S9E9: The Non-Linear Path to Venture Capital Success
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As we approach the end of our season highlighting alumni from the University and the impact that the David Eccles School of Business has had on their lives and careers, we welcome back guest-host Annesley Womble, who talks with Dalton Wright, General Partner at Kickstart, a seed-stage venture capital firm with offices in Salt Lake City and Denver.
Dalton shares his unique career journey, which began with his involvement in the University Venture Fund and progressed to significant roles in venture capital, including helping to develop Utah’s first seed fund through Kickstart. He also discusses his non-linear career path, which included launching a startup and strategically working in venture capital in Mexico.
The University of Utah played a critical role in supporting Kickstart during its early formation, providing guidance and infrastructure as the company navigated the challenges of launching a startup. Kickstart’s initial investment meetings were held at the University of Utah Technology Transfer Office, and the University was instrumental in the firm’s successful launch. Dalton also helped develop the Campus Founders Fund, a student-run investment fund established after his return to Utah. Today, the fund has invested in more than 30 student startups, including one that now generates several hundred million dollars in annual revenue. This University of Utah initiative has helped launch the careers of many students into the venture capital industry.
Dalton emphasizes the importance of embracing change, redefining risk, and maintaining curiosity amid the evolving technological landscape. This episode is filled with insights on entrepreneurship, venture capital, and the value of pursuing passion over a linear career path.
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Eccles Business Buzz is a production of the David Eccles School of Business and is produced by University FM.
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Episode Quotes
Why the best career opportunities often look uncertain at first
[10:31] When Kickstart was launching, I saw that as my opportunity to learn seed-stage venture capital with somebody who was the founder, the entrepreneur in that category. And so I was lucky enough to get the job as the first hire with the fund. We had $4 million under management at the time. This is the 2008 Great Recession. So I can empathize with any cohort of students who’s graduating and wondering, like, is the world going to change forever? And will there ever be employment opportunities for me again? You know, nobody wanted to fund our fund. People saw it as like a community service project support entrepreneurs, but nobody was looking at it as these guys are going to go build like a franchise venture capital fund. But, you know, most good things look like that in the beginning. They’re not yet exciting, they’re not yet successful, and you have to be able to suspend what you see in the present moment and imagine what this thing can become in the future.
Getting comfortable with fear and risk can help you explore a non-linear career path
[11:57] There’s one point right after graduating from college where my peers were all pursuing the linear path, and I’m not in any way saying, “Oh, like, they made the wrong choice,” because, like, I mean, so many people have different preferences, values, things that they’re trying to optimize for. So I never am trying to, like, say, “But my way is like, let me give someone else advice,” because my way was my way, and it might not work for somebody else who even wants the same thing, let alone something entirely different. So I decided very early on that I was going to condition myself to feel comfortable with my fears and feel comfortable with the risks that I was taking. And so I think reframing what a risk is is really important if you want to take the nonlinear path.
On why knowing your “why” matters more than money when building a startup
[35:16] I’ve encouraged students to really think about the why behind what they’re doing. And if it’s to make money, a lot of money, it’s like you can use that as a motivator, but there’s also a lot of maybe easier ways or better ways, faster ways to have that need met. And so when you’re grinding it out and you’re not making money as a founder, and all of a sudden it’s like, Hey, you can go take the consulting job and immediately have like a nice salary. Or you could potentially go get that, what causes you to say, Why would I ever consider that? And so I think if you know why you’re building the thing and it’s like truly rooted in the problem that you’re trying to solve, the customers that you’re serving, the change that you want to make in the world, if it’s rooted in that, then you can lean on that through the down times to inspire you through that.
