Dave
Hey everyone, Dave here with another episode of the Philly TechConnect podcast. Today we’re speaking with Randy Shawn Fisher, the founder and CEO of Startup Investors Lab, a company focused on supporting early-stage startups through investment guidance and mentorship. With a background in entrepreneurship, business strategy, and investment, Randy works to connect startups with the right resources and investors to help them grow, scale, and establish strong business models.
Randy, how are you doing today?
Randy
I’m great. I’m really grateful to be here. Thank you.
Dave
I’m happy to have you. You’ve been a member of the Philly tech community for quite some time, and I appreciate that you’ve been very active, helping out and sharing your background on customer discovery.
You’re working on something new called Startup Investors Lab. Tell us a little bit about it.
Randy
Well, it’s really a way to bridge the gap between some of the incubators and accelerator programs to speak to actual investors. It’s a safe space for startup founders to get advice on their business model, revenue model, and pitch before they engage directly with angels. You have one opportunity to make a great first impression and to start building relationships with investors.
You’re probably not going to get investment on the first go, but maybe on the third or fourth. Angels you talk to are connected with other investors, and even if your startup isn’t for them, they might still refer you to others if they think you have a solid proposition and team. Customer discovery plays a big role in this, and we’ll probably touch on that later.
So that’s what it is.
Dave
That sounds great. I love the concept. As I’ve been more active in the startup community, I’ve come across a lot of pitches where the business model feels underdeveloped. People focus on the idea and market size, which are important, but the business model is crucial. It’s not just about saying “we’ll charge $50 a month.” There has to be more depth.
Where does Startup Investors Lab fit into the journey of a founder? Is this something you should focus on from day one?
Randy
The business model shifts based on what customers want, what they’re willing to pay for, and what’s scalable. You’re right, it’s not easy. Anyone can estimate a total addressable market, but it’s another thing to execute strategies and get paying customers. If you’re struggling to get customers, it could be due to pricing, product, messaging, or the business model itself.
A classic example is McDonald’s. Their business model isn’t about selling hamburgers—it’s about leasing the land under the restaurants. The business model needs attention, and we prepare founders to develop it properly. We also educate investors, accredited or not, to look beyond just the idea and see the bigger picture.
Dave
I agree. Scaling a startup with a weak business model can be dangerous. Let’s talk a little about customer discovery.
Randy
Absolutely. When I evaluate an entrepreneur, I always ask about customer discovery. I ask: “Who have you talked to? If I call them, would they tell me the same thing?” Sometimes that’s when founders realize they haven’t done enough inquiry into their customer’s pain points.
Customer discovery isn’t just something you do at the start—it’s ongoing. You need to do it not only for the business but also for the product, marketing, and messaging. The goal isn’t to do 100 interviews, but to validate or invalidate assumptions and evolve the questions. Many founders waste time asking the same question over and over.
For investors, it’s also important. We work to prepare both founders and investors so they can have deeper discussions and build stronger relationships.
Dave
That makes sense. Customer discovery is an iterative process that continues to shape the startup. Your insights are going to be very valuable for the program. Where are you guys at in terms of progress, and what milestones are coming up?
Randy
We’ve built an online community, developed a curriculum, and had a couple of startups come through. We’re recruiting investors and high-net-worth individuals to participate. We’ve also partnered with various angel groups to create a pipeline between accelerators and angels. Every month, we have a live presentation from a startup. The next one features Abraham Ippe from Swiftlane, a music royalty app. We’ve been working with him to get him prepared.
Dave
That’s exciting! Any surprises or lessons learned so far from your own customer discovery?
Randy
Yes, with Swiftlane, for example, we initially thought it was just a music royalty tracking app. But after discussing it with them, we realized it could be positioned as a platform for royalty collection, expanding the market potential beyond just music. Investors love platforms with multiple applications because they offer more growth opportunities.
Customer discovery isn’t just about validating assumptions; it’s also about finding opportunities to pivot. Sometimes, you discover a new, bigger market while you’re refining your product. That’s why it’s so powerful.
Dave
Thanks for sharing that. As we wrap up, where can people find more information about Startup Investors Lab?
Randy
You can visit us at startupinvestorslab.com. I’m also on LinkedIn—Randy Shawn Fisher, pretty easy to find. We have monthly events, and you can sign up for the next one on our website. We’re also starting a Substack publication, so stay tuned for that.
Dave
Awesome! Thanks so much for being on the show, Randy.
Randy
Thank you.