Episode 25 | Part One: California Dreamin'

In the second half of their conversation, Greg Shepard and angel investor Marcia Dawood go deeper into the realities of early-stage investing. Marcia shares why she favors investing through funds for diversification, the misconceptions that keep people—especially women and underrepresented groups—out of angel investing, and how her book Do Good While Doing Well helps demystify the process for new investors and founders.They discuss aligning investments with personal values without sacrificing returns, what mission-driven founders need to show to attract capital, and why humility can be one of the most valuable traits in a startup team. Marcia also offers practical advice on pitching, building investor relationships early, and even using philanthropic capital to support for-profit companies solving big problems.This is a candid, accessible look at how investors and founders can work together to create both financial returns and meaningful change.

Greg Shepard sits down with Marcia Dawood, early-stage investor, author of Do Good While Doing Well, TEDx speaker, and host of The Angel Next Door Podcast. Marcia shares her journey from attending her first angel investing meeting in 2012 to investing in over 50 startups and funds, chairing the Angel Capital Association, and advocating for diverse founders.They discuss why only a small percentage of venture funding goes to women, how representation among investors impacts funding outcomes, and the unique strengths female founders bring to the table. Marcia also reveals her top advice for new angel investors, the biggest misconceptions about investing in startups, and how she evaluates companies based on the “horse and jockey” test.This conversation is packed with insights on funding gaps, the importance of balanced teams, and how both for-profit and nonprofit efforts can drive meaningful change.

In Part 2, Greg continues his conversation with Toph Day, the visionary CEO of Elevate Ventures. Toph dives deeper into his mission to build a thriving entrepreneurial ecosystem in Indiana, explaining why the state is becoming a global hub for innovation and why it’s the perfect place for startups to grow. From Indiana’s top-ranked infrastructure and talent pool to its affordable cost of living and bipartisan regulatory environment, Toph makes a compelling case for why Indiana is the "Innovation Capital of the World."The conversation then shifts to “Rally", one of the most exciting innovation conferences in the world, which Toh founded. Greg shares his firsthand experience attending Rally, describing it as a "legit Silicon Valley conference" in the heart of the Midwest. Toph reveals the inspiration behind Rally, how it brings together cross-sector stakeholders, and why it’s become a must-attend event for entrepreneurs, investors, and innovators from around the globe. He also shares some jaw-dropping stats from the first two years of Rally, including the billions in assets under management represented and the thousands of connections made.Finally, Toph looks to the future, discussing the emerging trends he’s most excited about—beyond AI—including the convergence of technology and hard products, and the transformative potential of the next industrial revolution. He also shares his ambitious vision for the next 5 to 10 years, both for Rally and Elevate Ventures, including plans to grow Rally into the world’s premier innovation conference and to launch a $200 million growth fund focused on the Midwest.Whether you’re an entrepreneur, investor, or just curious about the future of innovation, this episode is packed with insights, inspiration, and a bold vision for what’s possible in the heart of America. Don’t miss this exciting conclusion to Greg’s conversation with Toph Day!