What if the key to outsized venture returns isn’t just a great idea but the unshakable resilience of the founder behind it? Jonathan Taylor and Brice Penaud of Water Bear Ventures believe grit is the ultimate differentiator, and they’ve built a fund around finding it.

Jonathan brings years of experience driving strategic outcomes in venture, while Brice draws on a behavioral science background to decode the mindset of top-tier founders.

Here’s a glimpse of what you’ll learn:

00:00 Introduction to Driving Alpha
00:43 Meet the Water Bear Team
02:15 The Origin of Water Bear Ventures
05:29 Defining Exponential Value
08:19 Art Meets Science in Early-Stage Investing
11:06 Building Relationships and Measuring Grit
16:44 Hunting Grounds for Gritty Founders
18:40 Involvement Beyond Capital
23:14 Lessons from Fund One and Plans for Fund Two
32:49 Optimizing LP Relationships
37:52 Future Vision for Water Bear Ventures
40:47 Conclusion and Final Thoughts

In this episode,

Host Sam Silvershein sits down with the Water Bear Ventures team to explore how they invest in adaptability, grit, and long-term value creation at the earliest stages. From the origins of their firm’s name to the behavioral cues they use to identify resilient founders, Jonathan and Brice reveal the real mechanics of building a differentiated early-stage portfolio.

You’ll hear how Water Bear's founder-first, anti-hype approach helped them outperform with Fund I and how those lessons are shaping their strategy for Fund II. They also break down how they build trust with LPs, support founders beyond capital, and maintain focus in a landscape full of distractions. If you want a deeper understanding of what makes early-stage investing work, this conversation delivers.

Brice Penaud & Jonathan Taylor of Water Bear Ventures: Investing in Resilience and Founder Grit