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Startup Ignition Podcast

Startup Ignition Podcast

By: John & Tyler Richards
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 Father and son team John and Tyler Richards — veteran entrepreneurs, venture investors, mentors, and educators — discuss all things entrepreneurship and venture capital.Startup Ignition Academy, Inc. Economics Leadership Management Management & Leadership
Episodes
  • Scott Johnson: Bootstrapping to a $1.5B Adobe Acquisition, Workfront, Motivosity, Product-Market Fit

    Scott Johnson: Bootstrapping to a $1.5B Adobe Acquisition, Workfront, Motivosity, Product-Market Fit
    Jun 19 2025
    In this episode of the Startup Ignition Podcast, hosts John and Tyler Richards sit down with Scott Johnson, the visionary founder behind Workfront (acquired by Adobe for $1.5 billion) and his current venture, Motivosity. Scott shares his incredible entrepreneurial journey, from bootstrapping Workfront (formerly @task) for over six years to navigating the dot-com bust and the 2008 financial crisis. He offers a transparent look at the challenges of scaling, including the difficult moment he was asked to step down as CEO, and how that experience ultimately inspired the creation of Motivosity. This conversation is packed with invaluable wisdom on achieving product-market fit, the critical importance of guarding equity, and balancing the intense demands of a startup with family life.

    (00:00:00) The Importance of Product-Market Fit & Guarding Equity
    (00:01:53) Introducing Scott Johnson: Founder of Workfront & Motivosity
    (00:05:45) Rapid Fire Icebreaker Questions
    (00:13:34) Scott's Early Career: From Near Eastern Studies to Tech
    (00:16:27) The Genesis of @task (Workfront)
    (00:20:31) Bootstrapping for 6.5 Years Through the Dot-Com Bust
    (00:24:35) Why and How Workfront Took Its First Investment
    (00:28:15) A Near-Miss Funding Round During the 2008 Crash
    (00:34:45) The Story of Stepping Down as CEO
    (00:40:19) The Founding of Motivosity: Turning a Painful Experience into a New Venture
    (00:45:11) How Motivosity Empowers Employees and Builds Culture
    (00:49:43) Why @task Rebranded to Workfront
    (00:51:50) The Core Mechanics of the Motivosity Platform
    (00:53:51) The Measurable Impact of Motivosity on Company Metrics
    (00:55:30) Advice for Founders: Don't Scale Until You Have Product-Market Fit
    (00:59:49) How to Balance an Intense Startup Schedule with Family Life
    (01:02:14) Final Advice: Be Generous with Cash, Not Equity
    (01:02:43) The Dangers of Dilution vs. a Founder-Friendly Exit


    Join our online academy for free:
    https://startupignition.com/academy

    Apply to be a guest on the pod:
    https://startup-ignition-podcast.paperform.co/

    Follow John & Tyler:
    https://x.com/trich_
    https://www.linkedin.com/in/johnrichards/

    Subscribe on YouTube:
    https://www.youtube.com/@StartupIgnition

    Follow on X:
    https://x.com/startupignition

    Follow on Instagram:
    https://www.instagram.com/startupignition/

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    https://www.tiktok.com/@startupignition

    Follow on LinkedIn:
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    Follow on Facebook:
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    #ScottJohnson
    #Workfront
    #Motivosity
    #Adobe
    #Startup
    #Entrepreneurship
    #Bootstrapping
    #SaaS
    #VentureCapital
    #ProductMarketFit
    #UtahTech
    #SiliconSlopes
    #StartupFounder
    #ExitStrategy
    #Acquisition
    #GuardYourEquity
    #StartupAdvice
    #FounderStory
    #TechUnicorn
    #StartupIgnition
    Show More Show Less
    1 hr and 5 mins
  • Andrew Smith: From Tech to Restaurants, Problem Hunter Building a Food Empire, Scaling & Investing

    Andrew Smith: From Tech to Restaurants, Problem Hunter Building a Food Empire, Scaling & Investing
    Jun 13 2025
    In this episode of the Startup Ignition Podcast, hosts John and Tyler sit down with Andrew Smith, the managing partner of Savory Fund and a serial entrepreneur defined as a true "problem hunter." Andrew shares his incredible journey, starting in the tech world during the dot-com boom with a revolutionary streaming media company. He details the highs of a near-IPO and the crushing lows of the bubble bursting, and how he pivoted to create two more successful tech companies by solving problems he encountered in his own life. The conversation then shifts to his unexpected entry into the restaurant industry, sparked by his wife's dream, and how the resilience of their first Kneaders franchise during the 2008 financial crisis revealed a massive opportunity. Andrew explains how he applied sophisticated, tech-style management to the food sector, scaling his operations from a single restaurant to a massive portfolio, eventually leading to the creation of the private equity firm Savory Fund.

    (00:00:00) The Dark Nights of a True Entrepreneur
    (00:02:11) Introducing Andrew Smith: Operator, Investor, and Problem Hunter
    (00:04:03) Icebreaker: A Food & Tech Brand Blitz
    (00:09:02) First Venture: Putting Jaguar Commercials on the Internet in 1998
    (00:13:53) The Dot-Com Bubble Bursts: Missing the IPO Window
    (00:17:42) Building and Selling Two More Tech Companies
    (00:20:46) A Leap of Faith: “I want to open a restaurant.”
    (00:23:25) Surviving the 2008 Crash and Discovering the Power of Food
    (00:28:26) Scaling Up: From One Kneaders to 50 Locations
    (00:30:57) Owning the IP: The Shift from Franchisee to Franchisor
    (00:34:15) Navigating the COVID-19 Pandemic as a Restaurant Operator
    (00:36:19) Why Companies That Survive Recessions Emerge Stronger
    (00:38:33) Why 2024 Was a Harder Year Than 2020
    (00:43:54) The Birth of Savory Fund on a Racetrack
    (00:47:31) Why Now is the Best Time to Invest
    (00:50:33) Applying Tech Sophistication to a "Mom and Pop" Industry
    (00:51:33) What Makes a Promising Brand Worth Investing In
    (00:54:13) The One That Got Away: A Missed Opportunity with Crumbl
    (00:56:24) A Lesson for Every Founder: Good Times and Bad Times Will Pass
    (01:01:04) Final Advice for Young Entrepreneurs
    (01:02:39) The Danger of Skipping Steps

    Join our online academy for free:
    https://startupignition.com/academy

    Apply to be a guest on the pod:
    https://startup-ignition-podcast.paperform.co/

    Follow John & Tyler:
    https://x.com/trich_
    https://www.linkedin.com/in/johnrichards/

    Subscribe on YouTube:
    https://www.youtube.com/@StartupIgnition

    Follow on X:
    https://x.com/startupignition

    Follow on Instagram:
    https://www.instagram.com/startupignition/

    Follow on TikTok:
    https://www.tiktok.com/@startupignition

    Follow on LinkedIn:
    https://www.linkedin.com/school/6458758/admin/dashboard/

    Follow on Facebook:
    https://www.facebook.com/startupignition/

    #AndrewSmith
    #SavoryFund
    #Entrepreneurship
    #StartupStory
    #VentureCapital
    #PrivateEquity
    #RestaurantIndustry
    #Tech
    #BusinessGrowth
    #StartupAdvice
    #ProblemHunter
    #Swig
    #Kneaders
    #MoBettahs
    #Via313
    #DotComBubble
    #FinancialCrisis
    #BusinessStrategy
    #StartupIgnition
    #JohnRichards
    Show More Show Less
    1 hr and 5 mins
  • "This Is a DEAL KILLER": VC's Pre-Seed Due Diligence Checklist, Cap Table, Rule 83B, Founder Equity

    "This Is a DEAL KILLER": VC's Pre-Seed Due Diligence Checklist, Cap Table, Rule 83B, Founder Equity
    Jun 5 2025
    In this episode of the Startup Ignition Podcast, hosts John and Tyler Richards dive deep into the world of pre-seed due diligence. They outline the critical checklist they use as venture capitalists to evaluate early-stage companies, providing invaluable insights for founders preparing to fundraise. The discussion covers essential legal and financial structures, including the importance of a C-corp for QSBS benefits, the deal-killing implications of messing up the Rule 83B election, and how to maintain a "clean" cap table. They reveal common red flags like 50/50 founder splits, undocumented equity promises, and misaligned deal terms. Beyond the paperwork, they emphasize the necessity of rigorous business model validation and a deep understanding of the competitive landscape, explaining why a lack of proof is an immediate deal-killer.

    (00:00:00) The common mistakes that make a pre-seed company uninvestable
    (00:00:46) The Rule 83B test: How to know if you have the right startup attorney
    (00:01:00) Why raising too much money at too high a valuation is a nefarious problem
    (00:03:04) What's the one book every entrepreneur should read?
    (00:04:24) Favorite productivity tools and the rise of AI as a co-pilot
    (00:07:19) An OG take: Is AI making us lazy, or is it just the new calculator?
    (00:10:17) The most memorable pitch: One great example and one disastrous one
    (00:15:04) The one piece of advice John and Tyler would give their younger selves
    (00:16:48) Learning not to be intimidated by the "titans of industry"
    (00:18:29) What's next on the adventure bucket list?
    (00:20:13) A challenge: 100k followers and the team goes to the Masters
    (00:25:20) Breaking down the pre-seed due diligence process for investors and founders
    (00:27:31) Why a C-Corp and the Qualified Small Business Stock (QSBS) exemption are crucial
    (00:32:22) The critical importance of the Rule 83B election and founder vesting
    (00:38:54) What is a "messed up cap table" and what are the biggest red flags?
    (00:41:17) Why 50/50 founder splits are a deal-breaker for investors
    (00:43:29) The problem with non-operational shareholders on the cap table
    (00:45:33) Why debt must be handled before an equity investment
    (00:48:10) Proving your business model: Why validation efforts are non-negotiable
    (00:51:50) The #1 reason a deal gets killed: Lack of proof of validation
    (00:52:59) How to properly analyze and present your competitive landscape
    (00:55:28) How misaligned deal terms and valuation can kill an otherwise great deal
    (00:58:34) The dangers of raising too much money too early
    (01:02:43) Why alignment between founders and investors is the key to building a great business

    Join our online academy for free:
    https://startupignition.com/academy

    Apply to be a guest on the pod:
    https://startup-ignition-podcast.paperform.co/

    Follow John & Tyler:
    https://x.com/trich_
    https://www.linkedin.com/in/johnrichards/

    Subscribe on YouTube:
    https://www.youtube.com/@StartupIgnition

    Follow on X:
    https://x.com/startupignition

    Follow on Instagram:
    https://www.instagram.com/startupignition/

    Follow on TikTok:
    https://www.tiktok.com/@startupignition

    Follow on LinkedIn:
    https://www.linkedin.com/school/6458758/admin/dashboard/

    Follow on Facebook:
    https://www.facebook.com/startupignition/

    #PreSeed
    #DueDiligence
    #VentureCapital
    #StartupFunding
    #AngelInvesting
    #CapTable
    #Founder
    #Entrepreneurship
    #StartupAdvice
    #QSBS
    #Rule83B
    #StartupValuation
    #LeanStartup
    #StartupIgnition
    #Pitching
    #BusinessModels
    #Validation
    #Fundraising
    #StartupTips
    #EarlyStage
    Show More Show Less
    1 hr and 5 mins
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