The IO Podcast: Investor + Operator

Building Lattice & Alt Capital: Jack Altman On Investing & Operating

Oct 1, 2024

Jack Altman, co-founder and former CEO of Lattice, now invests full-time with Alt Capital. He shares how joining a startup post-product-market fit can be the best career move. Alt discusses crucial insights from scaling Lattice and the top traits every founder should possess. He reflects on his fundraising missteps and emphasizes the importance of building products for long-term use. Transitioning into investing, Alt highlights his passion for supporting startups while navigating the complexities of the tech ecosystem.

01:10:16

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Episode guests

Jack Altman

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Quick takeaways

Joining a company post-product-market fit provides the best career advantage by capitalizing on rapid growth and learning opportunities.

Jack Altman's journey with Lattice emphasizes the importance of user-centric solutions and adapting to customer feedback for successful product development.

Altman highlights the necessity for startups to focus on sustainability and real customer value amid shifting market dynamics and evolving tech trends.

Deep dives

Jack Altman's Background and Career Path

Jack Altman grew up in St. Louis and initially had no ties to the tech world, moving to San Francisco in 2013 to join Teespring. During his time at Teespring, he experienced rapid growth, transitioning from an individual contributor to the Vice President of Business Development. This fast-paced environment allowed him to gain valuable managerial skills that would later benefit him as a founder. His journey set the stage for his eventual co-founding of Lattice, emphasizing the importance of exposure and strategic decision-making when choosing a company to join early in one's career.

Intro

4min

Navigating the Path to Foundership

17min

Navigating Fundraising and Leadership Dynamics

25min

Navigating the Startup Ecosystem

18min

Admiring Leadership: The Power of Leading with Love

2min

Embracing Positivity and Adaptability in Life's Journey

3min

Insights from a Founder’s Journey: Navigating Company Building

2min

"Joining a company as early as possible, right after achieving product-market fit, offers the greatest career advantage." – Jack Altman

Jack Altman epitomizes the true "Investor-Operator." As the co-founder and former CEO of the multi-billion-dollar startup Lattice, and now a full-time investor with his $150 million venture fund, Alt Capital, Jack has successfully navigated both sides of the entrepreneurial journey. It’s clear he excels in every aspect, and we were thrilled to have him on the show.

In this episode, we delve into Jack’s career trajectory, from his early days in tech to how he gained the insight to launch Lattice. Jack shares the invaluable lessons he’s learned from building and scaling Lattice to a Series F company, and how those experiences have shaped his approach to investing.

Here’s a breakdown of what we covered:

1:20 – How Jack got into tech and landed at a fast-growing startup

5:30 – Joining an early-stage company vs. starting your own: which provides better learning?

11:30 – The launch of Lattice and pivoting to achieve product-market fit (PMF)

14:14 – How to recognize when you’ve found PMF

19:20 – Best practices for scaling companies: “If your product won’t be used 10 years from now, you’ll never build a lasting, valuable SaaS business.”

21:15 – Jack’s early fundraising mistakes and what he’d do differently

24:30 – The top three traits every founder needs

30:15 – Transitioning to investing: "My hobby is other startups"

39:20 – How being a founder prepares you to be an investor

42:40 – How to become a Level 6 investor (Link to Tweet)

46:20 – Why point solutions won’t cut it—compound startups will generate the biggest returns

51:45 – Investing in AI and the rise of ‘killer apps’

58:54 – Investment strategies: should you aim to create returns by incubating or seed funding?

1:04:00 – Recap with Tyler & Sterling

For more on Alt Capital, visit altcap.com.

Check out Jack’s hierarchy of investors on X (formerly Twitter).

Discover more insights from Investor-Operators on the IO Podcast:

YouTube: @IO-Podcast

X: @IO__podcast

TikTok: @io_podcast

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The IO Podcast: Investor + Operator

Building Lattice & Alt Capital: Jack Altman On Investing & Operating

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Jack Altman's Background and Career Path

Lessons from Building Lattice

Navigating Fundraising Challenges

The Influence of Market Conditions on Startup Success

The Future of Investing and Company Building

Remember Everything You Learn from Podcasts