Jason Demant just joined GTMfund as Partner, Head of Networks after 6 years at Foundation Capital where he reviewed over 1,000 emerging manager funds and invested in 100+.In this episode, Max (GP), Paul (GP), and Jason break down what separates the VC firms that survive from the ones that quietly die, why the best founders today are skipping mega funds at pre-seed, and what LPs are excited in about emerging managers.What we cover:The real reason raising from mega funds at pre-seed can backfireWhy less than 10% of VC firms ever make it to Fund 3What makes an emerging manager fundable (sourcing, founder support, durability)The media flywheel that gives certain funds an unfair advantageHow LPs should think about mega funds vs. emerging platforms (the barbell approach)Why founders are the ones now choosing their investors, not the other way aroundConnect with Jason: / jasondemant Connect with Max: / maxaltschuler Connect with Paul: / paulsirving GTMnow is the media extension of GTMfund, a venture capital firm investing in early-stage B2B companies. Every episode features operators, investors, and founders on the front lines of go-to-market.Timestamps:0:00 Intro1:54 Jason's Background at Foundation Capital3:07 Why Jason Chose GTMfund4:35 How Media Has Evolved in the VC Ecosystem6:20 What Separates Winning Emerging Managers from the Rest8:28 GTM Fund's Flywheel: Fund, Community & Media10:41 Building a VC Firm Is Like Building a Startup12:31 Emerging Managers vs. Mega Funds (a16z, Lightspeed)14:01 Why Top Founders Are Picking Emerging Managers for Early Rounds