What it’s Like to Work as an Analyst at Touchdown Ventures
Q&A with Kathy Quigley on the analyst role
Touchdown is not your grandfather’s venture capital firm. In fact, we operate fairly uniquely even among corporate venture capital firms.
In my role at Touchdown, I frequently interview job candidates for our open positions — and the most common question I hear is, “What’s it like to work at your firm?” I’m always eager to describe Touchdown’s culture, our emphasis on training, and what we’re trying to accomplish as a company. But for an analyst candidate to understand the job, it’s even more valuable to hear from someone who has been through the role and has been successfully promoted to the next level.
Armed with this insight, I spoke to Touchdown associate Kathy Quigley, who joined Touchdown as an analyst in 2020 and was recently promoted. The goal of the interview is to provide a flavor of what it’s like to work as an analyst at our firm, including how the role is similar to traditional jobs in venture capital, and how it’s different, too.
Jane: Kathy, what was your background before joining Touchdown?
Kathy: I started my career as an operator, as one of the first employees at a health tech startup in Nashville called Clarus Care. I wore many hats in that role and I owe a lot to that job, including my tremendous respect for startup employees — especially those at early-stage companies — and my interest in healthcare innovation. As anyone in healthcare can probably attest, there is so much opportunity for innovation and impact.
Also during my time in Nashville, I was fortunate enough to join a growing entrepreneurial network in town. I helped build an ecosystem of “founders and funders” in the southeast (#BuildinSE) and got my first exposure to venture capital by following Monique Villa around town, asking her millions of questions about investing in startups.
Then just prior to joining Touchdown, I spent time at ZS Associates, consulting for life science and pharmaceutical companies on strategic projects related to market access and pricing.
Jane: What attracted you to join Touchdown?
Kathy: There were three big factors in my decision to join Touchdown:
As anyone in the business knows, venture capital is a small industry and reputation matters. As I began to talk to people I knew about my jump into VC, I consistently heard Touchdown mentioned as a firm to consider. There was an overall buzz about the uniqueness of the model. As I continued to do my research and learn more about the firm and its leadership position in corporate venture capital, I grew increasingly intrigued by the innovative approach. I could tell there was something special here.
Then during the recruiting process, it was very apparent how much Touchdown values the career development of its employees. In a lot of ways, VC is an apprenticeship business, and Touchdown’s commitment to training and building from within was a huge draw for me. I believe you have to learn from the best to be the best, and Touchdown seemed to have that ethos in spades.
Finally, as an unexpected bonus, I noticed a handful of University of Michigan grads on the team; and as an alum myself it was exciting to see the commonality.
Jane: How would you describe the day-to-day of the analyst job?
Kathy: An analyst’s main responsibility is managing “top-of-funnel,” which mostly entails finding and evaluating startups that align with the strategic interests of our funds and meet a venture capital return profile. Although every day tends to look a little different, a typical day might include researching relevant areas of a specific market sub-sector, setting up and taking meetings with entrepreneurs to learn more about their startups, and crafting analysis-driven recommendations for further engagement with those startups. Basically I’m the front line, or “eyes and ears,” of my fund, and I have huge input into deciding which startups really deserve the full attention of our wider team.
Personally, I find that the role is the perfect mix of external-facing conversations and independent market research. One of my favorite parts of being an analyst is talking to entrepreneurs and evaluating their pitches. These conversations are usually the first interaction a company has with Touchdown or our corporate partners so there is a responsibility to build a strong foundation for what could be a long term relationship. I’ll never take for granted how lucky I am that my job “requires” that I talk to brilliant entrepreneurs who are redefining healthcare.
Jane: Having been promoted, what do you think it takes to succeed as a Touchdown analyst?
Kathy: As I mentioned, an analyst is critical to building deal flow for our corporate venture funds. Doing this well requires identifying startups with return potential that also align with the strategic interests of our corporate partners. This necessitates a strong network of deal flow, including VC relationships, university connections, scouring the news, etc.; plus a deep understanding of the interests of the corporations.
It is also important to remember that VC is a people business, and building rapport with entrepreneurs plays a role in your success. There are no guarantees that you’ll get into a round, especially if it’s competitive with multiple term sheets. In these situations, it can be advantageous if you’ve developed the skills to build good relationships with startup founders and can articulate why your fund deserves to be in the round.
Successful Touchdown analysts are organized, follow up proactively, are internally motivated, and can blend a desire to find attractive startup investments with a service mentality, because our corporate partners are seeking strategic benefits in addition to top financial returns.
Jane: How do you think the analyst job here is different from your peers in traditional venture capital?
Kathy: At Touchdown, we are very fortunate to work closely with our corporate partners, and they are some of the most amazing companies in the world. A lot of my daily activity is similar to my peers in institutional venture, in that I’m sourcing deals, conducting diligence, networking, and so on. But there are parts of my day that are uniquely Touchdown.
An analyst at Touchdown is typically dedicated to a specific industry or vertical, like healthcare, and supports one or more related corporate funds in that sector, like AmerisourceBergen and Colorcon. So a meaningful portion of my time is dedicated to supporting the corporate partner relationship. It’s critical that we understand what drives the organization so that we can build a portfolio of startup investments that align with the broader corporate strategy. This might include conversations with heads of business units, facilitating meetings between startups and the corporation for potential commercial deals, or mapping specific areas in the market where the corporation has unique needs or capabilities.
Jane: How would you describe our culture?
Kathy: If you hang around the Touchdown team for even a short amount of time, you’ll probably hear someone mention impact. It’s one of the core values of the company and something that can be seen and heard in our work every day. It takes many shapes, but we strive to make a positive impact on our corporate partners, our portfolio companies, our co-investors, and of course, our co-workers. These are what drive us to make investments we believe will be successful. Because we care about our stakeholders, we try to go beyond a purely transactional approach.
On top of that, there is a collegial feel to the Touchdown culture; you can frequently find our team engaging in “friendly” sports banter, sharing pictures of food at the hottest new restaurants in town, or circling up for a Women in CVC check-in.
Jane: What do you do for fun outside of Touchdown?
Kathy: One of the best things about venture capital is the interactions with people. My days are spent conversing with co-workers, other VCs, entrepreneurs, corporate partners, etc. I love these interactions but it also means that at the end of the day I’m ready to unplug a bit. I try to spend time recharging outdoors, whether that’s a round of golf, a walk with my dog, or a long bike ride. That being said, I love few things more than a fall Saturday in front of the TV watching college football, cheering on my favorite team — Go Blue!
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Jane Simons is Head of Operations and Kathy Quigley is an Associate at Touchdown Ventures, a Registered Investment Adviser that provides “Venture Capital as a Service” to help corporations launch and manage their investment programs.
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