Jason Shuman, General Partner, Primary Venture Partners
Jason embodies the entrepreneurial spirit and defies all odds in a brief stint as an Uber driver to an Investor.
“I grew up outside of Boston and lived there until I ventured down to Miami for college. I started a company while I was in college, then moved back to Boston to run it post-graduation.
During my childhood, I served as the face of a nonprofit organization because I grew up with health challenges. Through this experience, I witnessed the generosity of individuals who dedicated their time and resources to support research — this deeply inspired me to dedicate my time and resources to support others.
My mom is a therapist and my dad is an entrepreneur. From my father, I was exposed to startups at an early age. I had a direct-to-consumer footwear company but after some time, I decided to wind down the business.
Your personality and identity become intertwined in your startup, shaping who you are as a person. At that time, I needed to figure out what was next for me and I knew that I didn’t want to start another company again.
I was completely broke. I could have gone and worked at a startup but something just didn’t feel right. When I learned about venture capital, which I didn't know much about since venture wasn't very big back then, everything clicked for me.
I had an extensive network of founders in Boston so I sourced numerous deals and sent them for free to VC firms in New York. And when they asked, ‘Well, can I do anything for you?’, I would say, ‘Yeah, introduce me to one more person at a VC.’
I worked as an Uber driver to make ends meet, all the while drafting investment memos for VC funds. I did that for four months until I landed on an opportunity.
It was a 90-day trial period at a fund so I moved to New York with about $400 in my bank account. Evidently, I demonstrated my value to the team, as my initial 90-day trial ultimately evolved into a full-time offer.”
What do you like to invest in at Primary?
“I invest in three core buckets. I invest in built world software, SMB software, and consumer SMB.
When it comes to identifying potential investments, my focus is on those with a rapid time-to-value. This means that the moment you start using their product, there's an immediate "aha moment".
I love products that users need to incorporate into their daily routines, as this leads to structurally high retention rates. I'll give you an example using a portfolio company, Perry Health. Perry Health is a remote patient monitoring system for people with Type 2 diabetes, specifically targeting those with Medicare coverage. When we provide you with a cellular-connected glucose monitor device, it requires you to prick your finger five times a day to check your blood sugar levels. With this device, you're building and forming a habit. Businesses that foster habitual use tend to achieve high retention rates.
Besides high retention business models, I also like businesses with strong network effects. Furthermore, I keep a keen eye on emerging consumer experiences driven by generative AI, especially within the SMB realm.”
What are some qualities or characteristics that you look for in a founder?
“I try to simplify it to five things for everyone on our team to look for. First, we look for people with an incredible sense of urgency and somebody who's incredibly smart. Then, they need to be able to sell stock, people, and products.
‘Selling stock’ refers to their ability to raise capital, ‘selling people’ refers to their ability to recruit talent, and finally, their ability to effectively market and sell their products or services to the end user.”
I read that you like to cook. What is your favorite cuisine to cook?
“Cooking is a very therapeutic activity for me. After working all day, my focus shifts when I start to cook, immersing me in a flow state.
I went down a very deep rabbit hole on Italian dishes and learned how to make all my own pasta from scratch — not just the pasta but also the sauces such as carbonara, cacio e pepe, mornay, etc.
My most recent culinary adventure has been making sushi. One of the most challenging aspects is perfecting the rice, a skill that trained sushi chefs often spend three years honing.
I love building community as well and so I host dinners at my apartment. Cooking for friends and watching their reactions when they bite into something you made is genuinely satisfying.”