The Investor with Joel Palathinkal

Episode: Matt Snow: Mass Ventures
Date: October 1, 2025
Host: Dr. Joel Palathinkal
Guest: Matt Snow, Mass Ventures

Overview

This episode dives into the career journey of Matt Snow, a new addition to the investment team at Mass Ventures, and explores the unique structure, focus, and history of the Massachusetts-based evergreen venture fund. The discussion covers Matt's unconventional path into venture capital, practical advice for breaking into the industry, deep tech investing, fund structures, due diligence processes, and wider trends driving opportunity and change for new venture managers and aspiring investors.

Key Discussion Points & Insights

1. Matt Snow’s Background and Introduction to Mass Ventures ([02:38])

• Mass Ventures:
  • One of the earliest U.S. venture funds, founded in 1978 by Massachusetts & the EDA.
  • Evergreen, recycled from historic returns (14% IRR since inception).
  • Recently rebranded to focus on "Deep Tech" (AI/ML, AR/VR, blockchain, quantum computing, synthetic bio, edge computing).
  • Offers two venture funds, two grant programs, accelerator programs; staff and activities are expanding.
• Matt’s Journey:
  • Grew up in Worcester, MA.
  • Studied business (shifted from political science) at Elon University.
  • Got involved in entrepreneurship through design thinking programs and trips to Silicon Valley.
  • Used an academic research project as a “hack” to network with VCs despite little experience.
  • Broke into venture via persistence—eventually landing at Greenspring, a venture fund-of-funds, after multiple attempts.

Notable Quote:

Matt Snow ([06:11]):
"It was a nice hack to convince people to be willing to talk. ... just don't take no for an answer."

2. Breaking into Venture Capital: Persistence and Strategy ([07:33])

• Barriers to Entry:
  • Rare for funds to hire directly out of undergrad; most positions are after MBA or with industry experience.
  • Standing out requires persistence, targeted networking, and deep preparation.
• Application Tactics:
  • Matt’s preparation included research on firm strategy, memorizing investment facts (Crunchbase analysis), and readiness to fully seize interviews.

Notable Quote:

Matt Snow ([09:53]):
"If you come in and you've done your homework and you're passionate, I think people will see that."

3. Mass Ventures’ Structure and Focus ([11:49])

• Evergreen Fund:
  • Funded by state and federal seed money, plus profits from exits reinvested.
  • Financial backing is occasionally supplemented by additional EDA capital.
  • Mandate to foster statewide tech innovation—especially outside Boston core.
• Deep Tech Mandate:
  • Two funds: main Deep Tech Fund and the Massachusetts Life Science Center Seed Fund (targeting biotech state-wide).
  • Priority sectors: advanced manufacturing, synthetic bio, AI/ML, AR/VR.

Notable Quote:

Matt Snow ([14:23]):
"Being in Massachusetts, the most obvious [deep tech] one is bio ... we kind of lead the nation for that."

4. Deal Flow, Decision-Making, and Investment Process ([14:54])

• Seed-Stage Focus:
  • Initial checks typically $100k–$300k (seed), follow-on in Series A, sometimes B.
• Diligence Framework:
  • Monday team/partner meetings to surface deals.
  • Short memos for initial diligence; promising deals move to board-level scrutiny with deep-dive memos and direct founder Q&A.
  • Rigorous process with speedy exceptions for “must-act” deals.

5. Excitement & Trends in Deep Tech Investing ([16:47])

• Emerging Areas:
  • Matt’s personal interest: 3D printing, intersectional tech (AI+crypto, synthetic bio+lifecycle, longevity+space).
  • Undercurrent of optimism for convergence of multiple deep tech domains.
• Quantum Computing:
  • Interest noted but timing remains uncertain for commercialization.
  • Awareness that only ~0.5% of VC dollars go into deep tech currently—viewed as a growth opportunity but a challenge for return timelines.

Notable Quote:

Matt Snow ([17:53]):
"The world in 2030 is probably going to look way more different versus 2020 than 2020 did."

6. Evaluation Frameworks and Risk Management ([19:52])

• Deep Tech Risk:
  • Focus on dual-use (commercial + government) applicability.
  • Preference for companies showing both SBIR/STTR (federal) grants and potential or real commercial sales.
  • Cautions against companies reliant only on federal contracts—success requires commercial scaling.
  • Due diligence is essential; discipline over “rushing” deals when the market is frothy.

Notable Quote:

Matt Snow ([20:23]):
"Process does everything and actually sticking to that is what's going to differentiate people who can build a system that works."

7. Evolution of Fund Structures & Investment Access ([22:02])

• Trends Noted:
  • New vehicles like SPVs, rolling funds, and retail-focused access (reg CF, reg A, reg D, etc.) democratize investing.
  • Future vision: 401ks and retail investors accessing diversified VC via mainstream brokerages or index-like products.
  • Crowdfunding platforms (Republic, WeFunder) as springboards for new investors and founders to build track records.

Notable Quote:

Matt Snow ([25:28]):
"You guys don't have to wait to become investors. Just go do it... The Internet's kind of democratizing the access field here."

8. Hacking Your Way into VC: Exams & Practical Tips ([26:53])

• New Accredited Investor Rules:
  • Passing certification exams (Series 65, 63, or 7) now enables more people to qualify as accredited investors, lowering historic income/net worth barriers.
  • Matt personally took the Series 65 to get accredited and recommends this “cheapest, quickest” hack.

9. Deep Tech Company Signals: What Investors Seek ([28:05])

• Key Criteria:
  • Protected IP/patents, significant market potential, dual-use revenue, clear tech differentiation.
  • Signals of commercial customer validation (beyond just pilots) are critical.
  • High technological barriers and unreplicable expertise are strong positives.

10. Selection Bias in Crowdfunding Platforms ([30:27])

• On Republic & WeFunder:
  • Some selection bias exists—companies unable to attract VC may turn to crowdfunding.
  • However, these platforms also host scrappy founders leveraging new models, some generating notable success stories.

Notable Quote:

Matt Snow ([31:39]):
"There potentially is some of that selection bias... but I definitely wouldn't write off as a whole because I think there are some amazing companies coming through."

11. Recommended Resources for Aspiring VCs ([33:46])

• Top Podcasts & Blogs:
  • 20 Minute VC podcast
  • Technology Equity
  • Fred Wilson’s ABC blog
  • Obvious Ventures blog
  • Tribe Capital’s Carta: $1T in Equity analysis
  • Be active on Twitter, Medium, and Slack (seek networking 1–3 times a week)

Notable Quote:

Matt Snow ([34:34]):
"You never know where, you know, meeting someone is going to lead you to down the road."

12. Emerging VC Managers and Fund Unbundling ([36:15])

• Explosion of New Funds:
  • Both micro-funds ($500k–$5M) and new institutional-leaning vehicles ($10–$75M) are proliferating.
  • Increasing ease for talented VCs to spin out of established firms to start their own funds.
  • Rolling funds, accelerators for fund managers, and innovative modeling/calculator tools are supporting the next wave.

13. B2B/B2G Dynamics and Hardware/Software Mix in Deep Tech ([40:21])

• Most deep tech companies have business-to-business (B2B) components; many sell both to government and commercial enterprises.
• Hardware/software split varies by sector, with examples in additive manufacturing, bio, VR/AR, and more.

14. Advice for Students and Career Changers ([50:41])

• Breaking in from College:
  • Be a “hustler”—relentlessly network locally, target scrappier funds for unpaid internships, and gradually build a snowball effect.
  • Operating experience at startups (even internships) is extremely valuable.
  • Leverage Twitter, Medium, crypto investing, Slack, and Republic/WeFunder for involvement and learning.
• Career Changers:
  • Don't wait for “the perfect” VC job—start immersing in startups, building networks, and writing investment memos/theses.

Notable Quote:

Matt Snow ([53:48]):
"Just get involved in the ecosystem as many ways as possible... if you keep hustling and keep networking, it'll happen over time. I truly believe it."

15. Life Advice & Networking ([43:13], [44:32])

• Top Life Advice:
  • Always be grateful and acknowledge those who help you.
  • Networking shouldn't be transactional; cultivate genuine, reciprocal relationships.
  • Never be complacent—even in good times, “step on the gas.”
• Effective Networking:
  • Random exposure yields serendipitous opportunities—be open, attend virtual events, and reach out proactively.

Notable Quote:

Matt Snow ([43:13]):
"Always remain grateful to everyone that's helped you along the way... go the extra mile and show them you appreciate it."

Memorable Moments & Notable Quotes

• On Making Your Own Opportunities ([06:11]):
  "It was a nice hack to convince people to be willing to talk..." — Matt Snow

• On the Evolution of Venture Access ([25:28]):
  "You guys don't have to wait to become investors. Just go do it..." — Matt Snow

• On Networking and Gratitude ([43:13]):
  "Always remain grateful to everyone that's helped you along the way..." — Matt Snow

Timestamps for Key Segments

• [02:38] Matt Snow’s background and Mass Ventures overview
• [06:11] Networking hacks for breaking into VC
• [09:35] Interview prep and competitive edge
• [11:49] Structure and focus of Mass Ventures
• [14:54] Seed investment process and diligence
• [16:47] What’s exciting in deep tech today
• [19:52] Evaluating deep tech companies: risks and frameworks
• [22:02] Trends in fund structures and democratized investing
• [26:53] Becoming accredited via Series 65/63 exams
• [28:05] Investment signals in deep tech
• [30:27] Bias and opportunities in crowdfunding platforms
• [33:46] Resources for aspiring VCs and managers
• [36:15] Rising trends among emerging fund managers
• [40:21] Deep tech B2B/B2G and hardware/software mix
• [43:13] Life and networking advice
• [50:41] Advice for college students and career pivoters

Conclusion

The episode offers an insightful roadmap for aspiring venture capitalists and entrepreneurs interested in deep tech, emphasizing the importance of persistence, proactive networking, and multidisciplinary learning. Matt Snow’s candid recounting of his own journey, his openness about industry obstacles, opportunities, and emerging trends, and his emphasis on gratitude and serendipity make this a valuable listen (or read) for anyone contemplating a future in startups or venture investing.