Origins - Inside Venture Capital, Hosted by a GP and an LP

From VC-backed Founder to Angel to Institutional Investor with Jack Altman

Sep 10, 2024

Jack Altman, a venture capitalist and founder of HR platform Lattice, shares insights from his journey transitioning from angel investor to institutional investor. Alongside Nick Chirls of Asylum Ventures and Beezer Clarkson of Sapphire Partners, he discusses the significance of building a strong reputation and making swift decisions as a founder. Jack emphasizes the art of ruthless prioritization, balancing family life with a demanding career, and the distinctive dynamics of investing personal versus institutional capital. His personal anecdotes and practical advice make for an engaging conversation.

47:07

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Episode guests

Beezer Clarkson

Nick Chirls

Jack Altman

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Jack Altman emphasizes the importance of ruthless prioritization in balancing professional commitments and family time as an investor and founder.

The transition from founder to institutional investor reflects a natural evolution where successful entrepreneurs leverage their experiences to impact the startup ecosystem.

Deep dives

Overview of Asylum Ventures

A new venture capital firm, Asylum Ventures, is launched with a $55 million early-stage fund focusing on celebrating the creativity involved in building startups. The founders emphasize their mission to offer an alternative to large asset managers by providing a more personalized and genuine approach to venture capital. The firm aims to have a long-lasting impact on the startup ecosystem, challenging the conventional norms of the industry. The personal journey of the founders, particularly relating to their past experiences in traditional finance, drives their commitment to treating founders as artists rather than mere line items in a balance sheet.

Intro

2min

Redefining Venture Capital

5min

From Founder to Investor: A Journey

4min

Balancing Family and Career

6min

Mastering the Art of Prioritization in Professional Life

3min

Navigating Ventures: From Founding to Investing

26min

Defining Success in Venture Capital

2min

Jack Altman of Alt Capital has led quite a life in Silicon Valley. He’s gone from angel investing to founding a venture-backed company (HR platform Lattice), back to angel investing today, taking on outside capital as an institutional investor at Alt Capital. Jack sits down with Nick Chirls, GP at Asylum Ventures & Beezer Clarkson, LP at Sapphire Partners, to discuss learnings from his impressive career arc, including how to build a reputation by avoiding zero sum games, making decisions quickly as a founder, the differences in investing your own money and someone else’s, how to build a track record as an angel, and being a generalist both inside and out of the office. Plus, having just welcomed his third child into the family, Jack discusses the importance of ruthless prioritization - how to say no to the low value-add dinners and meetings if it means you get to be home for bedtime.

Learn more about Sapphire Partners: https://sapphireventures.com/sapphire-partners/

Learn more about OpenLP: https://openlp.sapphireventures.com/

Learn more about Asylum Ventures: asylum.vc

Learn more about Alt Capital: https://www.altcap.com/

Subscribe to the OpenLP newsletter for a monthly roundup of the latest venture insights, including the newest Origins episodes, delivered straight to your inbox.

CHAPTERS:

00:00-Introduction

02:59-Nick’s new fund, Asylum Ventures, is Live!

07:22-The Burning Question

11:02-Jack Altman Introduction

12:55-Ruthless prioritization: Balancing Work & Family

16:40-The Best Idea You Say No To

19:21-Working with a Wide Scope of Founders

22:07-Building a Reputation in Venture

25:03-Venture is Noisy: Speak Softly but Carry a Big Stick

27:52-The Other Altman

30:42-From Founder to Angel to Institutional Investor

38:11-Fundraising Strategy

42:10-Investing Your Own Money vs LP Capital

45:52-Outro

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