The Best of Slice: Top Lessons from Slice Podcast Season 1

This week on the Slice Podcast, we’re flipping the script with a special holiday episode, sharing our top learnings from the 10+ guests we’ve interviewed so far. From uncovering shifts in early-stage investing to redefining what it means to be a great founder or emerging manager, here are the key takeaways:

The Unbundling of Accelerators

One recurring theme has been the shift away from the traditional accelerator model. The best founders are no longer coming out of accelerators. Instead, we’re seeing institutionalized angel funds like Pietro cutting $100K to $300K checks, enabling syndicates to pull together $500K rounds split among a handful of strategic backers.

Today, the number one skillset for founders is fundraising. It’s not just about securing capital but structuring your fundraise thoughtfully to minimize dilution for yourself and your shareholders. As Fabri put it:

"It doesn’t matter how good your product or idea is. If you don’t know how to raise capital properly, it’s not going to work. The best founders gather small amounts of capital from targeted syndicates who offer strategic support—a far more effective approach than joining an accelerator."

Build a Firm, Not a Fund

Fabri often emphasizes the importance of working backward from your end goal, and this principle applies equally to building a venture firm. As Mike succinctly put it:

"You’re not just building a fund; you’re building a firm. A fund is a vehicle, but the vision is the firm itself. Fund I is just the beginning."

Emerging managers are constantly proving themselves, and the ones who succeed understand that pitching a firm is essentially pitching themselves. Clarity of purpose is crucial. As Fabri noted, “Not everyone we talked to knew exactly what they were doing. Many are still figuring it out, especially those on Fund Zero.”

The Role of an Emerging Manager Is Completely Different Than That of a GP at a Large Fund

We heard time and again how the role of an emerging manager is vastly different from that of a GP at an established firm. At big-brand firms, GPs tend to specialize—whether it’s sourcing, diligence, closing deals, or raising LP capital. As an emerging GP, the context-switching is relentless.

"Before noon, you’ve pitched LPs, spoken with founders, negotiated terms with lawyers, and checked in with your fund administrator. The context switching is relentless."

This frenetic pace is why we believe early-stage operators and founders often make the best emerging managers—they’re accustomed to juggling responsibilities. Conversely, traditional GPs spinning off from large firms often struggle without the structure that once surrounded them.

Passion Over Opportunity: Should Everyone Raise a Fund?

Not every manager should raise a fund. Passion and purpose must drive the decision, not just the allure of management fees.

"Some people do this because they think it’s a cushy gig—collecting fees without hustling. Sure, they might return something, but it won’t be spectacular."

Spectacular returns require commitment, vision, and a clear value proposition—not just to LPs but to founders as well.

Be Clear About The Value Proposition to Founders

Perhaps the defining characteristic of the best emerging managers is their ability to articulate their value proposition clearly and authentically. The top managers know their strengths, acknowledge their limitations, and focus on offering meaningful support.

“The most valuable thing an emerging manager can bring is talent. Whether it’s employees, coalition partners, advisors, or angels, the ability to build a team and execute is what separates good ideas from great companies.”

These managers don’t try to be all things to all founders. Instead, they lean into their unique strengths while being honest about the areas where they might not add as much value. This self-awareness and transparency are what truly set them apart.

We hope you’ve enjoyed this holiday reflection on Slice Podcast’s journey so far. Huge thanks to Pietro Invernizzi, Ashley Mayer, Hugo Amsellem, Reed Robinson, Ophelia Cai, Rapha Danilo, Elia Infascelli, Tanya Soman, Sarah Drinkwater, Mike Annunziata, and John Gleeson for joining us as guests this season. As we head into the new year, we’re excited to continue exploring the stories, strategies, and insights that shape the world of emerging managers and new wave of venture capital.

Happy holidays from the Slice team! 🎄❤️

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit slicefund.substack.com