Wading Into Venture Capital: My Summer at Anthemis
I was excited to secure an internship this summer in the venture capital (VC) industry. It was an opportunity to get a glimpse of working with the remarkably intelligent people behind non-traditional sectors of finance who are passionate about the things I am passionate about — entrepreneurship, finance and technology.
My search led me to Anthemis and I am beyond thankful that the knowledge and experience I gained was more than I expected. From my short but fulfilling three months at the company, I believe genuinely that Anthemis is the ideal place to immerse oneself in the VC industry, while staying true to the spirit of creation and entrepreneurship.
We are all entrepreneurs in our own ways
Before I arrived, I had an idea of the skills I would take away: technical knowledge such as valuation methods, deal flow pipelines and exit strategies. While I have deepened my understanding of formal VC models and practices, what impacted me most was Anthemis’ startup-like culture. Despite the intelligence and vast experience of each individual, the team was always open to ideas and opinions. From weekly investment meetings to daily chatter around the office, I couldn’t help but notice how every voice actually matters and every discussion is part of a collective quest to put Anthemis’ best foot forward. This open-minded attitude applies to interactions with current and potential portfolio companies as well, where entrepreneurs are given the benefit of the doubt and pushed to bring their best ideas forward. Being part of this space, which effused freely flowing ideas and openly communicated opinions, was a humbling and truly empowering experience. More importantly, it made me think and work like an entrepreneur myself.
To create rather than to search
What got me up to speed with the various elements of the business was the chance to witness the entire deal flow process. From looking at valuation and due diligence files, assessing potential platforms for operations, to joining weekly investment meetings, I was able to get involved in several projects that gave me a deeper insight into the business and the VC industry as a whole. On top of that, being exposed to the work of the portfolio success team allowed me to switch away from the typical investment viewpoint and see the other values that a VC adds to the startup scene. In this capacity, I learned that, unlike the conventional understanding of a VC, Anthemis’ attitude isn’t merely to search for the next best company in Fintech — it is creating them. I saw firsthand how, by leveraging industry expertise and networks, Anthemis dives deep into each deal and then follows up with the best efforts to guide its portfolio companies to achieve shared goals. This changed fundamentally the way I think of a VC’s operations and objectives. Proactivity, action and inclusion should be a big part of creating the next big idea. VCs are in the business of venture and idea creation, not solely financing.
The art and science of a deal
The most exciting thing that developed from experiencing the inspiring culture of Anthemis is my new-found passion for the use of data and algorithms in the VC space. This would not have been possible without the broad-mindedness of the team, which encouraged me to explore the rising trend of the intersection of science with art in VC investing.
Perhaps one of the most discussed qualities of venture capitalists is the art that they bring into investments. Good business acumen and market foresight are indeed invaluable and irreplaceable skill sets, which separate the good from the great. However, I had the chance to delve deeper into the potential use of data and algorithms in the investments and operations of VCs. I worked on experiments that scrutinised individual networks and those of Anthemis’ portfolio companies and devised a data-driven recommendation algorithm that could improve the way Anthemis supports its founders.
Through these projects, I have been challenged to probe and to think deeply about the intuitions that are heretical to traditional venture capitalists. While the culture at Anthemis recognises that intuition and chemistry play a crucial role in VC investing, the team understands that there are no simple, straight-forward answers when determining entrepreneurial success and is keen on leveraging data to help understand which variables are most important to the VC equation.
In the past three months I have learned as much about myself as I have about the Fintech and VC industry. The amazing people I’ve met, the opportunities I have been given and my new-found understanding of the potential impacts of venture capitalists have all got me hooked onto the VC space. While there are many reasons to consider working at Anthemis, none is more compelling than the chance to be part of something bigger than yourself. At Anthemis’ core is a belief that each individual makes a unique contribution to this juggernaut of force in the venture capital industry, an organisation that is ultimately greater than the sum of its parts.
