In this episode of the Startup Ignition Podcast, hosts Tyler and John Richards sit down with Utah startup legend, Craig Earnshaw. Craig shares his incredible entrepreneurial journey, from his early days as a programmer to founding, selling, rebuying, and re-selling his software company, LifeLK Corporation, including a dramatic experience during the dot-com bust with GE and ChannelPoint. He discusses his transition into angel investing, becoming a founding member of Park City Angels, and his influential role as an adjunct professor at BYU. Craig dives deep into his investment philosophy, emphasizing the importance of investing at the earliest stages, the critical role of the founding team (and why equal partnerships often fail), the necessity of true product-market fit, and the art of managing expectations. He also shares invaluable insights from his iconic investments like Property Solutions (Entrata) and Podium, and offers powerful advice for founders on raising capital and navigating the startup world.
(00:00:00) Welcoming Utah Startup Legend Craig Earnshaw
(00:02:30) Icebreaker: One-Word Answers on Startups & Investing
(00:10:30) Craig's Origin Story: From CS Grad to Founding LifeLink Corporation
(00:17:09) The GE Investment & Navigating the ChannelPoint Dot-Com Saga
(00:24:20) Reclaiming His Company: Owning 100% of LifeLink
(00:27:22) A Mission Call and Selling LifeLink from Brazil
(00:32:44) The Decision Not to Start Another Company Post-Exit
(00:35:00) Becoming an Angel Investor & Teaching at BYU
(00:42:26) Craig's First Major Angel Deal: Property Solutions (Entrata)
(00:46:33) Investment Strategy: Holding Long-Term (Entrata, Podium) & When to Exit
(00:51:09) The Perils of Over-Raising and Inflated Early Valuations
(00:54:16) Craig's Advice: Raise as Little as Possible, As Late as Possible
(01:00:20) Evaluating Investments: The Critical Importance of the Team & No Equal Partners
(01:03:25) The Entrepreneurial Superpower: Learning to Manage Expectations
(01:07:14) A Mindset Shift: Founders are Solving Investors' Problems
(01:10:08) Unpacking True Product-Market Fit and the Dangers of Churn
(01:12:21) Craig's Legacy and Impact on the Utah Angel Investing Scene
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