Blake Modersitzki: Pelion VC, Venture Returns, AI, War Stories, Top Deals & Scale cover art

Blake Modersitzki: Pelion VC, Venture Returns, AI, War Stories, Top Deals & Scale

Blake Modersitzki: Pelion VC, Venture Returns, AI, War Stories, Top Deals & Scale

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In this episode of the Startup Ignition Podcast, Tyler and John welcome Blake Modersitzki, Managing Partner at Pelion Venture Partners and a foundational figure in the Utah tech ecosystem.
Blake shares his incredible journey—from working as a security guard at WordPerfect, to running Novell Ventures alongside Eric Schmidt, and eventually helping scale Pelion to a massive $500M fund.

He provides invaluable insights on:
- What VCs truly look for during pitches
- The surprising importance of a founder's "plus-one" (spousal support)
- The math behind the venture power law
- The epic story of Pelion's $2 billion return on Cloudflare

Whether you are a founder aiming for pre-seed funding or targeting a Series A, this episode breaks down what it takes to build a world-changing company in today's rapidly shifting, AI-driven market.

TIMESTAMPS

00:00:00 — Welcome to episode 49 with Blake Modersitzki
00:02:02 — Blake's history in the Utah tech ecosystem
00:04:54 — Icebreaker: "What has to be true" to invest?
00:06:03 — Why a founder's "plus one" (spouse) matters
00:08:48 — Finding a true wedge before scaling
00:10:30 — De-risking product-market fit in the AI era
00:13:09 — Scenario: Steady SaaS revenue, flat growth
00:17:11 — Understanding the Venture Power Law
00:18:15 — Responsibility to LPs (teachers, firemen, etc.)
00:22:26 — Early days: Farming, BYU, WordPerfect
00:24:45 — Novell acquisition & working with Eric Schmidt
00:28:40 — Running Novell Ventures (e.g., Red Hat)
00:30:13 — Joining Pelion & scaling to $500M funds
00:36:45 — Evolution of the Utah startup ecosystem
00:40:50 — Missed bets: NetObjects & Omniture
00:42:21 — Investing early in Domo (Josh James)
00:48:25 — Series A vs. Pre-Seed strategies
00:54:40 — Fund size vs. exit expectations
00:57:51 — Rapid fire: Founder traits & VC myths
01:01:11 — Cloudflare investment ($2B return)
01:04:26 — Advice to his 30-year-old self
01:08:00 — Final takeaway: Legacy & family

LINKS

Website:
https://startupignition.com/links

Apply to be a guest:
https://startup-ignition-podcast.paperform.co/

Follow John & Tyler:
https://x.com/trich_
https://www.linkedin.com/in/johnrichards/

YouTube: https://www.youtube.com/@StartupIgnition

X: https://x.com/startupignition

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Facebook: https://www.facebook.com/startupignition/

HASHTAGS

#VentureCapital #StartupIgnition #PelionVenturePartners #SiliconSlopes
#TechInvesting #Entrepreneurship #StartupFunding #SaaS #PowerLaw
#SeriesA #PreSeed #Cloudflare #BusinessGrowth #VentureReturns
#AIStartups #FounderAdvice #ProductMarketFit #AngelInvesting
#TechEcosystem #UtahStartups
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