Podcast Summary: Modern Day Heroes

Episode: Multiply Your Value with Thomas Wilkinson
Host: Blake Erickson
Guest: Thomas Wilkinson
Date: September 14, 2024

Episode Overview

In this insightful episode, Blake Erickson sits down with Thomas Wilkinson, an unconventional entrepreneur and venture capitalist. Thomas shares his path from a challenging upbringing to founding businesses, engaging in venture capital, and helping build Utah’s entrepreneurial community. The conversation explores how adversity shaped his drive, key lessons in business building and investing, as well as the unique approach his firm, All In Ventures, takes to nurturing and funding startups. Listeners gain practical advice on wealth creation, risk-taking, and the value of community mentorship.

Key Discussion Points & Insights

1. Thomas Wilkinson's Unconventional Background (01:08–07:32)

• Early Life and Adversity
  • Grew up in Portland, Oregon, with an absent father and family challenges.
  • Found focus and discipline in gymnastics, which helped channel his energy and drive.
  • "I just had this fire in me that I refused to let whatever happened get in the way." (Thomas, 01:33)
• Pursuit of Excellence and Overcoming Identity Issues
  • Attempted to make the Olympics, attended the Air Force Academy, excelled both academically and athletically.
  • Personal tragedies and changing ambitions led him to transfer to BYU and enter the door-to-door sales industry.
  • Struggled with feelings of “never being good enough,” rooted in familial experiences.
  • "What served me then doesn't serve me now." (Thomas, 07:16)

2. Introduction to Business & Venture Capital (07:32–16:01)

• Transition from Sales to Investing
  • Door-to-door sales provided financial leverage to begin investing.
  • Benefitted from relationships with successful mentors, notably Todd Peterson and, pivotally, Professor Corbin Church at BYU.
• The ‘Aha’ Moment with Corbin Church
  • Encounters Church at a social event, leading to impactful mentorship and an accelerated business path.
  • "Why would you wait until you were 40 to start a business? Start a business now." (Professor Church / Thomas recounting, 11:47)
• First Forays into Startups and Real Estate
  • Invested $50,000 in a technology for deaf students, resulting in a current valuation of $7.2 million.
  • Emphasized validation—testing market demand before full commitment.

3. Strategy Behind Venture Capital Success (16:31–21:16)

• Portfolio Approach and Risk
  • Focused on investing widely for statistical success; completed 27 deals with four major successes.
  • “It came down to statistics for me. The riskiest thing you can do... is not to take risk.” (Thomas, 16:47)
• Historic Perspective
  • Venture capital strategies evolved as companies now stay private longer; early access to high-growth segments is key.
  • "What was a successful investment strategy 15 years ago will not work anymore..." (Thomas, 22:46)

4. Building a New Venture Platform: All In Ventures (23:29–28:57)

• Firm Vision and Community
  • All In Ventures aims to invest in 50 Utah startups over the next three years, leveraging a statistically-validated portfolio.
  • Unique approach: proprietary deal flow via iHub, a startup incubator gathering talent from regional universities.
  • Emphasis on mentorship: “If a founder has a qualified mentor, they have a 70% better chance of success.” (Thomas, 25:03)
• Innovation in Validation
  • Every startup goes through rigorous validation, a process rarely systematized at this scale in U.S. venture capital.
  • "Let's assume that nobody can choose a winner, and let's go off the data." (Thomas, 28:53)

5. Practical Advice for Aspiring Entrepreneurs (29:30–30:14)

• Action Steps for Young Founders
  • Seek mentorship and join an entrepreneurial community like iHub.
  • Test ideas with real customers before building; avoid echo chambers of family/friends approval.
  • “The market doesn’t lie.” (Blake, 30:11)

Notable Quotes & Memorable Moments

• On Drive and Adversity:
  “I just had this fire in me that I just refused to let whatever happened get in the way.”
  — Thomas Wilkinson (01:33)
• On Delayed Dreams:
  “Why would you wait until you were 40 to start a business? Start a business now.”
  — (Recounting advice from Professor Corbin Church, 11:47)
• On Validation:
  "...you don't know you're onto something until you're able to sell it... the market doesn't lie."
  — Thomas Wilkinson and Blake Erickson (30:13)
• On Risk and Venture:
  “The riskiest thing you can do... is not to take risk.”
  — Thomas Wilkinson (16:47)
• On Community and Giving Back:
  “Everybody here wants to give back to the community, special and make it happen.”
  — Thomas Wilkinson (26:39)
• On Shifting Investment Strategies:
  “What was a successful investment strategy 15 years ago will not work anymore... if you’re not in the private markets in VC, you’re missing all of those gains.”
  — Thomas Wilkinson (22:46)
• On Mentorship Impact:
  “If a founder has a qualified mentor, they have a 70% better chance of success…”
  — Thomas Wilkinson (25:03)

Timestamps for Important Segments

• 01:08–07:32: Thomas's upbringing and gymnastic achievements, shifting goals after personal tragedy.
• 11:02–16:07: The life-changing connection with Corbin Church, first startup investment and validation process.
• 16:47–21:16: Thomas’s venture capital strategy, portfolio explanation, and major returns.
• 23:29–28:57: All In Ventures’ model, iHub, validation process, cultural and mentoring advantages in Utah.
• 29:30–30:14: Advice for new entrepreneurs—focused on mentorship, validation, and market feedback.

Resources & Connect

• Connect with Thomas Wilkinson:
  Instagram: @thomasjwilkinson
  — “Probably just slide into the DMs and then I can share my number with you after.” (30:26)

• Learn More About All In Ventures:
  Check out iHub and engage with Utah entrepreneurial community via events and mentorship.

Tone & Style

Thomas’s tone is candid, analytical, and inspiring, mixing vulnerability about his past with practical, data-driven insights. Blake keeps the conversation personal and local, emphasizing communal values and actionable advice for young entrepreneurs. The mood is motivational, with a consistent throughline: use adversity and validation to multiply your value.

For listeners seeking actionable insight into startup investing, modern entrepreneurship, and the power of mentorship, this episode is a must-listen primer on achieving outsized impact—personally and professionally—in today’s venture and innovation landscape.