21 things I learned in 212
Today marks my last day as an Investment Analyst Intern in 212. Now is the perfect time to reflect on what I learned at 212.
As of today, I have:
- Attended 41 intro calls (≈1,230 minutes)
- Pitched more than 29 startups to the Deal Team
- Analyzed more than 144 startup submissions
- Co-authored 2 Investment Approval Memoranda
While the work I did was important and was appreciated by the 212 Team, I am grateful for what I learned during my internship journey. Therefore, I have narrowed my first professional long-term internship experience into 21 highlights. I hope the below bullet points will also be helpful for others who are entering the VC and the Turkish and global startup ecosystem.
21 things I learned at 212:
- Tracxn is your best friend for any market research.
2. Startups.watch is the primary source for deal sourcing for Turkish and Turkish diaspora startups.
3. Startups should have more than one founder.
4. Part-time entrepreneurs (or employees) within a startup might be a sign of a lack of perseverance.
5. A typo on a startup’s website, pitch deck, email, or any communication channel can reflect the business’ negligence in other areas.
6. The book “Venture Deals” by Brad Feld and Jason Mendelson is a fundamental glossary for all the technical terms in the VC world.
7. Always get the name of whom you are speaking to when you make a reservation for a work lunch. Don’t forget to get a confirmation the morning before lunch.
8. In intro calls, an easy but essential question is: “What is the motivation for the team to get together and create the startup?”
9. Having intro calls with early-stage companies is important to form a relationship early-on.
10. It is nice for an entrepreneur to follow up after an intro call.
11. While pitching a startup to the deal team, it is important to recognize if a startup’s innovation/tech is a “must-have” or a “nice-to-have.”
12. Be proactive; you are always welcome to do and learn more.
13. Giving constructive feedback to the (deal) team is as important as receiving feedback.
14. If you are talking to a startup with multiple products, ask about their strategy on upselling and cross-selling.
15. The term sheet stage may take a long time, more than you expect. In the DD stage of a potential portfolio company, customer feedback and client calls are essential to understanding whether the company is functioning well.
16. For a startup, a solid team is most of the time more important than its product/service.
17. An entrepreneur should possess a “grit mindset” — this is very easy to recognize in intro calls.
18. Especially in SaaS projects, “validated learning” is a must-have practice in development and growth.
19. A startup MUST have sales and finance teams to grow, especially internationally.
20. Every deal and journey with an entrepreneur is different, and not every entrepreneur may fit every VC.
21.1. Having a friendly and welcoming team is more important than anything.
21.2. I was able to witness that healthy working environment in 212! :)
Again, I would like to thank 212, especially the Deal Team, for always supporting me in learning more and helping me make an impact on the firm.
Thank you for reading! If you have any comments or questions, you can reach me from simalgezer@gmail.com or on LinkedIn.
