Nakul Mandan is the founder of Audacious Ventures. Prior to Audacious, he was a partner at Lightspeed, joining from Battery, which he joined in ‘09 in the middle of the financial crisis while living in India. This conversation explores his journey immigrating to Silicon Valley and building an early stage venture firm from the ground up. We get into why most VCs aren’t helpful with recruiting at the zero to one stage, his thesis on starting an early stage venture firm to help founders hire A+ teams, a crash course on early stage recruiting and building a sales team, and how COVID hit right after he left Lightspeed to raise Audacious Fund 1. Timestamps: (00:00) Intro (03:43) Evolution of VC platform teams (09:53) How Audacious runs in-house recruiting processes (15:16) The reason large firms can’t help with Seed stage recruiting (17:06) Immigrating from India to the US mid-financial crisis (21:59) Silicon Valley's secret weapon (25:59) The opportunity to start a recruiting-focused Seed firm (30:14) Raising Audacious $90m Fund 1 in April of 2020 (36:58) The new guard of Seed firms (39:23) Why $50-75m is the minimum viable institutional fund size (41:48) How to work with the best founders (45:30) Navigating deal dynamics, term sheets, and valuations (52:24) The two hardest parts about starting your own fund (54:32) Lessons applied raising Audacious $125m Fund 2 in 2023 (58:46) Evolving from a PMF-first to Founder-first investor (01:02:09) Five traits of force of nature founders (01:07:05) How to build an A+ team (01:11:46) The importance of backchanneling (01:13:54) Why everyone thinks they’re a good people reader (01:14:35) Two most common mistakes in recruiting (01:20:59) Determining urgency of a customer’s problem (01:22:55) Hiring and scaling your first sales team (01:25:55) Why marketing is the hardest role to hire for (01:31:59) What good sales people look like (01:35:43) How to move up market + how to do pilots (01:43:40) Why Nakul admires Rafael Nadal Referenced: Audacious: ⁠https://www.audacious.co/ ⁠  Nakul’s immigration journey: ⁠https://www.nakulmandan.com/blog/2024/an-immigrant-living-the-american-dream⁠  Force of nature founders: ⁠https://www.nakulmandan.com/blog/2024/traits-i-look-for-in-founders⁠ Early GTM hiring: ⁠https://www.nakulmandan.com/blog/2023/initial-gtm-hiring-for-saas-startups⁠  Follow Nakul: Twitter: ⁠https://x.com/nakul⁠  LinkedIn: ⁠https://www.linkedin.com/in/nakulmandan⁠  Follow Turner: Twitter: ⁠https://twitter.com/TurnerNovak⁠  LinkedIn: ⁠https://www.linkedin.com/in/turnernovak/ Subscribe to my newsletter to get every episode + the transcript in your inbox every week: ⁠https://www.thespl.it⁠