The Playbook for Working in VC

(Part 2 of my series on building great Venture Capital teams - you can read Part 1 here )

In the first article on this series, I shared a mind dump of thoughts on how a VC fund thinks about hiring, growing and developing great talent. This article shifts the perspective onto a potential team member looking to break into and build a career in Venture Capital. Fifteen months of cold inbound emails, referral calls, outbound searches and fly-on-the-wall learning with senior team members have helped me distill a few learnings on some preferred approaches and mindsets to approach the process of working with a VC Fund.

1. Don't try to look for VC roles during your notice period, or if you're looking to make a switch quickly. Some VC interview processes can be quite long and not fit within the 4-6 weeks that a normal job interview process and offer would take, because we're evaluating not just your ability to do the job but also your motivation, your goals, your values and if you can someday become an independent brand spokesperson and represent us externally. Given the relatively small size of VC firms, every new addition occupies significant space in the spotlight, so pulling the trigger on a new hire can sometimes require comfort from all current partners and stakeholders. 

2. There's more to do in VC than just investments and meeting cool founders. There are platform and corporate roles that give you a better understanding of what is takes to run a VC firm. VCs are not just accountable to founders, they are also accountable to LPs - there's almost an entire sub-org built out to support this key stakeholder that not many get to see.

3. Pick the partners (not necessarily the firm) you want to work with. Just like how people looking to get a PhD pick a school based on the thesis advisor they'd want to work with, try to pick a VC firm based on the partner(s) you'd like to learn from. Everyone brings something unique to the table - aligning with a much smaller, focused set of leaders will give you something to aspire towards and make your case more compelling. 

4. You have to be able to articulate "why VC". As the person interviewing, I often am able to figure out quickly if someone has the DNA for working in this industry or not based on this interview question. Returns and feedback loops are long-term. Above the analyst cohort, most VCs are looking for people who are willing to put in the time and grow, and be ready to wait for returns. It's not a short-term game, and we're usually looking for that within the first cold email or the first few conversations. 

4.1 Another relatively personal observation and insight is that compared to many other job roles and industries, choosing to make a career in VC is one of those unique decisions that I believe does require buy-in, commitment and support from an individual's family/partner, if they have one at the moment. This is because the time invested for growth as well as time taken to see wealth creation and payouts are much longer than other jobs in the market today. If you believe in the longterm payouts and taking the big bets, it is inherently helpful to have your personal + home situation support the same and make the necessary adjustments day-to-day to work towards these goals. This is precisely why many VC interviews don't reach final stages - because seeing long term benefits in light of short term tradeoffs doesn't come easy to all, and isn't always explained very well during interview processes. 

5. VC roles can be very opportunistic, and staying top of mind matters. I've reached out to people 6-8 months after a first conversation that didn't go anywhere with a better role that came up later. Making a good first impression goes a long way to stay top of mind for hiring managers, partners or other key decision makers. 

5.1 Be creative with proposing how you can help. Full time VC roles can be limited given constraints on salary, role and space within the firm. However, we're always looking for proven experience and the next best option is to prove that experience to a VC alongside them. Ask if there are part-time opportunities that are possible, and if you're willing to adjust your expectations as well for some time. Post 12 months or so working together, based on mutual feedback and output, it may always be possible to carve out a space for you based on your results and also having seen proof of long term alignment. 

6. There's no cookie-cutter resume that works anymore to work in VC. Look at the LinkedIn profiles of current team members and see the work experience they've gathered to be able to do that particular role in a VC. If that's your end goal, then start making your current and future career decisions accordingly.

7. General life experience also matters. The ability to work in a team, manage people (and their idiosyncrasies), maturity to wait and watch sometimes, when everyone around you is jumping the gun. A lot of these are life skills, not specific to a particular job. But they generally go a long way in being part of an industry with highs and lows, where things may feel slow and then run all at once. Other than analyst roles, we would normally look for people with at least 2+ years work experience - VC is very hard as someone's first job, there's a rare few who manage to figure out professional competencies and work life within such an unstructured environment.

8. Different VC firms have different talent and growth philosophies. There's no right or wrong - but do the research before you apply. Some firms may support switching between investment and platform functions, some may require a certain set of credentials to get in the door. The best way to figure out if a particular VC firm is a fit for you is to speak with someone working there before even applying. 

9. More roles and hiring opportunities open up around a new fundraise cycle. Keep an eye out in the news for when a VC firm has announced a First Close in the process of raising a fund. That's usually a good time to reach out and explore potential opportunities. 

10. Lastly, there's an emphasis on "fit" that is very unique to each firm. All things equal, we will evaluate how you will fit in with the current team, is there a unique element of diversity that you're bringing with your life experiences, your approach and your potential contributions. This can be make or break in a final interview, and something that you unfortunately can't counter. Building a cohesive internal culture is a very intentional decision especially in small teams in a VC fund.

With the current scenario, getting into VC today is inherently harder than it would have been 4-5 years ago because of the growth in the sheer number of firms coupled with most VC firms' tendencies to keep a very lean team. Building a career in VC may not fit into the timelines that you wish for your career journey - but when the opportunity does arrive, give it the consideration it requires. If it's genuinely the final destination you want to reach, be open to taking different paths to get there. Sometimes the journey is more exciting than the end goal!

TL;DR:

• Working in VC is focused on delayed gratification - a mindset switch is the first step in the application process
• The best opportunities to work at a VC won't be ready and waiting, they have to be cultivated.