VC Corner Q&A: Jason Spinell of Slack Fund

Jason Spinell is the director of the Slack Fund, which invests in and collaborates with the next great software companies building the future of work. Previously, Jason was the Ventures Director at Undercurrent and the cofounder at Precog — a data science platform. He is also an angel investor and advisor.

Read on to learn more about Slack Fund and Jason Spinell’s insights!

— What is Slack Fund’s mission?

At Slack Fund, our mission is to invest in and collaborate with the next great software companies building the future of work, a future in which work-life is simpler, more pleasant and more productive. It’s a scope that has expanded enormously since we first set out to primarily back startups building on the Slack platform.

— What was your very first investment? And what struck you about them?

Back in 2015, when we founded Slack Fund, our initial focus was on backing companies who are solving problems for working teams by building on the Slack platform. We saw it as an opportunity to fund, mentor, and partner with these early-stage companies and help them grow into lasting businesses.

One of our very first investments was Lattice. They are an all-in-one people management platform including feedback, recognition, planning, and analytics. The company has grown tremendously since then, and it’s been wonderful working closely with the team.

— What is one thing you’re excited about right now?

As I mentioned, the Slack Fund is focused on investing in the companies that are shaping the future of work. Now investing out of our second fund, we’ve been really excited about asynchronous communication with both voice and video. As we look at a more hybrid work model in the future, we see this as one of the biggest opportunities to revolutionize distributed work and allow team members to feel connected no matter where they are. Some of our portfolio companies that are exploring asynchronous voice and video communication are Yac, an async voice and video platform for remote teams, Storyboard, a tool for creating private podcasts for teams and organizations, and Loom, which enables users to quickly record and share video messages of themselves and/or their screen.

— Who is one founder we should watch?

Amy Spurling, founder, and CEO of Compt. Amy has an impressive background, with multiple CFO and COO positions at venture-backed companies over the years. In 2018 she founded Compt, which helps companies build, streamline, and scale employee perk stipends. As employers are looking to find that unique competitive edge to attract talent, Compt offers a compelling product for the future, flexible workplace.

— What are the 3 top qualities of every great leader?

The Slack Fund has come across so many amazing leaders, and for us, a common thread is really the ability to think holistically about the future of work. Typically these founders are:

Futurists: They have a crystal-clear point of view on what the future can and should look like, and where their company fits into that broader vision.

Problem-Solvers: Great founders are great problem solvers, meaning they can reasonably predict some of the inevitable obstacles that arise on their path to growth, and come up with creative solutions for their business, their customers, and their team.

Motivators: They are able to put ego aside and motivate their team to rally around business goals and their overall vision, attracting top talent along the way. This is best achieved through great storytelling — a leader should be able to not only have a clear view of the future they want to build but communicate that clearly and concisely.

— What is one question you ask yourself before investing in a company?

It all goes back to our mission, to support the next wave of truly great enterprise software entrepreneurs that are building or creating what the future of work will look like. So I usually ask myself if the company is bringing a fresh perspective that is innovative and forward-looking but also addresses a universal pain point we are all feeling at work today. Essentially it boils down to: is this actually solving a problem, or is it simply following a broad market trend?

Slack Fund works really closely with the founders we invest in, so something we think a lot about is the ability to meaningfully help them. I will typically ask myself: Is this a company we could immediately help with the resources and connections we have? If not, it may not be a good fit.

— What is one thing every founder should ask themselves before walking into a meeting with a potential investor?

As investors, we care deeply about the problem that is being solved and, in turn, the person trying to solve it. With this in mind, before walking into a meeting, I would suggest pressure-testing your idea and focus on the ability to grow and scale it as needs change in the future. That way, when you sit down or hop on an investor call, you’ve already answered all the questions you’ll likely be asked about any barriers to success. If you come prepared to talk about the genesis of your idea and bring us along on the journey of how and why you’ve decided to solve this problem, you’ll have the best chance to differentiate yourself and capture an investor’s interest.

— What do you think should be in a CEO’s top 3 company priorities?

A CEO’s priorities change at different stages of the company, but some consistent top priorities should be fundraising, recruiting, and getting as close to your customers as possible.

— Favorite business book, blog, or podcast?

My favorite book is ‘Let My People Go Surfing: The Education of a Reluctant Businessman’ by Yvon Chouinard. For blogs and newsletters, I love The Prepared and Lux Recommends. Neither of these has anything to do with Enterprise SaaS, which is probably why I love them so much! Finally, a favorite podcast of mine is Invest like the Best with Patrick O’Shaughnessy. The show features wide-ranging views on all things investing (public and private).

— Who is one leader you admire?

Yvon Chouinard, who is the founder of Patagonia. He’s also an environmentalist, rock climber, and surfer.

— What is one interesting thing most people won’t know about you?

I have appeared in multiple freeskiing films and was featured in Freeskier Magazine.

— What is one piece of advice you’d give every founder?

It may sound a bit simplistic, but it’s always some version of “Do what you love.” Building a company is so hard, with so many ups and downs, that unless you are all in, short-term thinking will start to take over. However, those quick fixes are not always best for the company. If you truly love what you’re building, you’ll want to think long-term and make decisions for a sustainable business.

Ready to make a pitch? Startups looking for an opportunity to pitch Slack Fund or other great funds can apply here!