I have had the pleasure and opportunity to work on my own fund, Precursor Ventures, for almost 9 years. I have also had the opportunity to talk to many people who want to start their own funds. Over time, I've realized that most of my conversation

s with new managers are not about their portfolio construction, strategy, or fund size. Most of these conversations center on whether the person wants to operate more like an angel (angel vibes) or to build something that feels more like an institutional venture firm that they can scale and will endure beyond them (institutional vibes).