In this episode of Ignite Podcast, host Brian Bell sits down with Mike Suprovici, co-founder and head of acceleration at Decile Group, to discuss his journey in venture capital and his impact on the emerging manager ecosystem. Mike shares his early experiences at the Founder Institute, where he helped launch thousands of startups, and how that led to the creation of VC Lab—an accelerator for first-time venture capitalists. He explains how VC Lab was originally conceived as a small initiative but rapidly evolved into a major force, shaping the next generation of fund managers worldwide. The discussion also delves into the rigorous selection and training process for new GPs, the importance of refining a strong investment thesis, and how VC Lab helps managers close their first funds and establish long-term, enduring VC firms.

Brian and Mike explore the broader challenges emerging fund managers face, from navigating LP relationships to structuring funds for long-term success. They discuss the ethics of venture capital, touching on issues like misleading valuations, problematic side letters, and the need for transparency in fund administration. Mike explains how Decile Group was built to provide fund managers with a robust infrastructure, including compliance, legal, and back-office support. He emphasizes the importance of standardizing processes and creating a more professionalized, institutional-grade experience for both GPs and LPs.

The conversation also highlights how Decile Group’s ecosystem has expanded to include tools like Decile Hub, a comprehensive ERP for venture capitalists, and Decile Partners, which provides full operational support for fund managers. Additionally, they discuss LP Institute, a program designed to educate limited partners on investing in emerging managers, and Decile’s fund-of-funds initiative aimed at directing capital into top-performing funds. Mike shares insights on how these programs are creating a more efficient and ethical venture capital landscape, ensuring that emerging managers can build enduring firms.

Closing the episode, Brian and Mike reflect on the future of venture capital, the growing role of AI in fund operations, and the increasing importance of micro-funds in driving innovation. Mike shares his vision for Decile Group, including the ambition to take the company public, making venture capital more accessible and standardized. The conversation underscores the transformative power of ethical, well-structured venture firms in funding the next wave of groundbreaking startups across the globe.

Chapters:

Welcome & Guest Introduction (00:01 – 02:00)

The Origins of VC Lab & Helping Emerging Managers (02:01 – 07:00)

What It Takes to Raise a Venture Fund (07:01 – 13:30)

Ethics in Venture Capital & The Mensarius Oath (13:31 – 19:30)

Common Mistakes Emerging Managers Make (19:31 – 25:45)

Scaling a VC Firm: From Fund 1 to Fund 2 and Beyond (25:46 – 31:00)

The Tech Behind Decile Group: Solving VC’s Infrastructure Problems (31:01 – 38:15)

The Future of Venture Capital: AI, Micro Funds & Institutionalization (38:16 – 45:30)

The Impact of Emerging Managers on the Startup Ecosystem (45:31 – 53:00)

Rapid-Fire Questions: Advice, Trends & Predictions (53:01 – 58:30)

Final Thoughts & Closing Remarks (58:31 – 1:03:39)