Turner Novak 🍌🧢(@TurnerNovak):Can you build a venture firm like a product team? I asked @jmj how he runs @ChapterOne: "My career as a product person was very much, here's 50 experiments. I don't always know what's gonna work. But I'm just gonna try them all and follow the customer. In many ways how we've built Chapter One is similar. We're gonna launch 50 different experiments within a fund cycle. And most of them won't work. Most of them will actually probably be a really bad idea. We're very okay with that failure rate. But then we need to follow the things that are working. That's been a staple of our firm. We don't overthink anything on the experiment side. If you have a good idea, we test it. Almost like you would at a product org. Our LPs have followed us on that journey and understand it. But if you're just watching outside in, you might think it's all a bit random."

2026.09.17 15:00

Can you build a venture firm like a product team? I asked @jmj how he runs @ChapterOne: "My career as a product person was very much, here's 50 experiments. I don't always know what's gonna work. But I'm just gonna try them all and follow the customer. In many ways how we've built Chapter One is similar. We're gonna launch 50 different experiments within a fund cycle. And most of them won't work. Most of them will actually probably be a really bad idea. We're very okay with that failure rate. But then we need to follow the things that are working. That's been a staple of our firm. We don't overthink anything on the experiment side. If you have a good idea, we test it. Almost like you would at a product org. Our LPs have followed us on that journey and understand it. But if you're just watching outside in, you might think it's all a bit random."

Turner Novak 🍌🧢@TurnerNovak

2026.09.17 13:52

New @ThePeelPod with @jmj at @chapterone We talk about building a venture firm like a product, why round labels are dead, the reason picking rates have fallen, consumer AI, delivering flowers door-to-door in Kansas, taking down Tinder with a push notification, how none of his Fund 1 returners were in the Bay Area, and why Ch 1 never announced their $64M Fund 3. Full episode here + links below. 0:00 Publishing IC notes every week 3:45 Do round names matter anymore? 8:20 Putting a big check into Erebor's $2B round 11:40 Why deep tech went from instant pass to preferred in 3 years 15:30 When deep tech companies should raise debt 19:00 Should this company raise $1M or $100M? 23:25 You have two days to say yes 25:55 The sourcing software he built at Tinder 28:05 Their crypto book hit 22x, then the market turned 30:55 Paradigm, SendCutSend, and re-founding a firm 33:35 If you're going to pivot, re-found the company 37:25 Flex's wedge was too illegible to fund 40:10 When should you actually pivot? 42:45 Zaarly, the Uber for everything 45:15 Moving to Kansas City with a bag of clothes 47:25 Delivering flowers door-to-door 51:30 Raising a $64M Fund 3 and not announcing it 56:30 Joining Tinder as employee 50 57:35 The push notification that took down Tinder 1:00:55 Why you shouldn’t start a dating app 1:04:15 Consumer got too predictable 1:08:55 Consumer AI economics look worse than enterprise 1:10:35 Supabase and the non-human customer 1:13:00 Launching Chapter One from his Tinder desk 1:15:05 50 experiments per fund cycle 1:16:10 Product Club, the world's smallest accelerator 1:19:00 Evolving portfolio construction between funds 1:21:25 Why picking rates have fallen 1:24:40 Smaller funds can invest in illegible categories 1:27:40 Zero Fund 1 returners were in the Bay Area 1:29:35 Don't compete with Sequoia at Seed 1:32:00 His grandfather built Mervyn's

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