I’m a junior VC. Here’s how I’m building a network that keeps growing
As a computer science major, I spend all year learning about how systems work together. This summer, I’m building a different kind of network.
In the world of early stage venture, relationships between people are a crucial component of the system that helps startups get funded, and grow. I learned this first hand while attending the DMV BLCK VC Summit in June.
The event was just one of many ways I am growing my network this summer. As a Houston native who is actively exploring the East Coast, I am docked upon the shores of Baltimore at Squadra Ventures. Heading into my senior year at Morehouse College, I am eager to get an inside look at venture capital, and meet others in the industry as I look ahead to my next step. After entering college during the COVID-19 pandemic, I’ve been brushing up on my social skills while working to place myself in position to have a fruitful post-graduation career.
This summer, I’m checking both of those boxes as I gain experience in venture capital. I was connected with Squadra through HBCUvc, a six-month fellowship program that provides opportunities for students to work at early-stage investment firms over the summer. While I was previously unfamiliar with venture capital, I was particularly intrigued that the fund invests in cybersecurity and national security. A few weeks in, it has become clear that working at a venture firm provides an opportunity to gain a multitude of experiences, and make connections.
A big opportunity to grow my network arrived in the first month. I was invited to the first-ever DMV BLCK VC summit at The University of Maryland in College Park. I went to the conference to meet people and gain knowledge about venture capital, and I left with a plethora of new LinkedIn connections and a calibrated idea of where I see my career headed. In the process, I saw how the event helped to open up access to the VC world.
The experience was eye-opening for a junior VC like myself. The event included panels and small group discussions that provided an up-close view of the industry.
Throughout the day, there were plenty of lessons about how to build a network that I’ll be taking with me well beyond this summer.
Here’s a look at the best tips about VC that I heard all day:
“Don’t be set on finding the perfect role –just get in and network.”
–Solomon Hailu, Partner, March Capital
The world of venture capital is hard to break into, so when you get an opportunity to enter the space, focus less on the title you’ll obtain and more on the chance to meet others in the field and gain experience. Often, thinking about the exact entry point at which you want to start can be an impediment to the progress you’d make if you were to quit looking for a role that meets your exact qualifications, and jump straight in. Once you’re on the job, there will be plenty of opportunity to show unique skills and tell your story, no matter the role, said Solomon Hailu, a partner at San Francisco-based March Capital. Having in-depth knowledge about specific topics can aid you in finding your niche and further forging that specialty.
“Your distinct background isn’t always a hindrance,” Hailu said. “It just adds a new flavor to the pot.”
“Put your best foot forward everywhere. Everyone knows everyone.”
–Carl Leacock, Associate, Revolution Ventures
The VC ecosystem is tight-knit. One good interaction can lead to numerous great connections. When I met Leacock at the summit, I quickly learned that he knew several of my colleagues at Squadra Ventures. This made the introduction much more seamless. It was a living example that this industry is relationship-based. Your name will be brought up in rooms and spaces that you haven’t entered yet, and it will linger when you leave. Your goal is to make sure that when you show up, people are expecting great things from you.
“Understand that when you walk into a room, you belong there.”
–David Hall, Managing Partner, Revolution’s Rise of the Rest Seed Fund
Hall, a fellow Morehouse graduate who leads the D.C-based seed fund that grew out of Revolution’s cross-country startup ecosystem bus tours, dove into dismantling imposter syndrome. Early in his career, he spent valuable time in meetings rehearsing the questions he wanted to ask in his head. By the time he gained the courage to use his voice and ask, the conversation had switched to a different topic. Speaking up and becoming comfortable within your workspace can help a professional thrive in this world, Hall said.
“Be a human in the office, and not just a work machine,” Hall said, in a remark directed at the junior VCs in the room.
This will help you mold relationships that will carry you through your career, and ultimately lead to a more fulfilling work experience.
“Even if you don’t understand why someone is asking you to do something, just do it”
— Phil Bronner, General Partner, Ardent Venture Partners
Every business is similar to a machine. All of the components — no matter the size or rank — must do their job for it to operate properly. Similar to a machine, the gear that is closest to the motor drives the rest of the gears, usually trickling their energy down to the smaller gears. Though humans aren’t gears, they have duties to fulfill as members of a team. Often, a senior employee — or a bigger gear — is in charge of directing the motions and connecting their contributions to the wider operation.
Apprenticeships can provide a valuable opportunity to not only learn how the gears operate, but understand their value to the machine as a whole, said Phil Bronner, general partner at D.C.-based Ardent Venture Partners. Bronner highlighted the opportunity presented by apprenticeships in venture capital. While learning, certain tasks won’t always make sense in the moment. But that shouldn’t prevent you from doing them (within reason, of course). Most senior partners have been in the shoes of a junior partner at one point, so theoretically they should know what it takes to be successful. When you enter the realm of venture, you aren’t going to know everything. But you have to be open to learning, being guided and being taken under a few wings.
“When you reach out…make it worth both of your time.”
–Ollen Douglass, former managing partner, Motley Fool Ventures
Be intentional about everything you do, especially when reaching out to people in an effort to build relationships. Connections about specific topics are more likely to stick than a general, broad invite. Discussions about specific topics that you’re interested in provide spaces to develop symbiotic relationships as you may be able to offer a perspective that a more senior member on your team hasn’t thought of yet, said Ollen Douglass, former managing partner at Motley Fool Ventures. Being able to offer new perspectives and different levels of insight on newer topics can aid those who have been going through the same motions for years, and it can also give people a reason to invest more time and energy into you.
“Work together and don’t be afraid to collaborate.”
— Melissa Bradley, Managing Partner, 1863 Ventures
The BLCK VC Summit brought together nearly 100 venture capital professionals who are active in the ecosystem, and hail from a wide range of firms. Yet it remains true that, across venture capital firms nationwide, 4% of employees are Black, according to the VC Human Capital Survey from the National Venture Capital Association, Venture Forward and Deloitte & Touche LLP. While VC can be a competitive field, Melissa Bradley, managing partner of D.C.-based 1863 Ventures, called for stronger ties of unity within the Black venture community. Bradley said it is pivotal to work together, collaborate and refer others to deals to continue making progress.
“Starting a company that could support multiple companies to support multiple problems is more rewarding than starting a singular company that only solves one problems.”
— Luke Cooper, Founding Managing Partner, Latimer Ventures
Understanding what venture capital is and why you’re doing it is very important, as it sets the scope of what you’re looking for when you’re out searching for investment opportunities.
Luke Cooper, founding managing partner at Baltimore-based Latimer Ventures, was asked, “Why venture capital?” The answer was the quote above. The desire to help solve problems while investing in companies and people he wanted to support drove him to launch his firm. With great risks comes the possibility of great rewards. If everyone is doing things “by the book,” don’t be afraid to create your own book.
Himalaya Rao-Potlapally, founding managing director at The Black Founders Matter Fund, pursued VC to “create spaces for underrepresented demographics who are founders.” She aims to help founders become more knowledgeable about the range of capital sources that can build a business, from banks to federal grants to pitch competitions.
“All businesses don’t need venture funding,” she said.
Closing the knowledge gap can help to create a more equitable playing field.
Having a purpose or a goal when creating new ventures sets the tone for your firm’s trajectory. Understanding what you’re searching for and how you plan to make an impact can narrow your pursuit of new opportunities.
“It’s always a good time to be an entrepreneur, if you’re talented.”
–Chris Young, EVP of Business Development, Strategy and Ventures, Microsoft
Starting his journey as a founder, Young garnered an exit with Cyveillance early on in his career, which led him to Harvard Business School. After HBS, he continued his path in cybersecurity before joining Microsoft to lead their venture arm. As a veteran in the space who has seen many different economic seasons, Young provided advice to those looking to start companies and invest in them at a time of market uncertainty. He wanted the audience to know that there’s never a bad time to start your own business, as long as you are willing to stick with it for the long haul.
“Companies are bought, not sold,” he said.
In any economic environment, firms are searching to acquire emerging technologies that are truly revolutionary. To gain a true sense of what’s coming down the pipeline in emerging areas such as AI, his advice is to hit the road to scope out different tech hubs around the nation.
4 ways to overcome your networking nerves
While attending a conference such as the DMV BLCK VC Summit is a great way to get introduced to the industry, entering a new room is always a bit nerve wracking. After all, walking into an abyss of people you don’t know can be quite intimidating. It’s important to understand that networking is an art in itself and requires a game plan. Every event is a new opportunity to gain experience and forge new connections. Putting yourself out there can be difficult, but it’s a muscle that must be exercised. The quicker you break the ice, the faster you’ll be able to start building the relationships that open doors. Here are a few ways to prepare for conferences, so you can make the most of the opportunity to meet new people and broker relations:
Don’t be afraid to connect with people ahead of time. Before the event, check out who else is going to be there. Follow attendees of interest on LinkedIn, and reach out ahead of time to set up meetings. That way, they’ll know your face before you shake hands at the event. Setting a schedule for the day can also help to maximize the limited amount of time you have with lots of people in one place.
Don’t be afraid to talk to people you don’t know. When it comes time to networking at an event, you may see people who seem like they know each other, and are in deep conversation. Guess what? They probably never met before a few minutes ago. Walk over and introduce yourself. You’re not interrupting. It’s perfectly okay to be honest about your intention, and say, “I’m trying to meet new people, mind if I join you?” That’s what the event is all about.
Don’t be afraid to sit by yourself or join a table with people you don’t know. Strike up conversation with the people around you. You’ll never know what commonalities you have with your neighbor if you don’t take the time to learn more. One conversation before a panel discussion could lead to a follow-up meeting after the event, or a connection to a future opportunity.
Don’t be afraid to stay late. Conferences pack lots of activity into a single day. It might be tempting to head home right when the programming is complete. But often, happy hours that cap off the event are the best chance to meet new people. They also offer a chance to reflect on what you learned throughout the day, and perhaps even reconnect with someone you met earlier to further build a relationship.
Conferences are a great opportunity to build your professional network. Now get out there and meet new people.
