From Operator to Fund Manager

Episode Summary Neal sits down with Will Alaynick, managing partner at Phase Two Ventures, for a fireside chat on what it actually looks like to go from building a company to running a venture fund. Will walks through his journey from operating a life science instrumentation startup - backed by a strategic investor who gave him governance, talent, and manufacturing access - to raising a fund focused on the tools and infrastructure layer of biotech. They dig into how fund managers evaluate deals differently than angels, why SBIR funding can be a double-edged sword, and what it takes to say no for a living. Key Topics * How a strategic investor provided governance, talent, and manufacturing - not just capital * Building Phase Two Ventures from operator pattern recognition * Evaluating life science deals through the lens of an ex-founder * SBIR funding as a signal - and when it becomes a distraction * The difference between angel deal evaluation and fund-level portfolio construction * Why most of the venture job is saying no - and how to do it humanely * AI's emerging role in life science - and why wet labs still matter * What angels should know before making the leap to managing a fund Links & Resources * Phase Two Ventures * San Diego Angel Conference * Rising Tide Partners Connect on LinkedIn * Will Alaynick * Neal Bloom This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit risingtidepartners.substack.com/subscribe