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Sam Altman got $75M from the University of Michigan for a new VC fund

fortune.com

21–30 of 48 posts

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#21
post #16

Earlier quoted context omitted.

Because they believe they will turn a profit on the investment (in expectation). Next question

Universities are not hedge funds

The distinction is less clear these days. What is clear is that they're frequently limited partners pitching in millions for venture funds.

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#22
post #16

Earlier quoted context omitted.

Because they believe they will turn a profit on the investment (in expectation). Next question

Universities are not hedge funds

No they are an endowment which isn't too much different.

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#23
post #15

> In a statement to Fortune, an OpenAI spokeswoman said that Altman “is fully focused on his role as CEO of OpenAI and spends only a small fraction of his time investing. He maintains transparency with the board about his occasional investments and adheres to a process for managing potential conflicts of interest.” I thought "is fully focused" meant all his attention was there? Also "He maintains transparency with th…

Turns out "Attention" is really all you need!

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#24

Can someone explain how Sam is able to run so many things at once? I am working on my startup and I barely find time to scroll HN during my toilet breaks.

Do you have the money, connections, trust to hire someone to delegate 90% of the work you’re doing on your startup?

Probably a work number closer to 100% than to 90%

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#25
I hesitate to ask on HN (given that this is an arm of YC) but can anyone explain the rise of Sam?

He had a startup that seemingly had an uninteresting exit (raised 30M sold for 43M). Then he’s somehow PG’s protege and the role of YC president is invented for him.

Next thing you know he’s attempting a replacement for traditional currencies (worldcoin) and running the most technologically significant startup in the world (OpenAI) funded by everyone from Elon Musk to Microsoft.

Meanwhile he’s got infinite side hustles like the one in this article.

Obviously a guy that people trust with their money but from my perspective (nowhere near his circles) there are some missing pieces in this meteoric rise.

Anyone know of a resource to help me fill in the gaps?

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#26
post #9

Can someone explain how Sam is able to run so many things at once? I am working on my startup and I barely find time to scroll HN during my toilet breaks.

You’re doing it wrong. You need to get other people to do the actual work while you go out and get yourself involved in more things.

From "48 Laws of Power":

> Law 7: Get Others to Do the Work for You, but Always Take the Credit: Get others to do your work for you. Use their skill, time, and energy to further your ambitions while taking full credit. You’ll be admired for your efficiency.

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#27
post #16

Earlier quoted context omitted.

Because they believe they will turn a profit on the investment (in expectation). Next question

Universities are not hedge funds

Dont the larger universities have vast property holdings and investments they manage ?

Smaller universities seem to make a lot on student rental accommodation, at least in places like Australia.

Maybe tuition is their side business.

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#28
post #25

I hesitate to ask on HN (given that this is an arm of YC) but can anyone explain the rise of Sam? He had a startup that seemingly had an uninteresting exit (raised 30M sold for 43M). Then he’s somehow PG’s protege and the role of YC president is invented for him. Next thing you know he’s attempting a replacement for traditional currencies (worldcoin) and running the most technologically significant startup in the wor…

I think he's incredibly good with people or networking in some way. Paul Graham said “Sam is extremely good at becoming powerful.”

I don't have any resources to help and I'm also interested if anyone knows anything.

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#29

Can someone explain how Sam is able to run so many things at once? I am working on my startup and I barely find time to scroll HN during my toilet breaks.

Can someone explain why a public university is giving money to Sam Altman rather than the other way around? Or is this the primary/hedge-fund part of the university rather than the professional sports organization or the vestigial academic departments?

basically, univ can run a fund of funds with their endowment

Re: Sam Altman got $75M from the University of Michigan for a new VC fund

#30
post #16

Earlier quoted context omitted.

Because they believe they will turn a profit on the investment (in expectation). Next question

Universities are not hedge funds

Top ones have nearly $50B

https://en.wikipedia.org/wiki/List_of_colleges_and_universit...

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