Navigating #VC is difficult, so how do you find a way in?
A reflection on how “someone with a non-traditional background” found an internship opportunity to work with an incredible, early-stage Venture Capital fund.
Internship navigation is always difficult — especially if you’re not from a traditional background. Now, what does that really mean? Think of it this way, MBA students often have an advantage getting into these roles. Why? Firstly, many of them have worked in banking, consulting, and startups before, and fundamentally those skills set you up for a lot of positions across the board. Secondly, their environment allows for more networking opportunities and greater access. MBA alumni that have charted these paths before, making it easier to share advice — after all, that’s what you almost always need.
So how do you navigate this feeling of inadequacy, being on the outside? Coming from a non-traditional background? Below I share my own experience, and I hope these learnings from my 6 months in VC, provide useful insight that will help you better position yourself.
Learning one: Always play to your strengths
Whatever your professional background, think of how you can contribute to the firm/fund you wish to join. You should still have the basics — problem-solving, financial acumen or understanding, and more importantly — remember, funds at the earlier stages at least, operate a lot like startups. You will source deals individually, but also work in collaborative environments on research, due diligence, support for portfolio companies. Play up those elements that relate to one of the many aspects of the firm, highlight your strengths, and showcase your ability to work in fast-paced environments.
Learning Two: A foot in the door
As I said, my route wasn’t conventional — I wasn’t recruited as an investment associate, instead, I just found a way to get my foot in the door and made sure my big feet stayed there. I happened to connect with another arm of the fund in another country, and through multiple LinkedIn and other email threads, I was able to find my way to the Community and Portfolio leads at the fund here in the US. I had made a habit of sending out periodic updates to anyone I had had a coffee chat with/recruited with or was an advisor/mentor. I had previously written to the team, and this time, they responded to an update I had shared — which set up a phone call. Post the initial chat, I realized that maybe a pure investment associate position wasn’t available to me, but another one was — and that’s where you stick your foot in. Use the opportunity to speak to why you’re a good fit, how you wish to contribute, and definitely speak to your aspirations — maybe being an investor later on.
Learning Three: VC is a fascinating combination of collaborative individualism
You have to be comfortable with being a ’jack of all trades’ and not operating in a silo. The sourcing process consists of you, finding and scouring the best opportunities and companies –on webinars, conferences, blogs, tech posts, Twitter, and even spaces like Clubhouse — individually. But when you move an opportunity forward it is discussed and evaluated as a team, allowing a better dissection of value. If it eventually moves into the diligence stage, you will have the opportunity to champion the start-up and help it grow. In a sense, it’s the perfect platform for competitiveness and collective growth.
Learning four: Questions are your best friend!
Don’t be afraid to ask questions, but be smart about it: Google is your first line of defense, then, your team! Remember, the industry, especially at the early stage, is opaque and still hasn’t been entirely standardized. Google those financial and legal terms!
Learning five: Find what you love
Move towards developing ’subject matter’ expertise — or at least have a field of interest that you’re very excited about — HealthTech, PropTech, EdTech, FinTech etc., there’s so much happening! Create a methodology where you analyze industries; this will become — almost an internal thesis. Why the industry? What makes it exciting? How big is the market? How do you acquire customers? What are the traditional risks? Competition? Know these answers so you can better evaluate deal flow.
By establishing expertise, you can publish written pieces, provide opinions, secure positions on panels, and speaker events (if you’re lucky). Position yourself so that funds and founders will value you for your opinion and interest in specific areas. It also allows you to target sector-specific firms and funds for sourcing, and even exit opportunities.
Learning six: Network….
Get yourself a premium LinkedIn account, join the right slack channels — JuniorVC/ Gen Z VC for example, and reach out to people. There’s nothing to lose in writing to people, if they respond, you’re better for it and you get the opportunity to not only learn, but showcase your capabilities. If they don’t, water off a duck’s back — get used to that feeling. I would also suggest an active Twitter presence, not because I want you to be addicted to another social media, but VC twitter is enlightening. There’s a lot of funds getting their opinion out there, no harm in shooting your shot and attempting to connect. Most of their DMs are open. I’ve learned a whole lot from following the ‘right’ people in the past 6 months.
Learning seven: Strap in and enjoy the ride
It’s brutal, it’s hard work, and you get invested in the outcomes of the startups you source. Enjoy the process, even though it’s incredibly difficult. If you’re a student and attempting to balance a full course load, it’s going to be rough — between school and work, you’re in for 12–15 hour days. It’s all real-world experience, more often it's more enjoyable than your course work, so you might as well make it worth-while.
Bijon Keswani is an Investment Associate with Antler, and a public policy graduate focused on creating equitable access to finance and creating impact by investing in Education, EdTech, FinTech, financial inclusion, affordable housing, and the future of work. Twitter: @bijonkeswani
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