I’m excited to debut “Tanvi’s Thoughts” where I’ll share my experiences in the VC space and broad commentary on VC as a career path. I hope you’ll enjoy this first post and stay tuned for more!
After months (and maybe years) of grinding, you FINALLY got that sweet, sweet venture capital gig! Wahoooo — congrats! Inevitably after reaching a big personal goal though, the question arises…sooo, what’s next?
I’ve spoken extensively about my VC recruiting journey which took me over 2 years from the day I decided I wanted to be an investor to my first day on the job. After accepting my job offer, I remember a beautiful feeling of accomplishment, excitement, pride, relief, and joy. Unfortunately, that feeling was short-lived and very soon eclipsed by a vague sensation of unease. I remember waking up on my first day on the job and feeling totally unconfident — how was I supposed to feel like an official investor overnight?
You got the job, now what?
The transition from aspiring VC to new VC is a tough one. In this post, I’ll talk through this transition and share thoughts, ideas, and advice for anyone else just starting out in a VC job. I’ve also compiled tips & tricks from a few folks who also recently started in VC roles at the bottom of this post for some other perspectives.
Even if you’re still actively recruiting right now, I would encourage you to think critically about how you’ll manage the transition. It’s not just enough to break in after all — once you have the job you have to do it (and do it well).
#1: Mentally disconnect from recruiting
Recruiting for a new job is hard, much less recruiting for an industry as competitive as venture capital. I remember feeling like a huge weight was lifted off my shoulders when I got the job, but had never realized I was carrying it. I thought I would be productive and have a lot of energy once I had the job, but instead…I was really tired.
Our brain rationalizes and manages the stress we go through but our body doesn’t. You may not want to admit it to yourself, but you need a break! Many VCs hire just-in-time so they’ll want you to start right away. Push back if you can and carve out time for yourself to recharge and mentally disconnect from recruiting. I’d even go as far as recommending you disconnect from all things VC for a little bit. Skip the newsletters, podcasts, and Twitter threads (you can always come back and catch up with them). Take a vacation if you can — whether it’s on the beach or at home with your dog — and spend some time reflecting. Process your journey and where you’re at. Not only is this good for your mental state, but working through these in advance of starting your job will make you that much fresher and readier to dive in when you do start.
#2: Think critically about what kind of an investor you want to be
By the time you get to your venture role, you’ve talked to a lot of people: Partners, Associates, Analysts, Founders, Operators, and more. You’ve seen and felt a lot of different personalities and investing styles. You’ve heard from Partners what they like to see in their staff. Founders have told you how they’ve felt around VCs. You’ve picked up on things you like in others, and more importantly what you don’t like. Now’s the time — what kind of investor do you want to be?
I think we all largely want to be the same type of investor — smart, successful, likeable, well-respected, charismatic, etc. But what differentiates us is what kind of investor we do NOT want to be. This is a personal choice and there’s no right or wrong answers here. But I would push you to put some thought into this before the job and during your first few months. Pulse check on how you’re doing after a month, after 2 months, after 6 months. Do you like the investor you’re becoming? Are you working with the types of founders you want to attract?
Beyond that, as you get settled into your job make sure that you’re thinking about a successful career in venture. Maybe this fund is where you stay through Partner or maybe you just sit here for a couple of years before your next gig. Regardless, think about how you can build some kind of industry expertise, work on any investor skills you know you need to develop, and get full exposure to the continuum of a deal from diligence to legal docs. You may need to put your hand up and ask for the kind of experiences you want so it’s helpful to have an internal gauge of where you want to focus.
#3: Reconnect with founders, peers, and mentors as an investor
Throughout your venture journey, you’ve hopefully made some great connections with founders, investors, and peers alike not to mention made a few great mentors. The way I interacted with these folks was very different during recruiting vs how I wanted to interact with them as an investor. I found it helpful to essentially re-introduce myself to my VC network as an investor. As silly as it sounds, even transitioning my contacts to my new work email made me feel more official.
Moreover, there was a fundamental shift that needed to happen because I was no longer asking for help or favors…now it was worth someone’s time to get to know me and stay in touch. Of course, it always was! But while I was recruiting, in the back of my head I felt like I needed the connection more than they needed me. With my official investor role, I had to actively coach myself out of this mentality. Having conversations with my network where I shared the news about my new role, talked them through what I was focusing on, and outlined how I’d like to stay in touch/collaborate with them was hugely helpful. I’d recommend everyone at least send an email to this extent to their network if not schedule individual catch-up calls/coffee chats. It’s a big step in relationship building as well.
#4: Understand what success looks like in your role
Every venture capital fund is extremely different in how they run, what they focus on, and how their operations function. Given this variety across funds, it’s incredibly important you ask your boss/fund partners what success looks like in your role. Is it the number of deals you source? Is it quality diligence, and if so how do they define that? Is it something else?
Once you have this intel, create a document where you write down and get sign-offs on your goals. Set up bi-weekly or monthly check-ins with your manager and summarize stats and deliverables to show your progress during these check-ins. It’s too easy for these kinds of details to get forgotten or waylaid given everything VC Partners are juggling so it’s on you to understand, document, organize, and loop back on all things performance management.
#5: Make your fund better
You’re joining a small but mighty team as most VCs are — while you have to think critically about yourself and who you want to be you also have to think about what your fund needs.
There’s a lot that goes into a venture capital fund beyond the “sexy” stuff. Yes, you’re taking pitch calls and speaking on panels but you’re also reviewing legal paperwork, tracking quarterly financials, and researching what internal tools you should be using. While you of course need to ensure you’re hitting the four main parts of a VC’s job (sourcing, diligence, thesis building, portfolio support) you also need to learn the ins and outs of actually running a fund. Every VC (even the Partners) does some amount of fund administration and operational work. Find a way to plug into this work and make your fund better — maybe you develop a comms strategy, maybe you revamp financial data tracking, maybe you come up with a pitch call notes template, etc. Spend the first couple of weeks understanding the lay of the land and then put your hand up to own some of these things or share potential suggestions — and of course, be ready to actually own and implement those suggestions!
My one caveat here is to simultaneously be intentional about what battles you pick. You may have a strong opinion about something that’s not shared by your team. In that case, it’s up to you to carefully decide if, how, and when you push back. While you want to be a value-add employee to the fund sometimes it’s best to just note how you’ll run things differently when you’re the boss.
Words of wisdom from others who’ve been there
- “Be comfortable with being uncomfortable. I assumed that once I transitioned full-time into venture, I would immediately feel this sense of belonging and complete eradication of imposter syndrome. Surprise! It never goes away but, I have learned to be my largest cheerleader and only surround myself with peers who can provide me those words of affirmation when I most need it. As an underrepresented investor, I’m working every day to have the unflappable confidence that I deserve to be where I am today.”
— Mia Farnham, Steelsky Ventures - “Starting a new role can be exciting and overwhelming at the same time, especially if you join a fund in a vertical you haven’t previously worked in. While it’s important to put in the effort to make a good impression and get up to speed quickly, it’s equally important to be compassionate to yourself and remember you are not expected to know everything on your first day. By not wasting time focusing on all the things you don’t know, you will spend more time actually being productive and contributing to your team.”
— Katie Quilligan, BankTech Ventures - “As I transitioned from recruiting to VC internship to summer associate to full-time, I gleaned insight into the back-end operations of the fund which helped me confirm that I wanted to be at a VC where I could play a part in all aspects of the fund. So as you’re recruiting and chatting with VCs, I recommend asking where the fund needs most help. The answers will certainly vary across funds, but the proactive approach is often highly valued and it can provide you with an opportunity to carve a role that meets your needs. In addition, remember that you will become a voice of the fund you work for and you’ll represent them at founder meetings, pitch competitions, LP meetings, and in everyday conversations with other investors and ecosystem stakeholders. So ensure you are super excited to do so in terms of alignment to thesis, mission, and investing approach.”
— Jake Lefker, Inicio Ventures
I hope that this article resonates and helps anyone who just started their VC role or any VC hopefuls who want to better understand the space! For more commentary/insights on the VC career path, I really enjoyed this reflection on life as a VC Associate from Henrik Sanchez of Playfair Capital and like Venture Upward for more consistent perspectives.
Thoughts or comments? I’d love to hear them — please comment or connect with me on Twitter & LinkedIn!
