In this blog, Emily Stoner FHEA, Careers Consultant, organiser and chair of the panel, reflects on the 5 key take-ways from the ‘Inside Venture Capital’ expert panel, and their recommendations on what helps build a career in VC.
On Tuesday 4th March the Careers Service hosted the panel event ‘Inside Venture Capital’, offering a space for students and researchers to hear from people working in industry and ask their questions. The expert panel included Emmi Nicholl, Stephen Jull, Cian Hughes, Bill Yost, George Crane, Polly Machin Ph.D. and Jo Słota-Newson. View the panel’s biographies here.
This is a summary of the discussion in 5 points.
Gaining operational experience in a start-up, being an entrepreneur/founder and/or working in consulting or financial markets beforehand is a well-worn career path into VC
1. A role in venture capital is not likely to be your first job.
That doesn’t mean you can’t get an internship or experience in a firm; it is simply that people tend to join VC firms after getting other experience – and they bring that experience to the table when they join. Teams are usually small (even if it is a sub-team at a larger firm) and experienced in their field and individuals will bring subject expertise or operational experience – sometimes both. Gaining operational experience in a start-up, being an entrepreneur/founder and/or working in consulting or financial markets beforehand is a well-worn career path into VC. Start by: reviewing the career profiles of people in VC on LinkedIn and researching the job descriptions for current VCs to help get a sense of trends in entry to VC roles (for example, Stephen Jull has a passion for EdTech at Emerge, but his career is a tapestry of different experiences). If working in a start-up is of interest, start looking where you have a market interest, some technical expertise or have a passion for their mission.
2. If you have a PhD, your research experience is valuable to industry.
Let’s be clear, there are plenty of people who work in VC who do not have a PhD, and they do so very successfully. Our panel discussed their careers away from ‘the bench’ and benefits of having a PhD when focusing on investments in particular markets. So, if you are thinking of a pivot away from academia, especially in science and technology, you can positively can bring your expertise into the forefront of investment decisions. For example, Jo Slota Newson a Venture Capital Investor in early-stage Deeptech ventures has a PhD in Chemistry; George Crane, a former investment manager at Yara Growth Ventures (food and agriculture) has a PhD in Plant Science and Polly Machin, a Senior Associate at Cambridge Ventures specialising in life sciences spin-outs, has a PhD in Biology.
3. Be interested and interesting.
Our panel discussed the importance of showing a genuine interest in trends, markets, innovation and news around start-ups so that when you get to networking; asking a question at a panel or land an interview, you evidence that you are actively engaged in the space and have an opinion. Start by: Outlets like Sifted (some elements have a paywall) and the FT (free with your crsid) are good places to start, by signing up to their newsletters. Following the portfolios of VCs (like CIC, Emerge) and Venture Builders (like Cambridge Future Tech) will help you see what the investment interests of a firm are and even an insight into their investment strategy. Keeping a tab on industry news and following the latest around the local scene via IE Cambridge, as well as the dedicated societies such as CUE and CUTEC (to name just two), will help (not to mention any investment societies). You might have a specific niche interest, such as social innovation, FemTech or clean energy – whatever it might be, follow it with interest.
4. When looking for an opportunity, make your offer clear.
This is true when you are looking for any type of opportunity, especially when applying speculatively¹. In the discussion, Polly Machin Ph.D. shared how she began her career with Cambridge Enterprise’s Venture team through approaching them for an internship during her PhD. Start by: For entry-level roles or internships in particular, when you make an approach to a firm you are interested in, be sure to offer your skills. For example, you have looked at their portfolio and could offer some technical research expertise/knowledge, you can lend a hand to financial modelling or data analysis, you are excellent at putting together slide-decks; a great communicator, fundraiser, office organiser, negotiator…whatever it is, be clear on your offer when you approach. Your best strategy is to focus on how you can contribute to the firm, rather than what you want to get from working with them.
Depending on their size, VCs are not as likely to advertise all their job openings on traditional job boards so they will rely on their connections, network and known expertise to hire-in
5. Network, network, network².
This is true for most sectors, but VC is really about who you connect with. A personal approach is important because the culture of a firm is so vital to the way they make investment decisions, and you will be a part of that culture. Depending on their size, VCs are not as likely to advertise all their job openings on traditional job boards (in fact many employers don’t, as an aside) so they will rely on their connections, network and known expertise to hire-in. Networking can be frustrating as it doesn’t yield results very quickly, but building your name in the right circles can really help leverage your position when looking for a role. Start by simply going to events that have VC speakers and if there is chance to network, take it, or connect with them on LinkedIn later. Work your way up to specialist events, talks and networking lunches, brunches, dinners, pitching events as you get more confident³. Points 3 + 4 in this blog can help you be clearer in your approach, as will our blog on informational interviewing4 if you are looking to use your network to learn more about the sector from people on the ‘inside’.
Appendix
- More information about speculative applications can be found in our CV Guide for Undergraduates & Masters (p.70 on speculative applications)
- A note about networking: for many reasons, networking can feel uncomfortable for some people and that’s completely normal. Networking and other social interactions can be daunting for many people, but you might have a specific reason for your apprehension, such as a disability that makes it more difficult or a social-anxiety that keeps you from engaging with networking. If you feel like this is you, then you are not alone, you can reach out to the ADRC or university student support service, to suit your needs. Attending workshops or talking to a Careers Consultant via the Careers Service about your approach before you start is welcomed.
- King’s E-Lab and JBS Entrepreneurship Centre are just two places to look for a range of entrepreneurship events. Your college will likely have events more locally. The Careers Service also has a page of useful links.
- Informational Interviewing Blog (2023) Careers Service