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Consumer VC: Venture Capital I B2C Startups I Commerce | Early-Stage Investing I Brands | TechnologyAuthor: Mike Gelb
Consumer VC takes a look into early-stage consumer investing and venture capital. If you are interested in learning about consumer trends, have a b2c business and interested in learning about the fundraising process at the early stage, you have come to the right place.Mike interviews some of the top venture capitalists in the world that focus on B2C and consumer type companies or have a deep track record investing in these categories such as marketplaces, SaaS, social, CPG and non-tech subscription.Mike also interviews founders that are building some of the most disruptive consumer facing companies in the world. The conversation usually includes the insight the founder discovered, fundraising strategy, and the pitch.This podcast also includes bonus episodes. Each bonus episode dives into a particular subject that might not have to due with the fundraise or venture capital, but still would be helpful to founders. For example, a bonus episode on brand strategy or how to construct a board of directors. All bonus episodes will be clearly labeled.For all episodes, please visit www.theconsumervc.com. For updates, you can follow @mikegelb on Twitter. Language: en-us Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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Consumer Isn’t Dead, VC Just Got It Wrong ft. Michael Duda
Tuesday, 16 December, 2025
Glimpse is the all-in-one, AI-powered deductions management platform for CPG brands—automating deduction capture, classification, disputes, and accounting. Recover more revenue while saving time – https://www.tryglimpse.com In this episode, Mike chats with Michael Duda, Founder and Managing Partner of Bullish, the consumer-focused investment firm behind brands like Peloton, Warby Parker, Harry’s, Hims, and more. Michael has spent over a decade backing consumer companies that quietly compound value while the rest of venture chases hype cycles.Michael breaks down why consumer has fallen out of favor in VC, why most people misunderstand power-law returns, and why an 8–12x outcome in consumer can still be a massive win. He also shares how Bullish evaluates founders, why product matters more than marketing, how celebrity brands actually work (and usually don’t), and where AI fits into consumer without turning every company into an “AI startup.”You’ll learn:✅ Why consumer can generate power-law returns (if you invest early enough)✅ The difference between moonshots and real venture outcomes✅ Why most founders raise too much capital—and regret it✅ How Bullish underwrites founders vs. ideas at pre-seed and seed✅ Why great products beat great marketing every time✅ When celebrity involvement actually helps a brand✅ How AI is speeding up consumer innovation without replacing taste or judgment✅ Why the shrinking middle class is changing who brands are really built for✅ What Michael has changed his mind about after 15+ years in venture👉 If you’re building or investing in consumer—and tired of hype-driven narratives—this episode is a grounded look at what actually works in venture-backed consumer businesses. Timestamps00:00 Intro01:00 Can Consumer Produce Power-Law Returns?04:45 Why 100x Outcomes Are Rare in Consumer08:00 Stability vs Moonshots in Venture12:00 Bullish’s Consumer-First Investment Strategy15:30 How Much Capital Is Too Much Capital18:00 Founder vs Idea: What Matters More21:00 How Bullish Uses Consumer Insights24:30 Product vs Marketing (and Why Marketing Fails)27:30 Celebrity & Creator-Led Brands Explained31:30 Why Bullish Is Shifting Back to Pre-Seed36:00 When Pre-Launch Investing Makes Sense39:00 AI’s Real Impact on Consumer Businesses44:10 The Shrinking Middle Class & Consumer Spending48:30 How Founder Profiles Are Changing52:30 What Michael Has Changed His Mind About55:00 Final Thoughts on Consumer VC📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc
