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.

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