one MED STUDENT flew over the venture capital’s nest
…and by the closing of the novel, he’s remarkably sane
MARCH 2023
by Federico Aureli
Writing this blog post feels strange. I remember when I was applying for the internship and reading all the posts from past interns, hoping to be in their shoes in the future. After eight months spent at Nina Capital as a visiting analyst, it is a privilege to share my experience with everyone who might be interested.
who I am and why I joined
My name is Federico, and I am a final-year medical student at the University of Bologna, Italy.
When I started medical school, I did it with a clear idea to become a physician-scientist and dedicate time to research and clinical practice. I have always believed in the power of science and research to make the world a better place and wanted to be in the front rows of new discoveries. At the same time, the idea of becoming a doctor stimulated me and seemed the right choice for me.
During my degree, I tested both of those assumptions and ended up quite dissatisfied with the outcome. The realization that to make significant advancement, you need to study a topic for more than twenty years did not quite fit my personality (I get excited by new things and get bored easily). It made me look out for other opportunities.
Meanwhile, I realized that I was much more intrigued by the business side of medicine and healthcare management. This, combined with my interest in innovation, made venture capital a nice area to explore for me.
That is how I started looking for internships at this intersection, and when I came across Nina Capital, I immediately felt attracted and knew I had to apply.
my time at nina
When I entered the wonderful office in Carrer de Tuset for the first time, I did not know what to expect. My job at Nina has been very hands-on since my first day. I was introduced to the investment thesis of the firm and the internal processes by Marta and Ferran. Nina is a small firm but has had the chance to work with more than 20 interns in the past three years, and the process of integrating them into the workflow is, on the one hand, solid and, on the other, always improving. Caterina, who was finishing her period as a visiting analyst, gave me a great hand in getting adjusted and learning about the job.
Visiting analysts at Nina manage the whole dealflow, from first contact to due diligence. Other tasks include scouting new companies and working on research projects.
The amount of responsibility given from the start helped me grow and take ownership of my work each day that passed.
As you progress along the internship, you start to understand what to look for in a company and can lead calls by yourself, present companies to the rest of the team, and research the space and competitors.
I also had the opportunity to help in due diligence processes, which allowed me to dive deep into problems and business models and truly understand a company inside out.
The team is very open and appreciates you taking the initiative about implementing new internal processes, researching a particular topic that interests you, and being creative.
The intern’s opinions are valued and considered. They are a key part of the team.
Besides work, we engaged in many different social activities, from padel to bowling and dinners. I also participated in the team’s Costa Brava retreat, where I had so much fun! Seeing the sunrise with a sea view of Begur every morning was something unique that I will always keep close to my heart.
I also had the chance to travel and represent Nina at conferences and industry events in Portugal, Spain, and Italy. I loved connecting with founders and other investors in healthcare.
my key learnings
My time at Nina has provided me with so many learning opportunities. The two key moments that were the most fruitful in terms of learning were weekly meetings, where we discussed all the companies we were considering and got the feedback of everyone in the firm, together with hopping on calls with other team members and learning from them about key topics related to startup evaluation.
Here are my key learnings summarized:
- How to communicate with founders and investors in the healthcare industry.
- What makes a good business model, and how to allineate all the stakeholders’ incentives.
- The importance of market opportunity and that having a great product or technology is not enough if there is not a large enough market to support it. This has been one of the things that I struggled with at the beginning.
- Exit scenarios: sometimes, even if there is a market for a product or service, there are risks of exits that are insufficient to meet Nina’s ambitious ROIs.
Overall, this has been a very exciting and stimulating experience, and it reinforced my idea of focusing my career on the business side of medicine rather than pure clinical practice.
ACKNOWLEDGMENTS
I want to finish this post by thanking the whole Nina team for making this experience unique.
With your humbleness, guidance, and kindness, you made me feel welcome and integrated from the beginning, you are a special team, and it was an honor to work with you.
Lastly, a thank you to Adrien, my fellow visiting analyst, with whom we shared tons of laughs, projects, and experiences. It wouldn’t have been the same without you.
Forever yours,
by Federico
P.S. If you reading this post and are interested in learning more about my experience and connecting with me, please do not hesitate to reach out!
