“Lower barriers to entry doesn’t mean higher probabilities of success.” — Sam Huleatt

Sam Huleatt is the co-founder of The Side Letter, a platform driving network-based research for capital allocators. Prior to The Side Letter, he created and ran the The LP Institute at VC Lab, as well as let On Deck Angels at On Deck. Moreover, he's a serial founder, active angel investor in over 35 companies, and an active allocator in emerging fund managers, including the likes of Notation Capital, Orange Fund, Inuka Capital, Asylum Capital, and more.

You can find Sam on his socials here:

LinkedIn: https://www.linkedin.com/in/samhuleatt/

X / Twitter: https://x.com/samhuleatt

OUTLINE:

(00:00) Intro

(01:34) Sam's childhood

(03:24) The most persistent myth about Sam he never bothered to correct

(05:47) Bottom-up vs top-down investor

(13:37) Can career VCs develop empathy for the founder

(18:43) Traits of someone who should definitely start a fund

(26:45) Traits of someone who should NEVER start a fund

(28:09) Air of inevitability

(33:44) Why was Outlander VC inevitable?

(36:11) Where should 60% of your Fund I capital come from?

(41:47) Starting a VC fund is hard

(44:46) Do LPs like GP accelerators?

(51:35) Top 3 considerations for first-time LPs

(58:03) How many GPs should 1st-time LPs meet?

(1:01:06) Governing law of VC: Adverse selection

(1:04:40) Incentive alignment on fees

(1:06:36) Terms in LPAs vs side letters

(1:11:16) What is The Side Letter?

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