I had the pleasure of meeting Mac through Twitter then over Zoom last October. Over the holidays, I sat down with Mac Conwell to chat about his journey as an emerging manager, launching RareBreed VC, his investment philosophy, and his advice for those who want to follow in his footsteps.

McKeever “Mac” Conwell II is a software engineer by trade and was a former DOD contractor with “top-secret clearance doing a lot of cool stuff I can never talk about.” Mac spoke candidly about the highs and lows of his early career that ultimately led him to VC. He was…

Keys:

1. 95% of VC funds fail. In addition to your passion and commitment, bring operational experience to juggle investing, fundraising, and running your small business.
2. In the VC model, labor is a scarce resource. If you build a larger Fund II or III, consider the toll a higher volume of deals will take on your labor force.
3. Most VC funds are under-diversified. You’re going to learn as you invest and the world will evolve as well — give yourself enough flexibility to readjust, adapt, and take advantage of the opportunities that come your way.
4. When you’re in Fund I, you’re…

A Guide For Emerging Managers

Keys:

1. Tap into your 1st, 2nd, and 3rd degree network to cast a wide net when looking for potential investors to build support before your search becomes more targeted.
2. Set deadlines and create a sense of urgency to quickly build momentum and get LP commitments.
3. Communication is key when fundraising and managing your fund. Even if a lead goes cold, foster that relationship and stay in contact.

Once you’ve laid the groundwork for your first fund — building your network, identifying your secret sauce and motivation, developing your thesis, and modeling your fund — how do you move forward?

I…

A Guide for Emerging Managers

Keys:

1. There are about 900 micro VCs in the market representing demand for ~$20 billion in capital commitments every 2–3 years. Set yourself apart with 1) thesis-driven conviction and alignment 2) differentiated deal flow and access to founder communities, and 3) added value beyond the check.
2. Right now, over 358 emerging and micro-VC managers are actively raising a new fund. Craft your thesis and fund from your passions and experiences to handhold LPs down the path you’ve walked that proves you have a unique position or lens to evaluate and invest in talent.
3. Micro VCs raise anywhere up to $100M…

A guide for emerging managers

Keys:

1. Leverage your reputation and network to show early investors that you know enough people in the industry and have access to strong, proprietary deal flow.
2. Show any traction including previous investments or high-quality deals you scouted or helped investors close. Track key metrics and convert them into pitch decks.
3. Anchor your commitment to raising your first fund with a clear personal motivation. Why you want to raise a fund will help explain why you are the right person to raise a fund.
4. Surround yourself with great people building great things. …

Take action now:

1. Figure out what makes your team tick and what you can do to empower them to succeed. Both personally and professionally.
2. Share control and authority, and delegate responsibilities.
3. Focus on every situation as abundant. Fuel your Smart Creatives, share ideas and connect with your team members on a personal level to help them grow and find success.
4. Harness the passion of your people and give them the tools to put their skills into action.
5. Get out of the way to allow your team to perform.

Managing up is a skill generally used by middle managers to guide…

Key Points:

1. As a leader: be tenacious, be coachable, and have integrity, above all else
2. As a team member: build partnerships and relationships
3. As an entrepreneur: ask questions, foster the right ideas, and convey your passion

The story of the young upstart founder is a popular narrative in today’s culture, but how genuine is it? A recent article by Ian Hathaway actually reveals that, on average, the most successful founders are in their 40’s. …

A quantitative portfolio management system for investors

For several years I was frustrated that I couldn’t find a portfolio management tool to serve my needs as an investor. I started asking my colleagues if they had the same problems as I did regarding deal flow, system of record, and data aggregation with early stage investments.

I began with user interviews to refine my hypotheses about what investors want and need in portfolio analysis. After this validation, I started building and testing against those same people who would be my customers. Step by step, this became fiifi.

Having the right idea is an evolution of product, user interviews…