In Part 2 of this two-part deep dive, Triangle Tweener Talks host Scot Wingo sits down with legendary Triangle founder Mike Doernberg to explore his journey on scaling multiple companies, spinning out new ventures, navigating private equity, and why he never left North Carolina.

Tune in to hear:

• How ReverbNation grew from a side project into a 6M-artist platform
• The spin-out journey behind Adwerx, and why it worked
• Mike’s framework for identifying spinoff opportunities inside existing companies
• Why the team is the company, and why incubated teams can struggle
• The origins of PlayMetrics and the youth-sports system-of-record vision
• How Mike navigates private equity without losing culture or control
• What PE adds that venture capital often can’t
• What it’s like to scale from 25 people to 450+
• Mike’s long view on the Triangle startup ecosystem, then vs. now
• Why he never moved to the Bay Area
• Whether a Mike-led venture studio might be next 👀

Where to Find Mike Doernberg:

LinkedIn: https://www.linkedin.com/in/michaeldoernberg/
PlayMetrics: https://home.playmetrics.com/

Where to Find Scot Wingo:

• LinkedIn: https://www.linkedin.com/in/thescotwingo/
• Tweener Times: https://www.tweenertimes.com/
• X: https://x.com/scotwingo

In this episode:
00:05 — Welcome to Part 2 with Mike Doernberg
00:12 — Coming back from “Home Depot retirement”
00:18 — The origin and explosive growth of ReverbNation
00:27 — Solving the cold-start problem before it had a name
00:33 — Building Promote.it → the foundation for Adwerx
00:42 — Spinning out Adwerx and structuring the deal
00:52 — Should Mike run a venture studio? Scott pushes him
01:00 — Why incubating ideas is easier than incubating founders
01:10 — The spinout challenge: talent dilution
01:15 — The path to PlayMetrics and modernizing youth sports
01:27 — Selling Reverb to focus fully on PlayMetrics
01:38 — Navigating private equity the right way
01:47 — How PE can empower (not suffocate) founders
01:55 — Running a 450-person org and learning a new leadership mode
02:03 — Why Mike stayed in the Triangle — and how the ecosystem evolved
02:16 — Triangle vs. Bay Area: culture, risk, and quality of life
02:30 — Final reflections & Scott’s challenge on a future venture studio
02:38 — Outro & sponsor thank-yous

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This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.

We couldn’t share posts like this without our amazing sponsors:

Gold Sponsors:

• Balentine: https://www.balentine.com/triangle-entrepreneurs
• EisnerAmpner: https://www.eisneramper.com
• Robinson Bradshaw: https://www.robinsonbradshaw.com

Silver Sponsors:

• Automated Consulting Group: https://automated.co
• Bank of America: https://business.bofa.com/en-us/content/technology-industry-group.html

2025 Sponsors:

• Extensis HR: http://www.extensishr.com/

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Triangle Tweener Talks is sponsored by:

• Atomic Object: https://atomicobject.com/

In Part 1 of this two-part deep dive, Triangle Tweener Talks host Scot Wingo sits down with legendary Triangle founder Mike Doernberg to explore the earliest chapters of his career, from CPA to multi-exit entrepreneur.

Mike walks through the founding of Marathon, the rise of early PC-driven consulting, the creation and spinout of SmartPath, raising capital through the old-school angel gauntlets, navigating the DoubleClick acquisition, and why “retirement” lasted all of three months.

Tune in to hear:

• What the early startup ecosystem looked like before the Triangle was “the Triangle.”
• The origins of Marathon and how the rise of PCs and early web consulting created new opportunities.
• How a project inside GlaxoSmithKline became the spark that turned into the SmartPath product.
• Mike’s philosophy for spinning out products successfully, and why strict separation is essential.
• Raising capital in the 90s and early 2000s: angel gauntlets, tough rooms, and memorable TIG stories.
• The SmartPath exit to DoubleClick and why Mike now believes they sold too early.
• How exiting young led him to a very short-lived “retirement” and why founders struggle to sit still.

Where to Find Mike Doernberg:

LinkedIn: https://www.linkedin.com/in/michaeldoernberg/
PlayMetrics: https://home.playmetrics.com/

Where to Find Scot Wingo:

• LinkedIn: https://www.linkedin.com/in/thescotwingo/
• Tweener Times: https://www.tweenertimes.com/
• X: https://x.com/scotwingo

In this episode:
01:02 – Mike’s early background & move to NC
03:30 – Becoming a CPA but wanting more
05:54 – Early exposure to startups at Ernst & Young
07:50 – Why entrepreneurship became inevitable
09:50 – Story of Burl Software and Y2K
12:10 – How Marathon was formed
13:22 – Rising PC adoption and early web consulting
14:51 – Early e-commerce and building internet applications
17:00 – How the GlaxoSmithKline project inspired SmartPath
19:06 – The power of deeply understanding a customer problem
20:34 – Building early commerce & workflow applications
23:40 – SmartPath as an early low-code platform
24:59 – Why selling SmartPath was his biggest mistake
26:00 – Raising venture in the 90s & 2000s
28:20 – The TIG pitching gauntlet
30:00 – A founder’s early-career fear of the unknown
31:10 – The SmartPath exit to DoubleClick
33:00 – Life at DoubleClick & post-acquisition changes
35:20 – Mike retires for 3 months (Home Depot era)
36:50 – Why founders struggle not to build
38:45 – The addiction and community of company building

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This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.

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Triangle Tweener Talks is sponsored by:

• Atomic Object: https://atomicobject.com/

Mark Flickinger is the COO and General Partner at BIP Ventures, one of the Southeast’s most active venture firms. Based in Atlanta, Mark brings a rare dual perspective, an operator who scaled startups before joining the investing side. Since 2015, he’s helped BIP expand from an Atlanta-centric firm into a major player across the Southeast and Midwest.

Every year, BIP Ventures releases its State of Startups in the Southeast report, arguably the most comprehensive snapshot of our region’s innovation economy. In this episode, Scot sits down with Mark to break down the 2025 findings, from AI and valuations to where the capital is really flowing.

Tune in to hear:

• How the State of Startups in the Southeast report came to be, and why it’s become a key annual benchmark for founders and investors.
• The Southeast’s steady growth amid national volatility, and what that says about the region’s resilience.
• Why North Carolina now ranks #2 for capital invested, with a healthy mix of early, mid, and late-stage deals.
• The rise of AI-driven startups, not in infrastructure, but in real applied use cases driving revenue.
• Which investors and funds are most active across the region, from Triangle Tweener Fund to Hatteras, IdeaFund, and CoFounders Capital.
• How Atlanta continues to anchor Georgia’s innovation scene, with momentum in cybersecurity, fintech, and healthcare tech.
• Why balanced growth across industries is dampening volatility and attracting new waves of talent and capital.

Where to Find Mark Flickinger:

LinkedIn: https://www.linkedin.com/in/mark-flickinger-24295538/
BIP Capital: https://www.bipcapital.com/

Where to Find Scot Wingo:

• LinkedIn: https://www.linkedin.com/in/thescotwingo/
• Tweener Times: https://www.tweenertimes.com/
• X: https://x.com/scotwingo

In this episode:
02:00 – Meet Mark Flickinger & the BIP Ventures origin story
05:30 – How the State of Startups report began
10:00 – What makes the Southeast data different
15:00 – Why the 2025 report matters
18:00 – Trends: AI, capital concentration, and valuation health
23:00 – The Southeast’s unique resilience
27:00 – North Carolina’s rise to #2 in regional investment
31:00 – Triangle Tweener Fund and other active players
37:00 – Atlanta’s current momentum and industry strengths
42:00 – What founders should take away from the data
46:00 – Closing thoughts and Mark’s advice for founders

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This episode of Triangle Tweener Talks is hosted by Scot Wingo, presented and produced by Triangle Tweener Fund, with creative assets and design support from Walk West.

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Triangle Tweener Talks is sponsored by:

• Atomic Object: https://atomicobject.com/