Instead of building a platform team of specialists, Eclipse operates like a small special forces unit. A lean team of senior partners, all ex-operators, handles everything from thesis creation to scaling companies. This ensures founders get direct support from proven builders, not junior staff.

Many managers focus solely on raising funds and making investments. Lior Susan emphasizes operating his firm, Eclipse, like any other company, obsessing over details like quarterly reports and AGMs. This business-first mindset is key to attracting top LPs, partners, and founders.

The expectation for venture capitalists has shifted. Founders no longer just want finance professionals; they demand investors who have direct operational experience and have been "in the trenches" of building a company. This change reflects a move towards more hands-on, value-add investing.

Venture capital firm Sofinnova prioritizes hiring experienced pharma operators, even those with zero investment background. These experts provide invaluable hands-on guidance on drug development and commercialization to portfolio companies, contributing to a high rate of FDA product approvals.

One of Eclipse's incubation models involves convincing large corporations like Rivian to spin out promising internal projects into standalone companies. This allows the new venture to attract specialized talent and external capital while operating as a neutral "Switzerland" that can serve the entire industry, not just its former parent.

Eclipse's incubation strategy, responsible for a third of its portfolio, originated from the founder's personal desire to continue building. This "selfish" motivation serves a strategic purpose: it keeps the operator-investors' skills current with technology, talent, and customer networks.

Red Ventures combines the long-term investment horizon of permanent capital with hands-on operational improvements, focusing on digital businesses. This unique structure allows them to build value without the pressure of a fixed exit timeline, fostering a culture of long-term thinking and deep operational expertise.

Many VC firms hire former operators for their expertise, but success isn't guaranteed. The best operator-VCs avoid the urge to "backseat drive" the companies they fund. Instead, they leverage their experience with extraordinary humility, acting as a supportive advisor rather than a replacement CEO.

Trae Stephens argues his day-to-day operator role at Andrel provides an "incredible perspective" on the tooling modern tech companies actually need. This direct exposure offers a tremendous advantage for sourcing and diligencing relevant investments—an edge that purely financial investors lack.