Uncapped with Jack Altman

• Uncapped #34 | Mel Williams from TrueBridge

  Mel Williams is a co-founder and Partner at TrueBridge Capital Partners, a fund of funds with $8 billion in AUM focused on venture capital. Since 2007, Mel’s team has backed firms like Thrive, Founders Fund, Sequoia, and Alt Capital, and powers the data behind the Forbes Midas List. Before TrueBridge, Mel co-founded UNC Management Company (UNCMC), where he worked closely with the President/CIO to manage over $2 billion of endowment capital for the University of North Carolina. We covered: Investing in frothy markets Doubling down on winners Seed vs multi-stage Picking managers --- Timestamps: (0:00) Intro (1:10) AI valuations and a frothy market (4:35) Long term market risks (7:18) Should VC funds keep getting bigger? (9:37) 10% of the market is the signal (14:08) Venture math debate (18:05) Characteristics of great investors (20:46) The case for seed stage firms (23:09) Picking managers (24:59) Big wins and big misses (30:12) It’s hard to kill a good brand (33:06) Building a concentrated portfolio (36:53) Advice to young LPs --- More on Mel: https://truebridgecapital.com/ https://truebridgecapital.com/team/mel-williams/ More on Jack: https://www.altcap.com/ https://x.com/jaltma --- https://linktr.ee/uncappedpod Email: [email protected]

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• Uncapped #33 | Vlad Tenev from Robinhood

  Vlad Tenev is the co-founder and CEO of Robinhood (NASDAQ: HOOD), which transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. As of Q3 2025, the company is doing $1.27 billion in revenue with 11 business lines each doing roughly $100 million. We discuss the evolution of online brokerage platforms from Schwab to E-Trade to now Robinhood. Vlad delves into the launch of Robinhood, the impact of the global financial crisis, and how mobile and high-frequency trading have transformed finance. The conversation explores the rise and success of prediction markets, the importance of engaging younger generations, and how AI is enhancing the future of trading. --- Timestamps: (0:00) Intro (00:27) History of online brokers (4:15) The rise of Robinhood (9:15) Changing sentiment among generations (14:18) Incentive alignment with customers (18:47) The emergence of prediction markets (25:50) Economic value vs entertainment (28:26) Growing degree of risk taking (35:21) Tokenization and private markets (39:33) The impact of AI on Robinhood (43:35) What excites Vlad about AI (46:59) Reflections on being a founder --- More on Vlad: https://robinhood.com/us/en/ https://x.com/vladtenev More on Jack: https://www.altcap.com/ https://x.com/jaltma --- https://linktr.ee/uncappedpod Email: [email protected]

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• Uncapped #32 | Kyle Vogt from The Bot Company

  Kyle Vogt is a serial entrepreneur and engineer often recognized as the co-founder and former CEO of Cruise, the autonomous vehicle company acquired by General Motors for $1 billion. Before Cruise, he co-founded Twitch, which transformed how people watch and share gaming online. Kyle is now building a new company at the frontier of intelligent home automation, aiming to bring advanced robotics into everyday life. A few highlights: Labs beginning to see their ChatGPT moment Most robots will be specialized, not humanoids Robots will be cooking steaks in less than 5 yrs Indefinitely operating with less than 100 people Running a marathon on every continent in 81+ hrs --- Timestamps: (0:00) Introduction (0:34) Why robotics is suddenly booming (1:48) AI unlocking the next wave (3:31) Special-purpose vs generalized (5:32) Designing robots people actually use (9:00) Building for scale, impact, and affordability (12:17) The myth of the humanoid robot (15:04) Trust, safety, and privacy in your home (17:51) The data powering robotics intelligence (21:01) Why Kyle keeps starting hard companies (22:32) The 100-person rule and elite teams (26:10) How to move fast and actually ship (27:28) What home robotics will do first (35:05) Home security applications (37:07) Robots should elevate our standard of living (38:41) Lessons from Tesla vs Waymo (41:08) Thoughts on when to sell the company (42:41) Running marathons on every continent --- More on Kyle: https://www.bot.co/ https://x.com/kvogt More on Jack: https://www.altcap.com/ https://x.com/jaltma --- https://linktr.ee/uncappedpod Email: [email protected]

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• Uncapped #31 | Dylan Field from Figma

  Dylan Field is the co-founder and CEO of Figma, a design software company that went public in July 2025. Founded in 2012, Figma transformed how people design, prototype, and build products together. After a $20 billion acquisition attempt by Adobe collapsed in 2022 because of regulators, Dylan helped Figma rebound stronger than ever. Just three years later, Figma listed its shares at nearly $20 billion and its stock price more than tripled on its first trading day. A few highlights: Expanding a sleepy market Merging of designers and product roles Counter-narrative to polarizing CEOs If models get better, we have to Remembering Brat Summer --- Timestamps: (0:00) Intro (0:37) The first 5 years of Figma (5:14) Slow build vs AI gold rush (13:01) The role of the human designer (18:55) Small companies with $1B in revenue (21:28) Expanding a sleepy market (27:49) Leading with empathy as CEO (32:51) Connecting with young people (41:37) Getting stronger despite Adobe (48:43) AI impacting Figma’s roadmap (52:02) Final bastion of human designers --- More on Dylan: https://www.figma.com/ https://x.com/zoink More on Jack: https://www.altcap.com/ https://x.com/jaltma --- https://linktr.ee/uncappedpod Email: [email protected]

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• Uncapped #30 | Alex Pall from The Chainsmokers

  Alex Pall is half of the Grammy Award-winning duo The Chainsmokers. Beyond music, Alex is entrepreneur and co-founder of Mantis VC, a venture firm that invests opportunistically in early stage tech-enabled startups. Some of their investments include Alchemy, Chainguard, Kalshi, Roblox, and Rogo. We had a wide ranging conversation that broke down the creative stories behind a few of their top hits including “Closer,” “Something Just Like This,” and “Don’t Let Me Down.” We also explored the creative process at the highest level and how Alex’s experience in music influences the way he approaches venture investing. --- Timestamps: (0:00) Intro (1:04) Stories behind the songs (4:58) Coldplay collaboration (9:57) Creating Closer (13:25) Dependencies vs creative fuel (18:09) Letting songs be promiscuous (19:45) How “Don’t Let Me Down” happened (22:57) Art vs playing the favorites (26:18) Balancing music and business (29:49) Albums telling stories (35:42) Tension behind growth as an artist (39:28) Inspiration drives creativity (41:20) AIs impact on music (44:34) Outlier talent (47:22) Building a venture firm (54:46) Experiencing elite circles (1:01:17) Importance of momentum --- More on Alex: https://www.mantisvc.com/ https://x.com/AlexPallNY More on Jack: https://www.altcap.com/ https://x.com/jaltma --- https://linktr.ee/uncappedpod Email: [email protected]

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