Most Founders Aren't Backable
I’m thrilled to share some incredible insights from my latest Capitalist Culture® podcast episode with Mike Proman, Partner and Managing Director at Scrum Ventures.
This conversation explores venture capital, sports innovation, startup leadership, and what separates companies that scale from those that stall.
Here are the highlights you will not want to miss:
Mike’s Journey:
• From Global Brands to Venture Capital: Mike began his career at Coca-Cola and the NBA before joining Scrum Ventures, where he now leads investments across sports, media, and entertainment.
• Building on a Global Stage: While helping grow the NBA's business in China, he played a role in scaling the organization to more than 125 employees and the creation of NBA China.
The Evolution of Sports
• Sports as an Asset Class: Sports has evolved far beyond competition, becoming one of the fastest-growing investment sectors.
• Technology Is Expanding the Game: AI, athlete performance, recovery, and fan engagement are creating entirely new business opportunities.
• Human Connection Wins: Sports remains one of the most powerful ways to create authentic communities and lasting brand loyalty.
What Makes Great Founders
• Adaptability Is Everything: The best founders are versatile, resilient, and able to pivot when markets change.
• Stay Calm Under Pressure: Low-ego leaders who can navigate uncertainty consistently outperform specialists who struggle outside their expertise.
• Build Great Teams: Success comes from surrounding yourself with people whose strengths complement your own.
What Venture Capitalists Look For
• Venture Backable Is Different Than Investable: Many businesses are good businesses, but only a small percentage fit the venture capital model.
• Networks Matter: Most successful fundraising begins through trusted introductions, not cold outreach.
• Capital Discipline: Investors want founders who know exactly how they will deploy every dollar they raise.
Scaling Without Losing Culture
• Protect the Foundation: As companies grow, maintaining culture becomes just as important as building product.
• Avoid Overhiring: One of the most common founder mistakes is scaling headcount faster than the business requires.
• Leadership Drives Everything: Strong execution begins with disciplined decision-making and clear priorities.
Final Thoughts
• Relationships Compound: The strongest founders build exceptional networks long before they need them.
• Adaptability Creates Opportunity: Markets change, technologies evolve, and the best entrepreneurs evolve with them.
• Long-Term Thinking Wins: Sustainable companies are built through disciplined execution, great people, and a relentless focus on solving meaningful problems.
I hope these insights inspire you to listen to the full episode. There is so much more depth in this conversation around venture capital, sports innovation, leadership, and building companies that endure.
P.S. Be sure to subscribe to Capitalist Culture® for more conversations with world-class founders, investors, and leaders shaping the future of business and innovation.
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