Liz Wessel

Operator · Investor

Co-founder and former CEO of WayUp, the early-career hiring platform, from 2014 to its 2021 merger with Yello; now a partner at First Round Capital, where she popularized the 'calibration call' hiring technique.

Roles
Partner, First Round Capital (since 2023); Co-founder and CEO, WayUp (2014–2021)
Known for
Popularizing the 'calibration call' hiring technique; co-founding and running WayUp, the early-career hiring platform, from 2014 to its 2021 merger with Yello.

Wessel’s authority is operating record, not scholarship. She graduated from the University of Pennsylvania with a degree in political science, math, and Japanese, then joined Google’s APMM marketing-rotation program, spending a year building brand and product awareness in India before leaving at 23 [1]. In 2014 she co-founded WayUp (originally Campus Job) with college friend JJ Fliegelman [2] and ran it as CEO for seven years: an early-career hiring platform that reached more than seven million candidates and thousands of employers, on more than $40 million raised [1], until it merged with the recruitment-software company Yello in July 2021 [2]. That is a full company-building cycle: founding, scaling, and an exit, in the specific domain, hiring, that Management Craft cites her for.

After WayUp, she was a Visiting Group Partner at Y Combinator, working with more than 110 early-stage startups on enterprise sales, B2B marketing, storytelling, and fundraising [1]. She has angel-invested since 2016, backing more than 45 startups including Ramp, Scale AI, and Ro [1], joined First Round Capital as a partner in 2023 [3], and was named to the 2025 Forbes Midas Brink List (a watchlist for VCs expected to reach the main Midas List within a few years) [4]. None of this is peer-reviewed or credentialed research. She holds no faculty title, no published study; her word is high-density practitioner pattern-recognition across many hiring and investing decisions, not tested theory.

That’s the register Management Craft draws on her for, but the attribution needs a caveat the Calibration Call tool page currently glosses over. The tool page credits her with having “coined the term,” citing her 2025 X post. The post itself is a quick, typo-shorthand tip for founders, and it puts the word in scare quotes: “Do 20min ‘calibration’ calls” [5]. That reads as someone reaching for an existing word, not announcing a coinage: “interview calibration,” meaning getting a hiring team aligned on what good looks like before interviewing starts, is an established recruiting term that predates her post by years.

What she did add is specific and real: a named, concrete technique. Call two people who’ve excelled in a role you’ve never hired for, before you interview anyone, to learn what great and failed performance look like [5]. MC should credit her for popularizing that specific technique under this name, not for coining “calibration” in hiring. Her word carries real weight on early-stage hiring calibration and go-to-market hiring, earned from having made those hires herself and coached founders through hundreds more [1]. It carries none on management theory broadly, large-organization practice, or anything outside the founder/early-startup register she has actually lived in.

1
First Round Capital, "Liz Wessel," team profile, accessed July 27, 2026.
https://www.firstround.com/team/investing/liz-wessel
2
"WayUp," Wikipedia, accessed July 27, 2026.
https://en.wikipedia.org/wiki/WayUp
3
First Round Capital, "Meet First Round's Newest Partner: Liz Wessel, a Founder, Experienced Angel & Former YC Visiting Partner," September 26, 2023.
https://www.firstround.com/news/meet-first-round-s-newest-partner-liz-wessel-a-founder-experienced-angel-and-former-yc-visiting-partner
4
Truebridge Capital Partners, "Spotlighting Venture's Rising Stars: The 2025 Forbes Midas Brink List," Forbes, May 28, 2025.
https://www.forbes.com/sites/truebridge/2025/05/28/spotlighting-ventures-rising-stars-the-2025-forbes-midas-brink-list/
5
Liz Wessel, post on X, August 8, 2025.
https://x.com/lizwessel/status/1953620426766348668

Keep learning

The Calibration CallToolA short research conversation with someone who has done the role or hired for it, to learn what great and failed performance look like before you define it.