Episode 408: Matt Fates - Partner, Innospark Ventures

Dec 22, 2025

Matt Fates, Partner at Innospark Ventures, has a rich background in venture capital with over 100 investments. He discusses how to break into VC, emphasizing patience and domain expertise. Matt shares his transition from investment banking to venture capital during the dot-com boom. He highlights Innospark's innovative focus on AI-native companies, particularly in healthcare, showcasing investments like Fourier and Neurable. Additionally, he praises Boston's vibrant startup ecosystem and reflects on lessons learned from missed opportunities.

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ADVICE

Build Domain Expertise Before VC

Don’t rush into venture capital; build domain expertise and a network first.
Work in the field you care about for years to gain an advantage before investing.

ADVICE

Gain Practical Investing Experience Early

Start angel investing or join syndicates to gain deal experience with small capital.
Use local events and groups like TBD Angels to build network and access deal flow.

ANECDOTE

From Code Hobbyist To Tech Investment Banker

Matt shifted from coding interest to business after seeing exceptionally gifted programmers.
He chose investment banking to learn the business side and work on early internet tech deals.

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Episode 408 of The VentureFizz Podcast features Matt Fates, Partner at Innospark Ventures. Did you know that the first modern venture capital firm was started right here in the Boston area? It’s true. Back in 1946, Georges Doriot founded the American Research and Development Corporation (ARDC), marking the birth of an industry that has fueled the entrepreneurial dream for nearly 80 years. Matt Fates entered the industry during the “Internet 1.0” era, a time when VC firms were just beginning to gain major visibility. Over the course of his career, he has invested in over 100 companies. Through those investments, he has developed a deep expertise in data-driven enterprise and infrastructure startups—experience that has perfectly positioned him for the current massive shift toward AI. Innospark Ventures is an early-stage venture capital firm that invests in AI-native companies solving previously intractable problems across healthcare, life sciences, and the enterprise. In this episode of our podcast, we cover: 00:00 Intro 02:22 VentureFizz OG 03:42 How to Land a Job in Venture Capital 07:49 Matt's Background 13:05 Getting into Investment Banking in the Tech Industry 16:22 Transition to Venture Capital 21:07 Dartmouth MBA 24:05 Experience at Ascent Venture Partners 28:59 Details of Innospark 30:39 Foundational Knowledge in AI and Machine Learning 32:41 Area of Focus for Investments at Innospark 37:04 Recent Investments for Innospark 43:36 The State of the Boston Startup Scene 46:51 The Anti-Portfolio - Missed Investments 49:04 Rapid Fire Questions 50:09 Personal Interests Episode Sponsor: As a longtime champion of the local startup ecosystem, Silicon Valley Bank supports innovative companies with the solutions and financing they need through every stage of growth. With more than 1,500 bankers and relationship advisors, and $42B in loans as of Q2 2024 – SVB delivers the right people, service and resources to support your entire financial journey. Learn more at SVB.com.