From entrepreneur to venture capitalist: Laurent Grill

In this JLL Spark investor feature, Partner Laurent Grill shares how his experience as an entrepreneur equips him to be a better investor; skilled at uncovering strategic fit, compassionate to the challenges of building a company from the ground up, and able to share his wisdom to deliver value.

My journey into venture capital began with entrepreneurship. I’ve worn many hats: from teaching music using the iPhone to building streaming video software, from revolutionizing corporate catering to bringing health and wellness through an app. Each venture taught me valuable lessons about building teams, fostering innovation, and navigating the unpredictable waters of startup life. Navigating the demanding late nights and high-pressure pitches as an entrepreneur gave me an appreciation for the determination required of founders. This experience now directly influences my approach to evaluating and supporting startups at JLL Spark. 

Prior to JLL Spark, I helped build and lead Luma Launch, a seed stage venture fund. During my time there, I honed my skills as an investor, backing over 30 software companies. I’ll never forget the excitement of investing in companies like Boulevard, and Trust and Will, watching them transform from startups to leaders in their industry today. It’s moments like these that fuel my passion for venture capital. 

Joining JLL Spark in 2021 was a natural progression. The real estate industry is ripe for disruption, and I’m thrilled to be at the forefront of this change. As I often tell founders, “We’re not just looking for the next big idea; we’re looking for visionaries who can reshape how we interact with the built environment.” 

Evaluating Startups: Beyond the Numbers 

When I meet with founders, I’m not just looking at spreadsheets. I’m searching for that spark – the combination of vision, tenacity, and adaptability that sets great entrepreneurs apart. When evaluating startups, I focus on key metrics that reveal a company’s potential. Growth trajectory and capital efficiency are crucial, especially in relation to milestone achievement. While churn metrics are often a luxury at our investment stage, any indicators of strong customer retention always catch my eye. After all, acquiring customers is one thing, but keeping them is what builds a sustainable business. 

For early-stage companies, I’m particularly interested in the founders’ ability to articulate their unique value proposition. It’s not just about the idea, but the team’s capacity to execute and differentiate in a competitive landscape. Most importantly, “What is your unfair advantage as a founder and team?” 

How do we decide to invest or not? 

The investment decision-making process at JLL Spark hinges on two major factors. First, we look for strategic fit. It’s essential that we bring tangible value to the startup beyond just capital. We rigorously validate our potential contributions upfront and align the right partners to drive strategic growth. Second, we use the diligence process as an opportunity to deeply understand the founders and their vision. How we work together during this phase often indicates how our partnership will unfold. We pay close attention to valuation expectations, the organization of materials, and responsiveness. These elements not only influence our decision to invest but can also be deal-breakers if misaligned. 

The JLL Spark Advantage 

JLL Spark offers a unique value proposition to startups. We’ve built a platform that pairs financial backing with meaningful strategic support, connecting our investments with both an investor and a dedicated growth principal. This mechanism gives startups an edge in navigating the complex real estate industry. Personally, I’ve built my career on being a supportive partner through both good and bad times. As a former founder, I understand the loneliness and challenges of entrepreneurship. I strive to be more than just a financial backer – I aim to be a comprehensive partner, supporting founders both in business and in maintaining their personal well-being. Whether it’s helping them disconnect from the daily grind or encouraging simple acts of self-care, I believe in nurturing the whole entrepreneur, not just the business. 

Connect with Laurent via LinkedIn or X.

Interested in a strategic partnership with JLL Spark? Apply for an investment here.