The Rise by Nucleus Inside Also Capital: Mike Annunziata on Conviction, Builders, and the Future of Hard Tech
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Nov 7, 2025 
Mike Annunziata, Founder and General Partner at Also Capital, shares insights from his journey in venture capital, including his time at Soros Fund Management. He discusses the essence of conviction investing and why trust is critical in partnerships. Mike highlights his portfolio of hard tech companies like Varda Space and K2, emphasizing the importance of people-first investing. He reflects on defining early-stage success through relationships and metrics, and shares his vision for the future of hard tech, focusing on building a firm with long-term impact.
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Solve Problems By Fixing Relationships
- Treat problems as relationship problems and map the people involved before working the issue.
- Ask who is involved, what their priorities are, and where misalignment lives.
Underwrite People Like You Underwrite Managers
- Underwrite founders by probing track record, execution examples, and talent magnetism.
- Test if people would follow the founder into a burning building to assess leadership under pressure.
Trust Trumps Legal Control Early
- Structure equals compensation for lack of alignment; prefer trust over legal control early.
- If you need a board seat to get information, you probably have a trust problem with the founder.