Madeline Feldman

Madeline Feldman

Sith Happens. Keep Pitching.

In the startup galaxy, not every pitch battle ends in a win — but that’s no reason to hang up your lightsaber.

Rejections. Setbacks. Awkward silences after your deck. We’ve all been there. “Sith happens” — and it’s part of the founder’s path toward mastery. The Jedi don’t become Jedi because things are easy. They become Jedi because they keep showing up, even when everything feels like it’s heading for the Dark Side.

In this post, we’ll explore how persistence is the ultimate startup superpower — and why every “no” brings you closer to the investors who believe in your Force.

(Bonus: yes, we’re sprinkling in Star Wars wisdom. You’re welcome.)

The Real Enemy Isn’t Rejection — It’s Giving Up

Building a successful startup isn’t about dodging failure. It’s about committing to the journey when things get hard. For Nevada founders and early-stage builders everywhere, the road to success is rarely a straight shot through hyperspace — it’s more like a dozen detours, a few ship malfunctions, and the occasional run-in with a bounty hunter.

Deals fall through. Product launches stall. Co-founders disagree. Fundraising dries up. And still — the ones who succeed are the ones who persist.

“Startups rarely die in mid-keystroke. They die when the founders give up.”  – Paul Graham, Co-founder, Y Combinator

Just like in the saga, the most powerful founders aren’t the ones with perfect resumes. They’re the ones who adapt, stay focused, and keep pitching.

Melanie Perkins, founder of Canva, and one of the youngest self-made billionaires in the world, received over 100 rejections before securing funding for Canva in the early days.

“The best founders are relentless. Not in an annoying way, but in the sense that they never give up.” – Sam Altman, CEO OpenAI

“When we raised our fund, we probably got over 500 no’s. It’s just like startups. It’s a numbers game. You don’t need everyone to say yes — just a few.” – Elizabeth Yin, GP at Hustle Fund

Trust in the Force (of Momentum)

Every “no” is a plot twist — not a finale.

Momentum is what separates the dreamers from the builders. And in startup fundraising, momentum often comes from one thing: volume. The more pitches you give, the more you build that pitch muscle, and the more chances you create. Especially in early-stage investing, success follows the Power Law — a small number of deals drive most of the returns. For founders, that means a handful of investor conversations might unlock the capital you need to scale.

“We got rejected by everyone. Distributors and investors. For every dollar we raised I had to get 10 rejections.” — Seth Goldman, Co-founder of Honest Tea (acquired by Coca-Cola)

“I had to knock on a lot of doors. 242 investors said no.” — Howard Schultz of Starbucks, in Pour Your Heart Into It (book)

Founders don’t win because of one perfect pitch. They win because they keep showing up. Most early-stage founders pitch 40+ investors before getting a “yes” (DocSend x Harvard, 2021).

It’s not personal. It’s math. And the odds improve the longer you stay in the fight.

Build Your Rebel Alliance

Even Luke needed a crew.

You don’t have to battle the dark forces of startup life alone. Surround yourself with mentors, advisors, investors, and other founders who believe in your mission — and aren’t afraid to challenge you along the way.

Mentored businesses see an average 83% growth in annual revenue, and 70% of mentored startups survive their first five years in business, according to this U.S. study

That’s exactly why StartupNV exists — to surround founders with allies, not gatekeepers. We’re building an ecosystem that turns rejection into redirection and failure into fuel. Whether it’s your first pitch or your fiftieth, having the right allies makes the mission possible.

“If you’re not learning from someone smarter than you, you’re not growing fast enough.” — probably Yoda (or a decent angel investor)

Not learning you are, growing you are not.

Use the Force (a.k.a. Data)

Sure, Luke ditched the targeting computer — but only after he learned how it worked.

In startups, the “Force” is feedback. Founders who listen to tough questions, track their KPIs, and use data to iterate are the ones who level up. There are a lot of resources available on how to identify key metrics in a pitch – such as market size, magnitude of the problem you are solving, pricing model, and valuation. Yet, these are areas that lack in most of the pitches I see. Do you have traction? Revenue? Customers? Those numbers are your most convincing tools in the pitch — use them like a lightsaber: with clarity and purpose. You can show us all the features and buttons of your droid later, not during your pitch. Focus on what matters for investors considering an ROI.

If you are pre-revenue, what customer discovery did you do before and while building? My friend Harold Hughes, founder of BandWagon, would bring physical stacks of customer discovery surveys in his trunk to show investors that they did the work to find out what their customers wanted and what they would pay. That visual proof demonstrates research, intention, and commitment.

“When founders use metrics to tell their story, it changes the conversation from belief to evidence.” – Tomasz Tunguz (VC, Redpoint Ventures)

Every pitch that doesn’t land is actually market research. Every investor who passes gives you a chance to sharpen your story. Every moment you spend refining your deck is a step closer to the one that hits.

Most investors will not provide feedback and insights on why they passed … unless you ask for it. Ask if they’d be willing to provide a few reasons via email or spend 10 on the phone with you providing the reasons they passed and offering advice on opportunities for improvement. Some will, and some won’t. Sometimes, it’s just not the right fit. Sometimes, the investors pass on companies who could have made great returns for them. Sometimes, they pass for the same reasons that the previous ten investors did. Collect feedback and use your discretion on what to apply. 

Identify investors whose thesis you are within and who could be valuable strategic partners if they did invest.

It’s not magic. It’s discipline. Keep pitching.

Nevada: A New Hope

From Las Vegas to Reno to our growing rural startup communities, Nevada’s innovation ecosystem is scaling fast. With new incubators, accelerators, pitch events, and early-stage funds, founders have more opportunities than ever to connect, build, and grow.

This frontier is still forming — and that’s what makes it powerful. Yes, there’s not yet a surplus of local capital. But even in the most promising ecosystems, rejection is part of the process. That’s not a flaw — that’s the game.

In the post-COVID era, geography matters less. More investors are writing checks outside traditional hubs like Silicon Valley — and that opens the door for founders in emerging markets like Nevada. One advantage of building in a nascent-but-rising startup scene? You stand out from the noise. Build relationships early and maintain them … a “no” now might just mean “not yet”.

Do your research. Use data. Get feedback. Then pitch again. The founders who win are the ones who stick with it. Who refine the message, improve the product, and pitch again. And again. And again.

Final Transmission

Whether you’re raising your first round or rebuilding after a crash landing, remember this:

Sith happens.
Keep pitching.
Keep learning.
Keep going.

Your next breakthrough — your champion investor, your breakout user, your market moment — might be just one “no” away.

May the funding (and the Force) be with you.

By Madeline Feldman

* This is a fan-made blog and is in no way affiliated with, sponsored by, or approved by Lucasfilm, Disney, or the Galactic Empire. Some images were generated with AI or borrowed from the meme galaxy far, far away. I don’t own the rights to Star Wars—please don’t send bounty hunters.

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What Founders Should Know About Patents

What Founders Should Know About Patents 

Hot Takes from FounderNV Master Glass Session “Myths & Realities of Patents” with Demetris Paraskevopoulos

FounderNV’s Master Glass speaker series is designed to bring world-class experts to share valuable knowledge with local founders and investors in Nevada’s startup ecosystem. These sessions give attendees practical insights into the challenges of building early-stage startups, debunk common myths, and create space for enriching discussion — all over a glass of wine, a cold brew, or a mocktail (like our faves from local startup Lowtail Mocktails).

In March, FounderNV hosted Demetris Paraskevopoulos at Woven Workspaces in Las Vegas. Hailing from Greece, Paraskevopoulos is a global patent strategist, startup investor, and intellectual property (IP) expert specializing in high-tech sectors. He has worked closely with early-stage startups to help them build patent portfolios that are not only defensible, but valuable. 

This session included expertise and discussion on:

Patent strategy

The value of patents

When to file a patent application

What patents mean for investors

Drawing from decades of experience, Paraskevopoulos brings more than legal theory to the table — he helps founders focus on what’s worth patenting and how IP can support business outcomes. During his session, titled “The Myths and Realities of Patents,” he offered a frank take on where most startups go wrong with IP – without the sugar coating.

Did you miss this Master Glass? Not to fret, we’ll share some of Demetri’s insights and hot takes in this blog.

What is Patent Strategy?

“Not every invention should be patented. The patent portfolio should be considered what the military would call a perimeter defense, not a single patent.” 

For founders, patenting extends beyond securing intellectual property. It requires strategy – being intentional with which inventions you patent, thoughtfully structuring your portfolio, and analyzing how each patent contributes to your business goals. 

Companies with strong protection often hold multiple active patents across all geographical markets they currently- or plan to- operate in, forming a defensive moat. But not every invention is worth the investment. “Some of them are redundant or frivolous,” Paraskevopoulos explained. “So, how you put together the right portfolio from an economic point of view is very important.”

A solid patent strategy balances technology, legal, and business factors. It starts with getting the right inventors listed – including everyone who contributed to the invention, not just those with seniority. It also involves a thoughtful approach to the tradeoff: although (granted) patents offer 20 years of protection, each application demands time, money, and resources. And, most importantly, a patent is not required to bring a product to market. Founders planning their patent strategy often ask, “Is this worth patenting?” This strategic thinking is the first step to smart patent strategy.

The Value of Patents

“Patents are the dominant value of companies of today.”

When patents are high quality and aligned with business goals, they can offer massive strategic value. As Paraskevopoulos put it, “In essence, what the government has given you is the exclusive right to threaten competitors –  [the right] to sue them for patent infringement if they use your invention.” This right can translate into royalties, licensing fees, or litigation leverage — forming a powerful safeguard around a company’s most valuable intangible assets.

Most patents filed by startups and small firms have defensive value — protection against copycats or future litigation. But the real treasure lies in assertive value — when a company successfully asserts its patent rights against a larger infringer.

If the defensive value of the patent is in the millions,” Paraskevopoulos explained, “the assertive value can be in the hundreds of millions.” That’s a tenfold return, a benefit often overlooked by founders and investors alike.

When Should You File a Patent?

Before filing a patent, it’s natural to want to share your great, new idea with the world. However, premature disclosure can jeopardize your ability to protect your intellectual property. As Paraskevopoulos warns, you should keep the “how” of your product a secret until it is protected, stressing, “You can disclose what your invention is all about, but not the ‘how.’”

Timing is everything when filing a patent. “If you disclose your invention before you file for a patent, you lose the right to file a patent unless the disclosure is under a nondisclosure agreement,” he explained. In other words, if your invention becomes public before you secure protection, you may lose the opportunity to fully safeguard your intellectual property.

If you’re not ready to file a full patent but need to move quickly, you can submit a provisional application. Provisional applications give you a priority filing date and temporary protection for your asset. Provisional patents are not a patent alternative, as you must file a full, non-provisional application within 12 months to preserve your rights.

The takeaway? File early, file smart, and don’t overshare until your intellectual property is protected.

What Patents Mean for Investors?

Patents are a key part of a company’s valuation and are often a make-or-break factor during due diligence. Protected assets can assure investors that their investments will be backed by something defensible. However, it is important to consider the quality of a company’s patents when deciding to invest. A startup’s patent portfolio can be a valuable asset, sometimes serving as the only significant asset. 

However, not all patents are created equal. Demetris stressed that “four out of five patents that people have invested money in have no value.” Investors must consider the quality of a company’s patents – not just the quantity. This means that patents that are strategic, defensible, and economically meaningful will provide investors with the most confidence in a startup.

Strong patents come with an extra benefit through litigation investments. As Paraskevopoulos shared, “There are huge billion-dollar companies that invest in litigation outcomes, including patent infringement litigation.” Along with protecting intellectual property, patents can unlock new opportunities for funding – ultimately leading to a successful business outcome.

Takeaways

The main takeaway from Demetris Paraskevopoulos’ FounderNV Master Glass is that patents aren’t just legal tools, they are strategic assets in a business’ entrepreneurial landscape. Founders and investors must ensure that a company’s patents align with their business goals by investigating patent strategy, financial timing, and the value of patents. This means asking the hard questions early: Is this worth patenting? Does this align with our business goals? Will this hold value in the long term? Securing your assets with a thoughtful, reliable patent strategy can lead to a competitive advantage, investor confidence, and even extra financial returns.

Special thanks to Demetris Paraskevopoulos for sharing his deep expertise and practical insights to help founders and investors understand the real power of patents!

Recapped for your reading pleasure by Izabella Hedjazi

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The Startup Deep Dive Playbook: Key Questions for Founders & Investors

At StartupNV, we’ve sat through thousands of startup pitches, hosted countless due diligence sessions, and invested in dozens of early-stage companies. Along the way, we’ve honed a list of essential questions that help us evaluate everything from market opportunity to execution risk.

Now, we’re sharing those questions publicly — not just to help investors sharpen their evaluation process, but to help founders walk into every pitch meeting fully prepared.

In this guide, you’ll find many of the exact questions we ask during founder pitches and deep-dive sessions, organized by category. Whether you’re an investor looking to improve your diligence process or a founder gearing up to fundraise, these questions will help you prepare to cut through the noise and focus on what really matters. 

Ready to separate the signal from the noise?

Market & Competition

  1. Describe your Ideal Customer Profile? What pain points make them ideal for your solution?

  2. How did you validate that your ICP exists in sufficient numbers to support your growth plans?

  3. You mentioned your SAM is $X. What specific segment are you targeting first, and why did you choose that entry point?

  4. Which competitors worry you the most, and what prevents them from copying your approach?

  5. What are the top 3 obstacles to customer adoption, and how are you addressing them?

  6. How has the market changed in the last 12 months, and how might it evolve in the next 24?

  7. How quickly do you feel you need to scale given the market and competition? How do you intend to do so?

 

Business Model & Unit Economics

  1. Walk us through the unit economics of a typical customer acquisition and lifetime value?

  2. at what scale does your business model become profitable? What are the key assumptions?

  3. How do you plan to reduce customer acquisition costs over time?

  4. What’s your pricing strategy, and how did you validate that customers will pay these amounts?

  5. Are there network effects or economies of scale in your model?

Traction & Metrics

  1. Of your current users/customers, what percentage match your ICP, and how do they compare to non-ICP customers in terms of retention and revenue?

  2. Of your current users/customers, what percentage are actively engaged with your product? How many are paying vs non paying?

  3. What’s your monthly burn rate, and how long will your current/requested funding last?

  4. Which metrics do you believe best indicate future success for your business?

  5. What’s been your biggest go-to-market surprise or learning so far?

  6. What percentage of your growth is organic vs. paid?

Team & Execution

  1. What makes your team uniquely qualified to solve this problem?

  2. What key hires do you need to make in the next 12 months?

  3. How do you plan to build and maintain your company culture as you scale?

  4. What keeps you up at night about the business?

  5. Have you or other members of the founding team personally invested money into the business?

  6. What key execution risks could derail your next 12 months?

Technology & Product

  1. What are the biggest technical risks in your roadmap?

  2. How defensible is your technology/solution? What’s your IP strategy?

  3. How do you prioritize your product roadmap? What’s been left out and why?

  4. What’s your backup plan if key technical assumptions prove incorrect?

 

Market Timing & External Factors

  1. Why is now the right time for this solution?

  2. How dependent is your success on external factors (regulation, technology adoption, etc.)?

  3. How would an economic downturn affect your business and growth plans?

  4. What industry trends are you betting on or betting against?

Exit Strategy & Return Potential

  1. What are exit paths for this business? Can you give examples of similar exits in your space?

  2. What are the typical revenue multiples for acquisitions in your industry? How do you see those applying to your business?

  3. Given your current valuation and the investment needed to reach exit, what size of exit would you need to generate venture-scale returns?

  4. How do you see your business fitting into the strategy of potential acquirers? Who are they?

  5. What metrics or milestones do you think would make you attractive for an IPO or acquisition?

  6. How do you balance building for sustainable growth versus positioning for an exit?”

  7. What’s your perspective on the venture model and the need for outlier returns to drive portfolio economics?

Use of Funds & Growth Strategy

  1. How specifically will you use the funds you’re raising?

  2. What key milestones will this funding help you achieve?

  3. What’s your fundraising strategy beyond this round?

  4. How do you plan to scale your team and operations with the funding?

  5. Have you raised before? If so when, from who, and at what valuation?

Follow-up Questions for Common Responses

  1. If suggest modest exit multiples: How would that exit value translate to returns for early investors given the likely dilution path?

  2. Haven’t researched exits: Which recent exits have you studied? What made them successful?

  3. If focus is only on acquisition: What would it take to build this into a standalone public company?

Red Flag Responses to Watch For

  1. If they deflect on competition: Which existing solutions do your target customers use today? How do they serve your ICP specifically?

  2. If no competition matrix: Could you map out your key competitors on a feature/capability matrix?

  3. If traction seems low: What gives you confidence in your product-market fit?

  4. If team seems incomplete: How are you handling [key missing function] currently?

  5. If financials are vague: Can you share your current gross margins and how they might evolve?

Armed with these questions, you’re ready to dig deeper, challenge assumptions, and uncover the insights that separate future successes from fleeting trends. Don’t just listen to the pitch; interrogate the business model, assess the team’s capabilities, and stress-test the growth strategy. By asking the right questions, you not only protect your investment but also empower founders to refine their vision and build stronger, more resilient companies. Because, ultimately, successful investing isn’t just about finding unicorns; it’s about partnering with visionary teams who have the answers—or are willing to find them.

By the StartUpNV & FundNV Team

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