First Who… Then What

Jim Collins’ Good to Great belongs in the pantheon of the greatest management books ever written.

Collins set out to answer a simple question: why do some good companies become great while others never make the leap? By comparing companies that sustained exceptional performance for at least fifteen years with carefully selected peers that did not, he identified the principles that separate enduring greatness from mediocrity.

One of the most important determinants of greatness identified by Collins is “First Who… Then What.” With the right team, strategy becomes more adaptable, execution improves, and navigating an uncertain world becomes much easier.

Venture capital is, above all, a discovery process. Success depends on identifying exceptional companies, understanding where technology and markets are headed, and exercising sound judgment in an environment of constant uncertainty. In other words, the “who” matters enormously.

It is with that philosophy in mind that I am delighted to welcome Luciano Snel as a Partner at Fabrica Ventures Fund III.

I first met Luciano on a Zoom call three years ago, as he and his family were preparing to move to Palo Alto after he was selected as a Fellow at Stanford’s Distinguished Careers Institute.

Like so many people who spend time in Silicon Valley, he was captivated by the region’s entrepreneurial culture, but even more by its extraordinary people and the constant exchange of ideas shaping the future of technology. Rather than simply observing the ecosystem, Luciano immersed himself in it.

Although I was never part of the bike crew, we quickly became friends. I particularly enjoyed listening to Luciano’s stories from his years as CEO of Icatu Seguros, one of Brazil’s leading insurance companies.

Luciano is a passionate reader, an active investor, and someone who genuinely enjoys learning from founders, technologists, academics, and fellow investors. That intellectual curiosity naturally led him to become deeply involved in the entrepreneurial ecosystem, serving as Chairman of Brazil at Brazil at Silicon Valley (BSV) and, more recently, as an Endeavor Ambassador.

Earlier this year, Luciano became a U.S. permanent resident. As we assembled the partnership for Fabrica Ventures Fund III, inviting him to join was a natural decision. Venture capital is ultimately a people business, and Luciano brings a rare combination of integrity, executive leadership, intellectual curiosity, sound judgment, and an exceptional network. Equally important, he has the humility to keep learning and the generosity to help others succeed—qualities that, in my view, define the very best venture investors.

Conclusion

With Alexandre Villela and Luciano Snel as partners, Fabrica Ventures Fund III began with “First Who”.

I couldn’t be more excited to have Luciano as a partner, and I look forward to building the next chapter of Fabrica Ventures together.