Behind the Curtain: A Conversation with Joanne Chang
Engaged investors (LPs) bring so much more to the table than cash. At RevUp, our LPs form an expansive network of connectors, experts, and operators who help our team and our founders find success…every. single. day. They are also superstars in their own right, doing work that embodies the spirit of excellence, grit, and grace that underscores why we created RevUp in the first place!
We’re thrilled to continue our “Behind the Curtain” series with Joanne Chang. She’s an entrepreneur, investor, and real estate developer whose approach to business is grounded in curiosity, discipline, and a deep respect for the long game. Joanne brings both operational experience and investing insight, shaped by years of building companies and navigating complex projects from the ground up.
Interview with Joanne Chang
When you look at early-stage companies for investment potential, what factors or founder qualities stand out most?
Domain experience, self-awareness, humility, learning mindset ("I don't know what I don't know but here's how I think I might start to learn"), how founding teams mesh, curiosity, perseverance (I call this the "I am willing to charge through walls"). I also really like what some people call the "non-consensus accurate bet". I am also attracted to companies that are trying to move the needle in meaningful ways, usually with tech.
How has your experience in commercial real estate development shaped the way you view startup scaling and growth?
Having the right partners and advisors can make or break a project. Same with startups. If you get bad advice or ill-conceived feedback, it can thwart momentum and point you in a bad direction. I make it a point to seek out experts with different viewpoints so I can educate myself. Most big projects (companies, org building, etc) are a team sport and having the best people come alongside you is super key. This spans everything from your capital partners to your legal, regulatory, compliance, tax people.
How has being an entrepreneur yourself influenced your investing approach?
I think owning your own P&L makes the "having skin in the game" reality. As an investor, I look for founders with the same mentality. They feel the weight of a payroll on their shoulders. This should motivate them to be successful, because really, when you're investing in startups, you're investing in people. Entrepreneurs have to be boldly honest with themselves at what they're good at, what they do well, and what they suck. This is also true for investing, I will be the first to admit that I don't invest in areas that I don't fully understand. For example: crypto. Or B2C, which often boils down to great marketing (which I appreciate but cannot fathom the secret sauce).
Hindsight is 20/20. What’s one piece of advice you’d like to go back and give yourself?
I'd tell my younger self to learn how to ski because it sucks to learn when you're middle aged. On a serious note - life is short. Organize your priorities in 5 year chunks. Use the life length lens to filter. If it's not a "heck yes", then it's a "no". There are no shortcuts in the long game.
What’s one question we didn’t ask that you wish we did?
Question: What is the one thing that I STOPPED doing that added the most amount of value in my life? Answer: Delete social media from my phone.
What initially motivated you to become an LP with RevUp? Still feeling it?
Like I said, investing is about the people. And I am aligned with Melissa's philosophy of revenue-based investing in companies that will not be unicorns but are still growth-minded and generate plenty of operating cashflow. I like that she is deliberate about diversifying the LP and portfolio mix. If I see another investment presentation from a white, male fund manager who went to (insert Ivy League name here) I will scream. I strongly believe that you can make gobs of money AND do the right thing. Feel free to edit out the last couple of sentences, but you get my drift. I like that Melissa is formidable. We vote with our dollars and that's what I'm voting for.
Conversations like these remind us that RevUp’s community is built on more than capital. It’s built by people who believe deeply in founders and the power of sustainable growth. Joanne brings a unique perspective shaped by years of experience, curiosity, and conviction, and we’re proud to have him as part of the RevUp family. Her stories reflect what makes our LP network so special: a shared commitment to helping companies grow on their own terms.
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More About Joanne Chang
Joanne Chang is an investor and advisor to early-stage technology startups, and a commercial real estate developer with a portfolio of mixed-use, retail, and industrial properties in Rhode Island, Massachusetts, and California.
She brings expertise in strategic marketing, M&A, finance, and business development, and has advised organizations ranging from Fortune 50 corporations to seed-stage startups.
Joanne serves on several boards, including the largest victims services agency for domestic violence in Rhode Island, and an independent all-girls Quaker school in Providence. She holds an MBA from Harvard Business School, an SM from the MIT–Harvard Division of Health Sciences and Technology, and a BS in Electrical Engineering from MIT.
More About RevUp Capital
RevUp Capital invests in B2B and B2C companies that are revenue-driven and ready to double down on growth. We deploy cash and capacity to help companies grow from $1-3M to $10-30M, quickly and efficiently, using a revenue-based model. Companies enter our portfolio with $500K-$3M in revenue, a strong growth rate, and a team that’s ready to scale. Our typical investment range is $300K-$500K.
To learn more about RevUp and our most recent fund, visit https://www.revupfund.com/blog/athena-growth-fund-2025
And if the idea of expanding the toolkit for early stage investing sounds good to you, check out a recent recording that Melissa produced on the economic upsides of investing beyond unicorns.
Learn More at www.revupfund.com