October Session: Heeun Park w/ Altos Ventures

Venture Capital: Insights from Heeun Park

Section 1: Investment Philosophy

Q1: What defines Altos Ventures’ core investment philosophy?

Altos Ventures focuses on building enduring companies rather than chasing quick exits. The firm invests with a long-term mindset, prioritizing sustainable growth and profitability over short-term valuation gains.

Q2: How does Altos approach early-stage investments?

Altos takes a founder-first approach, often being the first institutional investor and remaining deeply involved through multiple stages of growth. Rather than focusing on ownership percentage, the firm emphasizes alignment with founders and long-term company value.

Q3: What makes Altos different from traditional venture capital firms?

While many VCs focus on rapid scaling and exits, Altos values consistent profitability, disciplined capital use, and founder autonomy. Its strategy resembles “permanent capital,” allowing portfolio companies to grow at their own pace without pressure for early liquidation.

Section 2: Founder Relationships

Q1: How does Altos support founders beyond capital investment?

Altos builds enduring partnerships with founders, offering strategic guidance, operational insight, and access to a broad network of entrepreneurs and executives. The firm’s hands-on approach helps founders make long-term decisions that align with their vision.

Q2: What kind of relationship does Altos maintain with its portfolio companies?

Altos remains an active and trusted partner over time—sometimes for more than a decade—helping teams navigate challenges while preserving their independence. Many founders describe the relationship as collaborative rather than hierarchical.

Q3: What qualities does Altos value in founders and entrepreneurs?

Altos looks for alignment between the founder and the business model, strong execution capabilities, and personal magnetism that attracts talent, investors, and partners. Honesty, curiosity, and respect are central to how Altos evaluates and supports founders.

Section 3: Views on Startups and Innovation

Q1: What does Altos Ventures believe makes a platform successful?

Altos views platforms as ecosystems that must earn the love of both supply and demand sides. In the early stages, attracting high-quality suppliers is critical to gaining initial traction. As the platform grows, sustainability is measured not by hype but by retention rates and data-driven performance metrics that show genuine user engagement over time.

Q2: How does Altos see opportunities for startups in the AI era?

Competing head-to-head with big tech is difficult, especially without large-scale infrastructure. However, startups can thrive in spaces where new types of data are being generated—for example, in mobility or emerging niche markets. Korea, in particular, has an edge in combining its deep cultural and consumer insights with AI applications to create globally relevant products and services.

Q3: How does Altos evaluate new and emerging business models?

Altos begins by identifying the first addressable market and then extends that vision to potential second and third markets. The firm doesn’t just assess market size—it also looks closely at the founder’s ability to imagine, adapt, and execute as the company grows. For Altos, innovation isn’t just about ideas; it’s about how far founders can stretch their imagination while maintaining discipline in execution.

Section 4: Valuation, Exit, and Market Philosophy

Q1: How does Altos approach valuation?

Altos avoids chasing inflated valuations and generally bridges valuation gaps up to about 30%, but rarely beyond that. Exceptions are made only when there is strong conviction in the founder or business model.

Q2: How does Altos approach exits?

Exit paths are not rigidly pre-defined; the firm prefers flexibility to adapt to market conditions and fund priorities. Strategy is tailored to the company’s growth trajectory and long-term goals.

Q3: What is Altos’ broader view on market dynamics?

Altos believes that no single company can beat the market. When environments shift, successful companies pivot to adjacent markets rather than resist change, prioritizing adaptability and timing alongside execution.

Section 5: Mindset and Values

Q1: What personal qualities does Park emphasize for both investors and founders?

Park highlights four core values: honesty, curiosity, respect, and magnetism. Investors and founders should be intellectually honest, deeply curious, respectful of collaborators, and strive to be someone others genuinely want to work with.

Q2: How does this mindset influence Altos’ investment approach?

These values guide decision-making, founder evaluation, and portfolio management. Intellectual honesty ensures realistic assessment of opportunities, curiosity drives insight into emerging markets, respect fosters strong partnerships, and magnetism helps attract top talent and partners.

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From Our Mentees 💬

Daeun, Mentee

"Through this session, I realized that being a venture capitalist is not just about investing money — it’s about reading the changes in the world, understanding people, and making quick judgments amid uncertainty. Although the Korean VC market still faces many institutional constraints, it is in a period of transition, evolving toward a more privately driven and AI-centered ecosystem."

Seungri, Mentee

"Through this session, I was able to gain a deeper understanding of the VC industry, which I have always had a strong interest in. Preparing the presentation through research on the field itself was insightful, and I also learned a great deal from Partner Hee-Eun Park, our guest speaker. In particular, I appreciated that the session was conducted not as a one-way lecture, but as an engaging Q&A that allowed for genuine discussion about the VC industry."

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