Driving Alpha

A cancer diagnosis rarely leads to a venture fund, but for Ben Freeberg, it became the catalyst for building one. As Founder and Managing Partner of Oncology Ventures, Ben transformed a firsthand experience with broken cancer care into a focused investment strategy aimed at fixing the system from the inside out. Here's a glimpse of what you'll learn: 00:12 Introduction and Welcome 01:17 The Origin Story of Oncology Ventures 04:56 Challenges and Surprises in Fundraising 07:07 Superpowers of Oncology Ventures 10:02 Fund Performance and Future Plans 17:28 Impact on Patient Lives 21:39 The Role of Stand-Up Comedy in Venture Capital 24:38 Life in Austin and Closing Remarks In this episode, Host Brian Smiga speaks with Ben Freeberg about the moment his professional trajectory changed forever. After surviving cancer, and navigating delayed diagnoses, fragmented care, and costly inefficiencies, Ben recognized that the biggest opportunities in oncology weren't just in new drugs, but in the infrastructure, data, and care delivery systems surrounding them. That realization became the foundation for Oncology Ventures. Also, Ben explains how a specialist venture model can outperform in complex healthcare markets. He breaks down why Oncology Ventures avoids drug development risk, how its strategic LP base of cancer centers and healthcare operators creates a powerful sourcing and commercialization advantage, and what it takes to underwrite early-stage oncology companies before the market fully validates them. The conversation also covers fund construction, co-investment discipline, and the real-world patient impact already generated, demonstrating how strong business models and meaningful outcomes can scale together.  

What happens when a venture capitalist brings a deep understanding of government into the startup world? Yanev Suissa, Founder and Managing General Partner of SineWave Ventures, has done just that, carving out a powerful niche by helping commercial-first startups break into government markets. His journey from NEA to the Bush and Obama administrations gives him a perspective few investors can match. Here's a glimpse of what you'll learn: 00:42 Introduction and Guest Overview 01:24 Yanev Suissa's Background and Career Path 02:19 The SineWave Ventures Model 03:33 Navigating the Government Tech Space 05:42 Competing with Mega Funds 07:50 Investment Decision-Making Process 10:24 Evaluating Founders and Teams 16:14 Impact of AI and Investment Landscape 18:23 The Importance of Vision in Entrepreneurship 19:16 AI and Business: Making Money and Saving Money 19:38 Challenges and Realities of AI Implementation 20:20 Future Proofing and Investment Strategies in AI 21:16 The Role of VCs in Supporting Startups 22:21 Debate: The Future Landscape of AI Companies 25:32 VCs and Founders: Building Productive Relationships 29:55 The Rewards and Challenges of Being a VC 31:42 Timeless Advice for Entrepreneurs and Investors In this episode, Yanev unpacks how his background in federal investment shaped the founding of SineWave Ventures, a VC firm built to help commercial technology companies win in both the public and private sectors. He explains why many venture-backed startups overlook government as a growth engine, and how SineWave uniquely helps founders access these massive, often hidden, revenue streams. With past investments in Databricks, SentinelOne, and Evolv, Yanev shares what makes a venture truly scalable across sectors. The conversation dives deep into the challenges of competing with mega-funds, the critical role of team dynamics in startup success, and how Yanev's firm makes concentrated bets in a crowded market. He also offers a candid perspective on the current AI supercycle; including what's hype, what's real, and how to think about sustainable ROI in enterprise AI adoption. Whether you're a founder, investor, or LP, Yanev's insights offer a playbook for navigating venture capital with both conviction and clarity. Sponsor Host: Affinity  Affinity is a relationship intelligence platform that empowers dealmakers in relationship-driven industries to find, manage, and close more deals. With the most automated relationship intelligence insights and technology, Affinity enables leaders to drive deals and ensure their teams can take action with confidence, knowing the context and history of every relationship.  The Affinity platform, including Affinity CRM, is used by over 3,000 relationship-driven organizations worldwide. Founded in 2014, Affinity is headquartered in San Francisco and backed by leading investors, including Menlo Ventures, Advance Venture Partners, 8VC, and MassMutual Ventures. Learn more at https://affinity.co  

What if your venture capital firm could plug you directly into the world's most influential corporations; unlocking growth, customers, and global scale overnight? That's exactly what Simon Wu does as a Partner at Cathay Innovation. Leading U.S. investments at the $2.5B global VC, Simon's work sits at the intersection of innovation, industrial strength, and strategic capital. Here's a glimpse of what you'll learn: 00:41 Introduction to Alpha Partners and Guest Simon Wu 01:33 The Origin Story of Cafe Innovation 03:06 Growth and Expansion of Cafe Innovation 05:59 Unique Corporate Connections and Investment Strategy 11:04 Navigating the Competitive Venture Capital Landscape 15:23 AI and Wealth Tech: Current Trends and Future Predictions 23:28 Closing Thoughts and Future Collaborations In this episode, Simon Wu shares how Cathay Innovation bridges the gap between fast-moving startups and industry giants, turning traditional corporate LPs into game-changing partners for growth-stage companies. From automotive and energy to digital health and fintech, Simon explains how their global corporate network unlocks distribution, contracts, and strategic edge for portfolio founders. With nearly 20 core corporate LPs and hundreds of partners worldwide, Cathay's model delivers far more than capital. Simon also reveals what separates the good from the great in today's AI-fueled startup landscape. He walks through Cathay's investment in companies like Skan and Range, outlines how their ecosystem teams help navigate enterprise sales, and breaks down what it really takes to win Series A and B rounds in a bifurcating VC market. For VCs, founders, and operators alike, this conversation is a masterclass in strategic venture capital at scale. Sponsor Host: Affinity  Affinity is a relationship intelligence platform that empowers dealmakers in relationship-driven industries to find, manage, and close more deals. With the most automated relationship intelligence insights and technology, Affinity enables leaders to drive deals and ensure their teams can take action with confidence, knowing the context and history of every relationship.  The Affinity platform, including Affinity CRM, is used by over 3,000 relationship-driven organizations worldwide. Founded in 2014, Affinity is headquartered in San Francisco and backed by leading investors, including Menlo Ventures, Advance Venture Partners, 8VC, and MassMutual Ventures. Learn more at https://affinity.co  

In venture capital, power isn't just about capital,  it's about who gets to decide where it flows. Paige Hendrix Buckner, CEO of All Raise, is redefining who sits at the decision-making table. With a background spanning public policy, education, and founder support, she's leading a movement to shift both the culture and the calculus of VC, proving that diverse check-writers create better outcomes. Here's a glimpse of what you'll learn: 00:42 Welcome to the Driving Alpha Podcast 00:52 Meet Paige Hendrix Buckner: CEO of All Raise 01:38 Paige's Journey: From Education to Entrepreneurship 04:34 All Raise's Mission and Impact 06:09 Transformations in Venture Capital 09:12 Empowering Women and Non-Binary Investors 13:10 Building Competitive Advantage 21:41 The Importance of Sponsorship and Mentorship 29:43 All Raise's Networking and Community Initiatives 33:34 The Power of Storytelling in Venture Capital 38:15 The Business Case for Diversity 41:37 Final Thoughts and Call to Action In this episode, Paige joins Driving Alpha host Zoe van den Bol to explore how shifting power toward women and non-binary investors can unlock smarter investing and stronger returns. Backed by compelling data, Paige shares how All Raise has doubled the number of women in Partner+ roles and is now laser-focused on helping them build measurable influence, from leading deals to securing board seats. They dive into tactical strategies for junior investors looking to grow their credibility and capital access, the importance of mentorship and sponsorship in a relationship-driven industry, and how to build a personal brand that earns deal flow. Paige also speaks candidly about the need to normalize being "transactional", and how that mindset shift helps communities, and careers, thrive. This is a masterclass in rethinking power, performance, and the future of venture capital.

What if your investor could also be your first customer, biggest champion, and gateway into a massive market? David Horowitz, Partner at Cerity Partners Ventures and a corporate VC pioneer, has spent over 20 years proving that venture capital can do more than write checks, it can open doors. Here's a glimpse of what you'll learn: 00:43 Introduction and guest welcome 01:21 David Horowitz's early career and venture capital journey 04:49 founding Touchdown Ventures 06:38 The evolution and success of Touchdown Ventures 08:16 Cerity Partners merger and wealth management 13:16 Corporate venture capital insights 25:28 Future of corporate venture and AI 30:19 Closing remarks and future plans   In this episode, David takes us behind the scenes of his remarkable career, from launching Comcast Ventures to building Touchdown Ventures into the gold standard of corporate VC. Now leading Cerity Partners Ventures, David reveals how his team manages over 20 corporate venture funds, helping Fortune 500s invest in and support startups with precision and purpose. You'll learn why corporate VC isn't just capital, it's a strategic lever for growth. David explains how his model brings startups deep industry access, faster validation, and critical early feedback that de-risks innovation. He also shares how vertical AI is becoming a central theme across sectors like legal tech, healthcare, manufacturing, and insurance, and how Cerity is helping founders unlock these opportunities globally.  

Can AI truly transform the enterprise, not just improve it?  Eric Benhamou, legendary tech CEO and founder of Benhamou Global Ventures, believes it already is. He reveals how his firm is leading the charge with "Enterprise 5.0", a new era defined by full-stack, AI-native solutions. Here's a glimpse of what you'll learn: 00:43 Intro to Alpha Partners 01:00 Meet Eric enhamou: A Pioneer in Tech 02:09 Understanding Enterprise 5.0 04:26 Case Study: Events and AI Accessibility 07:37 Selling to Enterprises: Insights from a Fortune 500 CEO 09:42 The Global Edge: Investing Beyond Silicon Valley 15:44 Spotlight on Paris and Japan 20:32 Building a Network of Advisors 25:45 Conclusion and Final Thoughts   In this episode, Eric Benhamou joins host Brian Smiga for a powerful conversation on what it means to build and invest in AI-driven companies that go beyond hype to deliver tangible results. Eric introduces the concept of "Enterprise 5.0," where AI is not just an enhancement but the core ingredient of transformative enterprise platforms. He shares the story of Evinced, an accessibility startup solving compliance at scale using AI, not just to detect issues, but to fix them automatically. Eric also reveals why some of the world's most resilient and high-performing startups are being built far from Silicon Valley. With deep roots in Israel, France, India, and soon Japan, BGV's global model taps into the best AI talent worldwide, often at a fraction of the cost. He discusses how grit, ambition, and cross-border structuring create companies with global potential from day one. The conversation rounds out with Eric's insights from the frontlines of enterprise sales, where his CEO playbook helps founders sell strategically, not just tactically. He also shares BGV's secret weapon: an elite advisory network of CTOs, CISOs, and AI experts who shape product strategy and accelerate go-to-market. If you want a front-row seat to how AI is truly redefining enterprise, this episode is a must-listen.  

What if your greatest edge as a VC wasn't data or deal flow, but your network?  Heather Hartnett, CEO and General Partner of Human Ventures, is proving that authentic human connection can drive real alpha. From startup studio to powerhouse VC platform, she's built one of New York's most trusted early-stage ecosystems.   Here's a glimpse of what you'll learn: 00:40 Introduction to the Driving Alpha Podcast 00:51 Meet Heather Harnett: CEO and Co-founder of Human Ventures 00:57 Heather's Career Journey and Achievements 02:21 The Founding Story of Human Ventures 02:39 The Evolution of Human Ventures 05:54 Why New York City? 07:42 The Future of Human Needs and AI 12:11 The Concept of Human Alpha 14:50 The Importance of Networks and Relationships 30:18 Finding Human Alpha in Founders 34:10 Closing Thoughts and Takeaways   In this episode, Heather joins Zoe van den Bol to unpack how Human Ventures evolved from a startup studio into a fund franchise now three funds deep. She explains how "human alpha", a blend of grit, network mindset, and founder-market fit, is the cornerstone of their investment strategy. You'll hear how she leverages deep community roots in New York to unlock underpriced talent and fuel breakout success. Heather also dives into the intersection of AI and human connection, revealing how new tools are transforming relationship management, sourcing, and founder support. With insights from her work with advisors like Esther Perel and an upcoming launch of human.ai, Heather shares why relationships (not just returns) will define the next era of venture capital.

What if the biggest venture opportunities aren't in the next SaaS tool, but in the markets everyone avoids? Salen Churi, founder and general partner at Trust Ventures, is proving that regulation-heavy industries hold the keys to outsize alpha. A former law professor turned VC, Salen helps startups turn red tape into competitive edge.   Here's a glimpse of what you'll learn: 00:40 Introduction to Driving Alpha Podcast 01:58 Salen Churi's Background and Family History 03:30 The Intersection of Innovation and Regulation 05:41 Founding Trust Ventures 12:29 Case Studies: Oklo and ICON 17:05 Navigating Regulatory Challenges 22:03 Investing in Regulatory Risk 25:27 Unique Approach to Venture Capital 26:35 Policy Partner and Regulatory Strategy 26:57 Investment Strategy in Nuclear and Competitive Markets 28:46 Innovative Solutions in the Energy Sector 30:44 The Role of Batteries in Grid Management 38:46 AI and Regulatory Challenges 43:48 Future Vision and Regulatory Changes 46:28 The Importance of Tackling Regulatory Problems   In this episode,  Salen Churi breaks down how Trust Ventures consistently finds billion-dollar potential hiding in plain sight, by backing companies that challenge outdated regulatory systems. From modular nuclear energy to 3D-printed homes and AI-driven battery grids, Trust helps founders reshape broken systems and unlock massive, underserved markets. Salen explains why regulation isn't a red flag, it's often the moat. He shares stories from Trust's early bets like Oklo, ICON, and Base Power, each tackling entrenched incumbents with bold tech and smart policy strategy. He also dives into how Trust evaluates regulatory risk, why they're not afraid of government-adjacent challenges, and how their model as a "policy partner" is turning underdog startups into market leaders. Whether you're a founder eyeing a legacy industry or a VC seeking differentiated returns, this episode is a playbook for turning policy gridlock into venture-scale alpha.

Can a PhD in accounting build a top-tier VC firm in the heartland, and beat the coastal giants?  Ira Weiss did just that. As founding partner of Hyde Park Venture Partners and a professor at Chicago Booth, Ira has quietly helped turn the Midwest into a serious startup engine, backing breakout companies like ShipBob and Audit Site before they were household names. Here's a glimpse of what you'll learn: 00:48 Introduction to Driving Alpha 01:00 Guest Introduction: Ira Weiss 01:14 Ira's Academic and Professional Journey 01:50 Hyde Park Venture Partners 03:07 Personal Connection and University of Chicago 05:00 Transition to Venture Capital 06:25 Routes to Becoming a Venture Capitalist 08:51 Evaluating Startups: Then and Now 12:23 Case Study: ShipBob 18:32 The Importance of Sticky Products 19:34 Exciting New Ventures: Audit Site 22:46 AI's Role in Auditing and Financial Systems 24:31 AI Adoption in Companies and Investment Strategies 28:45 AI's Impact on Academia and Student Learning 31:45 Investment Decision-Making Processes 38:06 Midwestern Entrepreneurship and Investment Insights 42:01 Reflections and Closing Remarks   In this episode, Ira shares how his journey from academia to early-stage venture capital gave him a unique lens for spotting high-potential founders in overlooked markets. He dives into the importance of founder chemistry, sticky products, and the traits that separate real moats from hype. You'll hear how ShipBob scaled in a gritty, unsexy market and how Audit Site is transforming the world of financial audits using cutting-edge tech. We also explore how AI is reshaping the startup world, from reducing headcount to disrupting traditional B2B models, and what that means for investors. Ira offers tactical advice for aspiring VCs, insights into how investment committees really work, and why the next breakout startup might not be in San Francisco or New York.  

Brad Feld isn't just a name in venture capital; he's one of the architects behind the startup ecosystem as we know it. From launching Techstars to mentoring hundreds of founders and fund managers, his legacy is rooted in building, not boasting. Here's a glimpse of what you'll learn: 00:48 Introduction to Driving Alpha 01:38 Brad Feld's Journey and Achievements 03:38 Reflections on Life and Career 05:51 The Future of Foundry Group 08:02 Mentorship and Its Impact 10:52 Influential Mentors in Brad's Life 15:17 The SoftBank Connection 23:29 Star Wars vs. Star Trek 27:58 Analog Analog and Investment Insights 30:31 The Evolution of Ticketing Platforms 30:51 AI in Customer Support 31:31 Personal Coding Journey 32:14 Comparing AI Models: Claude vs. OpenAI 35:09 Investment Dynamics in Tech 36:17 The Economics of Ride-Sharing 38:17 The Future of AI-Powered Tools 41:30 Challenges in Venture Capital 54:22 Reflections on Venture Capital   In this episode, Brad joins Steve Brotman of Alpha Partners for a wide-ranging conversation on investing through downturns, the rise of AI-powered tooling, and what it truly means to give first. Brad explains how his thinking evolved across three decades, from early wins to long-tail fund management, and how he's now channeling his energy into mentorship, writing, and second-order impact. He opens up about his "third third" philosophy of life, lessons from working with SoftBank in the dot-com era, and why today's founders can't afford to chase hype. Brad also shares his hands-on experience using tools like Cursor and Claude, drawing unexpected parallels between AI and the early internet. This is more than a look back; it's a roadmap for what's ahead. Want more of Brad's wisdom? Grab his latest book:  Give First: The Power of Mentorship,  a must-read for founders, fund managers, and anyone shaping the future of innovation.

What happens when a Google and Facebook engineering leader turns his focus to helping immigrant founders dominate in AI and robotics?  Ihar Mahaniok, Founder and Managing Partner of Geek Ventures, has invested in over 100 startups, including five unicorns, and is now channeling his experience into backing the next generation of world-changing entrepreneurs. Here's a glimpse of what you'll learn: 00:41 Welcome to Driving Alpha Podcast 00:51 Meet the Guest: Ihar Mahaniok of Geek Ventures 01:38 Ihar's Journey: From Coding to Angel Investing 03:26 Building Geek Ventures: Focus on Immigrant Founders 03:42 Navigating the US as an Immigrant Entrepreneur 04:58 The Power of Networking and LinkedIn 12:15 Geek Ventures' Unique Approach to Investing 20:36 Challenges Immigrant Founders Face in the US 22:54 The Future of AI and Its Impact 29:46 Building Efficient Teams in Startups 37:48 Advice for Aspiring VCs and Founders 40:57 Conclusion and Final Thoughts   In this episode, Ihar reveals how his own immigrant journey shaped his mission to close the opportunity gap for founders arriving in the U.S. without deep networks. He shares the traits that make immigrant entrepreneurs uniquely equipped to win—grit, ambition, and fresh perspectives—and explains how Geek Ventures provides the capital, connections, and strategic support to accelerate their success. The conversation explores the evolving landscape of AI and robotics, why small, elite teams often outperform larger ones, and how cultural differences influence fundraising strategies. Ihar also unpacks his framework for spotting exceptional founders early, building defensible moats beyond technology, and preparing for a future where AI will create more unicorns than ever before. Whether you're a founder, investor, or AI enthusiast, this episode delivers actionable insights on scaling bold ideas into lasting impact.  

What happens when decades of media and venture capital experience converge? Stewart Alsop, co-founder of TK MediaTech Ventures and a VC since 1996, brings a journalist's clarity and an investor's vision to the evolving landscape of media technology. Here's a glimpse of what you'll learn: 00:48 Introduction and Guest Welcome 01:02 Early Career and First Impressions 01:37 Bluntness and Career Challenges 03:00 Investment Philosophy and Media Tech Focus 06:45 The Third Convergence of Media and Technology 16:20 AI and Media Tech Investments 23:56 Finding the Right Entrepreneurs 25:27 Conclusion and Final Thoughts   In this episode, Stewart joins Brian Smiga to explore the "third convergence" of media and technology, an era defined by high-fidelity digital twins, immersive media, and AI-powered creativity. He unpacks how this new phase builds on two prior tech-media inflection points and why his firm, TK MediaTech Ventures, is poised to capitalize on this transformation. The conversation dives into Stewart's investment philosophy, the value of blunt honesty in venture partnerships, and the thesis behind faster time-to-liquidity in media tech. From the early bets on TiVo and Twitch to today's frontier in digital avatars and real-time reality rendering, Stewart explains what founders and LPs should know and why the next media revolution may already be here.  

Renata Quintini and Roseanne Wincek are the powerhouse duo behind Renegade Partners, a venture firm purpose-built to guide startups through the critical "teenage years" of growth. With prior roles at Felicis, Lux, Canaan, and IVP, they've helped scale some of today's most iconic companies and are rewriting the playbook on early-stage investing. Here's a glimpse of what you'll learn: 00:48 Welcome to Driving Alpha Podcast 00:59 Meet Renata Tini and Roseanne Ek 01:49 Renata's Journey: From Law to Venture Capital 09:20 Roseanne's Path: From Science to Venture 15:36 The Birth of Renegade Partners 18:35 Challenges and Strategies in Building a Fund 21:30 In-Person vs. Zoom: The Debate 23:10 Fundraising Challenges and Market Dynamics 26:30 Renegade Partners' Hands-On Approach 33:43 Evaluating Companies with Decision Science 36:50 Trends and Changes in Venture Capital 42:24 Navigating the AI Investment Landscape 46:40 Final Thoughts and Contact Information   In this episode, Renata and Roseanne break down how they've built Renegade Partners from the ground up, bringing a hands-on, decision science-driven approach to Series A investing. They share how their careers, spanning law, science, and venture capital, shaped a uniquely structured model focused on depth, not breadth, when working with founders. You'll hear their behind-the-scenes story of launching a fund just days before the COVID lockdown, navigating market corrections, and building deep trust with LPs. From boardroom dynamics to AI diligence, they offer hard-earned insights into backing durable businesses in a noisy market. Whether you're a VC, operator, or founder, this conversation is packed with lessons on firm building, founder support, and strategic conviction.  

Francisco Gimenez, Partner at 8VC, shares his unconventional journey from Stanford PhD to venture capital, where he leads investments in Bio-IT and enterprise AI. Known for his technical background and sharp instincts, Francisco has been pivotal in backing startups pushing the boundaries of biotech and healthcare innovation.   Here's a glimpse of what you'll learn: 00:48 Introduction to Driving Alpha 01:18 Meet Francisco Gimenez: A Journey from Academia to Venture Capital 02:45 Francisco's Early Career and Academic Background 04:02 Joining Formation Eight and Transition to 8VC 06:18 Investing in Visionary Founders and Unique Companies 08:26 Challenges and Insights in Deep Tech and Biotech Investing 12:15 The Importance of Problem-Oriented Founders 19:51 Exciting Companies and Future Prospects 20:41 Engineering Principles in Biologics 22:26 Innovative Cell Biology Tools 23:36 Biological Foundation Models and AI 24:52 VC Perspective on Biotech and Pharma 26:00 Challenges in Biotech Innovation 33:50 NIH Funding and Indirect Costs 39:13 Advice for Aspiring VCs and Founders 42:20 Conclusion and Final Thoughts   In this episode, Francisco unpacks how he spots the kinds of biotech companies others overlook, those "end-of-one" startups tackling massively complex problems with groundbreaking approaches. He explains why he focuses on founders driven by a deep obsession with solving difficult problems, rather than chasing trends or easy wins. The discussion explores the future of biotech, with insights into companies like Big Hat Biosciences and Seleno Therapeutics, pioneers at the intersection of AI and biology. Francisco explains why applying engineering and iterative design principles to the life sciences is unlocking new frontiers in drug development. He also offers his take on NIH funding controversies and shares why decentralized biotech innovation could spark the next wave of transformative therapies.  

What if AI could predict which founders will build billion-dollar companies? Ben Orthlieb, co-founder of Blue Moon, is doing just that, using AI and behavioral science to consistently outperform even the top VC firms. With roots at LinkedIn and Emergence, Ben brings a rigorous, founder-first model to seed investing. Here's a glimpse of what you'll learn: 00:00 Intro to Driving Alpha 00:41 Meet Ben Orthlieb of Blue Moon 01:20 Why "2.12" wasn't working—and how "Blue Moon" captures their true identity 02:05 The meaning behind both names—and what they signal to founders 03:45 Ben's origin story: building a new kind of VC from first principles 05:30 Why traditional VC falls short—and how Blue Moon is breaking the mold with AI 10:45 Graduation rates as the ultimate seed-stage performance metric 12:00 How Blue Moon wins deals with small checks and a founder-first approach 20:20 Meet Agatha and Da Vinci: the AI agents powering Blue Moon's edge 23:05 Strategic collaborations and the expanding Blue Moon network 26:50 What's next for Blue Moon—and how to engage as a founder, VC, or LP In this episode, Ben reveals how Blue Moon evaluates over 9,000 startups a year using their proprietary AI agents, Agatha and Da Vinci, to uncover the top 300 teams with the highest potential. The firm's two-meeting investment process, rooted in deep founder analysis and cutting-edge tech, allows Blue Moon to move faster and smarter than traditional firms, achieving seed-to-Series A graduation rates nearly 3x higher than the market. We also explore why the firm rebranded from 2.12 to Blue Moon, the psychology behind founder decision-making, and how their tools give them a near-unfair advantage in sourcing, vetting, and supporting startups. If you're a founder, VC, or LP curious about the future of venture capital, this conversation is a must-listen.  

What if the key to outsized venture returns isn't just a great idea but the unshakable resilience of the founder behind it? Jonathan Taylor and Brice Penaud of Water Bear Ventures believe grit is the ultimate differentiator, and they've built a fund around finding it. Jonathan brings years of experience driving strategic outcomes in venture, while Brice draws on a behavioral science background to decode the mindset of top-tier founders. Here's a glimpse of what you'll learn: 00:00 Introduction to Driving Alpha 00:43 Meet the Water Bear Team 02:15 The Origin of Water Bear Ventures 05:29 Defining Exponential Value 08:19 Art Meets Science in Early-Stage Investing 11:06 Building Relationships and Measuring Grit 16:44 Hunting Grounds for Gritty Founders 18:40 Involvement Beyond Capital 23:14 Lessons from Fund One and Plans for Fund Two 32:49 Optimizing LP Relationships 37:52 Future Vision for Water Bear Ventures 40:47 Conclusion and Final Thoughts   In this episode, Host Sam Silvershein sits down with the Water Bear Ventures team to explore how they invest in adaptability, grit, and long-term value creation at the earliest stages. From the origins of their firm's name to the behavioral cues they use to identify resilient founders, Jonathan and Brice reveal the real mechanics of building a differentiated early-stage portfolio. You'll hear how Water Bear's founder-first, anti-hype approach helped them outperform with Fund I and how those lessons are shaping their strategy for Fund II. They also break down how they build trust with LPs, support founders beyond capital, and maintain focus in a landscape full of distractions. If you want a deeper understanding of what makes early-stage investing work, this conversation delivers.  

What does it take to turn early traction into scalable momentum? And how do you know if your startup—and your engine—is even built for venture capital? Here's a glimpse of what you'll learn: 00:43 Introduction to Driving Alpha Podcast   02:20 Meet Manishh Patel: From Google to Nava Ventures   03:17 Growing Up in Rural Kentucky   05:24 The Journey to Venture Capital   08:17 Founding Nava Ventures   16:22 The Series A Focus   19:57 Building the Flywheel: Operational Infrastructure   20:41 Refining the Business Model   22:30 Hiring and Team Dynamics   22:52 The Importance of Closing Learning Loops   25:07 The Role of Venture Capital in Building Companies   28:22 Advice for Founders on Raising Venture Capital   35:07 Vetting Venture Capitalists   38:31 Final Thoughts and Contact Information In this episode, Host Zoe van den Bol sits down with Manish Patel, managing partner at Nava Ventures, for a candid and insightful conversation on what really matters at the Series A stage. Manish shares his journey from rural Kentucky to Google PM, to building Nava Ventures into one of the most focused Series A firms in the game. With lessons drawn from his operating days and years of backing breakout companies, this is a must-listen for founders, investors, and anyone building in early-stage tech. They also discussed why Series A is the most critical inflection point for a startup, how to build a real "flywheel" for growth, and when venture capital acts like fuel—or becomes a liability. Manish also shares what he looks for in founders, how Nava's high-conviction, low-velocity model gives them an edge, and the key signals that differentiate enduring companies from fast, flashy ones.  

Can deep operational experience shape better venture outcomes? One VC proves it can—drawing from years in the founder seat to back today's most promising startups. Here's a glimpse of what you'll learn: 00:43 Introduction to Driving Alpha Podcast   01:05 Eric's Background and Career Journey   03:45 Transition to Venture Capital   06:27 Eric's Role at S3 Ventures   07:19 Investment Philosophy and Market Insights   12:12 Texas Venture Ecosystem   20:18 S3 Ventures' Unique Structure   29:56 Advice for Entrepreneurs and VCs   33:10 Conclusion and Final Thoughts    In this episode,  Eric Engineer, Partner at S3 Ventures, shares his journey from tech operator to venture investor. With roots in software engineering, leadership roles at Microsoft, and experience as a startup CEO, Eric offers a rare lens on what founders really need to succeed. He reflects on the emotional toll of entrepreneurship, the critical value of founder resilience, and how those experiences influence his approach to investing. The conversation also explores the evolution of the Texas startup ecosystem, S3 Ventures' unique single-LP structure, and the nuanced decision-making process within the firm. Eric outlines what excites him most about AI's impact on SaaS and healthcare and why startup longevity and team-building remain core to his investment thesis. For anyone curious about what it takes to win in venture—both as a founder and investor—this episode is full of actionable insight.  

Can Middle America become the next innovation powerhouse? Aziz Gilani, General Partner at Mercury, thinks so—and he's proving it by backing cloud and enterprise software startups across Houston and beyond. With a track record that includes major exits like Black Lotus and Modus, Aziz has helped Mercury's portfolio reach over $9 billion in enterprise value. Here's a glimpse of what you'll learn: 00:43 Introduction to Driving Alpha   00:51 Meet Aziz Gilani: Venture Powerhouse   02:08 Aziz's Journey to Venture Capital   04:20 Houston: A Hub for Enterprise Software   05:37 The Evolution of Texas's Startup Ecosystem   06:29 What VCs Look for in Entrepreneurs   10:29 The Growth of the Venture Capital Industry   15:38 The Impact of Regulations on Startups   24:29 Future Opportunities in Technology   31:41 Connecting with Aziz and Mercury Fund   34:29 Conclusion and Final Thoughts   In this episode, Aziz joins Steve Brotman to unpack how Mercury is scaling venture success outside traditional hubs. He shares the journey that led him from early enterprise software gigs to shaping national innovation policy. Along the way, Aziz discusses the rise of Texas as a startup epicenter, fueled by domain-specific advantages and the growing infrastructure led by institutions like Rice University's Ion. Aziz dives deep into what he looks for in founders—those with a "spike" of excellence—and why massive market potential, tenacity, and adaptability are essential. The conversation also explores the explosive growth of venture capital as an industry, the evolving regulatory landscape, and why now is a critical moment for sectors like AI, cybersecurity, and quantum computing. If you want insight into how to build capital-efficient, billion-dollar companies outside the coasts, this episode is a must-listen.

Matt McIlwain, Managing Director at Madrona, has spent over two decades investing in intelligent applications and driving innovation in AI. With a track record including Smartsheet, Apptio, and Isilon, he brings rare perspective from 25 years in venture capital. Here's a glimpse of what you'll learn: 00:43 Introduction to Driving Alpha Podcast 00:57 Guest Introduction: Matt McElwain from Madrona 01:41 Matt's Journey into Venture Capital 03:06 Early Years at Madrona and the Dot-Com Bust 04:45 Madrona's Investment Strategies and Success Stories 06:29 Driving Alpha for Portfolio Companies 09:34 Evaluating Founders: The Power of Why 24:49 Navigating Exits and M&A Landscape 28:25 Life Lessons and Long-Term Perspective 32:40 Conclusion and Future Outlook   In this episode Matt recounts his unconventional entry into venture capital—from auto parts to Amazon-era Seattle—and how he joined Madrona just before the dot-com crash. He reflects on the firm's resilience through market downturns, the evolution of their early-stage to acceleration-stage investment strategy, and how conviction-driven bets like Isilon and Smartsheet became fund-makers despite difficult timing. Matt breaks down his "power of why" framework for evaluating startups, emphasizing founder-market fit and the value of long-term thinking. He shares candid insights into Madrona's hands-on approach with founders, how he spots extraordinary teams, and why curiosity is the ultimate trait in successful entrepreneurs. From navigating exits in today's M&A climate to building enduring partnerships, this conversation is a masterclass in venture capital longevity.