In this episode, Earnest Sweat and Santosh Sankar unpack what it really takes to start and sustain a venture firm in today’s brutal fundraising environment, where the top 30 funds capture most LP capital. They compare spin-outs to de novo emerging managers, stress why a clear “why” and real differentiation (beyond generic websites and value-add claims) are essential, and explore how narrative, content, and staying visible matter more than ever. They argue that relationships and trust are a lasting edge in an AI-saturated world, discuss the tradeoffs between being a solo GP versus building a partnership, and highlight the importance of conflict resolution, emotional durability, and actually doing what you promise for founders. Finally, they examine the evolving role of junior talent, emphasizing curiosity, relationship-building, and the ability to tinker with new tools as core skills for the next generation in venture. Also, Sam Heshmati of Citizens Private Bank, shares how the team provides white glove private banking tailored to the innovation and venture ecosystem, with a strong focus on client experience and value-added partnership. Topics in this conversation include: Delusional Optimism, Improv Mindset, and New Fund Formation in 2024 (1:06) Why Start a Firm and How it Differs from Building a Traditional Startup (5:21) Bottoms Up Differentiation, Identifying Gaps, and Intellectual Honesty (11:15) Narrative as Sales, Importance of Story, and Sponsor Introduction of Citizens (16:49) Sam’s Path into Venture Banking and Early Silicon Valley Experience (19:39) First Republic Culture, White Glove Model, and Evolution under Citizens (21:32) Venture Firms as Media Companies, Noise, and Staying Relevant with Narrative (24:52) Cringe, Perfectionism, and Learning through Imperfect Content and Feedback (26:16) Human Touch vs Bots, Analog Firm Thesis, and Qualities that Truly Matter (31:12) Self Belief, Relationships, and Enduring Human Advantage beyond AI Tools (32:35) Location Narrative around SF, Global Investing, and Being a Bridge for Founders (40:14) Class A Question Asking, Diligence Styles, and Power of Active Listening (41:19) Why Great Founders Choose Specific VCs and How to Show Differentiation (45:44) Venture has plenty of content. What it lacks is candor and curiosity about the craft. Hosted by Earnest Sweat and Santosh Sankar, Carry On is focused on what building a firm actually looks like, not the highlight reel. Each episode breaks down the X's and O's of venture capital, traded openly between two GPs and a small circle of friends who live this work. From first funds to franchise firms, specialists to generalists. Learn more and subscribe at www.carryonpodcast.com. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
