Something Ventured -- Silicon Valley Podcast Max Altman and Ben Braverman: Returning to Tradition with Saga Ventures
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Oct 14, 2024 Max Altman and Ben Braverman, partners at Saga Ventures, share their journey from Silicon Valley elites to venture capitalists. They explore the need for a founder-first approach and discuss how trust and relationships shape VC partnerships. Rising seed valuations and their critique of gimmicky venture strategies are key highlights. They also delve into the impact of VC media, including podcasting, on industry perceptions, and share insights on cultural differences between San Francisco and New York founders.
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Generalist VC Over Gimmicks
- Saga rejects gimmicks and embraces being a generalist because pigeonholing reduces optionality and misses unexpected winners.
- They accept longer timelines to build a durable brand that attracts great founders across sectors.
Why Founders Pick VCs
- Founders choose VCs largely to be with winners and with people they like; network and reputation often trump sector theses.
- Social fit, demonstrated past wins, and trustworthy relationships drive founder VC selection.
Deals Come From Long Relationships
- Ben and Max note most of their best investments came from decade-long relationships or introductions from trusted peers.
- They often lose deals to VCs who are the founder's social peers like pickleball partners, not because of better terms.