VC Max Altman says tech got too focused on mission: 'We really lost our way for a little bit'

Max Altman, a venture capitalist and co-founder of the $125 million venture fund Saga, shared his insights on the current state of the tech industry during a recent episode of the '20VC' podcast. He emphasized that the tech sector had strayed from its core focus in recent years, becoming overly fixated on mission statements rather than prioritizing growth and success. Altman advised aspiring professionals to seek opportunities at the fastest-growing companies, stating, "I say, don't care about the product. Don't care about anything, just go work at the fastest growing company. Because winning feels great. It feels amazing." He reflected on the industry's past, noting that many tech companies were overly concerned with their missions, often framing their work as world-saving endeavors, even in sectors like on-demand services. "We're doing on-demand dry cleaning and on-demand dog walking, but it's gonna help the world this way, and you should feel good about yourself," he remarked. Instead, Altman advocates for a shift in focus: "Just go build a great business. Winning's the most fun thing here. And I think we really lost our way for a little bit." In recent years, the tech landscape has begun to realign with Altman's perspective. Companies are increasingly prioritizing rapid growth and operational efficiency, trimming middle management and adopting leaner team structures. This shift aims to reduce bureaucracy and enhance productivity. For instance, Intel's CEO, Lip-Bu Tan, outlined a new cultural direction for the company, emphasizing fewer administrative roles and a focus on achieving more with smaller teams. Tan stated, "The most important KPI for many managers at Intel has been the size of their teams. Going forward, this will not be the case. The best leaders get the most done with the fewest people." Echoing this sentiment, Amazon's CEO Andy Jassy expressed a desire for the company to operate like a startup, highlighting the importance of innovation, urgency, and collaboration. His recent communications emphasized that efficiency and frugality will be key components of the company's strategy moving forward. In light of these changes, Amazon recently announced the layoff of 14,000 corporate employees, attributing the decision to the rapid advancements in AI.