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AMA Recap: Mark Linao, Investing in Consumer Startups

Check out the AMA with the VC Investor at Progression

Author

Saywise AI
August 16, 2024

From Aerospace Engineer to Investing in Consumer Startups

Hello Founders! Last week I hosted an AMA with Mark Linao, Investor and General Partner at Progression Fund, a firm known for backing consumer startups like Luma, OK Play, and Dapper Labs.

He shared his unique journey from working as an aerospace engineer to making his mark in venture capital. He discussed his transition from engineering to the fast-paced world of startups and eventually into venture investing. Mark provided insights into the challenges and rewards of investing in consumer startups, the importance of price discipline in spotting trends, and the unexpected emotional highs and lows of venture capital.

Check out some of the highlights below and make sure to see his full AMA here.

🎉 Save the Date: SF and LA Tech Week! 🎉

We're delighted to confirm that we'll be hosting not one, but TWO Tech Week events this October.

We're hosting an AMA panel with leading early stage VCs followed by a mixer in San Francisco on October 11, co-hosting the event with Brex and Notion.

On October 15, we're coming to Los Angeles at the Techstars offices, hosting an AMA panel and mixer with post-exit founders.

As a member of our Saywise AMA community, you will get first dibs on tickets. And best of all, this is going to be a free event for you. Please help us make this event a hit — forward this email to your friends and colleagues in your network. Anyone who joins our virtual AMA sessions from now through Tech Week will also get guaranteed RSVP. Just have them sign up for an AMA session or subscribe to our email list. We'll send the registration links and announce the panelists very soon.

“Being able to back and see people building their life's work—there's nothing quite like it. It's an honor to talk to founders and see what they're creating, especially when it's their mission.”

Mark Linao, Partner at Progression Fund

⭐ Highlights from Mark’s AMA
(edited for clarity)

Why is consumer so hard to get right?

Consumer is tough because preferences change, and market sizes can be misleading. Companies like Uber and Airbnb were initially dismissed as small or impractical. Success requires sticky, mission-driven products with great teams that can adapt and grow, even in uncertain markets.

What are the top 3 things you get from being a VC?

Supporting founders in building their life's work, witnessing a startup's success in creating jobs, and the thrill of seeing positive updates, knowing you played a part in their journey. These moments keep me motivated every day.

What are the most unexpected challenges from being a VC?

The toughest challenges in VC are witnessing failures despite investing time and energy, which can be heart-wrenching. Additionally, I realized that being a VC is essentially a sales job, requiring strong networking skills to source deals, make smart investments, and fundraise effectively.

What are your thoughts on solo founders?

We do invest in solo founders, though it's a risk. While there's no chance of a founder breakup, solo founders often lack the full skill set of a team. Going all in alone is tough without someone to share the journey. Investors see this as a challenge but not a dealbreaker.

What does it mean to be venture backable?

Not every company is venture backable. To be venture backable, a business needs the potential to grow big enough to return the VC fund, typically through technology and scalability. High network effects, where value increases as more users join, are key indicators of a venture backable business.

For the full AMA, click here.

📅 Upcoming AMAs

  • Aug 21 at 11am PST: Fay Wells, Angel Investor and Startup Advisor

    • Fay Wells is a tech and media & entertainment executive, an investor, and start-up advisor who excels at business development, partnerships, strategy, marketing, and growth.

📺 Past AMAs

Missed any of our previous AMAs? No worries! You can catch up on all the guests here.

  • Will Drewery, Founder and CEO at Diagon (AI-powered procurement platform)

  • Gaurav Seth, Founder and CEO at PierSight Space (maritime surveillance using satellites)

  • Tejes Srivalsan, Founder and CEO at Poppin (event-based social media)

  • Christie Marchese, Founder and CEO at Kinema (film distribution platform)

  • Michael Kapps, Founder and CEO at Sanii (longevity and lifestyle for the elderly)

  • Ahmed Mirza, Investor at Techstars Los Angeles (leading startup accelerator)

  • Clara Hong, Founder and CEO at Smore (B2B form building platform)

  • Luiza Justus, Founder and CCO at Supersocial (gaming for the metaverse)

📬 Contact Us

Have suggestions for future guests, feedback on the sessions, or just want to say hi? We’d love to hear from you! Reply directly to this email or send us a note here.

Thanks for being part of our community and see you at the next AMA!

Warm regards,

Victor