Podcast Summary: E160 - How a SpaceX Rocket Engineer Became a Top Deep Tech VC

Podcast Information:

• Title: How I Invest with David Weisburd
• Host/Author: David Weisburd
• Episode: E160: How a SpaceX Rocket Engineer Became a Top Deep Tech VC
• Release Date: May 2, 2025

Introduction to Jamie Gull and His SpaceX Experience

In this episode, David Weisburd welcomes Jamie Gull, the founding partner of Wave Function Ventures, a seed fund dedicated to investing in deep tech and hard science startups. Jamie shares his journey from being an engineer at SpaceX during its formative years in 2010 to becoming a prominent venture capitalist today.

One-on-One Meetings with Elon Musk

Jamie recounts his experiences with Elon Musk at SpaceX, highlighting the intensity and hands-on approach Elon employs.

• Quote: “[08:52] B: … he… dives deep, dives into all the subsystems once in a while, checks on things and makes decisions. And when there are problems, generally schedule wise, but also performance wise, he'll go sit down with the responsible engineer that's at very bottom of the engineering org and help solve the problem, live dive in, fix it.”

These one-on-one meetings were primarily focused on ensuring that Jamie’s projects were on track and resolving any arising issues promptly. Elon’s method of immersing himself in the technical details and solving problems in real-time demonstrated his commitment to execution and problem-solving.

The Responsible Engineer Framework at SpaceX

Jamie delves into SpaceX’s unique concept of the "responsible engineer," a role that imbues engineers with end-to-end responsibility for their projects.

• Quote: “[02:25] B: … a responsible engineer is the person who's responsible for the design, but more importantly the delivery of a successful system on the rocket.”

Unlike traditional aerospace companies where engineers might pass off their work to different teams, SpaceX expects engineers to oversee their projects from conception through production and launch. This framework fosters a high level of accountability and ensures that engineers are deeply invested in the success of their systems.

Cultural Impact and Personal Growth

Working under such a rigorous and accountable system profoundly shaped Jamie’s work ethic and expectations.

• Quote: “[07:31] B: … once you're in that environment, that's what your expectations are for yourself and people around you. And it means you can perform at a really high level… but the downside is the exact same thing.”

Jamie acknowledges that while the responsible engineer culture cultivates excellence and efficiency, transitioning to environments with less intensity can be challenging and sometimes frustrating for those accustomed to SpaceX’s high standards.

Transition to Venture Capital with Wave Function Ventures

After his tenure at SpaceX, Jamie founded Wave Function Ventures, a $10 million fund focusing on deep tech hardware investments. His engineering background and experience as a two-time deep tech founder provide him with a distinctive perspective in evaluating and supporting startups.

• Quote: “[10:49] B: Wave Function is a deep tech VC fund that… focused on actual atoms. I do that due to my background and expertise, but also my strong belief that that's what makes a large difference.”

Investment Philosophy and Criteria

Jamie's investment approach emphasizes the importance of technical feasibility combined with economic viability, a concept he refers to as "techno economics."

• Quote: “[14:25] B: Techno economics is just meshing of the economics on the business side and the technical design and build.”

He prioritizes startups where the technical challenges are surmountable and the products can achieve a sustainable economic impact. Jamie is particularly cautious about non-technical founders leading deep tech companies, believing that a strong technical foundation is crucial for navigating early-stage challenges.

Notable Investments: K2 Space and Boom Supersonic

Jamie discusses his investments in companies like K2 Space and Boom Supersonic, illustrating his criteria in action.

• K2 Space:

  • Focuses on building large satellites leveraging the reduced launch costs from SpaceX’s Falcon 9.
  • Quote: “[23:10] B: … the timing there is key because if they had done that pre Falcon 9, it would have been a non starter.”

• Boom Supersonic:

  • Invested early in Boom, impressed by CEO Blake Shull’s ability to overcome barriers and his visionary approach.
  • Quote: “[25:11] B: … somebody who can run through those walls that early as a non technical founder just gave me a lot of confidence like if anybody's going to do this, it's Blake.”

Elon Musk’s Organizational Superpowers

Reflecting on his time at SpaceX, Jamie attributes Elon Musk’s success to his exceptional organizational design and culture-building abilities.

• Quote: “[36:28] B: Elon’s superpower is organizational design and culture. He's very good at his first principles thinking.”

Elon’s talent for fostering a high-execution culture and maintaining a flat organizational structure enables rapid decision-making and problem resolution, which Jamie considers pivotal to SpaceX’s achievements.

Final Insights and Closing Thoughts

Jamie emphasizes the importance of founder conviction and the ability to iterate rapidly in deep tech startups.

• Quote: “[28:46] B: … the founder thing weighs incredibly heavy in that process. So it's almost like you can use those other things to eliminate companies from consideration, but not to make the investment.”

He advocates for engaging with founders early in the idea stage, offering guidance before formal pitches, which allows for a more authentic assessment of a startup’s potential.

Conclusion

Jamie Gull’s transition from a SpaceX rocket engineer to a leading deep tech venture capitalist underscores the critical interplay between technical expertise, organizational culture, and strategic investment. His experiences at SpaceX have profoundly influenced his approach to investing, ensuring that Wave Function Ventures not only funds but also actively supports startups poised to make significant technological advancements.

Notable Quotes with Timestamps:

• [02:25] Jamie Gull: "A responsible engineer is the person who's responsible for the design, but more importantly the delivery of a successful system on the rocket."

• [10:49] Jamie Gull: "Wave Function is a deep tech VC fund that… focused on actual atoms."

• [14:25] Jamie Gull: "Techno economics is just meshing of the economics on the business side and the technical design and build."

• [23:10] Jamie Gull: "The timing there is key because if they had done that pre Falcon 9, it would have been a non starter."

• [28:46] Jamie Gull: "The founder thing weighs incredibly heavy in that process."

• [36:28] Jamie Gull: "Elon’s superpower is organizational design and culture."

This comprehensive summary encapsulates the essence of the conversation between David Weisburd and Jamie Gull, providing valuable insights into the world of deep tech investment through the lens of a seasoned SpaceX engineer turned venture capitalist.