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.

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ADVICE

Join Post-PMF Startups

Join an early-stage company right after product-market fit (PMF) for maximum career benefit.
Evaluate PMF by trusting knowledgeable people or learning how to check key metrics yourself.

ANECDOTE

Lattice's Pivot to Performance Reviews

Lattice initially focused on OKRs but failed to get retention despite good early interest.
Pivoted to performance reviews after close customer conversations revealed a desperate unmet need.

INSIGHT

10-Year SaaS Customer Focus

Enduring SaaS businesses solve problems that customers rely on for a decade.
Software must be foundational and widely used long term, not just good for short-term use.

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"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