RBFN Podcast

Shaily Baranwal is the Founder and CEO of Elevate K-12. She’s an incredible entrepreneur and CEO, and I can attest to her ability to rapidly scale a company. Elevate K-12 provides engaging virtual classroom instruction from certified live teachers to ensure every student receives a high-quality education regardless of zip code. In the episode, Shaily shares the inspiring journey from her childhood in India as a special education student, to becoming a classroom teacher. She discusses founding two other companies before Elevate K-12, including a chain of preschools for low-income students in rural India. Shaily also talks about her fundraising experiences starting Elevate K-12, scaling the business, and her passion for problem-solving and rule-breaking in entrepreneurship. Key Takeaways[2:32] Shaily’s background.[6:00] Shaily embraces both her scientific and artistic side.[8:09] Solving problems is Shaily’s motivation.[11:00] “Principles” by Ray Dalio.[12:22] Learning from advisors and leaders. And choosing them wisely.[14:05] Creating an ecosystem of success.[18:01] Shaily’s past in teaching.[18:33] Elevate - the fundraising journey.[20:56] Why fundraising was a nightmare.[22:08] Getting the first million from a hedge fund founder.[26:04] The importance of a great investor.[26:48] Discovering non-dilutive funding.[29:27] Screening potential investors and choosing Novel.[32:18] Asymmetry in the power and information dynamic.[36:31] Advice for entrepreneurs and investors.[39:35] Why did fundraising almost break Shaily?[41:18] What surprised Shaily throughout the journey.[43:05] The impact Shaily’s dad had on her career.Resources:RBF NetworkKeith’s TwitterKeith’s Linkedin Shaily: Website | LinkedIn

Marshall Lebovits is an advisor at Asset Based Funding Solutions with almost 35 years of experience in the secured financing and alternative capital industry. In the episode, Marshall shares more about his passion for helping grow companies that typically lack access to capital with non-dilutive asset-backed financing solutions. Marshall discusses how he built a network of connections around the world, the importance of carefully evaluating your lending partners to make informed decisions, and the importance of accuracy in financial reporting.Key Takeaways[3:05] Marshall’s career background.[[9:51] Asset-Based Funding.[10:07] Sourcing deals.[14:25] Case Study: A healthcare staffing company Marshall helped during the pandemic.[22:15] Investing in the right types of relationships.[29:35] Case Study: A protein drink client that stood out in the Better for You CPG space.[34:58] What Marshall is both advising entrepreneurs on and warning them to be vigilant about. [38:13] The importance of accurate financial reporting.[47:21] Building Asset-Based Funding Solutions.[47:38] Relationships matter. Make sure you trust who you work with.Resources:RBF NetworkKeith’s TwitterKeith’s Linkedin  Marshall: LinkedIn | X  

This week features Brendan Cosgrove, Co-Founder and Director of Catalyze, a unique national nonprofit dedicated to democratizing access to LP and institutional capital networks and resources for underserved investors and GPs.  With his extensive experience guiding LPs at Cambridge Associates, and as Investment Director at the Kauffman Foundation's Capital Access Lab, Brendan brings a unique perspective to the table. In our conversation, Brendan shares insights into the challenges of introducing innovative funding methods like RBF and the importance of supporting diverse fund managers. He talks about Catalyze's Fund Fellowship program, aimed at empowering capital entrepreneurs to build investment solutions for underserved businesses. Brendan also sheds light on the long-term commitment needed to build institutional-quality investment firms and provides valuable insights into funding vehicles for impact investors. He also demystifies MRI vs PRI for foundation investors. Key Takeaways[3:13] What led Brendan to Catalyze.[7:15] Brendan’s interest in alternative capital.[13:43] The importance of underwritable track records and the ability to benchmark.[17:33] Getting more institutional LPs to write those anchor checks.[20:45] The opportunity for big foundations to step into alternative capital.[25:00] Capital Access Lab.[27:12] Catalyze’s approach of being an anchor for underrepresented founders.[30:25] MRI vs. PRI.[33:22] How Catalyze helps capital entrepreneurs.[35:46] Catalyze’s Fund Fellowship Program.[37:46] GP Runway fund.[39:34] What managers learn at the Fellowship Program.[53:09] What Brendan sees in the emerging space.[55:09] Embracing the learning curve with innovative models.Resources:RBF NetworkKeith’s TwitterKeith’s LinkedinBrendan: Catalyze | LinkedIn | Blueprint Local | Capital Access Lab

It’s a fun conversation this week with Justin Renfro, Director of Revenue-Based Financing at Wefunder. Justin shares his journey from a boat mogul with his company Chill Charters to working with thousands of entrepreneurs at Wefunder. Justin discusses his passion for building a diverse range of mission-driven companies, Wefunder’s community-based approach to drive value for founders and capital into businesses, and iterating the platform experience. He shares optimism for the next generation of impact investors and also touches upon the challenges of educating founders about alternative financing.Key Takeaways[2:29] Justin’s trajectory[6:15] Wefunder overview and Justin’s role.[12:10] Wefunder’s guidance to entrepreneurs.[15:23] The challenge of explaining alternative finance to founders.[18:17] The Wefunder founder experience.[28:12] Overcoming educational challenges in alternative financing.[33:20] The importance of patience and consistency.[41:24] Mission-focused investing.[44:11] Justin’s biggest takeaways from Wefunder.Resources:RBF Network Keith’s TwitterKeith’s LinkedinJustin: Wefunder | LinkedIn | Chill CartersOther links: Elephants, Not Unicorns | Peter Harris

Our guest this week brings enthusiasm and excitement to RBF which sets the stage for a great conversation. We welcome Manolo Atala, Co-Founder and CEO of Fairplay, a LatAm-focused revenue-based financing platform headquartered in Mexico. Since launching in 2019, Fairplay has originated $220M in revenue-based loans, built a team of 127 people, and made a huge impact in Latin America. Manolo shares how they’ve done that, and covers his diverse career journey before Fairplay, spanning advertising, entertainment, and the successful establishment of high-impact companies. He explains Fairplay's spin-out of Nazca Ventures and the company’s impact on financing and funding in Latin America. Manolo and I discuss balancing growth with responsible underwriting, and the beauty of transparency in strategic partnerships, and Manolo shares his vision of building Fairplay into a $1 billion company to improve access to capital in Latin America.Key Takeaways[1:45] Manolo’s path to entrepreneurship.[5:38] Being a musician.[10:19] Launching Fairplay in 2019 and expanding geographically.[11:12] What happened to Clearco?[13:21] Lending is hard to do well and easy to screw up.[18:02] The embedded lending space.[19:02] What we can learn from Metallica.[24:14] The importance of straightforward dialog with investors.[32:46] How not to pitch equity investors.[40:15] Automating underwriting.[47:05] Originating more than $220 million.[48:54] The future of Fairplay.Resources:RBF Network Keith’s TwitterKeith’s LinkedinManolo:  Fairplay | X | LinkedIn | 

This week, we welcome Elliot Begoun, a 30-year industry veteran, author, podcast host, and founder of TIG brands, and developer of the CARE funding structure. Elliot focuses on empowering entrepreneurs to be nimble and capital-efficient change-makers throughout their journey. He shares insights on building tardigrades, not unicorns (and why that’s a thing), and lessons from developing and deploying alternative funding structures that support tardigrades. We talk about why investors can be slow to adopt new funding structures asd well. Elliot also shares more about TIG's commitment to fostering a supportive community for entrepreneurs through a holistic approach and a constellation of services.Key Takeaways[1:45] Elliot’s background. [2:13] Why Elliot started TIG Brands.[3:49] How TIG developed its capital structures.[6:39] Definition of a tardigrade and how it represents the brands TIG works with.[8:37] Building a holistic ecosystem for entrepreneurs.[10:53] Giving entrepreneurs optionality.[13:29] The different funding structures TIG experimented with.[21:38] The CARE agreement.[22:44] Variable based redeemable equity.[28:29] Alignment funding.[33:59] Starting a rolling fund and TIG’s mindset of being a venture community.[41:25] What has surprised Elliot throughout the journey.[47:05] The future: building allyship.Resources:RBF Network Keith’s TwitterKeith’s LinkedinSpeaker SeriesElliot: Tig Brands | LinkedIn | X | Tig Talks Podcast | Documents

We welcome the dynamic Melissa Withers, Founder and Managing Partner of RevUp, an early mover and innovator in the RBF market. Melissa shares her unconventional journey into professional investing, emphasizing her commitment to remaining founder-aligned throughout. She sheds light on RevUp's founder-focused and non-dilutive model, empowering founders to have more control over their destinies. In the conversation, Melissa reflects on her early foray into entrepreneurship, embodying a "if you want it, build it yourself" ethos from a young age. She talks about her desire to provide entrepreneurs with the transparency and tools they need to build the businesses they envision. At the end of the chat, Melissa shares a few of her favorite lessons from taking up boxing, revealing how it has aided her both inside and outside the ring.Key Takeaways[2:35] Melissa’s background[3:58] What led Melissa to create RevUp.[4:45] RevUp’s progress and journey.[5:49] Melissa’s early background working in Cambridge during the dawn of biotech.[9:38] Melissa’s Northstar.[10:27] The opportunity to innovate the capital toolkit.[11:37] Is capital innovation slow?[20:20] How building RevUp has been similar to Melissa’s founder journey.[24:16] An honest dialogue about what equity ownership really means.[30:29] At RevUp, 60% of the portfolio is female-led companies and 30% are led by black or brown founders.[39:43] How RevUp helps its portfolio companies.[42:09] Melissa’s history in entrepreneurship.[48:06] What taking up boxing has done for Melissa.[52:40] The pros of Melissa’s unconventional path.[55:24] Why RevUp would not exist if they tried to start it today.[57:40] What’s next for Melissa and RevUp?Resources:RBF Network Keith’s TwitterKeith’s LinkedinSpeaker SeriesGuest: LinkedIn | RevUp Capital | | X | (Un)Founded podcast 

In this episode, we're joined by Nick Mathews, the founder and CEO of Mainvest, where to date he has funded 400+ small businesses around the country. Nick is a visionary leader dedicated to rebuilding the American dream by empowering communities and small businesses with the capital they need to thrive. Nick talks about how his pivotal role in launching Uber in Boston helped him gain first hand insights into the economic challenges faced by local communities. He founded Mainvest to address these issues, with a commitment to a community-driven approach funding small businesses across the U.S.. Nick discusses the concept of locality and how to scale, how companies go through the underwriting process, and what’s got him excited for the world of alternative capital in the future. Key Takeaways[2:56] Nick’s former career as one of the early employees at Uber and launching the Boston market. [3:02] What seeing how Uber could work outside of major metropolitan areas meant to Nick. [5:33] How new regulations and frameworks coming from The Jobs Act and crowdfunding enabled Nick to launch Mainvest[8:26] Fun fact: Nick was planning on being a rockstar and went on a few mini tours, with almost all his bandmates eventually going into tech. [10:21] Lessons Nick took from Uber to Mainvest. [11:03] The concept of locality. [13:03] Underwriting and the vetting process.[24:50] Why local investors are open to funding local businesses, such as breweries and bakeries.[28:22] Portfolio performance. [30:12] Mainvest’s 400+ deals they have funded and why the model unlocks interest in more businesses that need capital. [32:09] Customer acquisition strategy. [32:10] Mainvests’ capital strategy and revenue share model. [40:39] Building a bespoke financing platform. [42:40] Geographic hot spots for SMB financing. [47:31] What Nick saw at Uber that wouldn’t fly today. [54:57] What fundamental truths have changed for Nick since starting Mainvest? Resources:RBF Network Keith’s TwitterKeith’s LinkedinGuest: Nick - Mainvest | X | LinkedIn 

This episode features Chris Atkins, President of C2FO’s lending business, also called Capital Finance. Chris joined C2FO in 2018, taking on a pivotal role in spearheading a data-driven lending function. He successfully launched C2FO's working capital lending solutions for the company's extensive network of suppliers. Prior to his tenure at C2FO, Chris spent 12 years in the finance and private equity sectors, primarily focusing on smaller, lower-middle-market, and middle-market enterprises. Notably, he worked with Main Street Capital Corporation in Houston.In our conversation, Chris provides insights into C2FO's remarkable journey, transforming from a startup based in Kansas City into a financial powerhouse that has raised over $400 million and accelerated invoices totaling $300 billion. Chris delves into C2FO's innovative approach and  significant impact on a diverse array of businesses, from independent  lawn mowing ventures to Fortune 10 corporations. Chris highlights the challenges and opportunities associated with adapting to the demands in the financial industry and how he thinks about automation and AI. He also emphasizes the the importance  of teasing out the various threads of one's career over time, and how they can unexpectedly converge to create a unique and fulfilling professional journey.Key Takeaways[3:00] Chris’s start as a commercial banker in downtown Denver, and later pursued an MBA to get into private equity and private credit investing. [5:28] The common thread of helping people and looking back to see how your past has impacted many different people and facets of life. [7:40] What Chris learned helping the FDIC examine and close banks during the great recession. [10:14] C2FO just crossed $300 billion in invoices and has raised $400-$500 hundred million. [10:58] The two key ways in which C2FO finances businesses. [14:18] The CapFin side of C2FO.  [17:25] Why the first iteration of the lending business didn’t achieve scale and how they fixed it.. [22:04] C2FO’s substantial impact on underfunded, minority owned businesses. [23:53] First deal to a 72 year old who banks wouldn’t fund. [25:02] The Schultz Family Foundation investing. [27:18] Why CIM has been successful. [40:40] Chris warns of predatory lending and the importance of understanding terms. [41:49] The advance to being in the C2FO network. [42:48] The dangers of innovating on credit.[43:53] The original vision of C2FO founder and CEO Sandy Kemper. [47:19] The role of AI in lending. [48:14] AI will only take the jobs we hate.[49:34] Chris aims  to do more RBF. Resources:RBF Network Keith’s TwitterKeith’s LinkedinCIMGuest: Chris -  C2FO   | LinkedIn | Twitter 

We’re taking a deep breath this week, as we dive into a conversation with Tyler Tringas, General Partner and Founder of the Calm Company Fund. In this episode, Tyler shares with us two very important experiences: raising capital for the GP to prepare for scale; and going to institutional allocators to raise larger funds. Importantly, these experiences taught him critical lessons that any investor should pay attention to. Tyler also talks about the rebrand of Earnest Capital to Calm Fund, how Calm makes sure that the interests are aligned between funder and founder, the challenges Calm has overcome while scaling, and their steady, patient approach to growth.Key Takeaways[2:21] Rebranding Earnest Capital to the Calm Company Fund. [3:08] Calm has invested in about 80 companies, but Tyler aims for thousands. [3:45] The typical check size and use of funds. [7:13] Tyler shares two examples where he wished he had the Calm fund in his own career. [10:20] What’s more challenging - being an entrepreneur or a fund manager? [13:30] Creating the shared earnings structure.[14:06] How often do Calm’s portfolio companies go out and raise a subsequent round of capital? [18:53] Building in public. [21:09] Why Tyler still feels like an entrepreneur. [22:02] Calm’s 80 companies and 200 mentors provide the opportunity for strong networking and connectivity. [23:51] Tyler’s experience shifting into the institutional allocator market. [24:46] Raising from large institutional allocators. [25:08] Investing out of their fourth fund and keeping it small and fast on purpose. [26:53] Shifting their approach away from the “interestingness”. [32:33] How Tyler thought about the infrastructure he was building and how he approached it. [33:17] Overcoming budget constraints. [37:37] Raising capital for the GP,  ad hiring the team, and building the technology. [42:17] Making the tough choice to downsize and prioritizing patience over scaling and fund size. [45:35] How they landed on the name Calm. [46:12] Tyler’s predictions for the future. [51:40] What has surprised Tyler the most is Calm’s growth, and how things are going better than expected. Resources:RBF Network Keith’s TwitterKeith’s LinkedinCalm Fund Tyler’s Speaker Series Chisos Capital Backstage CapitalGuest: Tyler - Website | X 

On today's show, we're joined by Jonathan Bragdon, the CEO of Capacity Capital. With a remarkable track record, Jonathan has started eight companies, invested in over 30 businesses, and been featured in CNN, TechCrunch, BusinessWeek, and Inc.com. He's also a driving force in the Southeast startup community and has founded Capacity, a strategic advisory firm, as well as Capacity Capital, an innovative investment fund supporting over 80% women, minority, or veteran-led founders. In the episode, Jonathan shares his entrepreneurial journey and insights into empowering underestimated founders with a unique approach to funding and strategic advice. He talks about the flaws in most funding approaches that he’s noticed along the way, how Capacity’s structure is different from a typical investment, and tips for building and harnessing a helpful network. Key Takeaways[3:34] How Jonathan got intertwined with the British Parliament and the Prince of Denmark. [4:52] What led him to Capacity Capital. [9:16] VC is a numbers game. [10:20] How the redeemable equity structure works. [14:22] Getting entrepreneurs up to speed on Capacity’s structure. [16:50] Jonathan’s fundamental belief that different companies need different financing options to grow. [17:14] A flaw in most funding companies.[19:10] Who Capacity’s structure works well for, and who it doesn’t. [21:07] How Jonathan thinks about return targets by deal and portfolio.[22:44] Jonathan’s fundraising journey to build eight companies.[25:50] Advice for emerging managers. [30:44] Raising capital from the Capital Access Lab. [31:28] The lack of a supportive network in the finance space. [32:49] Jonathan’s predictions for RBF and alternative capital in the future. [36:38] Building growth tools. [39:30] There are no evil financial tools[39:53] Focusing on the founder and the tools they need. [41:03] Advice for investors that are aspiring fund managers. [43:04] Jonathan’s surprise at the lack of recommendations and introductions at the investor level. [44:55] Innovative finance project with Blueprint Local and Metro Finance Lab. Resources:RBF Network Keith’s TwitterKeith’s LinkedinBlueprint Local Founderpath Tyler TringasCapacity Capital Capital Access LabBuilders + BackersGuest: Jonathan: LinkedIn | Twitter 

We make credit sexy(ish) this week with Mike Luebbers, the Chief Credit Officer of Novel Capital. We brought Mike onto the team at Novel after we worked closely with him as he led the underwriting on the credit facility we raised. We learned so much in that process that he was our first call when we decided it was time to hire a Chief Credit Officer. Mike is a world class credit investor, having been Chief Credit Officer at both Bridge Bank and Lighter Capital. In this conversation, which I pulled from the archives, Mike shares his unique point of view of how to do RBF deals (having done hundreds in his career). Mike also shares some great tips for folks to learn how to do think about alternative capital and RBF investing, how his experience in the tech sector inspired him to leverage tech for efficiency and creativity in underwriting, and the key metrics Mike looks at when thinking about an RBF deal. Key Takeaways[3:03] Mike’s career trajectory from commercial tech banking to RBF. [5:30] The difference between the sales and. credit guy. [6:05] Mike’s duties as the Chief Credit Officer role at Novel Capital. [7:35] How Mike made the shift from bank to fintech startup. [9:29] Where Mike sees RBF fitting in the landscape both with customers and companies. [12:01] The key factors of predictability of revenue and customer base in determining the appropriate amount of RBF to provide. [15:32] How RBF fits with the entrepreneur’s growth goals. [19:32] The difference between Merchant Cash Advance and the typical RBF. [21:20] The other key metrics Mike looks at when thinking about an RBF deal. What are the bare minimum criteria that he thinks are important? [28:08] Deal killers in RBF and when it’s not a “no”, but a “not yet”. [29:40] How do you know when to attribute it to luck vs. good underwriting? [32:59] Q&A: What role does Mike see RBF playing post-pandemic recovery of non-software small businesses[41:02] Companies that offer a profit share rather than a revenue share. Indie.vc, Earnest Capital. Resources:RBF Network Keith’s TwitterKeith’s LinkedinLighter Capital Bridge BankGuest:Mike: LinkedIn | Novel Capital 

BJ Lackland brings 25 years of expertise in startup funding, with roles spanning CEO of Lighter Capital, Co-Founder of the Israeli RBF fund IBI Spikes Fund, and as a VC. A pioneer in RBF, BJ has funded over 350 companies since diving into the space in 2012. During his Lighter Capital tenure, he transformed the company from zero revenue to funding over 650 deals. Following his time at Lighter Capital, BJ provided advisory services to RBF providers and initiated two new funds. The first, IBI Spikes Fund, was Israel's inaugural RBF fund, focusing on deals ranging from $1 to $6 million. In September, BJ launched Equal Capital in the US, partnering with the Spikes Fund to offer RBF and term loans to American companies. In this conversation, BJ shares lessons he’s learned building RBF platforms, talks about why it’s a good time to be providing alternative capital in tech, and shares tips for great team building, and how at the end of the day, it’s all about people. Key Takeaways[2:53] How BJ made his way to Equal Capital from being a high school teacher in Taiwan. [8:20] Equal Capital’s target company.[12:04] Building the team at Lighter Capital and helping people grow [13:30] Bringing RBF to Israel. [17:35] Raising capital for the new funds.[30:29] The fundamental problem we need to address. [34:41] Why it’s a good time to be in the tech lending space. [37:12] Taking alternative structures into main street businesses.[41:18] At the end of the day, it's all about people.[45:34] Competition and collaboration are good things.Resources:RBF Network Keith’s TwitterKeith’s LinkedinNovel CapitalUlu Ventures MatterScale Guest:BJ: Equal Capital | BJ@EqualCapital.com | LinkedIn | Twitter | IBI Spikes Fund

Dive into this week's episode with Jonny Price, Wefunder's VP of Fundraising. A pioneering platform facilitating capital from both customers and investors, Wefunder's impact extends to over 1000 founders, including household names like Mercury Bank and Substack, boasting an impressive half a billion dollars raised from a community of over 300,000 investors. We cover lots of ground including Jonny's vision for an inclusive investment landscape that embraces not only VCs, but also retail investors and the everyday middle-class American. Key Takeaways[3:47] Jonny’s role as the VP of Fundraising at Wefunder.[5:07] Wefunder has funded over 1000 companies now, including Mercury Bank, Substack, and Replit. [6:22] Jonny’s vision for every B2C company to allocate part of their round for their customers invest.[8:57] Why Jonny joined Wefunder in 2018.[17:00] Wefunder stats.[20:03] Examples of companies WeFunder funds.[22:22] Why customers invest in a brand.[28:15] Alternative capital landscape.[32:02] Wefunder’s market share.[38:22] Lessons learned.[44:50] The current state of the crowdfunding market.[43:57] Good founders get crushed by bad markets.[50:58] Wefund’s future.Resources:RBF Network Keith’s TwitterKeith’s LinkedinNovel CapitalKiva Founder Secrets PodcastsSpeaker SeriesCommunityRound.com The Intertwine Group Wefunder CharterMercury BankReplit SubstackLeah Labs LevelsKingsCrowd Meow Wolf Guest:Jonny: LinkedIn | Twitter | jonny@wefunder.com  

In this episode, I'm thrilled to introduce Ruben Alonso, CEO of AltCap, a mission-driven community development financial institution (CDFI) operating across multiple states and based in Kansas City. Ruben has propelled AltCap's growth for 15 years, channeling over $300 million in alternative financing towards underserved communities and often-overlooked entrepreneurs. Noteworthy is Ruben's recent launch of AltCap's RBF loan product, opening new avenues for entrepreneurs. Ruben's unwavering dedication to democratizing capital access is deeply rooted in his family's own immigrant story from Cuba during the late 1950s and early 60s. Join us as Ruben provides valuable insights and firsthand experiences in advancing financial inclusivity and fostering small business triumph. Key Takeaways[2:35] The journey from corporate America, to the Peace Corps, to AltCap.[4:55] How Ruben’s family roots from Cuba informs his desire to help build other businesses. [7:51] How AltCap got started and how it has grown. [11:56] What CDFIs are, and how they operate. [16:30] Lending is a volume business, and maintaining the impact ethos.[17:34] How they built and evolved their underwriting models. [18:40] The character based lending approach. [21:47] The benefits of using Ned’s end-to-end system to originate and manage loans. [24:25] Examples of RBF deals they have done and where RBF can be a powerful financing tool. [25:25] The KauffmanFoundation provided them a $5.3 million program related investment to launch an RBF loan fund to help prioritize entrepreneurs of color. [27:43] The relationship between a funder and borrower. [34:17] Lessons learned from building a tax credit program to $250M+. [36:03] The psychology of RBF. [38:48] Capitalizing AltCap for the future.[40:29] What entrepreneurs should know about CDFIs. [46:11] Ruben’s advice for building an alternative capital platform.Resources:RBF Network Novel Capital Ruby Jean’s JuiceryGuest:Ruben: LinkedIn | AltCap | Twitter 

I am proud to welcome my friend and one of my favorite people in this community, Kim Folsom, a serial entrepreneur who has founded and grown seven companies and achieved multiple successful exits. Kim is the CEO and founder of Founders First Capital Partners, a revenue-based investment platform focused on empowering diverse-led small businesses with flexible funding for exponential growth. Additionally, Kim established Founders First CDC, a non-profit accelerator dedicated to helping small businesses expand and generate jobs. Kim's visionary leadership and commitment to supporting underserved communities make a significant impact in the business world. In this episode, Kim talks about her background as an entrepreneur, building Founders First, and lessons learned along the way. Key Takeaways[4:20] Founders First products and approach to funding diverse entrepreneurs.[6:53] The RBF deal that Founders First and Novel did together as a syndicated loan.[12:44] Why you shouldn’t fear the unknown. [13:11] There has been a change in the speed of uptake and understanding in the market and people are more familiar with it, but concrete data about the performance and what is possible is still lacking. [16:44] How an asset class becomes institutional.[20:22] Kim’s experience starting a company as a Black woman in the 1990’s, and how it’s evolved over time and the 7 businesses she built.[23:03] Funding a company with debt vs equity, and why it matters.[28:40] Accelerating through partnerships.[29:09] Kim’s tips for raising capital for RBF. [32:40] The art of turning down investors.[36:10] How did Kim become interested in RBF?[38:00] Lessons learned from Mr. Wonderful from Shark Tank.[43:42] What Kim is excited about in the future. Resources:RBF NetworkNovel CapitalSpeaker Series with Kim Guest:Kim: LinkedIn | Founders First  OnShore Technology - the company Novel and Founders First jointly funded with RBF

I’m pleased to welcome back Will Stringer, the Founder and CEO of Chisos Capital. Will invests in people — entrepreneurs, creators, athletes - using an Income Share Agreement at the earliest stages of business ideation and formation. Join me as I explore Will's journey, from his experience in the investment space to his innovative work at Chisos, supporting entrepreneurs and revolutionizing the investment landscape. Along the way, Will talks about Chisos' unique investment model, the transformative power of providing individuals with access to unique and durable capital solutions, and how they structure their deals to provide maximize the probability of a successful outcome for everyone. Key Takeaways[2:26] Will’s background in a more traditional investment space. [4:08] More about Chisos and how they invest in an individual as a business. [4:50] How Will came across the idea of an income share agreement. [8:15] Will’s inspiration for Chisos, and allowing an investor to invest in people at the earliest stages, betting on them as individuals. [12:29] Chisos allows an investor to provide an individual capital on flexible terms. [14:40] Chisos has done 56 deals since May 2020. [15:08] How Chisos structures its deals. . [16:10] The evolution of Chisos capital stack. [19:25] More on capital stack and the evolution to fintech. [20:52] How do entrepreneurs find Chisos and how do they source their deals? [20:59] Use case: investing in a minor league baseball player..  [32:03] Will gives a shout out to a company in their portfolio now, apparel company Fox & Robin. [33:35] How the income share agreement survives business failure.. [36:31] What kind of pushback Will gets from both entrepreneurs and downstream investors when he talks to them out in the market.  [42:00] The importance of storytelling in raising capital.[44:47] What is the future for Chisos? [48:35] Opening Chisos up to anyone via their INSPIRR platform. Resources:RBF NetworkNovel CapitalWill’s Original Episode from December 3 2021 Guest:Will: Chisos | LinkedIn | IG 

This week I sit down with Brian Parks, co-founder and CEO of Bigfoot Capital, a leading lender for established B2B software companies. With 15 years of experience as an entrepreneur in early-stage software companies and a background as an investment banker, Brian founded Bigfoot in 2017. He has successfully raised capital from various sources, including angels, VCs, and credit funds, and has deployed capital both as a banker and a non-bank lender. Hear Brian's unique journey, why he decided to launched an alternative path to support B2B software companies that often struggle to secure traditional funding. We also get into the bootstrap origin story of Bigfoot and how he organically built the business. Key Takeaways[8:40] What led to the formation of Bigfoot in 2017. [12:44] Who Brian funds at Bigfoot - established businesses.[14:52] What he means by “established” and thinking of the borrowers as small businesses. [17:17] Optionality as an operator. [17:19] What is the problem that Bigfoot is fixing in the ecosystem? [19:55] Bigfoot’s unique loan structure and being strategic with your capital.[28:12] Solving the sourcing problem. [30:54] Creating an ecosystem of content through the Bigfoot newsletter. [31:20] The key lessons Brian learned along the way (so far).[37:53] Bigfoot’s future as a specialty finance company. [40:12] Digging into the fundraising journey and Bigfoot’s lending stack. [48:10] Brian’s expectations of broader market adoption by this point. Resources:RBF NetworkOur first Speaker Series with Brian - Aug. 27, 2019Novel CapitalKeith’s TwitterRBFN Newsletter Guest:Brian: Bigfoot Capital | LinkedIn | Newsletter  

Today, we have a special guest who I believe is on the front edge of a revolution in the Alternative Capital space: David Silverstein, CEO and founder of Ned, a software platform that enables online loan origination and management for RBF and other lenders. With Ned’s revenue-based approach, lenders can scale their operations and more quickly deploy new financial products.Key Takeaways[3:00] Dave’s path from politics and tech to alternative finance.[10:54] How Ned allows lenders to deploy more capital, so that they can scale their impact more quickly.[18:23] Common challenges across lenders in the alternative capital space today.[18:50] Marketing matters.[22:43] How Ned works.[33:16] Technology’s role in lending.[34:57] Looking to the future of the lending and technology landscape.Resources:RBF NetworkNovel CapitalKeith’s twitter (@keithkcvc)Guest:Dave: Ned | @Dave_Silver1

In a packed episode, we welcome my friend Jamie Finney, co-founder of Kokopelli Capital and the Greater Colorado Venture Fund, and alternative capital philosopher. He is also one of the alternative capital OGs. Jamie shares his journey from entrepreneur to a capital raising road trip to raising $40 million across two funds to support more funding options for entrepreneurs. He discusses his vision for the future of early stage funding and the Innovative Finance Newsletter, and how including smaller and rural towns in startup funding is critical for the future. Also, Jamie and I recorded an interview back in 2019 that you can find in the show notes. It’s amazing to track his journey from there!Key Takeaways[4:21] Jamie talks about what led to him co-founding Kokopelli Capital.[7:21] Fundraising for the first fund, and the difficulties of hitting up LPs who weren’t familiar with the venture strategy and approach.[7:39] Securing the backing of the State of Colorado, and what that meant for credibility.[14:26] Becoming “the alternative capital guy”.[17:44] Getting entrepreneurs to understand alternative capital deal structures.[22:10] The Innovative Finance Newsletter project.[29:00] The importance of simplifying and demystifying things for founders and taking away the dizzying of too many options.[41:22] Who is currently catching Jamie’s interest in the alternative capital space?[42:46] Why what you stand for is as important as the money you deploy as an investor.[51:02] There's just no reason that other financial products don't exist and aren't widely used.Resources:RBF NetworkNovel CapitalFirst RBFN interview with Jamie- October 19, 2019Guest:Jamie: LinkedIn | Twitter| Innovative Finance Newsletter