Thesis-led vs founder-led investing balance

How do you spot a frontier-tech company before it becomes obvious and why is being early so much harder than being right? In this episode, I talk with Jonathan Lacoste, Founder and General Partner of Space VC, about investing at the moment when ideas are still non-consensus. Jonathan explains the difference between deep tech and frontier tech, why founder migration is the strongest signal of emerging opportunity, and how pre-seed investors create alpha by backing contrarian founders before markets agree. We discuss how grit and mission outperform IQ, why concentration beats diversification in early-stage portfolios, and how patience compounds into an edge over time.

Highlights:

• The difference between deep tech, frontier tech, and “just tech”
• Why founder migration predicts where value is forming
• Investing before consensus vs. competing after consensus
• Why pre-seed alpha comes from people, not theses
• How grit, obsession, and mission predict founder success
• Why concentration works better than diversification at pre-seed
• How Jonathan evaluates first-time founders before companies exist
• Lessons from building and selling his own startup
• Why hardware and industrial tech are becoming venture-scale
• How patience and restraint compound into long-term advantage

Guest Bio:

Jonathan Lacoste is the Founder and General Partner of Space VC, a pre-seed venture firm backing frontier technology startups across space, defense, energy, robotics, autonomy, and physical AI. Before founding Space VC, Jonathan co-founded an enterprise software company that was later acquired by Vista, and he became one of the youngest founders to raise venture capital at age 19. He brings a founder-first approach shaped by firsthand experience building through multiple pivots, near-failures, and a successful exit. Originally from Ohio, Jonathan has spent over 15 years as a founder, investor, and advisor working with some of the most technically ambitious teams in the world.

Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.

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Disclaimer:

This podcast is for informational purposes only and does not constitute investment, financial, legal, or tax advice. Nothing in this episode should be interpreted as an offer to buy or sell any securities or to participate in any investment strategy. All opinions expressed by the host and guests are their own and do not represent the views of Weisburd Capital. Participants may hold positions or have financial interests in the companies, funds, or investments discussed. Any references to specific investments are for illustrative purposes only. Investing involves risk, including the potential loss of capital. Past performance is not indicative of future results, and any forward-looking statements are subject to risks and uncertainties. Any third-party data or opinions have not been independently verified. Listeners should conduct their own research and consult their own advisors before making any investment decisions.

(0:00) Introduction (0:42) Impact of economic conditions on startup formation and differences between deep tech and frontier tech (4:02) Transitioning from deep tech to mainstream with examples (6:12) Non-consensus investing and its importance for emerging managers (9:21) Understanding the two asset classes within venture capital (10:15) The significance of founder migration from top tech companies (12:16) Comparing thesis-led and founder-led investment approaches (18:48) The role of grit in hard tech entrepreneurship and Jebbit's challenges (24:16) Jonathan Lacoste's background and the concept of grit in startups (27:47) Mission orientation in founders and its impact on startup success (29:13) Effects of large liquidity events on founder motivation (30:29) Economic rationale for investing in frontier tech startups (32:32) Evolution of investment strategies from fund one to fund two (35:02) Communicating strategy and differentiation to LPs and aligning with them long-term (40:54) Advice on recognizing excellence and patience in capital deployment (43:48) Differences between successful entrepreneurs and VCs (45:06) Closing remarks