Inbound vs. outbound deal flow (VC School) + Jason Jacobs of My Climate Journey | E1425

Episode Summary

Executive Summary: The episode centers on VC deal flow tactics and Jason Jacobs’ journey building My Climate Journey into a climate investing platform. Molly Wood and Jason argue for proactive outbound sourcing, low-friction intros, and staying humble with inbound. Jacobs explains how learning publicly led to a podcast, community, and ultimately a fund investing across climate sectors, with impact and profit both essential.

Main Topics: Inbound vs. outbound deal flow (Priority: 5/5): Molly and Jason discuss how investors should not rely only on inbound; they should actively hunt for companies, use databases and networks, and build a brand that attracts opportunities. Warm intros, reciprocity, and double opt-in (Priority: 4/5): They debate the value of low-friction introductions versus double opt-in etiquette, with Jason preferring direct, easy intros to maximize speed and deal access. Jason Jacobs’ path from founder to climate investor (Priority: 5/5): Jacobs recounts founding Runkeeper, experiencing a major exit, then pivoting into climate through learning, podcasting, community-building, and angel investing. MCJ as a content-community-capital flywheel (Priority: 5/5): MCJ evolved into a broad platform with media, membership, and capital arms that reinforce one another through guests, members, portfolio founders, LPs, and hiring/customer opportunities. Climate investing thesis and sector breadth (Priority: 4/5): Jacobs argues climate is a systems problem spanning every sector, so MCJ invests across many verticals rather than betting on one silver bullet or only gigaton-countable solutions. Impact measurement and the limits of gigatons (Priority: 4/5): The conversation questions whether emissions metrics alone can capture climate impact, suggesting workforce transition, behavior change, and movement-building also matter.

Key Arguments: Deal flow is the core asset of an investor; more meetings and more sourcing channels increase the odds of finding exceptional companies. Outbound sourcing matters because relying on inbound alone can miss opportunities; investors should cold email, use databases, and ask other investors for interesting companies. Double opt-in intros add friction and can slow decision-making; for high-throughput investors, direct introductions are often better. Investors should not become entitled or lazy and expect founders to perfectly guess their thesis from old blog posts or tweets. Climate is not one industry but a cross-cutting systems challenge, so investing should span many sectors and solution types. MCJ’s content is primarily a learning engine for Jacobs, but it creates value by convening a community that produces hires, customers, cofounders, and deal flow. Impact should include more than gigatons; workforce reskilling, behavior change, and mobilizing public attention are also meaningful climate outcomes. Small checks used for learning can evolve into a scalable investment platform when combined with community and institutional relationships. The fund intentionally does not lead rounds or set terms; it drafts behind stronger institutional leads to manage domain breadth and diligence complexity. Climate progress requires both pragmatism and optimism: deploying existing solutions while still pursuing frontier innovation.

Data Points: Molly Wood's first quarter as investor: 90 days - She notes Monday marks her official first quarter at Launch. Molly Wood's climate deals in the mix: 4 companies - She says she has four companies in the mix in some form. Runkeeper acquisition: Acquired by ASICS - Jason Jacobs describes Runkeeper's successful exit to the Japanese shoe company. MCJ climate investing pace: 60 climate tech companies - Jacobs says the fund backed 60 companies in the last year and a half. MCJ portfolio/community scale: Thousands of people - He says the Slack community grew into thousands of people. MCJ LP base: Over 300 individual LPs - Jacobs describes the LP group as largely handpicked members of the community. Core fund check size: $100K to $250K - He states this is the standard size for the core fund. Opportunity fund check size: $1M to $2M - He says the new opportunity fund writes larger follow-on checks. Initial small checks for learning: 12 to 15 investments - Jacobs says he made roughly 12–15 small personal investments as part of learning. Open Angel Forum pitch format: 6 or 7 companies / 3 to 4 minutes each / 10 angels - He describes the event he created to expand deal flow. OpenPhone pricing: Starting at $10/month per user - Mentioned in the ad read for business phone service. Remote Demo Day audience: Over 9,000 investors - Producer promo says companies can pitch to a large investor audience. Angel University workshop price: $300 - Mentioned in the closing promo for the investing course. Charity donations via Angel University: Over $175,000 - The promo states workshop proceeds have funded charitable donations.

Pivotal Quotes: "You’re only as good as your deal flow when you’re an investor." — Molly Wood: Used to frame the discussion on inbound vs. outbound sourcing. "Climate is not a sector, it’s every sector and no sector at the same time." — Jason Jacobs: Explains why MCJ invests broadly across industries and solution types. "We need both. We need the veterans who have been in the trenches for a long time, and we need newcomers like you and I." — Jason Jacobs: Closing reflection on the value of combining experience with fresh perspectives in climate.

Implications: For investors, the episode pushes active sourcing, humility, and relationship-building. For climate builders, it suggests broad, systems-level thinking and community are as important as technology. For the industry, it signals climate capital is becoming more collaborative, expansive, and platform-driven.