Startups Decoded - Presented by Morrison Foerster - mofo.com.

Luke Tobin has built seven businesses across hospitality, e-commerce, and agencies. Three exits. One of them: an eight-figure agency sale that started with £100, no funding, and a healthy dose of imposter syndrome.

Today, Luke sits at the messy intersection of founders, capital, and exits, backing businesses, fixing broken agency models, and coaching operators to turn self-doubt into fuel instead of friction.

In this episode, we get brutally practical on what actually drives profitable growth, why most agencies never become exit-ready, how to price for margin (not ego), and why thinking like a buyer early changes everything. This is an operator conversation, not “founder vibes”. If you want a business that works without you sweating through every Monday, press play.

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Chapters

• 00:00 Introduction to Entrepreneurship and Exits
• 10:31 The Journey of Building and Selling Businesses
• 19:14 Structuring for Success: Frameworks and Control
• 22:02 Uncovering Unique Value in Startups
• 23:27 Prioritizing Impactful Outcomes
• 25:39 Balancing Human Intelligence and AI
• 27:25 Effective Automation Strategies
• 29:06 Navigating Growth Stages in Business
• 31:56 The Importance of Agility in Startups
• 34:09 Cultural Dynamics in Team Growth
• 37:32 Hiring Smart: The Founder’s Dilemma
• 39:31 Investment Insights and Founder Evaluation

Luke Tobin

Luke Tobin is a founder, investor, and operator with three exits and seven businesses built across hospitality, e-commerce, and agencies. He scaled his most recent agency from £100 to an eight-figure exit in five years with no external funding.

Today, he’s the founder of Unusual Group, owner of Tobin Capital, partner at A-Frame Venture Studio, and author of The Success Method newsletter read by 100,000+ founders weekly. Luke advises founders on pricing, operations, hiring, and exits with a relentless focus on building businesses that actually work.

Who Should Listen

• Agency owners who want better margins (and a real exit path)
• Founders dealing with imposter syndrome while scaling
• Operators building without funding and without delusion
• Investors who care about operator-led growth
• Anyone who wants the real playbook behind profitable businesses

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• Listen: Apple || Spotify || YouTube
• Subscribe: Substack
• Community & Events: Founders Circle
• Connect: LinkedIn
• Socials: TikTok || Instagram || X
• Web: startupsdecoded.com

Music Credit

“Neptuno” – Phondupe (Album: Onykia)

Niluka Kavanagh left Big 4 consulting with a simple question: Can I work for myself, and can I do it from anywhere?

That question turned into an experiment, then a business, then ImagineThat, a global club for first-time founders who are trying to build something without losing themselves in the process.

We talk about the unsexy realities people don’t plan for: uncertainty, isolation, confidence dips, and the weird moment where you realise “being your own boss” can still mean being owned by customers. Niluka shares the framework she uses with founders to go from “I’ve got skills” to “I’ve got a business,” why you should design your life before you design your model, and why your personal brand is the only asset that survives pivots.

This is a conversation for anyone in corporate with a pull toward independence, and anyone early-stage who wants fewer vibes and more clarity.

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Chapters

• 00:00 The Journey of Transitioning from Corporate to Entrepreneurship
• 03:08 Finding Purpose and Vision in Business
• 05:53 Understanding the Risks and Rewards of Entrepreneurship
• 08:44 Building a Support Network for Founders
• 11:35 The Importance of Market Validation
• 14:25 Creating a Founder Brand and Authentic Storytelling
• 22:27 Building Your Founder Brand
• 25:41 The Importance of Values in Branding
• 29:47 The Power of Storytelling in Personal Branding
• 34:07 Recognizing Your Achievements as a Founder
• 38:31 The Role of Community in Entrepreneurship
• 43:20 Creating a Supportive Environment for Founders

Niluka Kavanagh

A founder, executive coach, keynote speaker, and creator focused on the future of work.

She is the Founder of ImagineThat, the global club for new founders, and the creator of The Modern CEO, a leadership program helping companies evolve into next-generation workplaces.

Previously, she worked as a consultant at KPMG with clients like Mastercard, Tesco, and London Stock Exchange, co-founded KPMG FutureThinkers, and led communications for KPMG SheCan.

Niluka has spoken at leading universities, including Oxford, Trinity College Dublin, and Edinburgh University, and her work has been featured in The World Financial Review and Cambridge University Press.

Who Should Listen

• New founders transitioning out of corporate roles
• Executives leading younger or hybrid teams
• Operators building modern leadership cultures
• Anyone curious about how careers, ambition, and identity are reshaping entrepreneurship

Music Credit

“Neptuno” – Phondupe (Album: Onykia)

Access All Areas.

Listen: Apple || Spotify || YouTube

Subscribe: Substack

Community & Events: Founders Circle

Connect: LinkedIn

Socials: TikTok || Instagram || X

Web: startupsdecoded.com

Women, BIPOC, and LGBTQIA+ founders still get boxed out of capital, but Katie Dunn has built her angel investing thesis to do the opposite, and she’s doing it with actual reps (29 investments) and serious financial scar tissue (25+ years in banking with $10B financed).

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In this episode, Katie breaks down what early-stage angels really look for when they say they’re “betting on the founder”, why most cold outreach fails (hint: nobody reads the investor’s thesis), and how underrepresented founders can cut through the noise with clarity, credibility, and a simple story that lands.

We also get into the underrated part: investor relationships. Katie explains why your first investors should be your easiest next-round capital, why founders go dark when things get hard (and how that backfires), and how angels often deliver more value than VCs because they actually have time, context, and intent to help.

If you’re raising pre-seed/seed, building community, or trying to stop fundraising from eating your soul, this one’s a practical reset.

Chapters

• 00:00 Introduction to Angel Investing
• 04:18 Katie’s Journey in Finance
• 06:55 The Importance of Diversity in Funding
• 10:04 The Role of Immigrants in Startups
• 12:43 Building Community and Networks
• 15:30 The Value of Collaboration
• 18:23 The Role of Angels vs. VCs
• 21:07 The Importance of Communication
• 23:45 Finding the Right Investors
• 26:45 Using Technology to Connect
• 29:32 Assessing Founders and Their Pitches
• 32:20 The Art of the Pitch Deck
• 35:01 Final Thoughts and Resources

Katie Dunn

An experienced angel investor, board director, and startup advisor investing in underrepresented U.S. founders at the pre-seed and seed stages, primarily in CPG and technology. Through Masthead Strategies, she’s helped founders raise over $30M by combining investor psychology, storytelling, and AI-powered tools.

Her portfolio includes Outcast Brands (Blood Monkey Gin, Two Shores Rum), Another Tomorrow, Juliet Wine, WTHN, Forecastr, and Goodword. Katie also serves on the boards of Outcast Brands and the Enthuse Foundation, and advises Fierce Foundry, a femtech venture studio.

Who Should Listen

• Founders preparing to raise pre-seed or seed capital
• Underrepresented founders seeking tactical fundraising advice
• Angels or new investors looking to sharpen their evaluation process
• Anyone who wants to understand how trust, clarity, and communication drive funding decisions

Music Credit

“Neptuno” – Phondupe (Album: Onykia)

Access All Areas.

• Listen: Apple || Spotify || YouTube
• Subscribe: Substack
• Community & Events: Founders Circle
• Connect: LinkedIn
• Socials: TikTok || Instagram || X
• Web: startupsdecoded.com

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