In this episode of Tank Talks, host Matt Cohen sits down with Jason Shuman, General Partner at Primary Ventures, New York’s largest dedicated seed fund. With a journey that spans from raising money for a nonprofit at eight years old to driving Uber at night while sourcing deals like Latch, Jason’s experience offers valuable insights for founders, especially those navigating the challenges of building companies in the AI era.

Jason shares his entrepreneurial beginnings, the painful lessons from shutting down his DTC footwear brand Category5, and how that shaped his investing philosophy at Primary. He also discusses why software-only moats are dead, how Primary’s 60-person impact team delivers customers (not just capital), and the firm’s unique incubation model that backs founders only after the wedge is validated. From vertical AI to hardware-activated agent networks, Jason dives into the key principles he follows in his investing and why he still believes backing great founders beats incubating anything.

Whether you’re interested in AI, venture capital, or building deep-tech companies, Jason’s story provides inspiration and practical wisdom.

From Sick Kid to Serial Founder: Jason’s Origin Story (01:53)

* Growing up outside Boston with a family of entrepreneurs and a mother who was a therapist

* Being diagnosed with primary immune deficiency as a child and becoming a spokesperson for the Jeffrey Modell Foundation at age eight

* Why a life lived with urgency became the defining trait of his career

Building and Winding Down Category5 (05:33)

* Launching a direct-to-consumer boat shoe brand while still in college - before Shopify was good and when Facebook ads were cheap

* The hard realization that a brand without a visual cue has a ceiling, and why he saw the Allbirds story coming

* Hitting his quarter-life crisis at 23, burning out, and what he learned from the process

Breaking Into Venture: Sourcing Deals While Driving Uber (11:38)

* How Jason made money driving Uber nights while sourcing deals during the day in 2014

* Building a bridge between Boston founders and New York VCs - one warm intro at a time

* The story of Latch: why a B2B mortise lock for apartment buildings, with near-perfect logo retention and CapEx billing, was the first deal he ever sourced

Working with Mark Gerson and the Family Office Years (16:17)

* Meeting Mark Gerson at a dinner, not knowing who he was, and getting a cold call months later

* The lessons in trust, urgency, and delegation he learned running the family office

* Backing AI sales enablement, AI accounting, and robotics in 2015 - and why being too early is almost always better than being too late

Joining Primary: The Case for Concentrated Seed (21:14)

* Why Jason chose a principal role at a six-person, $190M AUM Primary over a partner title elsewhere

* What he saw in founders Ben and Brad that others were missing - the depth of diligence, the buttoned-up fundraising, the point of view

* How Primary has scaled from $190M to $1.6B AUM while staying obsessively focused on seed

Primary’s Differentiated Model: Impact, Incubation, and the 60-Person Team (25:56)

* The three things companies need most - customers, people, and capital - and how the Impact team is built around them

* How a VC firm’s email address can deliver a 25X higher outbound conversion rate than a startup’s own SDRs

* The “glass ball” monthly review process: triaging the highest-priority risks across the portfolio before anything breaks

Why Platform Is Broken - and What Primary Does Instead (31:36)

* Why most VC platform teams are set up to fail: too few people, too many companies, treated as second-class

* Primary’s Impact team is run by former C-suite executives from multi-hundred-million-dollar ARR companies

* The shift to AI-native operating inside the platform team - and what that means for portfolio companies

Vertical AI, Hardware Agents, and Why Software Moats Are Dead (42:09)

* Why Jason is spending more time on physical-world businesses than pure software right now

* The wedge vs. system of record debate: why jaw-dropping UX and fast customer acquisition beat “10X better” enterprise replacements every time

* Hardware-activated agent networks: how cheap cameras, sensors, and downstream automation are eating vertical workflows - and why Flock Safety is the model

What Jason Looks for in Founders Today (50:07)

* The qualities that define the founders Jason is most excited to back: urgency, learning velocity, customer obsession, and the ability to sell product and equity

* Why he would always rather back a great founder than incubate a company himself

* Where incubation and inbound sourcing sit in his priorities heading into the new fund

About Jason Shuman

Jason Shuman is a General Partner at Primary Ventures, New York’s largest dedicated seed fund with over $1.6 billion in AUM. A former founder himself, Jason built Category5, a direct-to-consumer footwear brand, before transitioning to venture capital. At Primary, he leads investments in vertical AI, hardware-enabled systems, and incubation, and has been part of building one of the most differentiated seed platforms in the industry. His portfolio includes companies like Latch, Dandy, and several active incubations. He is known for his operator-first investment approach, his conviction in hardware-activated agent networks, and his belief that software-only moats are no longer enough.

Connect with Jason Shuman on LinkedIn: linkedin.com/in/jasonshuman

Visit Primary Ventures website: https://www.primary.vc/

Connect with Matt Cohen on LinkedIn: https://ca.linkedin.com/in/matt-cohen1

Visit the Ripple Ventures website: https://www.rippleventures.com/

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

The Case for Concentrated Seed with Jason Shuman of Primary Ventures

Tank Talks By Ripple Ventures

The Case for Concentrated Seed with Jason Shuman of Primary Ventures