--- title: Operator Immersive Capital | Justin Gray | S2:E4 description: Welcome to the latest Force & Friction Podcast with Justin Gray, as part of the Nearbound series on image: https://mikejmidgley.com/hubfs/Imported_Blog_Media/Justin%20Gray%20Podcast%20Hero-2024.png --- [![Mike Midgley - MASTER Brand - 1024](https://mikejmidgley.com/hubfs/Mike%20Midgley%20-%20MASTER%20Brand%20-%201024.svg) ![Mike Midgley - MASTER Brand - 1024](https://mikejmidgley.com/hubfs/Mike%20Midgley%20-%20MASTER%20Brand%20-%201024.svg)](https://mikejmidgley.com/) [![Mike Midgley - MASTER Brand - 1024](https://mikejmidgley.com/hubfs/Mike%20Midgley%20-%20MASTER%20Brand%20-%201024.svg)](https://mikejmidgley.com/) - [Meet Mike](https://mikejmidgley.com/meet-mike) - [Speaking](https://mikejmidgley.com/insights/podcast/s2-e4/javascript;) - [The Strategy Compass](https://mikejmidgley.com/speaking-keynote-session/the-strategy-compass) - [Moonshot Thinking](https://mikejmidgley.com/speaking-keynote-session/moonshot-thinking) - 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[The OpenMike Podcast](https://open.spotify.com/show/3biOsAwSICgz6yRHsnOzTO?si=fb7921a1fb1e4c94) - [Force & Friction Podcast](https://mikejmidgley.com/insights/tag/podcast) [Partner with Mike](https://mikejmidgley.com/contact) [Mike J Midgley Insights](https://mikejmidgley.com/insights) Categories - [Podcast](https://mikejmidgley.com/insights/tag/podcast) - [Growth Navigator](https://mikejmidgley.com/insights/tag/growth-navigator) - [GTM RevOps](https://mikejmidgley.com/insights/tag/gtm-revops) - [Revenue Architecture](https://mikejmidgley.com/insights/tag/revenue-architecture) - [Boardroom Navigator](https://mikejmidgley.com/insights/tag/boardroom-navigator) - [Launch Navigator](https://mikejmidgley.com/insights/tag/launch-navigator) - [Turnaround Navigator](https://mikejmidgley.com/insights/tag/turnaround-navigator) [Podcast](https://mikejmidgley.com/insights/tag/podcast) Jul 02, 2024 • [Mike J Midgley](https://mikejmidgley.com/insights/author/mike-midgley) # Operator Immersive Capital | Justin Gray | S2:E4   [![F&F - Community Podcast Icon](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/F%26F%20-%20Community%20Podcast%20Icon-Jun-23-2025-10-50-20-4411-AM.png?width=100&height=100&name=F%26F%20-%20Community%20Podcast%20Icon-Jun-23-2025-10-50-20-4411-AM.png)](https://forceandfriction.6teen30.com/resources) [![F&F - Apple Podcast Icon](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/F%26F%20-%20Apple%20Podcast%20Icon-Jun-23-2025-10-50-31-1378-AM.png?width=100&height=100&name=F%26F%20-%20Apple%20Podcast%20Icon-Jun-23-2025-10-50-31-1378-AM.png)](https://podcasts.apple.com/gb/podcast/the-force-friction-podcast/id1516315339) [![F&F - Spotify Podcast Icon](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/F%26F%20-%20Spotify%20Podcast%20Icon-Jun-23-2025-10-49-47-2059-AM.png?width=100&height=100&name=F%26F%20-%20Spotify%20Podcast%20Icon-Jun-23-2025-10-49-47-2059-AM.png)](https://open.spotify.com/show/1nQRBuZDdtx2fBBpia2Ubn) [![F&F - Amazon Podcast Icon](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/F%26F%20-%20Amazon%20Podcast%20Icon-Jun-23-2025-10-50-30-0665-AM.png?width=100&height=100&name=F%26F%20-%20Amazon%20Podcast%20Icon-Jun-23-2025-10-50-30-0665-AM.png)](https://music.amazon.de/podcasts/a0fd412e-8dff-47d3-9d76-3ffbacef890b/the-force-friction-podcast) [![F&F Podcast - Nearbound Banner V3](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/F%26F%20Podcast%20-%20Nearbound%20Banner%20V3-Jun-23-2025-10-49-21-5938-AM.png?width=730&height=256&name=F%26F%20Podcast%20-%20Nearbound%20Banner%20V3-Jun-23-2025-10-49-21-5938-AM.png)](https://www.amazon.com/Nearbound-Rise-Economy-Jared-Fuller/dp/B0CW3DKVQD/ref=sr_1_1?crid=PCHYTL5SQQ6O&dib=eyJ2IjoiMSJ9.U87eDPdzvVJnz979pVqFUHPRax0OAHIfBmvRlvN1Sa1ZOVPvyLIRN9LjjxOAHBR7RSIHl0VMe-PigRLRxR9QIn9fzVCc259MwhHDO-SUejrYIu_5_52qitzvCESDxjAx.smxCscr6-nfVFDaXzzZRF79tPYDb6BFhs00Bi6iGvkE&dib_tag=se&keywords=nearbound&qid=1715253928&sprefix=nearbound%2Caps%2C119&sr=8-1) ## Operator-Immersive Capital Welcome to the [Force and Friction Podcast](https://mikejmidgley.com/podcast), your go-to show for the latest RevOps strategies, discussions, and interviews. In today’s episode we are joined by Justin Gray, from [In Revenue Capital](https://inrevenue.capital/).   Lets unpack Operator Immersive Capital. ![F&F Podcast - Justin Gray - Bio Image](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/F%26F%20Podcast%20-%20Justin%20Gray%20-%20Bio%20Image-4.png?width=1000&height=1405&name=F%26F%20Podcast%20-%20Justin%20Gray%20-%20Bio%20Image-4.png) [![in\_revenue\_capital\_logo](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/in_revenue_capital_logo-4.jpg?width=175&height=175&name=in_revenue_capital_logo-4.jpg)](https://inrevenue.capital/) ### Justin Gray ###### In Revenue Capital In 2006 I got my first exposure to what’s now known as ‘Startups’ and fell in love. Over the next 3 years I grabbed as much sweat equity as possible, had my first successful exit and subsequently went on a tear starting my own businesses. Across the next decade+ I had another 4 successful exists, culminating in 2021 with the sale of LeadMD to private equity. Meanwhile, I had started my own angel investing fund in 2018 and began making strategic investments in founders I believe in. Similarly, I also came on as a Limited Partner in Stage 2 Capital, focusing on early-growth-stage ventures. What those investing experiences taught me were two fold - VC fund models don’t serve investors particularly well - and Founders need far more than capital to grow. As a result I co-founded In Revenue Capital in 2023, which couples GTM expertise with capital to empower founders and their startups with what they need to scale. We operate under an SPV model we believe avoids the pitfalls of “fund dynamics”and provides both ourselves as well as investors, freedom. We call this Operator Immersive Capital, and we’re on a mission to fix venture capital for the better. [Follow Justin](https://www.linkedin.com/in/inrevenue/) ### Watch the Episode: --- Here are the core areas we discuss in today's episode: ### 1: Origin and Personal Growth Justin discusses his humble beginnings and how his growth was significantly influenced by the relationships he built with influential people. He emphasizes the importance of being proactive in forming relationships and giving value first to establish meaningful connections. ### 2: Business and Career Development The conversation explores Justin's journey as an entrepreneur and investor, detailing his approach to business that emphasizes strategic relationships and value creation. Justin shares insights from his experience with multiple startups and investments, stressing the importance of strategic thinking in business development. ### 3: Partnerships and Market Strategies Justin talks about the power of partnerships and strategic alliances in business. He highlights how leveraging connections and maintaining strong relationships have been crucial to his success in various business ventures. ### 4: Future of Venture Capital and Business Growth The podcast touches on the future trends in venture capital and the shift towards more sustainable and capital-efficient business models. Justin provides his perspective on the importance of building fundamental business practices that can sustain growth without solely relying on external funding. ### Listen to The GTM Cheat Code Podcast [![The Cheatcode Podcast - Logo](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/The%20Cheatcode%20Podcast%20-%20Logo-Jun-23-2025-10-11-54-9644-AM.webp?width=354&height=354&name=The%20Cheatcode%20Podcast%20-%20Logo-Jun-23-2025-10-11-54-9644-AM.webp)](https://www.youtube.com/channel/UCAyIAgdpudp9dkx0-hsyoHg) Interested in this subject further, check out Justin's partner and Co Founder at In Revenue Capital - [Josh Wagners podcast on The Go To Market Cheat Code here](https://mikejmidgley.com/insights/podcast/s3-e9/the-go-to-market-cheat-code) [![Josh Wagner Podcast Hero](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/Josh%20Wagner%20Podcast%20Hero-4.png?width=1200&height=600&name=Josh%20Wagner%20Podcast%20Hero-4.png)](https://mikejmidgley.com/insights/podcast/s3-e9/the-go-to-market-cheat-code) *Discover your own cheat code to accelerate GTM success. [Grab your copy on Amazon!](https://www.amazon.com/Go-Market-Cheat-Code-Unlocking/dp/1394292104/ref=sr_1_1?utm_content=321974600&utm_medium=social&utm_source=linkedin&hss_channel=lis-3JOHvJ5BE0)* [![TGTMCC-Promo-LinkedIn 1](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/TGTMCC-Promo-LinkedIn%201-Jun-23-2025-10-21-36-1267-AM.jpg?width=733&height=533&name=TGTMCC-Promo-LinkedIn%201-Jun-23-2025-10-21-36-1267-AM.jpg)](https://www.amazon.com/Go-Market-Cheat-Code-Unlocking/dp/1394292104/ref=sr_1_1?utm_content=321974600&utm_medium=social&utm_source=linkedin&hss_channel=lis-3JOHvJ5BE0)   --- ### Ready to be Our Next Guest Contributor? [![F&F Podcast - Guest Contributor CTA](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/F%26F%20Podcast%20-%20Guest%20Contributor%20CTA-Jun-23-2025-10-49-36-5481-AM.png?width=1000&height=417&name=F%26F%20Podcast%20-%20Guest%20Contributor%20CTA-Jun-23-2025-10-49-36-5481-AM.png)](https://mikejmidgley.com/meetings/nxdnavigator/force-friction-podcast-) --- ### Your Host: A little about the 6teen30 Digital team who host and contribute to the show.  Please connect with us on LinkedIn we would love to have you as part of our professional networks. ![MJM - RevOps TLDR Intro 0223 crop](https://mikejmidgley.com/hs-fs/hubfs/Imported_Blog_Media/MJM%20-%20RevOps%20TLDR%20Intro%200223%20crop-Jun-23-2025-10-50-05-3720-AM.png?width=400&height=400&name=MJM%20-%20RevOps%20TLDR%20Intro%200223%20crop-Jun-23-2025-10-50-05-3720-AM.png) Mike Midgley is the CEO at 6teen30 Digital, Inc. and a dynamic digital entrepreneur, nxd, strategist, public speaker and host of TheOpenMike Podcast show & Co-Host at The Force & Friction Podcast. Mike has achieved successful six and seven-figure exits over a 30-year career, raised in excess of £1.6m \[$2.5m\] in Venture Capital and franchised his businesses 68 times. [Follow Mike](https://www.linkedin.com/in/mike-midgley/)   ![MJM - Graphics\_Navigate Every Stage - Hashtag](https://mikejmidgley.com/hs-fs/hubfs/MJM.com%20-%20Website/MJM.com%20-%20Website%20-%20Graphics/MJM%20-%20Graphics_Navigate%20Every%20Stage%20-%20Hashtag.png?width=432&height=51&name=MJM%20-%20Graphics_Navigate%20Every%20Stage%20-%20Hashtag.png)   ![Stay Ahead with Mike’s Insights   Get straight to the point with actionable insights, no fluff, no spam. Subscribe to my blog for the latest strategies on navigating every stage.](https://no-cache.hubspot.com/cta/default/7346913/interactive-181928818507.png) Published by [Mike J Midgley](https://mikejmidgley.com/insights/author/mike-midgley) July 2, 2024 ![Mike J Midgley](https://mikejmidgley.com/hubfs/MJM%20Bio%20USA%20Fofce%20%26%20Friction%20Podcast.jpg) Comments ### You may also be interested in: [![](https://mikejmidgley.com/hubfs/Force%20and%20Friction%20Podcast/S7%20E2%20-%20Juhi%20Saha/Juhi%20Saha%20Podcast%20Hero.png) Read More](https://mikejmidgley.com/insights/the-ecosystem-engine-how-to-turn-partnerships-into-your-fastest-growth-channel-juhi-saha-s7e2) [Podcast](https://mikejmidgley.com/insights/tag/podcast) By [Mike J Midgley](https://mikejmidgley.com/insights/author/mike-midgley) on July 02, 2024 ### [The Ecosystem Engine: How to Turn Partnerships Into Your Fastest Growth Channel | Juhi Saha S7:E2](https://mikejmidgley.com/insights/the-ecosystem-engine-how-to-turn-partnerships-into-your-fastest-growth-channel-juhi-saha-s7e2) [![](https://mikejmidgley.com/hubfs/Force%20and%20Friction%20Podcast/S7%20E1%20-%20Jon%20Tsourakis/Jon%20Tsourakis%20Podcast%20Hero.png) Read More](https://mikejmidgley.com/insights/podcast/forged-in-recession-the-unconventional-playbook-for-agency-survival-growth) [Podcast](https://mikejmidgley.com/insights/tag/podcast) By [Mike J Midgley](https://mikejmidgley.com/insights/author/mike-midgley) on July 02, 2024 ### [Forged in Recession: The Unconventional Playbook for Agency Survival & Growth | Jon Tsourakis S7:E1](https://mikejmidgley.com/insights/podcast/forged-in-recession-the-unconventional-playbook-for-agency-survival-growth) [![](https://mikejmidgley.com/hubfs/Force%20and%20Friction%20Podcast/S6%20E14%20-%20Shawn%20Perritt/Shawn%20Perritt%20Podcast%20Hero.png) Read More](https://mikejmidgley.com/insights/podcast/the-human-stack-why-ai-cant-replace-imagination-in-b2b-brand-building) [Podcast](https://mikejmidgley.com/insights/tag/podcast) By [Mike J Midgley](https://mikejmidgley.com/insights/author/mike-midgley) on July 02, 2024 ### [The Human Stack: Why AI Can't Replace Imagination in B2B Brand Building | Shawn Perritt S6:E14](https://mikejmidgley.com/insights/podcast/the-human-stack-why-ai-cant-replace-imagination-in-b2b-brand-building) [![](https://mikejmidgley.com/hubfs/Lindsay%20Tjepkema%20Podcast%20Hero.png) Read More](https://mikejmidgley.com/insights/podcast/human-brands-win-the-anti-playbook-for-growth-in-an-ai-world) [Podcast](https://mikejmidgley.com/insights/tag/podcast) By [Mike J Midgley](https://mikejmidgley.com/insights/author/mike-midgley) on July 02, 2024 ### [Human Brands Win: The Anti-Playbook for Growth in an AI World | Lindsay Tjepkema S6:E13](https://mikejmidgley.com/insights/podcast/human-brands-win-the-anti-playbook-for-growth-in-an-ai-world) ![Mike Midgley - MASTER Brand - 1024](https://mikejmidgley.com/hubfs/Mike%20Midgley%20-%20MASTER%20Brand%20-%201024.svg) e: team@mikejmidgley.com [Meet Mike](https://mikejmidgley.com/meet-mike) [Speaking](https://mikejmidgley.com/speaking-keynote-session/moonshot-thinking) [NXD Navigator](https://mikejmidgley.com/nxd-navigator/launch) [Insights](https://mikejmidgley.com/blog) - [![Mike Midgley - Social Icons Green\_LinkedIn](https://mikejmidgley.com/hubfs/Mike%20Midgley%20-%20Social%20Icons%20Green_LinkedIn.svg)](https://www.linkedin.com/in/mike-midgley/) - [![Mike Midgley - Social Icons Green\_Instagram](https://mikejmidgley.com/hubfs/Mike%20Midgley%20-%20Social%20Icons%20Green_Instagram.svg)](https://www.instagram.com/mikejmidgley/) - [![Mike Midgley - Social Icons Green\_Youtube](https://mikejmidgley.com/hubfs/Mike%20Midgley%20-%20Social%20Icons%20Green_Youtube.svg)](https://www.youtube.com/@mikejmidgley-nxd) - [![Mike Midgley - Social Icons Green\_Spotify](https://mikejmidgley.com/hubfs/Mike%20Midgley%20-%20Social%20Icons%20Green_Spotify.svg)](https://open.spotify.com/show/3biOsAwSICgz6yRHsnOzTO?si=d5dae68b29c44d41) ©2026 Mike J Midgley. 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