Ep 06 - VC Insights: Brand Foundry Ventures with Andrew Mitchell and Wesley Gottesman

Andrew Mitchell and Wesley Gottesman join our panel to talk about getting started in venture capital, what skills will help you excel in the industry, and why people and relationships are so integral. They also dive into what key metrics they look at when investing in early-stage companies and how to meet founders and find investment opportunities.  

Brand Foundry Ventures invests in early-stage companies that emerge into brands you can’t live without. Marrying extensive entrepreneurial, manufacturing, and operational experience, the Brand Foundry team has been “seed” financing consumer brands since 2009. With a presence in New York City and Austin, the team offers early-stage entrepreneurs the insight and support they need to scale their brands into industry-leading companies. They partner with entrepreneurs that build long-lasting connections with their consumers, driving consumer trends through elevated customer experiences. Portfolio companies include Allbirds, Birchbox, Bonobos, Harry’s, LOLA, Peloton, The Wing, Warby Parker, and more.

VC Insights with Ruckus is a series of conversations with Venture Capitalists to learn about what they look for in companies to fund, how they spot the best talent, and what is their advice for startup founders looking to grow or get funding.

Here’s What We Discussed: 

• [00:24] Our speakers introduce themselves and share their backgrounds and experience 
• [04:24] On shifting from an Operator to a VC – What skillsets are required to excel in each industry?  
• [08:04] Wesley shares his advice on the best ways to get into venture capital 
• [10:34] Andrew shares why people are the best part about working in VC 
• [13:09] How has your current consumer investing perspective shifted or changed as you’ve grown in the industry?  
• [16:54] Spotting founders with potential but are lacking relevant experience  
• [23:26] Andrew and Wesley share their advice for pre-revenue consumer product companies
• [29:10] What KPIs to look for in early-stage companies that are good indicators for future success 
• [36:27] How COVID impacts the current DTC landscape – Does it affect criteria for investing in the future? 
• [43:25] Tips on how to meet companies and founders for a new firm starting out in early-stage startup investment
• [52:38] The best ways agencies or consulting firms can show value and work with VCs or their portfolio companies
• [55:01] Andrew and Wesley share how a new seed investor can meet founders to invest in through relationships and people

About Our Speakers 

Andrew Mitchell is the founder of Brand Foundry Ventures and leads its strategy. A successful entrepreneur with dual experience as an operator and investor, Andrew has sourced, monitored, and executed over 50 early-stage investments in the consumer and retail technology space with a total combined enterprise value today of over $3 billion.

Wesley Gottesman joined Brand Foundry in 2017 after an extensive operating experience at consumer start-ups. He launched an apparel company, Nine Brand, with Saints’ quarterback Drew Brees and has led product departments at two consumer technology businesses: PHLUR, a digitally-native fragrance brand, and Buzz Points, a growth stage fin-tech business.

About Our Moderator

Anish Shah is the CEO & Founder of executive search agency Bring Ruckus. Anish has worked in-house in Growth roles at Snapfish and Getable. He started Bring Ruckus as a Growth consultancy 11 years ago working with 40+ clients, then re-focused his firm on executive recruiting for Growth leaders.

Quotes

 

“I’ve used a lot of the good, bad, and ugly of those operating experiences to translate in my decision making for investments.” – Andrew Mitchell 

 

“Initiative and energy are two things that I definitely look for when I talk to a founder. The energy piece is huge because if you can come and make me excited that I'm a part of this pitch, it's definitely like a step in the right direction. Then if you take the initiative to reach out to founders, that's a really strong sign that somebody is willing to break the conventions of just sending a cold email and figure out the best way to connect.” – Wesley Gottesman

 

“If you want to angel invest, be a good person, work your way in through the relationship somehow, be credible, and just stay really active and hungry.” – Andrew Mitchell   

 

“It doesn't make a ton of sense to be very reactionary to economic trends. We can't predict how deep the recession is or how long it will last, but I can promise you that American ingenuity and American progress will keep marching forward. In 5 or 10 years, we're gonna have some amazing companies that were started during this time of hardship.” – Wesley Gottesman

 

“If you're trying to get into investing at seed, what's the best way to invest? It's very much a people and relationship business. We're very open to anyone investing with us if they can show some value and have a good reputation.” – Andrew Mitchell 

ABOUT RUCKUS

We are growth leaders who recruit your game changers. Visit https://bringruckus.com and connect on LinkedIn. Subscribe and listen to more episodes on Apple Podcasts, Spotify Google Podcasts, Audible, or wherever you get your podcasts! 

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