How To Invest | Lance Armstrong | My First Million Podcast

TL;DR

Investing is like being an uncle – you get the fun without the hard work. The best companies rarely need investor help; the worst need the most. Lance Armstrong’s fund adds value through a “flywheel” of his podcast audience (15M downloads/year), deep health/wellness network, and an advisory board. He sends monthly transparent updates and only wants specific, actionable help from investors.

Key insights

• The analogy that being an investor is like being an uncle: you enjoy the upside without doing the daily work.
• Most companies that receive term sheets fall into a middle category; the best ones never need assistance and the worst cannot be saved.
• Founders of high-performing companies often find investor outreach (“how can I help?”) to be a distraction when they are focused on growth.