Mark Suster of Upfront Ventures on Generational Firm Evolution, Why Fundraising is Like Enterprise Sales, & The State of Venture today

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape. Today we’re excited to bring you my recent conversation with Mark Suster, managing partner at Upfront Ventures, a firm that was founded 25 years ago, originally as GRP partners. Mark joined the firm in 2007 and became managing partner in 2011 and helped architect the new era of the firm while also actively evangelizing the now robust LA tech ecosystem. Upfront currently has $1.9B AUM and has invested in companies such as Overture,  Maker Studios, and Ring.Prior to joining Upfront, Mark was a two-time operator, including selling the latter to Salesforce.com. He did his BA at UCSD, and got his MBA at the University of Chicago.This was a fun one and we talked a lot about how they’ve rebranded and evolved as a firm, how raising funds is no different than enterprise sales, and the interesting paradox that faces every VC today.A message from our sponsorFrank, Rimerman + Co.’s history is closely intertwined with that of Silicon Valley. With humble beginnings similar to so many start-ups, Frank, Rimerman was formed with a desire to serve the entrepreneurial and venture communities of the Valley and the determination to think outside-the-box.When it comes to venture funds, we work with almost 500 VC groups from over 20 states across the USA. We have worked with over 350 fund groups throughout their first year, making us one of the leading providers in the country to emerging managers.No one wants to be bored at work. That’s why we chose to work with some of the most innovative and creative people – people who are changing the world around us every day. Their excitement fuels our passion and determination to grow and serve this special community.Frank, Rimerman + Co, Passion Works Here.www.frankrimerman.comIn this episode we discuss:01:43    Mark’s journey into VC04:16    Why he thought GRP was a good fit for him08:22    How the firm transformed its investment focus12:55    The process around the rebranding to Upfront Ventures18:23    Human psychology of decisions23:41    Why you need to be careful on when to share data rooms27:41    How fundraising is like sales33:05 Why creating scarcity is important34:57    Talent retention and acquisition42:26    The current state of the venture market Mentioned in this episode:* The Righteous Mind: Why Good People Are Divided by Politics and Religion* Why You Should Never Have A Data RoomWe’d love to know what you took away from this conversation with Mark! Follow @SamirKaji and give your insight and questions using the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop a direct message on Twitter.Podcast Production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com