Minisode: Jack Altman’s VC Career Arc and the Launch of Asylum Ventures
Sep 17, 2024
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Jack Altman, a former VC-backed founder turned angel and institutional investor, shares insights into his dynamic journey in venture capital. He discusses the transition from using personal capital to managing LP dollars, revealing where he feels confident taking risks. The conversation highlights the founding philosophy of Asylum Ventures, which emphasizes treating founders as artists and fostering genuine relationships. Additionally, they touch on the rise of podcasts in industry communication and the innovative community events blending art and entrepreneurship in New York.
Jack Altman emphasizes the necessity of genuine passion and authenticity in transitioning from a founder to an investor in venture capital.
Asylum Ventures aims to redefine venture capital by prioritizing trust and support for founders over the conventional transactional approach.
Deep dives
The Journey of Asylum Ventures
Asylum Ventures represents a personal and professional evolution for its founder, who draws inspiration from both A24, a film studio known for its unique approach, and David Geffen, a music and movie producer. The initiative aims to challenge the traditional venture capital narrative by treating founders more like artists than merely business executives. This perspective fosters a supportive environment for entrepreneurs, guiding them through the complexities of raising capital without enforcing the ways of large asset managers. The founder believes this shift is particularly relevant in the current market, where many have faced challenges with over-capitalization and are searching for a more meaningful partnership in venture funding.
Insights from Jack Altman on Investment Roles
Jack Altman, co-founder and former CEO of the HR platform Lattice, offered valuable insights into the transition from founder to investor during a recent discussion. He highlighted the significant differences between the day-to-day responsibilities of a CEO and those of an investor, noting that the skills required in each role do not always overlap. Furthermore, he emphasized the importance of pursuing work that one genuinely loves, as this passion is crucial for excelling in any field. This perspective resonated deeply with listeners and underscored the value of authenticity and personal fulfillment in professional endeavors.
Adopting a Unique Approach to Fundraising
Asylum Ventures is embarking on a unique fundraising journey that distinctly sets it apart from traditional venture firms. With a focus on building a strong relationship with founders, the firm prioritizes trust and authentic support over the transactional nature often found in larger VC firms. The founder plans to implement proactive measures to source high-potential investments beyond existing networks, adapting to the evolving startup landscape. This belief in fostering genuine connections with founders and remaining agile in a fluctuating market is positioned as essential for long-term success and sustainability in venture capital.
Nick Chirls, GP at Asylum Ventures, and Beezer Clarkson, LP at Sapphire Partners, go inside their recent conversation with Alt Capital’s Jack Altman to answer their burning question: What does the journey look like from VC-backed founder to angel investor to institutional VC? How does one successfully jump from investing their own capital to taking on LP dollars? Where is Jack comfortable taking bigger bets? Plus, the two of them go in-depth for the very first time on Nick’s new firm, Asylum Ventures.
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