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What does it take to build a venture capital firm that lasts?
In Episode 7 of The Catapult Code by Qapita, Ravi and Brendan sit down with Fernando Fabre, CEO of Kauffman Fellows and former President of Endeavor, for a wide-ranging conversation on venture capital, founders, AI and the future of global startup ecosystems.
Fernando has spent decades working with entrepreneurs, investors and ecosystems across the world. In this conversation, he shares lessons from his journey — from launching an accelerator in Mexico during the dot-com crash to leading Endeavor globally and now building Kauffman Fellows.
We explore what separates great founders from the rest, why obsession matters more than metrics in the early stages, and how that obsession changes from solving a problem to achieving product-market fit and eventually building the right team.
Fernando also breaks down the evolution of a venture capital firm — Fund 1 → Fund 4 → Fund 9 — and why becoming a great investor and building a great VC firm are two very different things. We discuss the “Fund Returner” phenomenon, how power-law dynamics shape venture returns, and what it takes to build an enduring franchise.
We also explore how entrepreneurial ecosystems compound — and why Fernando believes India has become the world's second most exciting entrepreneurial ecosystem after the US.
⏱️ Chapters
(00:00) Fernando's journey & the founder mindset(07:02) Why VCs should ignore market cycles(09:25) The one trait great founders have(11:43) Building entrepreneurial ecosystems(18:21) The multiplier effect of successful startups(21:47) Why venture capital is so hard(24:36) The VC journey vs. the startup journey(27:00) Fund 1 → Fund 4 → Fund 9(30:30) What is a Fund Returner?(35:59) Founder-market fit → Product-market fit → Team-market fit(38:30) When founders have to become managers(43:01) Can AI replace managers?(48:08) AI & the future of global entrepreneurship(55:26) Solo founders, mega-funds & compressed rounds(01:01:38) The future of global venture capital(01:05:37) Why India is becoming a major startup ecosystem(01:08:15) Why liquidity makes ecosystems compound
👤 About Fernando Fabre
Fernando Fabre is the CEO of Kauffman Fellows, a global community and education platform for venture capital investors. He previously served as President of Endeavor, where he helped scale the organization globally. His career spans entrepreneurship, venture capital, emerging markets and building entrepreneurial ecosystems.
🔗 Connect with Fernando
LinkedIn: https://www.linkedin.com/in/fernandofabre/
Kauffman Fellows: https://www.kauffmanfellows.org/
🎙️ ABOUT THE CATAPULT CODE
The Catapult Code is a podcast designed exclusively for builders navigating the turbulence between current traction and the next orbit. For founders and leaders who are serious about expanding their impact and building enduring companies.
From the Indus Valley to Silicon Valley: The Catapult Code to bring voices from founders and operators who have built enduring companies from both India and across the US.
Hosted by Ravi Ravulaparthi (Co-founder & CEO, Qapita — 17 years working closely with high-growth founders, now managing equity for 2,700+ companies including half of India's unicorns) and Brendan Marshall (serial founder, investor, and operator from Silicon Valley who has supported hundreds of startups).
🏢 ABOUT QAPITA
Qapita is a global private markets infrastructure platform offering equity management, fund administration and liquidity solutions, helping founders, employees, and investors unlock the power of ownership. From cap table management and Stock Options administration to valuations, fund management, and structured liquidity, Qapita brings everything onto a single, audit-ready platform - trusted by companies across US, India, Southeast Asia, and beyond.
👉 Like this conversation? Subscribe for more episodes of The Catapult Code and hit the 🔔 so you never miss a founder story.
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