S2E6: Hard is a moat | Max Altschuler (GTMFund)

We hosted Max Altschuler, founder of Sales Hacker and GTMfund in our studio to talk about how AI is fundamentally reshaping go-to-market strategies and why he thinks most GTM software companies are in trouble.

After a near-death experience, Max made a radical life change - selling his dream home in Scottsdale and going "asset light" to prioritize nature and lifestyle over traditional success metrics. As he explains:

"I really am just the happiest person when I'm in nature. I'm a better father, partner, friend, and I'm better at my job. Like I need to be in nature."

Max's GTMfund has a unique model with 300 software executives as LPs, creating what he calls the ultimate sourcing engine. But he's avoiding investments in GTM software entirely, seeing a "cloudy, soupy layer" where even successful companies like Outreach face existential threats from their own efficiency gains.

"If you can get 20% more capacity out of your sales force... you just need to hire 20% less reps to get the same productivity."

The conversation revealed several counterintuitive insights about building sales teams in the AI era. Max advocates for quality over quantity - hire "absolute killers" from companies like Outreach, support them with growth engineers, and focus on what he calls "hard as a moat" strategies.

"When only two emails came into that VP of sales saying 'congrats on the Series B,' it worked. Now when they get 600 emails, they mute all of them."

Max is bullish on vertical software and global infrastructure plays, pointing to massive opportunities in untouched industries. His recent investment in air traffic control technology exemplifies his thesis - find industries with no innovation for decades, then back exceptional founders to transform them.

"Hard is a moat. Like it was hard for me to go uncover who raised the round and do the work. Now that that is like one click."

Perhaps most interesting is Max's take on community-driven growth. Despite running Sales Hacker for years without cracking paid communities, he now sees them as more powerful than ever.

"Communities are stronger than ever... even if I don't make any money off my investment in the fund, I'm so happy I did this because of all the events and the community."

He also warns about the dark side of AI in customer support, questioning whether companies like Klarna are moving too fast in replacing human teams.

"As a customer, I'm not really sure I want to hear that... I'm spending $100K with you for SaaS software versus like $15 on an Uber ride. Those are two different customer support experiences."

What's emerging is a new playbook where "hard" becomes the ultimate competitive advantage, vertical markets offer the safest returns, and human relationships matter more than ever - even as AI automates everything else.

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