In this episode, David Mandel unpacks how his underwriting background shaped his approach to venture capital — and why most AI startups today are just features pretending to be businesses. From 500+ angel investments to managing his own VC fund, David breaks down how he filters deals, why he avoids hype cycles, and what founders get wrong about raising capital. If you’re building or betting on B2B SaaS, this one’s essential listening.Sign up to our newsletter where the heavyweights of high finance share their off-market playbook: https://offmarketmemo.beehiiv.com/ 00:25 What Emerging Ventures actually invests in01:36 David’s story: from insurance CEO to full-time VC03:53 How early tech vendors pulled him into venture06:17 Why he exited everything to back founders08:38 Starting a fund after 500+ angel investments10:34 Operator vs. traditional VC: who makes better investors?12:36 “When in doubt, say no.”14:22 Why most startups shouldn’t raise venture capital16:15 What founders need before raising17:42 “It’s like dating, not banking.”19:50 His framework for evaluating traction22:15 The math behind hitting Series A24:14 Why he limits meetings and screens hard27:28 Red flags: hype, noise, and no differentiation29:25 The neobank bubble — and why it collapsed31:51 Why blockchain was misused34:41 One blockchain startup he actually liked36:10 “Every startup is now an AI startup.”38:09 Why most AI wrappers won’t survive40:53 Will AI kill B2B SaaS?43:04 Why big platforms will absorb all the tools44:28 Vertical SaaS vs. niche marketing47:22 Features vs. real products50:28 Can tech-enabled service firms become SaaS?53:24 Why some businesses aren’t VC-backable57:03 “I don’t bet on people. I wait for proof.”59:01 Why the conservative side of VC is overlooked01:04:20 How his fund is different from traditional VC01:08:05 Why unicorns and solid exits can’t coexist01:09:12 Where to find David and learn more
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