Mark Mullen: Why VC Success is Broken

What does it really mean to “succeed” as a founder or a VC? In this episode of Demo Day, we sit down with Mark Mullen, Co-Founder and Managing Partner at Bonfire Ventures, to explore the realities behind startup success, venture capital, and what it takes to build a high-performing team in today’s market.

Mark opens up about the unrealistic expectations in venture capital, why selling a company for $11M can be celebrated in some industries but deemed a failure in VC, and how the focus on founder personalities has shifted startup culture. He also shares the lessons he’s learned growing Bonfire from a solo GP to a team of 11 managing over a billion dollars, and the strategies behind picking founders, understanding their motivations, and making early-stage investments.

In this conversation, we cover:

- The evolution of Bonfire Ventures and its $245M fundraise

- The difference between founder wins vs. VC wins

- How capital markets, interest rates, and M&A affect venture returns

- Why intuition matters — and how to back it up with real metrics -The qualities Mark looks for in founders and early-stage companies

- Lessons from market downturns, COVID, and AI’s rise in venture capital

- The Palisades fire and how that affected Mark and his family

If you’re a founder, investor, or curious about venture capital, this episode will give you a behind-the-scenes look at the decisions, mindset, and strategies that shape startup and VC success today.

Mark Mullen LinkedIn: https://www.linkedin.com/in/mamullen Website: https://www.bonfirevc.com/

Sean Goldfaden LInkedIn: https://www.linkedin.com/in/sean-goldfaden Website: https://www.coefficientlabs.com/