Skin in the Game VC Podcast

In this episode of Skin in the Game, Saxon Baum sits down with Marshall Sandman, Managing Partner of Animal Capital, for a conversation that covers everything from venture capital and founder relationships to content creation and the future of innovation. Marshall shares his journey from investment banking and WarnerMedia to launching Animal Capital, a venture firm that has backed companies like Whatnot, Underdog Fantasy Sports, and Colossal Biosciences.The discussion dives into why Marshall believes showing up in person still matters, how he thinks about building trust with founders and investors, and why Animal Capital has intentionally stayed away from many of the industry's biggest hype cycles. He also shares his perspective on what makes a great founder, the importance of storytelling when raising capital, and why some of the best opportunities can be found outside traditional startup hubs.Marshall also talks about his growing presence on social media, his commitment to publishing daily content for founders and investors, and how sharing practical lessons online has helped entrepreneurs connect with him directly. Whether you're a founder, investor, or simply interested in how venture capital really works behind the scenes, this episode offers an honest look at building relationships, making investment decisions, and creating long-term value. Tune in to this episode and let us know your thoughts.

What separates the top 1% of venture capitalists from the rest? For Roger Ehrenberg, Managing Partner at Eberg Capital, it’s the ability — and the appetite — to invest before the crowd, before the product is built, and before there’s even proof of concept. In a recent episode of the Skin in the Game VC podcast, Roger joined Tom Wallace and Saxon Baum to share how he turned a late-career pivot into one of the most impressive track records in early-stage venture capital.Roger didn’t come from the startup world. He spent nearly two decades on Wall Street, running billion-dollar trading desks at Citi and Deutsche Bank. From the outside, it looked like a career anyone would want — but for Roger, it had run its course. Tired of internal politics and craving something more entrepreneurial, he walked away. Around the same time, he’d been dabbling in angel investing on the side. That small experiment — backing builders before product-market fit — quickly turned into a full-time obsession.He began writing a blog, Information Arbitrage, to share his thinking publicly. The blog gained traction. Founders started reaching out. Other investors began to follow his thesis. At a time when the idea of a “New York tech ecosystem” was almost laughable, Roger had the clarity to see where it could go — and the conviction to act. By early 2010, he scraped together a $17 million first close. That first fund would eventually land at $50 million, and IA Ventures was born.But the money was only part of the story. What set Roger apart then — and still does — is how early he’s willing to go. He prefers backing companies before the market even knows they exist. In fact, he often writes the first check before there’s a line of code written. This isn’t blind optimism. It’s founder-first investing grounded in deep research and sharp intuition.Roger’s track record speaks for itself. He was an early backer of The Trade Desk when it was just a deck. He seeded Datadog, TubeMogul, and multiple other companies before they became category leaders. The common thread? Founders who could not only see the future but build their way into it. To Roger, great founders share something intangible: what he calls “aesthetic and empathy.”“Great founders understand where their product stops and where the customer starts,” he said. That could mean designing APIs that developers love or building consumer apps that feel inevitable. Either way, the best founders have an intuitive sense of product, user behavior, and market timing. Roger knows how to find them — or maybe, they know how to find him. That’s the power of publishing, he says. His blog didn’t just clarify his thesis — it attracted the right people. It helped him raise a fund when few believed in early-stage investing outside Silicon Valley.Since then, IA Ventures has grown to four funds and backed dozens of successful startups. Roger has since passed the torch to his partners and launched his next chapter: Eberg Capital. Now, he invests alongside his sons in a new wave of innovation — spanning sports, media, entertainment, and the evolving world of fandom.But whether he’s backing a Marlins ownership stake, investing in Formula 1, or writing angel checks to creator economy startups, one thing hasn’t changed: Roger Ehrenberg still goes early. He still backs founders before the world sees their potential. And more often than not, he’s right.Listen to the full episode with Roger Ehrenberg now. Hosted on Acast. See acast.com/privacy for more information.

In this episode of the Skin in the Game podcast, we sit down with Stu Sjouwerman, founder and CEO of KnowBe4, to discuss how he built one of the world’s most successful cybersecurity startups from the ground up.KnowBe4, headquartered in Clearwater, Florida, is a cybersecurity training company focused on mitigating human risk through simulated phishing, user training, and real-time alerts. Today, it generates over $500 million in annual recurring revenue (ARR)—but it started in a 10x10 office, with no external funding.Stu breaks down how he identified a massive market gap: most cyberattacks aren’t due to software vulnerabilities—they’re the result of social engineering and human error.He shares how ransomware attacks in 2013 created a turning point for KnowBe4, propelling the startup into hypergrowth. His strategy? Move fast, market smart, and keep the product simple and sticky.Stu also dives into:The future of SaaS in the age of AIHow KnowBe4 is evolving into a platform companyWhy AI and quantum computing will trigger “company extinction events”His belief that LLMs are already a commodity, and the future lies in vertical AI agentsFor founders and VCs alike, the episode offers a wealth of insights on startup scaling, product-market fit, and what investors should look for in repeat entrepreneurs.Whether you're a founder, cybersecurity professional, or angel investor, this conversation with Stu Sjouwerman is a must-listen. Hosted on Acast. See acast.com/privacy for more information.

What if we could map the Earth—and even the moon—with pinpoint accuracy from space? In the latest episode of Skin in the Game VC, Saxon Baum sits down with Clint Graumann, CEO of NUVIEW, to talk about how his company is making it possible.Clint’s journey into space tech started with a winding road through optical satellites and Earth observation, ultimately leading to NUVIEW and a game-changing focus on space-based LiDAR. LiDAR technology uses lasers to measure distances with astonishing precision, but until now, it’s mostly been limited to airplanes and drones, covering small areas. NUVIEW is taking it global—literally—by putting this technology into satellites to collect data on a planetary scale.Clint doesn’t just see LiDAR as a tool for Earth. With NUVIEW’s recent selection for a European Space Agency mission to map the moon, the company is helping humanity take its next big step toward understanding and utilizing space.This episode isn't just about LiDAR. Clint offers his insights on the state of the space industry, comparing it to “the first inning, bases loaded, no outs.” He highlights Florida’s growing role as a hub for aerospace innovation and discusses how companies like SpaceX have completely reshaped the game.From revolutionizing Earth data collection to mapping the moon, NUVIEW’s story is a testament to how the space frontier is becoming more accessible and practical than ever before. Tune in to this fascinating conversation and catch a glimpse of the future Hosted on Acast. See acast.com/privacy for more information.

The latest episode of Skin in the Game VC Podcast featured an inspiring conversation with Tom Wallace, Saxon Baum, and the dynamic sister duo, Amy and Shannon Wu. As founders backed by Florida Funders, Amy and Shannon shared their unique entrepreneurial journeys, highlighting the resilience and innovation shaping their paths in the tech world. Their story is a testament to the power of collaboration, as they support and inspire one another while carving out success in competitive markets.Amy Wu, founder of Manifest, and Shannon Wu, founder of Open Home, have both built groundbreaking companies leveraging the transformative potential of AI. Manifest addresses Gen Z’s mental health challenges through personalized, AI-driven tools, creating bite-sized wellness interactions to combat loneliness and anxiety. Meanwhile, Open Home is revolutionizing smart speakers, enabling more intuitive and seamless voice interactions across a wide range of devices. Both sisters emphasized how AI allows lean teams to achieve significant impact, unlocking personalized solutions that enhance human connection and creativity.Their journey reflects a shared commitment to innovation and a deep bond that has guided them through challenges and triumphs. They credit their early experiences at Stanford and the personalized support from Florida Funders as key drivers of their success. Florida Funders’ hands-on approach contrasts with the broader yet less personal resources of larger VC firms, offering a uniquely curated experience that has helped Amy and Shannon thrive.As these visionary founders continue to push boundaries, their work underscores the exciting potential of AI and the importance of fostering meaningful human connections in an increasingly digital world. Startups like Manifest and Open Home showcase how technology can be a tool for empowerment, solving real-world challenges with creativity and purpose. Tune in to this latest episode of Skin in the Game. Hosted on Acast. See acast.com/privacy for more information.

Joe Hogue started his career as a traditional equity analyst and venture capitalist but left the corporate world in 2013 to gain more autonomy. By 2017, he had transitioned into content creation, launching his YouTube channel, Let’s Talk Money, which now has over 650,000 followers.Joe’s mission is to make investing accessible, blending entertainment with education to empower retail investors. Beyond content creation, he’s innovated by tokenizing his YouTube ad revenue, raising over $250,000 and engaging 700 investors—pioneering blockchain use in the creator economy.In this episode of Skin in the Game VC, Joe shares insights on his journey, the future of markets, and the role of creators in finance. His story is a testament to leveraging innovation to educate, inspire, and redefine industries. Hosted on Acast. See acast.com/privacy for more information.

In the latest episode of the Skin in the Game VC podcast, hosts Tom Wallace and Saxon Baum sit down with Jeff Gigante, co-founder of Next Level Brands and a major player in Tampa’s restaurant scene. This conversation dives deep into Jeff’s entrepreneurial journey, starting with his first pizzeria at Florida State to now running some of the hottest restaurants in Florida.Jeff shares how his passion for creating unique dining experiences has shaped his career, and he’s candid about the challenges along the way—whether it was opening his first restaurant with a phone tutorial from Italy or navigating the complexities of growing a business during the pandemic.What’s really exciting is how Jeff, Tom and Saxon explore the impact of technology on the restaurant industry. From AI answering systems to cloud-based POS systems and even robotics, it's clear that tech is revolutionizing how restaurants operate. Yet, Jeff reminds us that hospitality is still about human connection, something he believes will always be central to full-service dining.If you’re into startups, tech innovation, or just curious about what it takes to succeed as an entrepreneur, this episode is packed with insights. Plus, it’s always inspiring to hear from someone like Jeff, who not only talks about success but also how important it is to care for your investors and build lasting relationships.This is a great listen for anyone looking to learn from someone who’s been through it all and come out stronger on the other side. Hosted on Acast. See acast.com/privacy for more information.