From Operator to Fund Manager

From Operator to Fund Manager

From Tacos and Tech Podcast by Neal Bloom

May 19, 2026 · 47 min

About this episode

Neal Bloom interviews Will Alaynick about transitioning from operating a company to managing a venture fund focused on biotech.

Episode Summary Neal sits down with Will Alaynick, managing partner at Phase Two Ventures, for a fireside chat on what it actually looks like to go from building a company to running a venture fund. Will walks through his journey from operating a life science instrumentation startup - backed by a strategic investor who gave him governance, talent, and manufacturing access - to raising a fund focused on the tools and infrastructure layer of biotech. They dig into how fund managers evaluate deals differently than angels, why SBIR funding can be a double-edged sword, and what it takes to say no for a living. Key Topics * How a strategic investor provided governance, talent, and manufacturing - not just capital * Building Phase Two Ventures from operator pattern recognition * Evaluating life science deals through the lens of an ex-founder * SBIR funding as a signal - and when it becomes a distraction * The difference between angel deal evaluation and fund-level portfolio construction * Why most of the venture job is saying no - and how to do it humanely * AI's emerging role in life science - and why wet labs still matter * What angels should know before making the leap to managing a…

People in this episode

Host: Neal Bloom

Guest: Will Alaynick

Topics covered

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Mentioned in this episode

Organizations: Phase Two Ventures, San Diego Angel Conference, Rising Tide Partners

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