Despite the progress made around accessibility and transparency, VC is still an opaque industry, especially for those of us who did not grow up surrounded by white-collar professionals (myself included). As someone who has landed several VC internships (Chingona Ventures, Reach Capital, Harlem Capital) and is actively searching for a FT role, I wanted to share my recruiting insights especially for those just starting.
Know your superpower
Know what you want
It gets easier…but it doesn’t
Support systems!!!
Closing advice
There is no linear path into VC. You can come from banking, start-ups, policy, healthcare, etc. What you need to highlight is the superpower that you bring to the table and why it is valuable for the VC fund.
My superpower is an interdisciplinary lens. As a joint MBA and Master of Public Policy student, I have different tool kits to analyze an investment and perspectives when connecting with founders. Moreover, prior to graduate school, I was an active CPA and worked at a startup. I talk about my familiarity with finance and being detailed oriented, but also enjoying the unpredictability and ambiguity that comes with working at a startup.
This section could very well be its own post. For brevity, I’ll focus on these areas:
What do you want to invest in?
What do you want to learn?
What do you want to invest in? Even if you pursue a generalist fund, it is much easier and more engaging if you have an area of interest. This is especially helpful if your prior career experiences lend themselves to that industry. It’s very chaotic if you are following too many industries at once.
What do you want to learn? VC requires both qualitative and quantitative skills. Some will take longer than others to master. As you apply to internships, be explicit with the fund about what you want out of the experience.
Because I have not worked in investment banking, I knew I wanted to improve my financial modeling whether it’s building one for a portfolio company or projecting the ROI on a deal.
I am passionate about edtech, fintech, and Web3. I always asked if I could be placed on those deals (when at a generalist fund) because I want to refine the investment framework. There are nuances to how you evaluate a deal which can greatly depend on the industry.
When I was at a specialist fund, I identified specific sub-sectors to get an even deeper understanding.
The VC grind is not for the faint-hearted…it’s a strenuous marathon full of surprise obstacles. Because there is no one path, it’s tough to say what does work vs what doesn’t. However, I find it helpful to hear how people have felt so we can commiserate.
This gets easier:
Knowing what you want
Preparing investment memos *note that every fund does it differently
Sending cold emails (okay this is half true because I still get anxiety after I hit send but I get over the initial anxiety of hitting send faster)
This doesn’t:
Not knowing where you are in the process. It feels like the VC interview process can be quite ad-hoc so you can be left not knowing where you stand, even after following up.
Sometimes you are even ‘left on read’. After completing an interview or even multiple, you may never hear back from that firm (this has happened to me several times).
Staying up to date on trends. Twitter and news fatigue are real. Setting boundaries is real because deal FOMO will persist.
Make sure you have one!!! It can feel incredibly isolating and lonely as you embark on this journey. Find others who are currently recruiting or have been through the same path. You need people with who you can be totally honest with. You will feel the entire gamut of emotions.
Bonus: Make sure to join different communities like VC Unleashed, VC Familia, Gen Z VCs, etc. If you’re an MBA, definitely be active in your VC club.
Track your conversations with both founders and investors. This way it’s easier to identify potential synergies. Additionally, if there are certain individuals who seem more willing to help, you know who you can go to for advice.
Even if you quickly realize during a pitch that a start-up will not be a fit, continue to actively listen. This is your chance to provide helpful feedback to an entrepreneur who is risking everything for their dream.
Warm intros/referrals to other VC funds go a long way. The VC world is quite small so make sure you are leaving the best impression of yourself.
VC interviews can vary widely across funds. The best way to prepare for one is to ask individuals who have interned or work at the target fund.
Every conversation is a chance to learn something new and/or share your insights. Don’t make it transactional.
Thanks for getting through the entire post. If you have constructive feedback, I would love to hear it! You can find me on Twitter and LinkedIn.
For further reading on recruiting VC please check out Tanvi Lal’s Recruiting/Working for Venture: 3 Thoughts, follow Nicole DeTommaso on Twitter (@nic_detommaso) for frequent tips, and read Accelerated’s comprehensive guide!
