Building Enduring Consumer Brands Like Peloton, Harry's, Warby Parker, Casper with Michael Duda, Founder & Managing Partner of Bullish
Consumer VC #358: Michael Duda, Founder & Managing Partner of Bullish
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Hey friends,
On today’s episode, I chat with Michael Duda, Founder and Managing Partner of Bullish, the consumer-focused investment firm behind brands like Peloton, Warby Parker, Harry’s, and Hims.
This is the third time Michael has been on the podcast and he also was our keynote for our Austin Summit in October. I’m very grateful for Mike’s early support of this platform.
Michael has spent more than a decade backing consumer companies through multiple cycles, and this conversation is a grounded look at what actually works in venture when the hype fades. We talk about why consumer has fallen out of favor in recent years, why the industry’s obsession with 100x outcomes misses the point, and how Bullish thinks about power-law returns in a category that’s often labeled “boring.”
We also dig into how Michael evaluates founders versus ideas, why great products matter more than great marketing, and when celebrity involvement helps—or hurts—a brand. He shares his perspective on how AI is changing consumer businesses behind the scenes, and why the shrinking middle class is forcing founders to rethink who they’re really building for.
If you’re building or investing in consumer and want a clearer, more honest view of venture outside the hype cycle, this episode is a thoughtful conversation with someone who’s been doing it for a long time.
Here’s what you’ll learn:
✅ Why consumer can generate power-law returns (if you invest early enough)
✅ The difference between moonshots and real venture outcomes
✅ Why most founders raise too much capital—and regret it
✅ How Bullish underwrites founders vs. ideas at pre-seed and seed
✅ Why great products beat great marketing every time
✅ When celebrity involvement actually helps a brand
✅ How AI is speeding up consumer innovation without replacing taste or judgment ✅ Why the shrinking middle class is changing who brands are really built for
✅ What Michael has changed his mind about after 15+ years in venture
Timestamps
00:00 Intro
01:00 Can Consumer Produce Power-Law Returns?
04:45 Why 100x Outcomes Are Rare in Consumer
08:00 Stability vs Moonshots in Venture
12:00 Bullish’s Consumer-First Investment Strategy
15:30 How Much Capital Is Too Much Capital
18:00 Founder vs Idea: What Matters More
21:00 How Bullish Uses Consumer Insights
24:30 Product vs Marketing (and Why Marketing Fails)
27:30 Celebrity & Creator-Led Brands Explained
31:30 Why Bullish Is Shifting Back to Pre-Seed
36:00 When Pre-Launch Investing Makes Sense
39:00 AI’s Real Impact on Consumer Businesses
44:10 The Shrinking Middle Class & Consumer Spending
48:30 How Founder Profiles Are Changing
52:30 What Michael Has Changed His Mind About
55:00 Final Thoughts on Consumer VC
Thanks for listening!