#MeetTheIntern: Q&A with Adrian Kreiser, signals Pre-Seed
1. Hi Adrian! What is your background and what has attracted you to the VC world?
Adrian: I have a business background and am currently doing a gap year after finishing my Bachelor's. Before joining signals, I worked in a fast-growing startup and got some corporate experience in auditing. In addition to that, I was an active member of the student initiative START Berlin where I organized many events and learned a lot about the startup ecosystem. Since that experience, I have been fascinated by the startup culture and success stories. However, I wanted to better understand which criteria Investors employ or which factors make startups successful and found a VC internship to be the best way to learn more.
2. What motivated you to apply for an internship with signals Pre-Seed?
Adrian: My goal was to work for an early-stage fund because I wanted to work together with founders at the beginning of their entrepreneurial journey. Additionally, I wanted to have a meaningful impact throughout the entire investment process which I expected to be more likely within a small team. I also liked that the pre-seed team was still relatively new, so the environment feels kind of like a startup itself. And, I also got to know some team members beforehand during events and felt like they were really enjoying their work at signals.
3. What does the typical week of a signals Pre-Seed intern look like?
Adrian: It’s hard to describe a typical week because it depends a lot on the current deal flow. Sometimes you have back-to-back founder meetings while other times you can focus a whole day on a research project. My regular task included reviewing incoming pitch decks, sourcing interesting startups, and talking to founders. Furthermore, there are many things to do when a startup proceeds in our investment funnel and enters the due-diligence process such as reviewing legal documents, researching the competitive landscape, or creating internal investment documents. Apart from that, I had the chance to work on independent research projects like my SME Tech Market Map that helps the team understand a certain industry or trend better and where I learned a lot that might also be valuable for my future.
4. What were your main learnings during your time with us?
Adrian: Even though this might sound pretty obvious, but…
…my biggest learning was that it’s really hard to build a great startup (or find a good investment opportunity). I previously thought that it’s all about the business model or a great vision but I realized that the real challenge is probably to manage all of these aspects at the same time.
Sometimes founders with amazing new technologies were unable to cover the business side sufficiently or founders with great business models failed to keep a professional appearance during the investment process.
5. What was a VC Myth that was debunked during your time with us?
Adrian: Well, it’s not exactly a myth that got debunked but I can confirm that (financial) metrics and valuation in early-stage investing is much more of an art than a science. There is no hard figure or milestone that will assure you of a certain valuation or investment. Rather, you need to be a strong negotiator and have qualitative proof that you might be on your way to product-market fit.
Also, I was expecting to see more Patagonia vests, supporting the general stereotype, but couldn’t find anyone that would match this style.
6. What did you like best about your time at signals Pre-Seed?
Adrian: My highlights were always our pipeline meetings where new deals are discussed. Especially as an intern, it’s really valuable to be able to present your investment opportunities and thoughts about them to get feedback on why they actually might or might not be a good investment case. What I liked most was the openness of the team so that I could also voice my concerns and ideas to have a real impact on the investment decisions.
7. Do you have any advice for future applicants?
I think the best preparation is to be curious about everything that’s currently going on in the VC and startup ecosystem. So being up to date with the latest news is definitely beneficial.
Apart from that, the team is very supportive so you should always ask any questions that are coming up to get the most out of your time at signals.
If you want to be respected in the office, you can forget about any VC/startup knowledge and rather focus on training your table tennis skills to succeed in the fiercely fought tournaments on Friday evenings.
8. What’s next for you after the internship?
Adrian: I will move to Munich for an internship at a Private Equity firm before starting my Master’s in Banking and Finance at the University of St. Gallen. So I am still trying out different things but I would definitely like to return to VC at some point.
Thank you for taking the time to share your experience with us, Adrian, and all the best for your future endeavors!
Do you want to get a taste of pre-seed investing as well? We are looking for interns to join our team on a rolling basis.
Are you fascinated by new technologies and business models, possess a learner’s mindset, and first experiences in a startup or investment environment? We offer a challenging role with a steep learning curve. You will get many insights into the startup and VC landscape, build relationships with founders and get the chance to influence young startups’ success.
If that sounds just like you, send us your CV and a motivation letter at info@hellosignals.com.
