Venture Unlocked: The playbook for venture capital managers

<p><em>Follow me </em><a target="_blank" href="https://x.com/Samirkaji"><em>@samirkaji</em></a><em> for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.</em></p><p>Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.</p><p>In this episode, I sit down with Lior Susan from Eclipse to explore his journey from building companies in the physical world to founding and scaling a unique venture firm. We discuss the importance of high-conviction investing, assembling elite teams from operator backgrounds, and staying adaptable in a rapidly shifting market shaped by technology and AI. Lior shares lessons on discipline, honesty, and the realities of venture investing, offering actionable insights for anyone interested in building resilient companies or understanding what it takes to succeed in today’s venture landscape.</p><p>Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Lior. If you’d like to get Venture Unlocked content straight to your inbox, go to <a target="_blank" href="http://ventureunlocked.substack.com">ventureunlocked.substack.com</a> and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listening.</p><p><strong>About Lior Susan</strong></p><p><strong><em>Lior Susan</em></strong> is the founder and managing partner of Eclipse, a venture capital firm focused on backing entrepreneurs who are building companies to transform physical industries. He began his career as a co-founder of Intucell, a software-defined networking startup that was acquired by Cisco in 2012. After that, he led the hardware investment platform Lab IX at Flextronics, deploying capital across energy storage, additive manufacturing, robotics, and wireless infrastructure. In 2015, Lior launched Eclipse to invest in startups transforming critical industries like manufacturing, logistics, supply chain, transportation, energy, and on. He draws on experience as an operator, investor, and former Israeli special forces serviceman to support founders tackling complex, real-world problems.</p><p><strong><em>Eclipse </em></strong>is a firm headquartered in Palo Alto (with a New York presence) that partners with entrepreneurs building category-defining companies in physical industries. The firm builds and invests in companies at all stages, combining hardware, software, and systems to modernize “bits and atoms.” Since its founding in 2015, Eclipse has built and backed over 100 companies and helped accelerate startups like Bedrock, VulcanForms, True Anomaly, and Cerebras — companies driving innovation in construction, digital manufacturing infrastructure, defense capabilities, and AI infrastructure.</p><p>During the conversation, we discussed:</p><p>* Lior’s Career Path and Founding Eclipse (3:38)</p><p>* Reflecting on the Fund’s Origins and Initial Fundraising (6:46)</p><p>* Adjusting Firm Size and Strategy as Opportunities Grow (9:49)</p><p>* High-Conviction, High-Ownership Investment Approach (12:45)</p><p>* Decision-Making Process and Team Dynamics (14:57)</p><p>* Patterns Among Founders of Large Companies (17:27)</p><p>* The Evolution of Eclipse’s Value Proposition (20:23)</p><p>* Operator-to-Investor Transitions and Internal Training (24:49)</p><p>* Market Shifts and Macro Changes in Venture Capital (27:07)</p><p>* Exit Challenges, IPOs, and Long-Term Private Markets (30:27)</p><p>* Alignment Between LPs and Managers Around Exits (33:44)</p><p>* Lior’s Investment Lessons and Reflections on Power Law (35:17)</p><p>* Thoughts on Deglobalization and Future Predictions (36:32)</p><p>I’d love to know what you took away from this conversation with Lior. Follow me <a target="_blank" href="https://twitter.com/Samirkaji">@SamirKaji</a> and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a <a target="_blank" href="https://twitter.com/Samirkaji">direct message on X</a>.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://ventureunlocked.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">ventureunlocked.substack.com</a>

<p><em>Follow me </em><a target="_blank" href="https://x.com/Samirkaji"><em>@samirkaji</em></a><em> for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.</em></p><p>Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.</p><p>Today, I sat down with <a target="_blank" href="https://www.linkedin.com/in/robgo/">Rob Go</a>, Co-Founder and Partner at <a target="_blank" href="https://nextview.vc/">NextView</a>, to discuss the shift in seed-stage investing and what seed funds need to consider to remain viable. The conversation was sparked by a series of Posts Rob wrote, the first of which was called a <a target="_blank" href="https://nextview.vc/blog/a-crisis-moment-for-seed-vc/">Crisis Moment in Seed.</a> We spent a lot of time talking about what inspired the post and how seed managers should adapt to the shifted market. For anyone investing at seed, this is a must listen as Rob shared so many insightful views.</p><p>Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Rob. If you’d like to get <em>Venture Unlocked</em> content straight to your inbox, go to <a target="_blank" href="http://ventureunlocked.substack.com">ventureunlocked.substack.com</a> and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listening</p><p><strong>About Rob Go</strong></p><p><strong><em>Rob Go</em></strong> is the co-founder and partner of NextView Ventures, a thematic seed-stage venture capital firm focused on investing in founders solving meaningful problems for everyday people. Before launching NextView, Rob was a venture capitalist at Spark Capital, where he focused on the intersection of media, technology, and entertainment.</p><p>Earlier in his career, Rob led the “Finding” business unit at eBay, where he helped design and launch over 20 products that transformed the platform’s search and merchandising experience. He also worked in strategy consulting at The Parthenon Group, focusing on consumer and retail industries, and held product management roles at Fidelity Investments and BzzAgent.</p><p>Rob holds a B.S. in Economics from Duke University and an MBA from Harvard Business School. Beyond venture, he’s a founding member of Highrock Church in Brookline, MA, and a dedicated husband and father who values family and faith as deeply as entrepreneurship.</p><p><strong><em>NextView Ventures</em></strong> is an early-stage venture capital firm founded in 2010, with offices in New York, Boston, and San Francisco. They focus on seed-stage investments, typically ranging from around $250K to $4M, in companies building consumer, fintech, digital health, and B2B SaaS solutions that reshape what they call the everyday economy The firm has backed a number of notable companies, including ThredUp, Grove Collaborative, WHOOP, and TripleLift, all of which have achieved significant exits or growth milestones. Their hands-on, founder-first approach and thematic focus have helped them build a strong track record in seed investing.</p><p>During the conversation, we discussed:</p><p>* The Venture Landscape’s Evolution Since 2011 (3:27)</p><p>* The Entry of Accelerators Like YC and Mega Funds (6:21)</p><p>* The Role of YC’s Offer Structure in the Seed Market (9:14)</p><p>* Mega Funds and the Influence of the Power Law (12:21)</p><p>* AI’s Market Impact and Opportunities for Seed Investors (15:18)</p><p>* Defensibility and Differentiation in AI Applications (18:17)</p><p>* The Importance of Distinct Strategies for Seed Funds (21:37)</p><p>* Super Compounder Versus Classic Venture Approaches (24:26)</p><p>* Adjusting Capital Allocation for Non-Consensus Companies (27:26)</p><p>* The Role of Optionality in Navigating Downstream Capital (30:35)</p><p>* NextView’s Tactical Shift Toward Data and AI Tools (33:27)</p><p>* Lessons on Discipline, Dogmatism, and Missed Opportunities (36:22)</p><p>I’d love to know what you took away from this conversation with Rob. Follow me <a target="_blank" href="https://twitter.com/Samirkaji">@SamirKaji</a> and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a <a target="_blank" href="https://twitter.com/Samirkaji">direct message on X</a>.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://ventureunlocked.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">ventureunlocked.substack.com</a>

<p><em>Follow me </em><a target="_blank" href="https://x.com/Samirkaji"><em>@samirkaji</em></a><em> for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.</em></p><p>Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.</p><p>In this episode, I had the pleasure of speaking with <a target="_blank" href="https://www.linkedin.com/in/mercedesbent/">Mercedes Bent</a> about her fascinating journey from a tech-driven upbringing to becoming a leading venture capitalist. We discussed how her unique background informs her <a target="_blank" href="https://lsvp.com/team-member/mercedes-bent/">investment philosophy</a> and the importance of originality and non-consensus thinking in today’s VC landscape. Our conversation also covered the challenges and opportunities in consumer technology, the transformative impact of AI, and strategies for portfolio construction. One of my key takeaways was the critical role of intuition in identifying exceptional founders, as well as the value of building compounding networks and staying ahead of platform shifts. It was an insightful discussion that offered practical lessons for anyone interested in the future of venture capital. We hope you enjoy the conversation.</p><p>Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Mercedes. If you’d like to get Venture Unlocked content straight to your inbox, go to <a target="_blank" href="http://ventureunlocked.substack.com">ventureunlocked.substack.com</a> and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listening</p><p><strong>About Mercedes Bent</strong></p><p><strong><em>Mercedes Bent</em></strong> is a Venture Partner at Lightspeed Venture Partners and Co-Founder of venture firm Premise. At Lightspeed, she focused on early-stage investments in consumer, fintech, multicultural markets, and Latin America. She began her career at the Federal Reserve and Goldman Sachs before moving into the education technology sector with General Assembly. At General Assembly, she helped expand one of the company’s key product lines from $2M to $100M in revenue over four years. She joined Lightspeed in 2019 after developing a strong investment perspective in areas such as edtech, VR, and multicultural consumer products. At Lightspeed, she has invested in and worked with companies including Stori, Honeylove, Forage, Magic Eden, Outschool, and Flink. She has also been recognized in industry publications for her contributions to venture capital and efforts to broaden access to entrepreneurship.</p><p><strong><em>Lightspeed Venture Partners</em></strong>, founded in 2000, is a global venture capital firm managing over $25 billion in assets with offices across the U.S., Europe, Israel, India, and Southeast Asia. The firm invests from seed to growth stage across enterprise, consumer, fintech, healthcare, and emerging tech. Over the years, Lightspeed has backed more than 500 companies, including Snap, MuleSoft, Affirm, Carta, and Anthropic, and has been part of notable exits like AppDynamics and Nest. With a strong record of helping founders scale and succeed, Lightspeed is recognized as a leading partner for building category-defining companies.</p><p>During the conversation, we discussed:</p><p>* Mercedes’s Background, Upbringing, and Early Career (1:45)</p><p>* How Background Informed Firm Values/Culture (4:19)</p><p>* The Gap in Consumer Technology Investing & Identifying Founders (8:40)</p><p>* Non-Consensus Investing in Early Stage VC (10:01)</p><p>* Startup Mentality and KPIs in Fund Management (15:06)</p><p>* Sourcing vs. Winning Seed Deals – What Matters? (16:19)</p><p>* Seed Manager vs. Large Fund Business Models (21:21)</p><p>* Gifted TVPI vs. Earned TVPI, Portfolio Philosophy (26:22)</p><p>* Consumer Sector’s VC Downturn & New Tech Cycles (32:21)</p><p>* The AI Consumer Technology Wave & Opportunity (35:33)</p><p>* Identifying Product-Market Pull and Early Leading Indicators (37:08)</p><p>* Shifts in Distribution Channels in AI (40:09)</p><p>* Future-casting, Platform Shifts, and AI Companions (43:50)</p><p>* Lessons from Years in VC & Trusting Intuition (44:27)</p><p>* Final Thoughts and Takeaways (47:46)</p><p>I’d love to know what you took away from this conversation with Mercedes. Follow me <a target="_blank" href="https://twitter.com/Samirkaji">@SamirKaji</a> and give me your insights and questions with the hashtag #venture unlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a <a target="_blank" href="https://twitter.com/Samirkaji">direct message on X</a>.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://ventureunlocked.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">ventureunlocked.substack.com</a>

<p><em>Follow me </em><a target="_blank" href="https://x.com/Samirkaji"><em>@samirkaji</em></a><em> for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.</em></p><p>Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.</p><p>In this episode, I had the pleasure of speaking with <a target="_blank" href="https://www.linkedin.com/in/alexrob22/">Alex Robinson</a>, CEO and Co-Founder of <a target="_blank" href="https://www.junipersquare.com/">Juniper Square</a>. We talked about the evolution of private markets and the transformative role of technology and AI in fund administration. We also discussed the inefficiencies that inspired Juniper Square’s founding, the challenges of scaling operations for both institutional and individual investors, and the ongoing push for greater transparency between GPs and LPs. Alex shared insights on how AI is set to revolutionize knowledge work in the industry, streamline workflows, and enhance the investor experience. Key takeaways include the critical importance of embracing technology to drive efficiency, the growing impact of AI on fund management, and the need for adaptability as the private markets continue to evolve.</p><p>Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Alex. If you’d like to get Venture Unlocked content straight to your inbox, go to <a target="_blank" href="http://ventureunlocked.substack.com">ventureunlocked.substack.com</a> and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listening</p><p><strong>Bio of Guest:</strong></p><p><strong><em>Alex Robinson</em></strong> is the CEO and Co-Founder of Juniper Square, a leading investment management software platform transforming private markets. With a background in engineering and business, Alex previously held product and leadership roles at top technology firms, including Microsoft and Boston Consulting Group. His own experience as a limited partner inspired the creation of Juniper Square in 2014, aiming to modernize and simplify the private investment process. Under his leadership, the company has grown to serve over 2,500 GPs and over 600,000 LPs, managing tens of thousands of investment funds. Alex is recognized as a driving force behind digitizing private markets and expanding investor access through innovation and transparency.</p><p><strong><em>Juniper Square</em></strong> is a leading investment management platform designed to streamline operations for private equity, real estate, and venture capital firms. The platform helps General Partners (GPs) manage fundraising, investor reporting, and fund administration through intuitive, data-rich software. Since its founding in 2014, Juniper Square has become a trusted partner to over 2,500 GPs and supports more than 600,000 Limited Partners (LPs) across more than 40,000 investment funds. By replacing outdated systems with modern, transparent tools, Juniper Square is transforming how private markets operate and expanding access for investors worldwide.</p><p><strong>Timestamps:</strong></p><p>In this episode, we discuss:</p><p>* Founding Motivation for Juniper Square (2:00)</p><p>* Early Focus on Real Estate and LP Trends (6:13)</p><p>* Complexity and Lack of Standardization in Private Markets (11:40)</p><p>* Impact of Technology on LP Experience (15:34)</p><p>* Transparency Evolution in Private Markets (19:15)</p><p>* Differences Across Asset Classes and Regulation (23:15)</p><p>* Strategic Decisions and Market Surprises (26:09)</p><p>* Bundling and the Future of Wealth Channel Access (30:43)</p><p>* AI’s Impact on Private Markets and Fund Operations (33:44)</p><p>* The GP of 2030: AI and Capital Formation (37:49)</p><p>* AI and Labor Market Disintermediation (42:07)</p><p>* Future Vision and Company Outlook (44:07)</p><p>* Final Thoughts and Takeaways (47:07)</p><p>I’d love to know what you took away from this conversation with Alex. Follow me <a target="_blank" href="https://twitter.com/Samirkaji">@SamirKaji</a> and give me your insights and questions with the hashtag #venture unlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a <a target="_blank" href="https://twitter.com/Samirkaji">direct message on X</a>.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://ventureunlocked.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">ventureunlocked.substack.com</a>

<p><em>Follow me </em><a target="_blank" href="https://x.com/Samirkaji"><em>@samirkaji</em></a><em> for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.</em></p><p>Welcome back to another episode of Venture Unlocked, the podcast that takes you behind the scenes of the business of venture capital.</p><p>In this episode, I sit down with Jack Altman, Managing Partner at Alt Capital. We unpack Jack’s journey from Lattice CEO to <a target="_blank" href="https://www.altcap.com/">venture capitalist</a>. We dive deep into the nuances of venture investing, exploring how operators transition into investors, the importance of founder relationships, and the critical elements of successful early-stage investing. Jack shares <a target="_blank" href="https://www.linkedin.com/in/jackealtman/">candid insights</a> about evaluating talent, providing tough feedback, and navigating the current AI technology landscape. His most compelling advice centers on the importance of backing founders you truly believe in, regardless of market fluctuations. As we discuss everything from fund strategies to valuation challenges, the conversation reveals the complex art of venture capital – a world where relationships, intuition, and long-term vision matter more than short-term metrics.</p><p>Thanks for listening to another episode of Venture Unlocked. We hope you enjoyed our conversation with Jack. If you’d like to get Venture Unlocked content straight to your inbox, go to <a target="_blank" href="http://ventureunlocked.substack.com">ventureunlocked.substack.com</a> and sign up, or go to Apple Podcasts or Spotify and subscribe. Thanks again for listening</p><p><strong>About Jack:</strong></p><p><strong><em>Jack Altman</em></strong> is the founder and Managing Partner of Alt Capital, a $150 million early-stage venture fund he launched in February 2024 that has invested in Antares, David AI, Legora, and Owner, among others. Jack is also an investor in companies like Figma, Rippling, Writer, and Vanta. Prior to his career in investing, Jack co‑founded and led Lattice, an HR and people-performance platform that grew to serve thousands of global companies and reached a $3 billion valuation before he transitioned into his role as Executive Chairman. With a background that includes roles in corporate finance and business development, Jack honed his startup expertise at Teespring and Hydrazine Capital before building Lattice from the ground up. Now at Alt Capital, Jack combines his founder-to-investor experience to back innovators in B2B software and hard tech. He's launched initiatives like the Generate accelerator, offering expert mentorship and resources to AI-driven startups—underscoring his commitment to pragmatic, conviction-led investing.</p><p><strong><em>Alt Capital</em></strong> is an early-stage venture firm focused on backing exceptional founders across industries, predominantly B2B software and hard tech. With a $150 million debut fund launched in 2024, Alt Capital takes a founder-first, conviction-driven approach to investing—leveraging Founder Jack Altman’s experience scaling Lattice into a $3B company to support startups through their earliest and most pivotal stages. Alt Capital prioritizes long-term partnership, practical guidance, and high-conviction bets over volume-based investing. In a short time, Alt Capital has already positioned itself as a go-to firm for ambitious founders building the next wave of category-defining companies.</p><p>In this episode, we discuss:</p><p>* Jack’s Transition: Operator to Investor (1:47)</p><p>* Early Surprises in Running a Venture Firm (4:05)</p><p>* Types of Venture Capitalists and Motivations (6:37)</p><p>* Brutal Honesty vs. Founder Friendliness (9:51)</p><p>* Earning the Right to Give Advice (13:19)</p><p>* What Makes a Good Venture Capitalist (18:22)</p><p>* Evaluating Founders: Motivations and Outlier Traits (21:20)</p><p>* Measuring Success in Venture: Feedback Loops and KPIs (26:53)</p><p>* Big vs. Small Venture Firms: Different Models (29:47)</p><p>* Venture as Different Financial Products (32:35)</p><p>* AI, Market Size, and Valuation Inflation (34:13)</p><p>* Underwriting and Fund Size Strategy (37:45)</p><p>* Biggest Lesson Learned in Venture (43:19)</p><p>* Final Thoughts and Takeaways (44:55)</p><p>I’d love to know what you took away from this conversation with Jack. Follow me <a target="_blank" href="https://twitter.com/Samirkaji">@SamirKaji</a> and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a <a target="_blank" href="https://twitter.com/Samirkaji">direct message on X</a>.</p> <br/><br/>This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit <a href="https://ventureunlocked.substack.com?utm_medium=podcast&#38;utm_campaign=CTA_1">ventureunlocked.substack.com</a>