Scot Wingo, founder of Spiffy and Triangle Tweener Fund, shared his Entrepreneur and Investor Journeys

 

Show Notes

[01:18]  Scot gave a brief outline of his background.  Scot has a technology background and two career journeys: a serial entrepreneur and investor/enthusiast/mentor of entrepreneurship.

[03:29]  Scot provided a high level overview of Spiffy, a mobile car care company which is nationwide.  The team is trying to build Starbucks for car care.

[05:03]  Scot took a deeper dive into where he got the idea of Spiffy from.  Spiffy follows two important themes: services are going digital and customers want fast and seamless experience (control through an app).

[08:09]  Scot shared the key market segment of Spiffy (e.g. rental car companies, fleet).  They value time and convenience as they use the time saved to generate revenue.

[10:29]  Scot discussed the genesis of Triangle Tweener Fund.  He started the Tweeter List in 2015 (50 companies).  He ended up drawing a line from a million annualized run rate to 80 million. He did this every year.

[14:49]  Scot discussed why the concept of Triangle Tweener fund can be applicable/relevant in other local markets.

[18:04]  The return distribution of typical VC fund was discussed.  Scot shared with the audience why the Triangle Tweener fund may work well by not missing any long-tail big winners.

[22:10]  The current investment algorithm of the Triangle Tweener Fund was discussed.

[24:16]  Scot shared the approach of light touch due diligence used at the Triangle Tweener Fund.

[26:35]  Scot highlighted some of the key elements of funding success.  He believes that one of the most important factors is whether the founder has the “twinkles” in his/her eyes (passion and greed).

[29:57]  The funding trend and entrepreneur climate at the RTP area was discussed.

[32:29]  Scot shared with the audience how he balances growth and profitability of Spiffy by using a bottom-up and top-down approach.

 

Book/Resource mentioned in this episode

The Cold Start Problem: How to Start and Scale Network Effects by Andrew Chen

https://www.amazon.com/Cold-Start-Problem-Andrew-Chen/dp/0062969749

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