Slice Podcast

In a world where many venture capitalists shy away from the complexities of the food industry, Cam Crowder and Shane Larisey are charting a different course with Redstick Ventures. This early-stage fund is laser-focused on transforming the food ecosystem, addressing challenges from labor shortages to supply chain inefficiencies.Cam Crowder's journey into venture capital is rooted in hands-on experience. As a former operator of six Tim Hortons franchises, he managed over 200 employees and faced firsthand the operational hurdles of the food industry. These challenges sparked his interest in solutions that could alleviate such pain points, leading him to angel investing and eventually co-founding Redstick Ventures. His deep understanding of the industry's intricacies informs the fund's investment strategy, focusing on areas like food waste reduction, packaging innovation, and food technology.Shane Larisey brings a complementary perspective to Redstick Ventures. With a background in hardware entrepreneurship and engineering, he understands the technical demands of building scalable solutions. His experience in manufacturing and supply chain management allows the fund to assess and support startups that operate at the intersection of software and hardware within the food industry.The food industry continues to grapple with significant labor challenges. As of Q1 2024, staffing levels in food service remain 2.1% below pre-pandemic levels, representing approximately 270,000 unfilled positions nationwide. According to the National Restaurant Association's 2024 State of the Industry Report, 62% of food operators cite staffing as their top challenge, up from 57% in 2023.The labor shortage has driven average hourly wages in food service up by 23% since 2019, far outpacing the industry's traditional growth rate. This wage inflation has compressed already thin margins, with the average full-service restaurant seeing profit margins decrease from 6.2% in 2019 to 4.7% in early 2024.Redstick Ventures sees these challenges as opportunities to invest in automation and technologies that can streamline operations, reduce human error, and lower costs. The food automation technology market is projected to reach $35.7 billion by 2027, growing at a CAGR of 9.5% from 2024.Key growth areas include:* Kitchen Automation: Robotics for food preparation has seen investment increase by 78% in 2023-2024 compared to the previous year* AI-Driven Inventory Management: Reducing food waste by 30-50% in early adopters* Smart POS Systems: Integrating ordering, payment, and loyalty programs while providing actionable data insightsWhile corporate venture funds like Tyson Foods and Chipotle have entered the food tech space, Redstick Ventures differentiates itself by investing at earlier stages and taking calculated risks on emerging technologies. In 2023-2024, corporate food industry venture investment totaled $3.2 billion, but focused primarily on later-stage companies with proven revenue models.Redstick's operator-led approach provides unique insights and support founders at the earliest stages, making them a valuable partner in the food tech ecosystem.Beyond labor, Redstick is focused on supply chain resilience. COVID-19 exposed critical vulnerabilities, and recent geopolitical tensions have further strained global food logistics. In response, 76% of food companies are now pursuing some form of supply chain localization, creating opportunities for startups that enable:* Regional processing and distribution hubs* Farm-to-table logistics optimization* Shelf-life extension technologies* Alternative protein production closer to consumption pointsCam and Shane are not just investors; they're catalysts for change in the food industry. By leveraging their combined expertise, they're identifying and supporting startups that have the potential to revolutionize how we produce, distribute, and consume food.With food service technology adoption accelerating, 93% of food operators plan to implement or upgrade their technology stack in 2024-2025 according to Square's Future of Restaurants report. Redstick Ventures is positioned at the intersection of critical industry needs and emerging technology solutions.Their work is a testament to the impact that focused, knowledgeable, and passionate investors can have on an industry ripe for innovation.Special thanks to Nakul for introducing us to Cam!! 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

Some of the most iconic companies in the world didn’t come from polished decks or pedigreed founders. They were built by outsiders. The people who saw around corners, operated on instinct, and had the grit to pursue a vision others couldn’t see. They didn’t follow the roadmap. They rewrote it.That’s the kind of founder Ethan Austin has always been, and the kind he’s now betting on as an emerging manager. At Outside VC, Ethan is building a platform that attracts the non-obvious bets, the ones most VCs overlook until it's too late.Before building Outside VC, Ethan was one of those founders. In 2008, after losing his father to cancer, he launched GiveForward with his co-founder, Desiree Vargas Wrigley. The first medical crowdfunding platform, long before GoFundMe became a household name.It wasn’t a sexy startup. There were no AI buzzwords, no credentialed co-founders, no warm intros to Sand Hill Road. But it was a real company, solving a real problem. Over the next several years, GiveForward helped families raise over $200 million, directly saving over 10,000 lives and impacting far more. As Ethan shares “At our peak we had 10% of the US population visiting our site every year.”That kind of company teaches you things the spreadsheet can’t. Ethan learned how to build community, how to survive when the capital dries up, and what it really means to serve people at their most vulnerable moments.When GiveForward exited in 2017 to GoFundMe, Ethan launched Techstars LA with Anna Barber. For four years, he directly coached founders, sat through thousands of pitches, and helped teams navigate the chaos of zero-to-one. But what stuck with him most wasn’t the pitch decks. It was the founders with that unmistakable fire in their belly. The ones who turned to an accelerator not because they had the perfect résumé, but because they came from the outside, and simply couldn’t not build.That instinct now fuels him. As an emerging manager, Ethan knows capital is just the entry point. The real edge lies in building a fund that speaks directly to the people others overlook.His platform philosophy reflects that:* Brand over network: “Most firms source through their network, good ones through thesis, but great ones? Through brand,” Ethan says. He’s built Outside VC to be discoverable by the kinds of founders no one else is chasing because they haven’t hit anyone’s radar yet.* Momentum compounds: In a world where emerging managers often fight for scraps of credibility, Ethan is building brick by brick: sharp memos, transparent LP updates, co-invests with top-tier firms, and a founder-first brand that travels fast.* Create your own category: He’s not trying to be a mini a16z. He’s building something new: scrappy, mission-aligned, and deeply personal.At the heart of Outside VC is something venture rarely talks about: lived empathy. Ethan doesn’t just say “founder empathy” as he’s lived it. He’s taken the late night customer calls. He’s felt the emotional weight of mission driven work. And now, he’s applying that experience to a new product: a fund.It’s not just Ethan, either. He’s surrounded himself with people who’ve been in the trenches like Rishi Roongta, Founder of Bain’s startup innovation group, and Kiran Bhatraju, founder of Arcadia and one of Outside VC’s earliest backers, who nudged Ethan to take the leap.Like many first time managers, Ethan knows the hardest part of venture isn’t writing checks, it’s earning the right to keep playing. And in a sea of emerging managers chasing optics, Ethan’s figuring out what’s true to him, and playing the long game.Outside VC isn’t trying to impress the establishment. It’s building something orthogonal to it.In the next decade, the biggest companies won’t come from the inner circle. They’ll come from unexpected corners from outsiders who refused to wait for permission.And they’ll need partners who know what that feels like.That’s why Ethan’s story matters. Not because it’s flashy, but because it’s earned. He’s not just betting on outsiders. He is one. And in a venture landscape slowly waking up to the power of authenticity over aesthetics, that might be the ultimate edge.In a world obsessed with signals, Ethan is building from substance. For the founders who didn’t go to Stanford or the ones who did, but didn’t take the easy road to get there. Outside VC is a home. Immigrants, first-gens, people who’ve had to scrap their way in. What they share isn’t pedigree, it’s conviction. And that’s what Ethan backs: the builders who burn with clarity, not credentials. He’s offering both capital and belief in equal measure.Special thanks to Nick Tippman for introducing us to Ethan. 🙌 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

In the next era of enterprise software, general-purpose tools are fading. Verticalization is no longer a niche strategy. It's the battleground. And at the forefront is Nick Tippmann, founder and GP at TipTop Ventures, who’s betting on a new generation of software: intelligent, embedded, and purpose-built for specific industries. It’s not just SaaS anymore, it’s Vertical SaaS 3.0.From his operator roots in the Midwest to his front-row seat at Greenlight Guru, Nick’s journey is a playbook for how specialization, fintech integration, and now AI are reshaping the software stack. And like all the best founders-turned-investors, he’s building the fund he wishes had backed him.Before founding TipTop Ventures, Nick helped scale Greenlight Guru, a Vertical SaaS pioneer serving the MedTech industry. He wasn’t just along for the ride, but building the playbook. As CMO and part of the founding team, he saw firsthand how purpose-built tools outperformed horizontal solutions by deeply understanding workflows, regulations, and customer pain points.That experience seeded a thesis: vertical software wins not just by focusing on one market, but by embedding itself into the core operations of that market. Add payments, financial services, and now you don’t just have a better tool. You have a platform that redefines the job.TipTop backs Vertical SaaS founders at pre-seed and seed with a vertical focus. Every investment aligns with TipTop’s core belief that the future belongs to software built for one specific customer, not every customer. Looking at SaaS + Fintech + AI, they invest in companies that don’t just offer software, but reimagine workflows, automate decisions, and create new revenue streams through embedded finance.TipTop Fund I is a $15M pre-seed and seed-stage vehicle targeting 35 investments over three years with $100K–$400K initial checks. No follow-ons, but just SPVs in winners. The portfolio already includes companies like:* GC AI: AI platform for in-house legal* Frontiers MarketL SaaS-enabled marketplace for cattle ranchers* Revin: AI ops for home servicesTo understand where TipTop is going, you have to understand where SaaS has been.* SaaS 1.0: Pure cloud: industry-agnostic tools like Salesforce and Zoom.* SaaS 2.0: Verticalization: products like Toast and ServiceTitan that go deep in one sector.* SaaS 3.0: The new frontier. Vertical software powered by AI and embedded finance, capable of replacing entire workflows. Not just digitizing them.In this model, AI isn’t just an add-on. It’s the engine. It handles documentation, compliance, forecasting, even underwriting. And because these companies own the data and the transaction layer, their defensibility compounds.As Nick puts it: “The best Vertical SaaS companies don’t stop at software—they become agentic operating systems.”We’re now at an inflection point. As AI reshapes horizontal tools, mid-market SaaS is being squeezed. Generic is getting commoditized. Meanwhile, vertical winners like Owner.com (113% YoY Growth Rate) are proving that depth, not breadth, is where the margin lives.Markets like construction, elder care, commercial trucking, and specialty manufacturing are ripe for this kind of disruption. And founders with deep domain knowledge are realizing that the future isn’t just building for an industry, but rather that it’s building into it.Nick’s view? This isn’t a trend. It’s a structural shift. And the best GPs will be those who can underwrite it before the category has a name.Where some funds chase logos, TipTop builds trenches. Their edge lies in deep market mapping before deployment and a tight knit LP and operator community to support founders early.They’re not just investing in tools. They’re investing in teams who know the customer better than anyone else, and can move faster than legacy players weighed down by horizontal bloat.As more GPs enter the verticalization conversation, TipTop’s early bets, operator DNA, and structured strategy give it a head start. In a world chasing breadth, they’re choosing depth, and building a portfolio that reflects it.For LPs, founders, and operators watching the future of SaaS unfold, one thing’s clear: Vertical SaaS 3.0 isn’t coming. It’s already here. And Nick Tippmann is betting early.Special thanks to John Gleeson (Success VP) for connecting us to Nick! 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

While most VCs avoid industrial tech because it’s too complex, too physical, and too far from the cloud, Cameron Porter and Talal Atteih are doing the opposite. At Steel Atlas, they’re doubling down on the overlooked frontier between software and heavy industry, where hard problems and real-world systems collide.The industrial economy is in the midst of a major transformation. In just the first nine months of 2024, private equity and venture capital firms invested $14.87B into industrial automation. That’s more than double the total for all of 2023, and nearing the all-time high set in 2021. It’s a clear signal that demand is surging for technologies, modernizing the industrial backbone.While late-stage capital floods in, Steel Atlas is focused on backing these transformations at the earliest stages, identifying and funding the most promising early-stage teams before the crowd shows up. But they’re not just investing in the technology; they’re investing in the infrastructure that will power the next industrial era.The fund model is extremely disciplined and deliberate. Fund I is a $10M vehicle backing just eight companies, each handpicked based on deep research, conviction, and a strong understanding of how systems-level changes occur in complex industries. Fund II is looking to do more of the same but with 12 companies.Take Valar Atomics, one of their early bets. It’s building nuclear reactors that make clean hydrocarbon fuels (oil and gas) very cheaply. Most VCs steer clear of nuclear. This blog post highlights the depth of research Steel Atlas undertakes, and it’s no surprise that other investors have relied on their diligence to support their own convictions. In just 10 months, Valar has already built a full thermal version of their reactor. Steel Atlas’s expertise extends beyond hardware to software, where they’re backing companies like GenLogs, which they led the seed round for. GenLogs is revolutionizing freight and logistics with a proprietary platform built on truck sensor data, enabling freight brokers to make smarter decisions. With 700 million truck detections and 1.6 billion attributes processed, the company is already helping major players like CH Robinson and Uber Freight optimize its operations. This exemplifies Cameron and Talal’s knack for identifying software plays that create real, long-term value by being “data makers,” not “data takers.”“You can't just shoot from the hip with this style of investing,” Cameron shares. “That’s why we invest at one per quarter.”But it’s not just Steel Atlas's approach that sets them apart; it’s the partnership itself. Talal brings a wealth of industrial knowledge and unparalleled global access. Growing up in a multigenerational steel family and later leading venture efforts at a multi-billion-dollar advisory platform, he’s developed a unique understanding of the global industrial landscape. He’s worked alongside top-tier firms like a16z, Founders Fund, and Union Square Ventures, giving him the strategic acumen to navigate complex international markets.Cameron brings an operator’s mindset and impressive technical fluency. A Princeton computer science graduate turned startup builder, he honed his expertise at AlleyCorp, working on a range of early-stage companies across industries. His time as a professional soccer player also shaped his resilience and competitive spirit. This mix of grit, systems thinking, and startup pattern recognition uniquely positions him to thrive in the high-friction world of industrial tech.For founders, Steel Atlas isn’t just another source of capital. They’re strategic co-builders with deep credibility in the industries they invest in. Their value goes beyond money; it’s about building relationships and understanding the real-world challenges that founders face. In Steel Atlas’s view, successful industrial startups don’t just need funding; they need partners who fully understand their space and can help them navigate the complexities of scaling in tough markets.At Slice, we’re always on the lookout for managers who combine precision, patience, and purpose. Few venture firms exhibit this level of dedication, but Steel Atlas has proven their ability to dive deep into tough markets and build companies that can drive the next industrial revolution. Industrial tech may be a long game, but Steel Atlas is playing it with unwavering conviction, focusing on the intersection of software and hardware to capture the massive opportunities unfolding in this space.🎧 Tune in to hear how Steel Atlas is building a venture firm designed for the next industrial revolution. One based on deep research, real relationships, and the belief that the biggest wins will come from the messy, powerful middle ground between pure software and pure hardware. 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

Welcome back to the Slice Pod for Season 2!In a world where the lines between technology, defense, and national security are increasingly blurred, Eric Slesinger stands out as a unique figure in the world of early stage VC. As the Founder and General Partner of 201 Ventures, he brings a rare combination of experience from his time as a mechanical engineer, at the CIA, and as an investor at In-Q-Tel, the U.S. intelligence community's venture capital arm.At 201 Ventures, Eric has adopted a highly focused approach, concentrating on a select portfolio of companies in defense, cybersecurity, and other national security-driven technologies. Perspectives that now guide his investment strategy. “What I’m doing in venture is not just about returns; it’s about advancing technologies that can make a real difference in global security,” Eric explains. Eric’s concentration on fewer, higher-impact investments is something he’s passionate about: “When we make a bet, we go all in. We’re not trying to diversify for the sake of it, but instead invest deeply in companies that align with our mission of driving strategic, meaningful impact,” he shares.At Slice, we understand the alpha in managers that stay highly disciplined and concentrated - there’s this beauty to conviction, ownership, and discipline we find in very few managers, and know it’s rare when we find one.It’s clear his transition from national security to deep tech investing was an evolution with many learnings along the way into the role as a solo GP, but one that’s grounded and consistent in the core principles of humility and service (and a lot of memes).We've all witnessed the explosive (pun intended) surge in deep tech, particularly American Dynamism, over the past few years. This trend has transformed sleepy towns like El Segundo into booming tech hubs, far from the quiet silver town it was once known to be. In 2022, venture capital firm Andreessen Horowitz (a16z) launched a dedicated $500 million American Dynamism fund, focusing on startups tackling critical national issues, but they aren’t the only player in the game. The defense tech landscape has seen an unprecedented influx of venture capital, with investors deploying a whopping $31 billion to defense-related companies in 2024 alone.Eric's unique background positions him at the forefront of this revolution in Europe. His expertise allows him to navigate the intricate web of cutting-edge technology, security imperatives, and real-world applications in a way few others can. This skill set is particularly valuable in the new "Silicon Defense" landscape, where companies like Anduril are mass-producing autonomous weapons and partnering with AI giants to integrate advanced technologies into national security missions. Eric's insights are what's needed to identify the next game-changing innovation in this rapidly evolving sector.One of the most significant milestones for Eric and 201 Ventures is to be the first fund to have the involvement of the NATO Innovation Fund as an institutional investor. “Having NATO as a partner is one of the highest forms of validation we could have received,” Eric explains. “It’s about more than just capital. It's a recognition that our work is essential to the future of global security.”Kudos to Eric for such a high achievement. It’s very difficult for a small first time fund run by a solo GP to get funding from an institutionalized investor who will be there to support subsequent funds. It’s also a big recognition that the strategic investments Eric is making in emerging deep-tech companies align with NATO’s mission of supporting technological sovereignty across member states. As Eric notes, “For NATO to back us, to be the first to take this step, means that our focus on early-stage defense tech is directly aligned with the future of the alliance.” The NATO Innovation Fund, which targets cutting-edge technology for defense and security, believes Eric's focus on the “grey zone” – technology that straddles defense and commercial use – makes him uniquely positioned to lead the charge in this space.Through this investment, NATO's involvement reinforces not just the relevance but the urgency of the work Eric and his team are doing to advance security through tech. We see it as a stamp of approval for a fund that is doing far more than backing startups; it’s helping to shape the future of global defense.A term that comes up frequently in our conversation with Eric is “greyzone warfare” a concept that shapes his entire investment philosophy. Greyzone warfare refers to the tactical, often invisible conflict that exists between outright war and peace. It’s a complex, murky space, and one where technology plays a critical role. For Eric, understanding the geopolitical landscape and its evolving dynamics is key to identifying investment opportunities that can address these needs. “The greyzone is where the next big shifts in technology will come from. Our investments are about recognizing those shifts early and supporting the companies that can make a real difference,” he explains.By focusing on this space, 201 is positioned to back technologies that not only respond to the current needs of defense but anticipate future threats and challenges. It’s a forward-thinking approach, backed by Eric’s deep expertise and understanding of global security dynamics.On a human level, what we thought truly stands out about Eric’s approach to venture is his humility. Despite the impressive track record and high-profile investors backing his fund, Eric remains grounded in his service-oriented mindset. His focus isn’t on flashy exits or chasing the next hot trend, it’s about solving real-world problems that can shape the future of global security. “Venture capital is not just about making money; it’s about solving problems that matter, and that’s what we’re doing here,” he states firmly.It also helps him identify his ideal founder: “a PhD that can win a bar fight.” There’s a relentless, scrappy determination he looks for. The kind of person who will find (or fight) a way through any challenge.Eric’s story is one you won’t want to miss. If you enjoyed this episode, share this episode with a friend and subscribe to our substack…we’ve got a lot more managers to share with you this season. 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

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 AcceleratorsOne 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 FundFabri 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 FundWe 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 FoundersPerhaps 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

This week, we’re joined by John Gleeson, Founder and General Partner of Success Venture Partners (SuccessVP), a $10M fund investing in founders with customer success at their core, from pre-seed to seed. SuccessVP stands out with its extensive base of 87+ Limited Partners, many of whom are Chief Customer Officers from industry giants like Toast, Slack, GitHub, Braze, MuleSoft, Notion, Aurora Solar, and more.Before founding SuccessVP, John moved from Canada to NYC, where he scaled Customer Success at Motive (now valued at $3 billion) from $1M to $300M in ARR. During this time, he also made strategic investments as a scout for Index Ventures. In our conversation, John reflected on how this pivotal experience gave him the foundation to view companies from an investor’s lens. Prior to this, his expertise was sought after by top VCs to guide founders in mastering customer success.John’s journey into venture was shaped by his leadership in building the world's largest Customer Success professional communities through SF and NYC Customer Success Meetups. These meetups connected him with industry professionals, founders seeking Chief Customer Officers, and eventually VCs—becoming his natural entry point into the venture capital world.On being invited to scout for Index, Craft, and CRV John shared: “It was really because I was passing along strong deal flow and quickly becoming the person they turned to when portfolio companies needed support with customer success.”The highlight of this episode is our discussion on why customer success is more critical than ever in today’s rapidly evolving world, particularly in the context of vertical AI. John summarized it best in his post-interview substack blog (linked here), but the TL;DR is this: horizontal solutions can’t match the depth of understanding that vertical-focused products bring to their customers. In a world where technology enables faster software development than ever before, understanding and prioritizing customers has become the true competitive advantage.This perspective solidified our belief in John’s vision and why he’s poised to succeed. His expertise in recognizing the importance of keeping customers happy and deeply understanding their needs exemplifies the adaptability required for businesses to thrive amidst rapid technological advancements and global innovation.We’ve already shared too much about this episode, but John’s insights into the future of innovation—with founder-led customer success at its core—have us excited about building the next generation of businesses. Knowing what to build, rather than just how to build it, will be the key to success.If you learned a thing or two from this episode with John, please share this episode on LinkedIn or pass it along to a founder, investor, or customer success expert in your network. Let’s amplify the voices of GPs driving groundbreaking ideas forward! 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

This week, we’re joined by Mike Annunziata, Founder and General Partner of Also Capital, a $22M fund investing in the next generation of hard tech founders from pre-seed to Series B. Also Capital stands out by leading pre-seed rounds with checks up to $1M and reserving $500k-$1M for follow-on investments at seed and beyond with a mission to strengthen America’s leadership in transformative technology.Mike’s background is as dynamic as it is impressive. He co-founded Farther Farms, a Series B startup revolutionizing shelf-stable fresh food technology, served as an institutional investor at Cornell University’s endowment fund, and holds a board seat at Varda. His venture capital journey began at Dorm Room Fund, giving him a well-rounded perspective that’s been instrumental in shaping the vision behind Also Capital.In our conversation, Mike shares invaluable insights from his multifaceted career and reveals how each experience contributed to the foundation of Also Capital. Notably, 40% of the fund’s limited partners are institutional—a rare achievement for a solo GP managing a fund of this size. Mike credits this success to his genuine authenticity and transparency as a GP:“Pitch the firm, not the fund. A fund is just a vehicle—your long-term vision is the firm.”This shift in perspective moves the narrative from immediate returns to lasting impact: “We’re here to drive innovation forward” rather than “We’ll deliver strong returns.” Both are intertwined, but the distinction is powerful.Mike’s track record reflects this long-term vision. He’s played a key role in raising over $250M for leading U.S. hard tech startups like Varda, K2, and Northwood, positioning him as a trusted partner and strategic advisor. His board role at Varda underscores his deep industry expertise and commitment to supporting transformative companies.We’ve already said too much about this episode, but Mike’s insights into the future of innovation at the intersection of hardware and software are not to be missed. He firmly believes that engineers’ ingenuity will drive the next wave of technological progress in America, and he’s deeply invested in making that future a reality.🎧 Coming next week: A deep dive with a customer success expert you won’t want to miss.If you found Mike’s story compelling, repost this episode on LinkedIn or share it with a founder, investor, or hard tech enthusiast in your network. Let’s amplify these GPs working to back groundbreaking ideas together 📣 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

In this episode of Slice, we sit down with Sarah Drinkwater, Founder and General Partner of Common Magic, a £10M early-stage fund backing founders whose ecosystems or communities serve as their moat. Common Magic writes checks ranging from £100K to £400K, investing in startups where community is integral to the product’s success.Though now based in London, Sarah’s career has spanned the globe, from Silicon Valley to Europe. She began as a tech journalist for The Guardian and The Independent, drawn early on to the internet’s transformative potential. “I was always attracted by the internet. I moved into early-stage startups, led community at a few well-known European companies—one of which we sold to Yelp. I then joined Google but missed the early-stage world. Many of us at Google in Europe had come from startups.”Sarah’s passion for community-building led her to the world of early-stage startups, where she helped founders develop communities. Later, she joined Atomico’sAngel Program (now defunct), which supported angels with $100,000 to write multiple early-stage cheques. There, Sarah invested in companies like Library of Things, Beautystack, Progression, Panion, and Untangle.Throughout the episode, we explore Sarah’s philosophy on community and how she communicates this vision to founders and LPs. She shares, “What we came to call community was really about finding and keeping customers close—whether they’re consumers, developers, or businesses. Building communities firsthand showed me it’s a powerful mechanism for retaining customers.”She elaborates on this concept in her Medium post, "Products with community at their core":The best communities tend to bring people together around a shared identity, practice or belief (eg: playing football, I enjoy contributing to this product, time spent volunteering is important to me, I’m Jewish)Broadcast channels aren’t communities. You’ve got to participate and listen more than you talk.You don’t own a community; you influence, co-create and curate it.Community building is a skill but one tech has historically not wanted to pay forCommunity never has and likely never will be valued the way software engineering is in the industry, although I’d argue humans are at least as complex as code.Common Magic is nearing its final close, with LPs across the U.S. and Europe, highlighting Sarah’s extensive network built over the years. She’s made 15 investments thus far in companies like Dottx, The Lowdown, Odin, with many more to come. We loved her optimism, candor, and relentless hustle to build a firm that reflects her values. She’s been pioneering community-building in venture long before it became mainstream, focusing on teams that “act as the layer between the product and those who use it, enabling people to interact and enrich their experience.”If you’re a founder or LP interested in connecting with Sarah, you can reach her at sarah@commonmagic.xyz.Special shoutout to Hugo at Intuition for the kind introduction to Sarah (you can check out his episode on investing in culture here). Happy Thanksgiving folks! See you next week with an EXPLOSIVE new guest 💥🚀🛰️ 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

At Slice, we look for emerging managers with a chip on their shoulder, a relentless drive to defy the odds and get sh*t done. In this conversation, we sit down with Solo GP of Southpaw Capital, Tanya Soman.Her story begins in Brooklyn, where she learned the fundamentals of entrepreneurship through her family's ventures. "When my parents moved here, they had sold everything in India, we all slept in the same bedroom and my dad pumped gas at a gas station." From that gas station, her family built a series of businesses—an auto body shop, a car dealership, and real estate ventures. She recalls one particular memory where she learned a crucial business lesson: after renovating and selling a foreclosure home, she watched the new owner demolish it. When she expressed frustration,  her father’s response was so simple: "Wasn't the point to make money? Did we? Then that's it."This pragmatic approach to business would serve her well in Silicon Valley. When traditional job applications went unanswered, she got creative: "I said, 'hi, is this weekend available [for a coffee chat]? I happen to be in the neighborhood.' And within five minutes, every single person replied." With that, she bought a plane ticket to San Francisco, lined up interviews, and ultimately secured a role at 500 Startups. Over the next six years there, she played a pivotal role in shaping one of tech's most influential accelerator programs.At 500 Startups, Tanya invested in early-stage at scale. "We invested in over 2,600 companies in 74 countries…Every cohort was 30 to 50 companies... You meet with your companies every single week for three to four months." The network she built during this time remains invaluable"There's not a place in the world that I go to where I don't run into someone from 500 or someone I have invested in. A lot of the investments I make are in relation to a founder I met during my time at 500” Watching the accelerator landscape evolve, Tanya observed significant changes: "There are clear leaders in the accelerator space. They move a little bit, but YC takes the cake. And then once you have so many, the market is saturated." The shifts in early-stage funding have been equally dramatic: "The seed stage funds have moved up market and they're doing A's and B's... Companies aren't raising necessarily from typical seed funds. They're raising from friends and family or different institutions."We strongly agree that there’s a huge unbundling of the traditional accelerator model, leaving a large opportunity in the earliest stages for emerging managers to “join” the teams and shape the future of the companies they invest in. These insights informed the creation of her own fund, Southpaw Capital. Named after left-handed fighters in boxing, the firm embodies Tanya's investment philosophy: "Southpaws don't train with everyone else. They have a lot more grit and perseverance to get to the same place... They statistically win, which is really the core definition of the ethos in the founders that we look for."On the other side of the table, Southpaw interestingly taps into Donor Advised Funds (DAFs) as an LP source. "There's over 200 billion dollars in donor advised fund capital that is already allocated today," Tanya explains, and we thought that this creative approach to fund structure exemplified her ability to spot overlooked opportunities.Finding promising founders requires recognizing familiar patterns of grit and determination. "I grew up on car lifts, in foreclosure homes and Home Depot, at auto garages and motels, breaking down buildings and just seeing that same hustle in another person... it's special."To connect with Tanya and learn more about Southpaw Capital, visit southpawcap.vc or reach out at tanya@southpawcap.vc. 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