S1EP11 - We Need More Magical Thinking with Alison Greenberg

S2EP6: Desperation Made Me the Grant Queen with Corinne Vargas

You have the product,  the paying users, and the proof. But the men with the money keep saying no. What then? In this episode of The Capital Flex, I sit down with Corinne Vargas, founder and CEO of SmartCHARTS, a healthtech company turning rehabilitation data into clear, decision-ready insights for patients and care teams. A former actuary turned speech-language pathologist, Corinne built SmartCHARTS from a basement on Northwestern’s campus, and had 1,200 therapists onboarded in less than 48 hours.  Of the three founders in her accelerator cohort, Corinne was the only one to walk away without a check. The other two founders? A male founder with a napkin-based concept, and the other, also a male founder with only an MVP.  So she found another way. Today, SmartCHARTS is over 72% non-dilutive funded. Corinne maintains majority equity, and the company is advancing toward NSF SBIR Phase 2 review while securing enterprise pilots with major health systems. We discuss what it felt like to field the “where’s your male co-founder” question on repeat. We get into the language women use to disqualify themselves before anyone in the room can do it for them. And, most importantly, we talk about what it takes to find capital on your own terms when the system keeps shutting you out. Key Takeaways: * Comparable traction, credentials, and metrics do not guarantee comparable outcomes. The data lives in the pattern, and Corinne could point to it directly. * The “where’s your male co-founder” question is structural bias showing up in real time. Prepare for it and know how to redirect it. * Drop the self-disqualifying language. “Non-technical founder” and “early stage” are not always necessary to say, and male founders simply don’t say them. * Pitch competitions are a real, underused pathway to non-dilutive capital. LinkedIn is one of the most effective places to find them. * Federal grant applications reward factual rigor and honest risk assessment, which is the opposite of the investor-optimism playbook. Knowing the difference can unlock new capital options. * The investors who find you when you aren’t looking, and who believe before you ask, often end up being the most valuable people on your cap table. My Reflection & Challenge: There’s a moment in this conversation I keep coming back to: Corinne sitting at drinks with the two male founders who got the checks, and they tell her, “You did it right.” Not as pity, but as a genuine reckoning with what the system had just shown them. What Corinne built wasn’t a workaround. It was a masterclass in staying in the game when the game wasn’t designed for you. She didn’t lose equity chasing the wrong capital. She built a company surrounded by people who truly believed in the opportunity. This Week's Challenge: Before your next round, take stock: 1. Map where your current capital is coming from and ask yourself honestly if any of it came with strings that cost more than the check was worth. 2. Look up one federal grant program that applies to your sector. Open the application.  3. Remove “non-technical founder” and “early stage” from your pitch vocabulary, unless you’re in a room where those phrases serve you and you can say exactly why. Capital is not just money. It’s a long-term relationship. Choose wisely. Links and Resources:  https://www.mysmartcharts.com/ [https://www.mysmartcharts.com/]  https://www.linkedin.com/in/corinnevargas/ [https://www.linkedin.com/in/corinnevargas/]   If you enjoyed this conversation, follow The Capital Flex, leave a rating and share this episode with a founder who needs it. And if you’re looking for a more candid space to talk fundraising, power and building inside systems not designed for you, stay close. The conversation continues. Production and Administration work completed by Smart Podcast Solutions [https://www.smartpodcastsolutions.com/] and Elevate Virtual Business Solutions. [https://elevatevbsolutions.com/]

S2EP5: Why Should We DeRisk Ourselves with Meredith McAllister

She had a solid product that solved a real problem, plus unshakeable conviction. And yet, before she could get down to business, Meredith McAllister still had to prove she belonged in the room.  In this episode of The Capital Flex, I sit down with Meredith McAllister, two-time founder, advisor, and writer based in Kansas City. Meredith built and sold Compost Collective, then co-founded Marma Health, a mobile platform that supports nutrition for women through fertility, pregnancy, and postpartum. She now works with early-stage founders navigating burnout, transition, and reinvention—and writes about it all on her Substack, Diary of an Ex-Founder. We get into the investor meeting where two men, both fathers, told her maternal nutrition wasn’t a problem worth solving. We unpack the invisible de-risking tax female founders pay just to get to the pitch. And we talk about what it was like for Meredith to watch her husband move through the same rooms, at the same time, never once having to prove a thing. Key Takeaways: * The de-risking tax is real. Female founders often pre-justify childcare, commitment, and leadership before the business can even begin. * Investor behavior is data. If they don’t understand the problem up front, they won’t advocate for you after you close. * Watching a male founder move through the same system at the same time made the structural gap impossible to ignore. There were more yeses, fewer barriers, and doors that seemed to open on their own. * Male founders get promotion questions. Female founders get prevention questions. Knowing the difference helps you read the room faster. * Customer validation is your armor. Walk in with more proof than you think you need so your conviction is grounded in evidence, not just belief. * The right investor is not the one you have to convince. It’s the one who already gets it. My Reflection & Challenge: I can’t stop thinking about how normalized it’s become to expect women founders to justify themselves before they’re allowed to showcase the business they’re building. Meredith didn’t have a traction problem or a product problem. She had a pattern recognition problem. Investors only back what—or who—they know, and too often that excludes female founders. That is not a Meredith problem. It’s a system problem. This Week's Challenge: Before your next investor conversation, get clear on three things: * What questions do you tend to answer before they’re even asked? Those are your de-risking instincts. Know where they come from. * Are you walking in to convince, or to evaluate? The energy should be mutual. * Write down one concrete data point that reframes the market for someone who doesn’t live inside the problem. Capital is not just money. It’s a long-term relationship. Choose wisely. Links and Resources:  https://diaryofanexfounder.substack.com/ [https://diaryofanexfounder.substack.com/] https://linkedin.com/in/meredithmcallister [https://linkedin.com/in/meredithmcallister]  If you enjoyed this conversation, follow The Capital Flex, leave a rating and share this episode with a founder who needs it. And if you’re looking for a more candid space to talk fundraising, power and building inside systems not designed for you, stay close. The conversation continues. Production and Administration work completed by Smart Podcast Solutions [https://www.smartpodcastsolutions.com/] and Elevate Virtual Business Solutions. [https://elevatevbsolutions.com/]

S2EP4: That's a Check I'm Not Willing To Take with Marissa Fayer

She had nine commercial partners, FDA clearance, and a 25-year medtech track record. Still an investor stopped her mid-pitch to ask whether breast cancer was “still a thing.” In this episode of The Capital Flex, I sit down with Marissa Fayer, engineer, operator, and CEO of Deep Look Medical [https://www.deeplookmedical.com/?utm_source=chatgpt.com], an FDA-cleared imaging software company helping radiologists visualize soft tumors in dense tissue with a single click. Marissa shares what it looked like to raise capital through one of the toughest fundraising markets in decades while building in women’s health and medical imaging. She opens up about the investor who asked what her husband does, the pitch room that stayed silent after a dismissive question about breast cancer, and why she walked away from money she needed because the room told her everything she needed to know. The conversation digs into fundamental mismatches in women’s health, why medtech  companies often struggle to fit venture mandates, and the difference between raising money strategically versus raising for ego. Marissa also shares lessons from a costly infrastructure decision, how pedigree hires can fail early-stage companies, and why women’s health founders need to stop speaking only inside women’s health echo chambers. The episode closes with a powerful conversation about consumer demand, clinical adoption, and why patients asking their doctors better questions may be one of the biggest drivers of change in healthcare. Key Takeaways: * What happens when an investor decides the problem you are solving is not real * Inside the mismatch between women’s health startups and venture fund expectations * Why founders need experienced operators and board members around them early * How consumer demand is reshaping healthcare adoption from the ground up * What women’s health founders miss when they only speak inside the existing ecosystem My Reflection & Challenge: Marissa walked out of a pitch meeting, while her company needed the capital,  because she was not willing to sit inside an investor group that let bad behavior persist without consequence. That is not pride. That is knowing which rooms will cost you more than the money is worth. Not every founder is in a position to do that, but every founder can get clearer on where the line is before they walk in. This Week's Challenge: * The next time an investor asks a question that has nothing to do with your business: what is your one-word answer, and how fast can you get back to the pitch? * Where are you still chasing fund fit that structurally does not exist for your stage, your model or your category and what would it free up if you stopped? Links and Resources:  https://www.deeplookmedical.com/ [https://www.deeplookmedical.com/] If you enjoyed this conversation, follow The Capital Flex, leave a rating and share this episode with a founder who needs it. And if you’re looking for a more candid space to talk fundraising, power and building inside systems not designed for you, stay close. The conversation continues. Production and Administration work completed by Smart Podcast Solutions [https://www.smartpodcastsolutions.com/] and Elevate Virtual Business Solutions. [https://elevatevbsolutions.com/]

S2EP3: Next Time I'll Leave the Room with Dr. Somi Javaid

After two decades in practice, keeping her company profitable through COVID, and building a patient base that spanned 35 states, Dr. Somi Javaid still walked into investor meetings where people looked around the room asking where her boss was. In this episode of The Capital Flex, I sit down with Dr. Somi Javaid, board-certified OB-GYN, surgeon, and founder of HerMD, who raised nearly $30 million to build evidence-based care in menopause, sexual health, and gynecology, all well before the market believed women’s health was venture-backable. She landed her first term sheet in five weeks. She also sat through pitch meetings where investors told her menopause didn’t need treatment and low libido wasn’t real. Somi didn’t cry in the room. She waited for the sushi and sake bar after. We talk about what happens when founders mistake access for alignment, and how quickly leverage can disappear in venture-backed rooms. Somi shares the story of an investor who blocked a competing term sheet to force a lower valuation, the “troublemaker” reputation she earned for refusing to play the good girl, and why she walked away from a $65 million term sheet in her first round.  More than anything, this is a conversation about holding onto your conviction when the room keeps trying to make you second-guess it. Key Takeaways: * Why being called “difficult” is often the cost of protecting your leverage * Why titles in one room don’t always translate to respect in the next * What happens when an investor decides the very problem you’re solving for doesn’t exist * How founders quietly give away power the moment they assume the room knows better than they do * Why Somi walked away from a $65 million term sheet in her first round * The hidden tradeoff that comes with taking capital too early My Reflection & Challenge: Somi let herself get small in rooms that had no business making her feel that way  because she had been trained to defer. That is not a character flaw. It is what the system is designed to do. Naming it is the first move. Deciding it won't happen again is the second. This Week's Challenge: * Where in your business are you deferring to a title instead of your own expertise — not because they've earned it, but because the room made you feel like they had? * And the next time someone disrespects you and follows it with a business-as-usual email the next day, what are you going to do with that? Links and Resources: https://www.drsomi.com/ [https://www.drsomi.com/]https://www.instagram.com/somijavaidmd/ [https://www.instagram.com/somijavaidmd/]https://www.instagram.com/hermdhealth/ [https://www.instagram.com/hermdhealth/]https://www.linkedin.com/in/somi-javaid [https://www.linkedin.com/in/somi-javaid]https://www.youtube.com/playlist?list=PLAdtK-yQpKoFH0c-43qwTLPf3-Io4FfjS [https://www.youtube.com/playlist?list=PLAdtK-yQpKoFH0c-43qwTLPf3-Io4FfjS]This episode is brought to you by Phoenix Fund Services To learn more about Phoenix Fund Services and connect with them, visit: https://www.phx-fs.com/ [https://www.phx-fs.com/] and https://www.linkedin.com/company/phoenix-fund-services/ [https://www.linkedin.com/company/phoenix-fund-services/] If you enjoyed this conversation, follow The Capital Flex, leave a rating and share this episode with a founder who needs it. And if you’re looking for a more candid space to talk fundraising, power and building inside systems not designed for you, stay close. The conversation continues. Production and Administration work completed by Smart Podcast Solutions [https://www.smartpodcastsolutions.com/] and Elevate Virtual Business Solutions. [https://elevatevbsolutions.com/]

S2EP2: What Would Jack Do? with Denielle Finkelstein & Thyme Sullivan

100 meetings. One summer. Not a single dollar raised. In this episode of The Capital Flex, I sit down with Denielle Finkelstein and Thyme Sullivan — co-founders of Unicorn, the company putting period product dispensers in the bathrooms of JP Morgan Chase, American Express, PepsiCo, Toyota, Blackstone and more. They knew how to build. They knew how to sell. What they didn't know was that the rooms they were walking into were never going to fund them — not because the business was weak, but because the people across the table didn't understand the customer and didn't care to. We talk about why staying away from venture gave them the freedom to walk away from 3,000 retail doors and pivot into a blue ocean nobody else had touched. The full capital stack beyond VC — angels, grants, revenue-based funding, SBA loans — and why most founders never look for it. And Jack Collins, a fictional CFO Thyme created to recover a debt ignored for over a year. Jack got a reply in 10 minutes. A payment plan. A handwritten thank-you note. Thyme and Denielle got silence. That is not a one-off. That is a pattern with a name. Key Takeaways: * Why 100 pitch meetings with no capital raised was a signal about the room — not the business * The full capital stack most founders don't know to look for: angels, grants, revenue-based funding and zero-interest loans * How staying away from venture gave them the autonomy to execute a pivot that would have been impossible with outside investors * Why leading with social impact in a pitch is how you get told to become a nonprofit — and what to lead with instead * The Jack Collins story: what it reveals about the bias still operating inside business relationships * Why revenue is capital — and how driving it changes the valuation conversation before you ever raise again My Reflection & Challenge: Denielle and Thyme did not stumble into staying away from venture. They made a deliberate choice to protect their ability to move. That kind of optionality is not luck. It is a structural decision made early that pays off when everything changes. The Jack story is the part I keep thinking about. Every woman in this room has a version of it. Naming it out loud is where the playbook starts. This Week's Challenge: * Where are you still bending toward what a room wants instead of building what you know is right? * Who in your network has ignored your follow-up? What would Jack say? Links and Resources: https://www.everystall.com/ [https://www.everystall.com/] https://www.linkedin.com/company/unicorn-in-every-stall/ [https://www.linkedin.com/company/unicorn-in-every-stall/] https://www.linkedin.com/in/thyme-sullivan/ [https://www.linkedin.com/in/thyme-sullivan/] https://www.linkedin.com/in/denielle-finkelstein-5637baa/ [https://www.linkedin.com/in/denielle-finkelstein-5637baa/] https://www.instagram.com/everystall/ [https://www.instagram.com/everystall/] If you enjoyed this conversation, follow The Capital Flex, leave a rating and share this episode with a founder who needs it. And if you’re looking for a more candid space to talk fundraising, power and building inside systems not designed for you, stay close. The conversation continues. Production and Administration work completed by Smart Podcast Solutions [https://www.smartpodcastsolutions.com/] and Elevate Virtual Business Solutions. [https://elevatevbsolutions.com/]