Suggestions
Max Altschuler
Founder & General Partner at GTMfund, Experienced Entrepreneur and Advisor
Max Altschuler is the Founder and General Partner of GTMfund, an early-stage venture capital fund that focuses on investing in B2B SaaS startups. Established in 2021, GTMfund is backed by over 300 investors, primarily revenue leaders from notable tech companies like Salesforce, Okta, and Snowflake, and has approximately $23.5 million in assets under management as of September 2022.14
Before founding GTMfund, Altschuler was the CEO of Sales Hacker, a digital media company he founded and later sold to Outreach in 2018. Following the acquisition, he served as the Vice President of Marketing at Outreach until 2022. In 2023, he reacquired Sales Hacker, rebranding it as GTMnow under the GTMfund umbrella.123
Altschuler is also a recognized author, having published several books including Hacking Sales and Career Hacking for Millennials. His insights have been featured in major publications such as Forbes, Inc., and Harvard Business Review. He has been acknowledged as one of LinkedIn's Top Voices for Sales and included in Crunchbase's list of 25 Sales Leaders to Follow.124
His educational background includes a Bachelor of Interdisciplinary Studies in Entrepreneurship from Arizona State University.34
Highlights
I have a killer product team looking for a biz ops-minded CEO at a 0-1 startup.
Amazing approach, uniquely defensible, and in a space where there's money but it's also an immensely helpful service.
Shoot me a DM if you're looking to go BIG on your next venture.
Early stage investing is all about Power Law. You can only lose 1x your money, but if you hit, you can multiply it infinitely.
Investments fail more often than succeed, which is why you need shots on goal.
The way you lose is not necessarily by picking only losers. It’s by not maximizing your winners.
Here are two sneaky nuances in VC deals to watch out for.
𝐒𝐜𝐫𝐮𝐭𝐢𝐧𝐢𝐳𝐢𝐧𝐠 𝐭𝐡𝐞 𝐜𝐚𝐩 𝐭𝐚𝐛𝐥𝐞: A poorly structured cap table can lead to severe consequences, especially if the company needs to be recapped.
Think about this - you invest in 5 deals. 4 go to 0. 1 is your big returner.
If your fifth deal has a messed-up cap table, a recap could mean losing half or more of your potential returns.
You could end up with a 50x return that should have been 100x. That difference is significant—it's not just losing your money, but losing out on a much bigger outcome.
𝐖𝐡𝐲 𝐬𝐭𝐫𝐨𝐧𝐠 𝐛𝐨𝐚𝐫𝐝𝐬 𝐦𝐚𝐭𝐭𝐞𝐫: Weak boards can nuke companies. Poor board decisions and bad advice can cripple a company’s growth and prospects.
As an investor, it's essential to ensure that the companies you invest in have capable boards and co-investors. Effective boards can steer companies through challenges and set them up for success.
The reality of angel investing is that it's a game of high risk and potentially high rewards. Losing 1x your money on an investment is tough but manageable.
It’s part of the game.
What really sucks is missing out on a substantial gain because of preventable issues like cap table mismanagement and weak boards.
I’ve made some bad calls as an angel investor that have cost me upside, but I’ve always learned from it and leveraged the knowledge on the next deal.
