This episode is brought to you by The Hidden Gems.There's a lot of bull$#!+ in the Agency landscape. That's why Founders and Executives of brands both big and small trust: The Hidden Gems. They provide the most optimal boutique Agencies to conquer any brand goals with top quality and efficiency. Brands get preferred rates. Can't lose. They’re supporting the growth of incredible brands like Dr. Squatch, Monster Energy, Gorilla Mind, Saatva, and many more. David Drexler (founder) has agreed to provide the service for FREE forever to anyone in the Consumer VC community or mentions Consumer VC.Get Started Here –> thehiddengems.comEarly-stage consumer investing sounds glamorous.But according to investor Manica Blain, the entire venture structure behind it might actually be broken.In this episode, Mike sits down with Manica Blain, founder of Top Knot Ventures and former co-founder of Campfire Capital. She raised one of the first dedicated early-stage consumer funds and helped back brands like FIGS and Cotopaxi. Today she invests her own capital and works directly with founders building the next generation of consumer brands. Manica shares why she stepped away from the traditional venture fund model, what she believes is fundamentally misaligned about the GP-LP structure, and why investing your own capital can create a very different relationship with founders.They also discuss what actually makes a consumer brand successful, why slower growth can sometimes be healthier than viral success, and the real traits she looks for in founders building enduring brands.You’ll learn:✅ Why Manica believes early-stage consumer VC may be structurally broken✅ The hidden misalignment between GPs and LPs in venture funds✅ Why some investors make more from management fees than investing✅ The alternative investing model she built with Top Knot Ventures✅ Why founders should be able to “fire” their advisors✅ Why slow growth can signal stronger consumer brands✅ The metrics she looks for before investing $1M–$5M stage companies✅ Why she stopped investing in food & beverage entirely✅ How loyalty and retention signal real brand strength👉 If you're building a consumer brand—or thinking about raising venture capital—this episode offers a candid look at how the investment side actually works.Timestamps00:00 Intro01:05 Manica Blain’s investing journey03:00 Why she started writing on Substack05:15 Her first major portfolio exit07:30 What makes founders who actually win09:30 Is early-stage consumer venture broken?12:30 The GP-LP structure problem17:30 Why investor “skin in the game” matters20:05 Why VC carry structures can create misalignment23:30 The management fee problem in venture funds27:00 Are SPVs a better investing model?31:20 Why Manica refuses to run SPVs34:00 Why VC fund structures pull investors away from founders37:20 Building Top Knot Ventures with her own capital41:00 How she structures advisory relationships with founders44:20 Why founders must be able to fire advisors48:00 Why slow growth can actually be a good sign52:00 What makes a truly sticky consumer brand55:00 Why she stopped investing in food & beverage57:00 The future of beauty and wellness investing📬 Subscribe for more founder stories & scaling insights:👉 The Consumer VC Newsletter – https://www.theconsumervc.com/Follow Mike Gelb:Twitter / IG / TikTok → @mikegelb / @consumervc

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