs (Atlanta, Morocco, New Jersey)
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Virginie reflects on COVID's impact on workforce behaviors:
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Emphasis on structural change: workforce shifts require multi-year perspective and infrastructure, not just trends.
Investor, Mission, and Capital Philosophy
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Virginie clarifies she is an investor, not a venture capitalist, resisting labels and prestige metrics.
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"I don't call myself a venture capitalist… I just say investor."
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Focuses on outcomes over categories, investing in solutions that advance the world she wants to see rather than chasing trendy tech sectors.
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"The outcome we want to see is everyone having the mode of work that suits them best throughout their lives."
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Portfolio themes:
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Access: helping people discover jobs they wouldn't otherwise know about.
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Retention / support: preventing workforce dropouts, providing appropriate healthcare, childcare, and caregiving support.
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"Anyone anywhere building towards that vision is investible by us."
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Critiques traditional venture capital practices:
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Raising VC money is not inherently a sign of success.
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"Raising from a VC is just not a sign of success. It's a milestone, not the goal."
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Concerned about concentration of capital into a few funds, leaving many founders unsupported.
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"There's a sense… that the work we do commands a lot less power in the world, a lot less effectiveness than holding the capital to hire that labor."
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Emphasizes structural, mission-driven investing over chasing categories:
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Invests in companies that prevent workforce dropouts, expand opportunity, and create equitable access to meaningful work.
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Portfolio strategy is diversified, focusing on infrastructure and long-term impact rather than quick wins.
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"We've tracked over time what type of founders and what type of solutions we attract and it's exactly the type of deal that we want to see."
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Reflects on COVID and societal trends as a lens for her investment thesis:
Labor, Ownership, and Durable Skills
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Virginie reframes the concept of labor, wages, and ownership:
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"The word labor in and of itself… is something we need to change."
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Interested in agency and ownership as investment opportunities, especially for small businesses transitioning to employee ownership.
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"For a very long time… there's been a shift towards knowledge work and how those people are compensated. If you go on the blue-collar side… it's about wages still and labor."
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Emphasizes proper capitalization and alignment of funds to support meaningful exits for smaller businesses, rather than chasing massive exits that drive the VC zeitgeist.
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AI fits into this discussion as part of broader investment considerations.
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Childhood experience in family flower business shaped her entrepreneurial and labor perspective:
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Selling flowers, handling cash, and interacting with customers taught "durable skills" that persisted into adulthood.
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"When I think of labor, I think of literally planting pumpkin plants… pulling espresso shots… bringing a customer behind the counter."
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Observing her father start a business from scratch instilled risk-taking and entrepreneurial spirit.
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"Seeing my dad do this when I was seven… definitely part of that."
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Skills like sales acumen, handling money, and talking to adults were early lessons that translated into professional confidence.
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Non-linear career paths and expanding exposure to opportunity:
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Durable skills and language shaping work:
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Highlights the stigma and limitations of words like "soft skills" or "fractional work":
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Fractional roles are high-impact and intentional, not temporary or inferior.
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"Brilliant people who wanna work on a fractional basis… they truly wanna work differently… on a portfolio of things they're particularly good at solving."
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Cultural significance of language in understanding work and people:
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Robin shares a personal anecdote about language and culture:
Human-Positive AI, Process, and Apprenticeship
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Virginie emphasizes the value of process over pure efficiency, especially in investing and work:
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"It's not about the outcome often, it's about the process… there is truly an apprenticeship quality to venture and investing."
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Using AI to accelerate tasks like investment memos is possible, but the human learning and iterative discussion is critical:
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AI should augment human work rather than replace the nuanced judgment, particularly in roles requiring creativity, judgment, and relationship-building:
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"No individual should be in a job that's either unsafe or totally boring or a hundred percent automatable."
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Introduces the term "human-positive AI" to highlight tools that enhance human potential rather than simply automate tasks:
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Project selection and learning as a metric of value:
AI Bubble, Transition, and Opportunity
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Discusses the current AI landscape and the comparison to past tech bubbles:
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"I think we're in an AI bubble… 1999 was a tech bubble and Amazon grew out of it."
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Differentiates between speculative hype and foundational technological transformation:
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Highlights the lag between technological introduction and widespread adoption:
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AI as an enabler, not a replacement:
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Emphasizes building AI around real human use cases and avoiding over-automation:
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History and parallels with autonomous vehicles illustrate the delay between hype and full implementation:
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AI will similarly require time to stabilize and integrate into workflows while creating new jobs.
Bias, Structural Challenges, and Real-World AI Experiments
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Discusses the importance of addressing systemic bias in AI and tech:
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Demonstrates that AI can perpetuate structural biases baked into systems and historical behavior:
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Highlights the ongoing challenge of designing AI to avoid reinforcing existing inequities:
Parenting, Durable Skills, and Resilience
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Focus on instilling adaptability and problem-solving in children:
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"I refuse to problem solve for them. If they forget their homework, they figure it out, they email the teacher, they apologize the next day. I don't care. I don't help them."
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Emphasizes allowing children to navigate consequences themselves to build independence:
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Everyday activities are opportunities to cultivate soft skills and confidence:
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Cultural context and exposure shape learning:
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Practices like family meals without devices help children appreciate attention, respect, and communication:
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Travel and cultural exposure are part of teaching adaptability and perspective:
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Respecting individuality while fostering independence:
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Parenting as a balance of guidance and autonomy:
Future of Work and Technology Horizons
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Timeframes for predicting trends:
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Identifying emerging technologies with latent potential:
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Invests in technologies that are ready for massive impact but haven't yet had a "moment":
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Example: Skill Maker, a VR+AI training platform for auto technicians, addressing both a labor shortage and outdated certification processes:
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Focuses on alignment of incentives, business model innovation, and meaningful outcomes:
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Principles guiding technology and investment choices:
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Ensuring impact at scale while creating economic and personal value for participants:
Scaling, Incentives, and Opportunity
Founders, Pitching, and Common Mistakes
Sales Strategy and Non-Sales Selling
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Approach is contrarian: focus on conversion, not volume:
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Recognizes that each fund and business is unique, so a tailored approach is essential:
Where to Find Virginie and Her Work
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Resources for listeners:
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Full Circle Fund: fullcirclefund.io
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Work in Progress: workinprogress.io
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LinkedIn: Virginie Raphael
Where to Access Snafu