How do you succeed in a business where being wrong is the norm?

Marc Penkala has lived both sides of the table: as an entrepreneur who built, sold, and failed with companies—and now as a venture capitalist running his own fund. What makes his story different is the radical honesty about what actually drives success in venture: failure, timing, and taking risks that look stupid at first.

This Spark20 episode distills Marc’s hard-earned lessons into a 20-minute masterclass for founders, investors, and policymakers navigating uncertainty.

What you’ll learn

• Why timing, not brilliance, often decides who wins.
• Why failure is the ultimate credibility builder for investors.
• How European founders hold themselves back—and what mindset shift is overdue.
• Why down markets are the best time to build companies.
• How the “stupidest ideas” sometimes create the biggest outliers.

Timestamps & Quotes

📌 (00:00:38) Entrepreneur → VC
“My route into venture capital felt like a paid executive MBA… I built, I sold, I bankrupted, and then I joined the so-called evil side to truly understand investors.”

📌 (00:03:31) Failure as Fuel
“Failure is the bigger success… many of my failures turned into the best things that ever happened.”

📌 (00:05:32) Credibility Through Scars
“If I had never built a company, how could I authentically tell a founder I can help them?”

📌 (00:07:29) Wrong = Right in Venture
“As a VC, you’re more often wrong than right. And strangely, the more you’re wrong, the higher your actual output.”

📌 (00:10:38) When Tourists Arrive, Leave
“The moment angels and LPs with no clue flood the market, you literally have to stop investing. That’s when the tourists arrive.”

📌 (00:12:22) Outliers Make the Portfolio
“One angel had ten bets—two of them gorillas and Tier. Didn’t matter what else he had—the outliers alone defined him.”

📌 (00:13:02) Europe vs. US Mindset
“US startups think in billions. European startups think in millions. That mentality shift is everything.”

📌 (00:15:02) Stupid Ideas Win
“If everyone agrees it’s a great deal, don’t do it. The best investments sound like the stupidest idea at first.”

📌 (00:17:42) Why Down Markets Build Giants
“In down markets, founders get humble, go back to fundamentals, and focus on capital efficiency. That’s why the best companies come from downturns.”

This isn’t just a highlight reel—it’s a reminder that in venture capital and entrepreneurship, the rules are upside down. Being wrong isn’t a weakness—it’s proof you’re taking the swings that matter.

👉 Listen now, and share it with someone who needs to think bigger.

🎙️ With over 200 interviews, panels, and livestreams, Beginner’s Mind ranks in the Top 10% globally—and is recognized as the leading deep tech podcast for

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Here’s the harsh truth: If your business model can’t survive a spreadsheet, it won’t survive the market.

Every year, ambitious founders pour months into product, pitch, and brand—yet the single biggest reason startups die isn’t funding, it’s flawed modeling.

What are the four variables investors use to spot winners before anyone else?

In this episode, investor and hands-on builder Alex Oppenheimer (Founder & GP at Verissimo Ventures, ex-Facebook IPO, ex-NEA, Monday.com advisor) reveals why most startup advice misses the point—and how the best founders reverse-engineer success long before a single euro is raised.

🎧 Watch now to learn:
1️⃣ The business model simulation Alex uses to kill (or greenlight) a deal in under an hour
2️⃣ The one thing top VCs always ask founders—but almost nobody prepares for
3️⃣ Why a founder’s “calling” is more important than their credentials
4️⃣ How to avoid the European trap of ignoring leverage and failing to scale
5️⃣ The subtle mindset shift that separates bold investors from the herd—and how to apply it to your own company

👤 About Alex Oppenheimer
Stanford-trained engineer, ex-Morgan Stanley tech banker, NEA Series A investor, Monday.com operator, and now founder of Verissimo Ventures—a fund that bets on weird tech and next-gen software models in Israel, the US, and Europe.

💬 Quotes That Might Change How You Think:
(00:59:00) “If I don't build this, nobody else will—that’s the founder’s true calling.”
(01:12:45) “How can you know what data to collect if you don’t know the model?”
(01:22:36) “The real job of an investor is helping great founders not mess it up.”

🧭 Timestamps to Explore:
(00:04:00) Quitting Corporate Venture—The Decision That Changed Everything
(00:11:50) What Business Modeling Is (and Isn’t)
(00:18:30) Trusting the Founder Over the Deck
(00:24:40) Venture Capital and the Power of Naivete
(00:34:03) Inside the Facebook IPO Data Room
(00:44:38) Lessons from Betting on Outliers
(00:49:48) Leaving NEA to Build Israel’s Next Scaleups
(01:02:32) From Frustration to Founding a Venture Fund
(01:10:57) Why Business Modeling Remains a Blind Spot
(01:14:09) Redefining Value Investing in Venture Capital
(01:15:50) Decoding Value with Core Variables
(01:22:36) Helping Founders Avoid Unnecessary Pitfalls Early

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Subscribe now—your next breakthrough could be one episode away.

🎙️ Beginner’s Mind
Top 10% globally. The leading podcast for VCs, operators, and anyone obsessed with building what comes next.

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Why do Europe’s brightest founders still feel forced to leave for Silicon Valley—no matter how much money or talent we pour into the region?
Every year, ambitious startups across Europe and CEE struggle to scale—not for lack of ideas, but because of invisible barriers that keep global success out of reach.

Is it really just about capital—or is there a deeper mindset and playbook that only a handful of founders ever discover?

In this episode, venture insider Enis Hulli (General Partner at e2vc, investor in 40+ startups, 3 unicorns, and builder of bridges from Istanbul to the Bay) pulls back the curtain on the real reasons US-based startups keep winning—and how founders from Turkey, Eastern Europe, and beyond can finally turn the tables.

🎧 Watch now to learn:
1️⃣ The “power law” that decides which founders build generational companies—and why most never see it coming
2️⃣ Why relationships, not pitch decks, determine who actually gets funded—and how to break through if you don’t have the right connections
3️⃣ How emotional resilience and founder mindset shape the fate of entire regions—not just individuals
4️⃣ The little-known risks of playing the European “safe game”—and how to engineer luck for outsized results
5️⃣ Tactical lessons on team building, brand, and why your anti-portfolio (the deals you missed) might matter even more than your winners

👤 About Enis Hulli
Enis is General Partner at e2vc, a leading early-stage venture fund focused on scaling tech startups from Emerging Europe to global markets. With investments in 40+ companies (including three unicorns), he’s spent his career helping founders unlock the path from local player to world-class leader.

💬 Quotes That Might Shift Your Thinking:
(01:30:44) “I don’t think we’ll see founders choosing Europe over the US in our…”
(01:34:37) “There are twenty different ways to kill a reputation on any side of the…”
(01:38:31) “To avoid complacency, I surround myself with people who make me feel like I…”

🧭 Timestamps to Explore:
(00:16:58) How the Bay Area’s Talent Network Effect Became Unstoppable
(00:20:48) Work-Life Balance vs. Blitzscaling—What It Really Takes to Go from Zero to One
(00:25:43) Why Founders Trump Pitch Decks Every Time
(00:30:38) The Perils of Planning for an Exit Too Soon
(00:34:34) The Three Qualities Every VC Looks For—And Why Mindset Still Wins
(00:40:30) How IPO Markets Shape (and Break) Venture Capital
(00:43:52) Fundraising Mistakes That Kill FOMO and Crush Deals
(01:12:58) Why Bay Area Mindset Still Outpaces Europe’s Best
(01:30:44) The Real Reason Europe Loses Its Unicorns
(01:34:37) Reputation, Relationships, and the Hidden Dangers of VC Control
(01:38:31) How Top Investors Avoid Complacency and Stay Hungry

🔔 Follow the show and leave a review. Every follow, like, and share brings new global voices, industry leaders, and sharpest insights straight to you.

🎙️ Beginner’s Mind ranks in the Top 10% globally—and is recognized as the

Send us a text

Join Christian Soschner for expert coaching.
50% Off - With 35+ years in deep tech, startups/scaleups, and public companies, Christian offers power video sessions. Elevate strategy, execution, and leadership. Book Now.

Support the show

Join the Podcast Newsletter: Link