John Ellis

It's an analogy I hear often: VCs have the same high-risk, high-reward DNA as gamblers. From the gold seeking 49ers at Sutter's Mill to the naming of the largest podcast in our space (“All-In”), there's an undeniable connection between gambling and venture risk-taking. There's a certain "go west" or gambling spirit inherent in building a company from the ground up and backing lots of early startups. Sometimes, you do have to shoot blind, relying on gut instinct about a founder's compelling vision and little else. But here’s where the analogy breaks down: in venture, we aren't simply throwing chips on a roulette table. Our "adventure capitalism" is governed by structure: A Clear Target: Even when we have few signals to evaluate at an early stage, we are aiming at a fast-growing market and/or a proven founder profile. We are not shooting wildly; we're aiming in the right general direction. Due Diligence: We conduct market sizing, reference checks, financial modeling, etc. This is the opposite of blind faith. Fiduciary Responsibility: This is the ultimate check on the "gambler" impulse. This is not our money. We are custodians of other people's money—funds entrusted to us by LPs (current and former Fortune 500 CEOs, successful founders, etc.). Our job is to be disciplined allocators of capital, not reckless adventurers. We are risk-takers, but successful VCs are calculated ones as well. #VentureCapital #VC #Startups

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San Diego startups are returning $7 for every VC dollar raised. That’s better than NYC, LA, and Austin. Fred Grier and I unpack a new data set ranking cities by return - not hype by Nate Bek of Ascend Listen in on the latest episode of This Week in San Diego Tech: https://lnkd.in/gqNMtH_t

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Project Vend reads less like a capability story and more like a governability story. Phase two improved because institutional scaffolding (tools, procedures, role separation) reduced predictable judgment failures—persuasion, compliance blind spots, boundary confusion, values drift. The board-level question isn’t “can an agent run a business?” but “what governance primitives must exist before we delegate authority.” Until incentives, escalation rights, and refusal boundaries are structurally enforced—not merely prompted—agents remain high-performing managers, not autonomous executives.

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Some great thoughts from my friend Neal Bloom🎩 about the critical importance of Founders in the starting and building of companies, and a startup ecosystem in a community. Sometimes we lose sight of this important fact. Service providers, non-profits, Angel investor, and venture capitalists are here to service the startup companies, and they are anchored by founders. He references a great book written by Brad Feld, “Startup Communities”. For those that don’t know, Brad is an entrepreneur, author, blogger, and venture capitalist at Foundry Group in Boulder, Colorado, a firm he started with partners Seth Levine, Ryan McIntyre, and Jason Mendelson. #sandiego #startups #venturecapital

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100 percent of the investments will be in San Diego companies. 100 percent of the returns will be reinvested back into the SD community. It’s never been done before. It’s pretty freakin’ cool. Building a vehicle with the potential to give back forever. Its important to note - it’s also bigger than just the fund. The Prebys team is working tirelessly to make San Diego better for ALL. Let’s keep doing this SD!

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Bay Area Real Estate Market Update June 2025 Recap: - Although affordability has been improving over the past few months, monthly P&I payments are still quite a bit higher than they were last year. - Despite political moves that some believe were designed to bring down interest rates, mortgage rates remain higher, as the lending market prices in future uncertainty. - On a national level, inventories are increasing at a very rapid rate, while the number of homes sold has declined. - Over the past couple of months, the macroeconomic environment has been incredibly unpredictable, a trend that looks like it will continue over the coming months.

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John Craven, the BevNET.com team, & exhibiting brands did a great job in LA last week. Good venue, qualified speakers, lots of of face-time with exhibitors, easy 1-on-1 meeting bookings with industry leaders, & plenty of networking space. Greenhouse Ventures (GHV) has been investing into (and our port-cos have been operating in) functional CPG for nearly a decade. Here's a few personal takeaways from the show: 1. I don't envy startup beverage brands - especially under capitalized ones. It's OK to bootstrap a company (I actually prefer it in most situations), but it's HARD to do in beverage without the right strategic partners & a lot of balls breaking your way in the first 24 months. 2. The "functional" category is loud & proud (in marketing language and in public/private conversations) about product outcomes, ingredient benefits, and unique IP without a lot of independent 3rd party data to back up claims. I spoke to nearly every exhibiting brand and only a few had conducted longitudinal studies to investigate how consumers report using their products over a multi-week period. This is low-hanging fruit for brands to execute on and shows a lack of seriousness about product performance if they haven't executed already. It's not good enough to rely on published research about raw ingredients - you need your own longitudinal #realworlddata. 3. Historically GHV has stayed away from canned & large bottle formats (for all the obvious reasons), while leaning into non-refrigeration, small formats, and front-of-counter products (shots, mixes, edibles, other oral formats). This small format category seemed to be largely missing from the show. 4. The TH🌊 category was a big part of the buzz at the show. It was great to see MoreBetter, Ltd. clients Uncle Arnie's BRĒZ Hippie Water & NOWADAYS and get face time with Avin Kline Theo Terris Sasha Sheaffer and Jon Halper. Also - Top Ten Liquors continue to lead from the front re: TH🌊 category and willingness to collaborate, share insights, and educate consumers. 5. What excites me in functional looking into 2026: Nootropics, adaptogens, and sectors: energy, sleep, & focus.

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Q2 2025 brought an array of developments to the San Diego startup ecosystem, despite a notable global and local venture capital slowdown. Business San Diego's recent VC report highlights both the challenges and triumphs faced by our city's innovative companies. Here are some key takeaways: 🔹 Funding Landscape: - Q2 startup funding reached $500 million, a decline from $1 billion in Q2 2024. - Major investments in late-stage companies: RayThera ($110M), Biolinq ($100M), Linear ($82M), and more. 🔹 Top Deals: - Bio sector: RayThera ($110M), Actio Biosciences ($66M), HAYA Therapeutics ($65M) - Tech sector: Linear ($82M), Flock Freight ($60M), Clearspeed ($60M) - Seed stage: WeGive ($2M), EyePop AI ($3M), RetroRate ($2.6M) 🔹 Rankings and Transactions: - San Diego holds the 7th position in the US for venture capital activity. - Deal activity fell to 37 transactions, down from 48 in Q2 2024. 🔹 IPO and M&A Highlights: - Aardvark Therapeutics is the only company to have gone public this year. - Carlsbad-based Carlsmed filed for a $100M IPO, signaling growth in medtech. The resilience and innovation within San Diego's startup community continue to shine. #VentureCapital #SanDiegoStartups #Innovation

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Check out Episode 29 of the Private Lending Insights Podcast. I interviewed Kevin Kim, Partner at Fortra Law. We discussed rising defaults, increasing competition, and key risks facing private lenders in 2026. We also talk about a mortgage fund in Northern California that recently collapsed, what investors should look for, and why transparency, third-party administration, and audited financials are becoming essential. Watch the interview and read the summary on our website: https://pllk.io/pod29 Watch on YouTube: https://lnkd.in/guytKzxh Listen on any podcast platform: https://pllk.io/pod #privatelending #privatelenders #privatemoney #hardmoney #bridgeloans #debtfunds #mortgagefunds

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Henish Pulickal is the Founder and CEO of CalHomeCo, a San Diego-based full-service real estate company. CalHomeCo specializes in investment property acquisition, fix-and-flip, pre-foreclosure acquisitions, and property management. Henish has over a decade of experience in real estate and is known for his integrity-driven approach, creative financing strategies, and commitment to empowering both clients and agents. He is also affiliated with ARO Real Estate of America and is an active Entrepreneurs’ Organization (EO) member. Tune in to this episode of the Smart Business Revolution Podcast as John Corcoran interviews Henish Pulickal, Founder and CEO of CalHomeCo, about using real estate to create value and solve problems. Henish shares insights into flipping homes, infill development, ADUs, team leadership, and staying agile during market shifts. Whether you’re an aspiring investor or an experienced entrepreneur, this episode promises valuable lessons on creating opportunities and sustaining success in the real estate industry. #podcasting #podcast #innovation #SocialMarketing #B2BSales #SalesTips #Entrepreneurship #Marketing #leadership

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