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From scientist to venture capitalist by way of a Berkeley MBA

You might be tempted to call Juan Cueva, PhD, MBA 19, an accidental venture capitalist, but you’d be wrong. Every step of the neuroscientist’s career path was strategic and intentional, including his decision to attend UC Berkeley.

Passionate about life science, Juan’s interest in business emerged while employed at a biotech startup, where he helped commercialize a new technology for mapping neural circuitry at the nanoscale level. The job involved everything from R&D to web design.

“I’ve always been interested in tech innovations, and pursuing a career in venture capital offered a way to learn quickly about new technologies beyond neuroscience. But I knew it would require more than scientific knowledge. I also needed business, financial, and social skills,” says Juan, a student in the Evening & Weekend Berkeley MBA program , who now serves as a senior associate with Applied Ventures in Santa Clara, Calif.

His first move was to apply to the part-time Berkeley MBA program, since it would allow him to continue full-time work. Next, he leveraged his acceptance in the program to secure a corporate development position with Ultragenyx Pharmaceuticals in Novato, Calif.

It was June 2016 and his classes had yet to begin, but his career transition was underway.

Mapping a successful route

Even before enrolling in courses, Juan visited the Haas Career Management Group (CMG) to assess his skills and identify the gaps in his expertise. Counsel from CMG Associate Director Luke Kreinberg helped him shape his course load and offered an unexpected piece of advice.

“I’m an introverted scientist, so the social aspect of the VC sector—networking and relationship building—was the more challenging part for me,” he says. “Luke advised me to take up improvisational acting. I did, and it really made a difference.”

Courses, such as Venture Capital and Private Equity , helped Juan hone his deal analysis techniques. The course also introduced him to a variety of industry practitioners who shared their insights on how to evaluate a startup.

“It made me feel like a better investor. That in-class, in-person interaction with VC practitioners is priceless,” he says.

A risk worth taking

A year into the Berkeley MBA program, Juan found and applied for an internship at Applied Ventures through the Haas job board. He prepared for his interview by studying the company. He researched its team members, the type of investments they made, and their areas of expertise. Then, he went a step further to explore startups that might be good investment candidates for the company.

Following an on-campus talk by Applied Ventures investment director Michael Stewart, PhD, MBA 14, Juan introduced himself and shared his investment ideas with Stewart to “put a face to my name so I wouldn’t be just another application in the pile.”

Applied Ventures offered Juan a summer internship, but accepting it would mean quitting his full-time position with Ultragenyx. The risk was daunting, but he took it, with the support and encouragement of his wife Sarah, a pediatrician.

Once there, he toiled as if he were already a senior associate. Along with his intern duties, he built a side portfolio and a challenging niche for himself: finding investment opportunities that bridge the world of life science and advanced material engineering.

Applied Ventures extended his internship into the fall and, in 2018, hired him as a senior associate. Today, Juan  explores potential investments in emerging technologies such as medical imaging and bio-field effect transistors.

“Although I had been strategic, I didn’t think I’d achieve my goal until two or three years after finishing my MBA,” says Juan , who will graduate in June. “I couldn’t have done it without the support of my wife, my three children, my classmates, and everyone who believed in me.”

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Venture Capital and Private Equity Pathway

Introducing kellogg’s venture capital and private equity pathway.

Kellogg is a leading educational institution in private equity and venture capital known for its focus on value creation. It is committed to cultivating diverse, well-rounded global leaders in the industry (investors, operators, and other professionals) and providing them with a broad set of opportunities throughout their careers. In addition, Kellogg fosters a lasting private equity and venture capital alumni community and convenes esteemed faculty, industry leaders, and the larger community for knowledge-sharing and thought leadership. The objective of Kellogg’s Venture Capital and Private Equity (VC/PE) pathway is to equip students with the tools, skills, and knowledge to shape the future of private equity  and adapt to the new trends emerging in the PE space. These trends include preparing students for: (a.) the growth and competition for talent at entry points; (b,) functional roles becoming more important at the GP level; (c.) thinking strategically about the GP’s value proposition LPs; (d.) the increase demand for both managers and operators, not just financial experts; (e.) specific sector expertise and regulatory expertise in defined complex fields such as environmental sustainability and healthcare. The driving theme behind Kellogg’s Venture Capital and Private Equity (VC/PE) pathway is to identify and exploit the potential sources of value in private, founder-owned, public, and closely-held firms by VC and PE investors This interdisciplinary pathway provides students with the analytical framework and tools necessary to successfully conduct venture capital and private equity transactions, execute mergers and acquisitions, and engage in corporate restructuring activities. The pathway is structured along potential sources of value that VC/PE investors can extract. This pathway has different tracks depending on whether students are interested more in Venture Capital, Growth Equity, or buyouts. It also has a strong international component for those students who are interested in exploring the practices around the world, specifically, in countries that do not have common law legal systems. In venture capital, investors may generate value in early-stage companies by engaging in operational and strategic engineering that focuses on getting the most from the company’s resources. For investors in the growth equity segment of the private equity industry, these same skills apply. In addition, growth equity investors may redesign a company’s governance structure to reduce friction between management and shareholders and between non-controlling and controlling shareholders, resulting in management decisions more aligned with shareholder interests. In doing so, they will use financial contracts that are characterized by steep incentives for the management team. Private equity investors engaged in leveraged buyouts) and restructuring creates value with operational and governance changes, as well. They may also exploit inefficiencies in capital markets by restructuring a company’s liabilities or by purchasing undervalued assets and selling them at or above their fundamental value. The VC/PE pathway emphasizes financial, operational, and strategic skills for venture capital investors, adds approaches to corporate governance for growth equity investors, and provides a greater emphasis on accounting and financial skills for buyouts and corporate restructuring. In addition to the Evanston classes, students interested in working for start-ups (Series B and further) or venture capital firms should consider the San Francisco immersion program offered in the winter. Foundational courses are strongly recommended for students who are planning to undertake a career in the industry. Exploratory courses are introductory courses which can be taken with few prerequisites. Experiential courses can be taken without prior knowledge; however, for a more effective experience, it is recommended that students enroll in the foundational courses before or concurrently.

Faculty sponsors: Scott Baker  (Finance), Jose Liberti  (Finance) and Paola Sapienza  (Finance).

Initial Courses – all tracks

• Finance I FINC 430 and Finance II FINC 431
• or either of the following: Accelerated Corporate Finance FINC 440 MBAi Finance FINC 435

Students should complete or test out from these courses before taking foundation courses or applying to the San Francisco Winter Immersion Program

Foundational

• Entrepreneurial Finance and Venture Capital:  FINC 445 Students interested in internship in Venture Capital during the  San Francisco Winter Immersion Quarter  should enroll in this course by the fall of the year applying for the SF Immersion Quarter; 2Y students are encouraged to take FINC 445 in the spring of their first year.
• Launching and Leading Startups:  ENTR 470 Students considering the San Francisco immersion program should take this class in San Francisco
• Advanced Topics in Venture Investing:  FINC 982-5 Offered only in San Francisco Winter Program to students who have completed FINC 445.
• Global Entrepreneurial Finance:  FINC 477
• Forging and Funding Healthcare Startups:  HCAK 627
• Value Creation and Capture in Biopharmaceuticals:  HCAK 960-5
• Strategic Decisions in Operations:  OPNS 454
• Marketing Strategy for Growth and Defense:  MKTG 466

Experiential/Exploratory

• Bay Area Internship and Networking Lab: ENTR 980
• Venture Investing: FINC 980-5 Offered only in San Francisco Winter Program to students who have not completed FINC 445.

San Francisco Winter Immersion Quarter 2Y students interested in the San Francisco Winter Immersion Program should complete FINC 431/FINC 440 by the winter of their first year; 1Y students interested in the San Francisco Winter Immersion Program should take FINC 440 in the summer.

• Keeping it all in the Family: Growing, Financing, and Managing Family Firms:  FINC 948
• Mergers and Acquisitions, LBOs, and Corporate Restructuring:  FINC 448
• Entrepreneurial Finance and Venture Capital FINC 445
• Financial Reporting and Analysis ACCT 451
• Value Creation and Capture in Biopharmaceuticals HCAK-960-5
• Strategic Decisions in Operations OPNS 454
• Supply Chain Management OPNS 455
• Strategy and Organizations STRT 452
• Strategy Challenges in Emerging Markets STRT 466
• Private Equity Deep Dive:  FINC 947
• Private Equity Lab:  FINC 639
• Growth Strategy Practicum:  STRT 615
• Private Equity and Distressed Investing:  FINC-951-5
• Financial Modeling for Private Equity Transactions:  FINC 478-5
• Financial Reporting and Analysis:  ACCT 451
• Issues in Financial Reporting:  ACCT 452
• Financial Planning for Mergers & Acquisitions:  ACCT 444-5
• Private Equity Deep Dive: FINC 947
• Wall Street, Hedge Funds and PE: FINC 472

If you are interested in this pathway, you may also want to view the Growth & Scaling  and Entrepreneurship  pathways.

Last edited May 14, 2024. For any questions regarding this page, please email [email protected] .

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Ilya A. Strebulaev

The David S. Lobel Professor of Private Equity

Additional administrative titles, research statement, research interests.

• Innovation Financing, Venture Capital, Corporate Innovation, Innovation Ecosystems, Private Equity
• Corporate Finance, Financial Decision Making

Teaching Statement

Ilya A. Strebulaev is The David S. Lobel Professor of Private Equity and Professor of Finance at Stanford Graduate School of Business, where he has been a faculty member since 2004, and a research associate at the National Bureau of Economic Research. He also is the founder and director of the Stanford GSB Venture Capital Initiative. He graduated from the London Business School with a doctorate in finance. He also holds degrees from Lomonosov Moscow State University (BSc Economics) and the New Economic School, Moscow (MA Economics). 

Professor Strebulaev is an expert in corporate finance, venture and angel capital, innovation financing, corporate innovation, private equity, and financial decision-making. His work has been widely published in leading academic journals, including   the  Journal of Finance,  the  Review of  Financial Studies,  and the  Journal of Financial Economics.  He has been awarded a number of prestigious academic awards, including the First Paper Prize of the Brattle Award for the best corporate paper published in the Journal of Finance, the Fama-DFA Prize for the best asset pricing paper published in the Journal of Financial Economics , and the Trefftzs Award by the Western Finance Association. His research has also been featured in a variety of media, including the  New York Times,  the  Wall Street Journal and Harvard Business Review .

His most recent research has examined many aspects of the venture capital industry. In the largest ever survey of VCs to date, he and his co-authors analyze all the aspects of decision-making by venture capitalists. He and his co-author developed a valuation framework of private VC-backed companies. In applying this framework to the valuation of highly valued VC-backed companies (called “unicorns”), hey found that these companies on average are overvalued by 50% and that many of the so-called unicorns lose their unicorn status once their fair value is taken into consideration. He has also recently researched the decision making and organizational structure of corporate VC units.

Professor Strebulaev teaches the MBA, MSx, PhD, and executive education programs, and has been awarded the Stanford MBA Distinguished Teaching Award, the Sloan Teaching Excellence Award, as well as the inaugural Masters in Management Best Teacher Award at the London Business School. He developed an MBA-level course on Angel and Venture Capital that he has been teaching for more than ten years. The course enables the students to study many aspects of innovation financing at various stages, including decision making, attracting venture and angel investments, negotiating contractual terms, valuing VC-backed companies, and analyzing the performance of venture capital funds. Recently, he also developed a course on the private equity industry that covers all aspects of the organization and design of PE firms and funds, as well as the relationship between general partners of these funds and their investors, limited partners.

Professor Strebulaev has also led many workshops and executive sessions on new innovation trends, venture capital, the ecosystem of Silicon Valley, corporate innovation, and strategic decision making for senior business and government leaders around the world. He also has been consulting companies and investors around the world on valuation of VC-backed companies, selection of VC investments and managers, and portfolio allocation. He also serves as an expert witness in litigation matters.

When not teaching or doing research, Ilya enjoys spending time with his family, reading, traveling, listening to classical music, and appreciating fine wine and art. 

Academic Degrees

• PhD in Finance, London Business School, 2004
• MA, New Economic School, 1999
• BSc, Lomonosov Moscow State University, 1997

Academic Appointments

• At Stanford University since 2004

Awards and Honors

• Shanahan Family Faculty Fellow for 2021–22
• Dhirubhai Ambani Faculty Fellow in Entrepreneurship for 2014-15
• Shanahan Family Faculty Scholar for 2013–14
• The Sloan Teaching Excellence Award, Stanford, 2013
• First Place, Fama-DFA Prize for Best Paper, Journal of Financial Economics, 2012
• The Masters in Management Inaugural Best Teacher Award, London Business School, 2010
• The MBA Distinguished Teacher Award, Stanford, 2009
• First Paper Prize, Brattle Award for Best Paper, Journal of Finance, 2007
• The Trefftzs Award for the Best Student Paper, WFA, 2004
• Award for Best Paper, Dimitris B. Chorafas Foundation, 2004

Academic Publications

Degree courses, executive education & other non-degree programs, stanford case studies, stanford gsb affiliations, service to the profession.

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Venture capital, career coaching & advising.

If you looking to pursue a career in venture capital, the Polsky Center can connect you with career coaches and seasoned investors for one-on-one appointments.

The Investors-in-Residence (IIRs) program provides mentorship and coaching to  Chicago Booth students interested in learning about and pursuing careers in venture capital. Successful Chicago-based investors are available to meet one-on-one with students throughout the academic year and host regular small group sessions and workshops. To book an appointment with an EIR/IIR, please fill out  this form  to request an appointment.

PROGRAMS, COMPETITIONS & EVENTS

If you want to gain resume-boosting practice in venture capital during your Booth experience, apply to one of the venture capital programs and competitions. In addition, you can join Chicago Booth’s Entrepreneurship and Venture Capital student groups or become an associate in our Innovation Fund Associates program.

The Chicago Booth Venture Capital Investment Competition (VCIC) is a VC simulation that allows students to think and act as venture capitalists and helps the school identify top student representatives for regional and national intercollegiate competitions. The University of Chicago participates in both the undergraduate VCIC (uVCIC) and MBA-level VCIC, the world’s largest venture capital competition with over 70 universities competing.

The Innovation Fund Associates (IFA) program works alongside the Polsky Center’s George Shultz Innovation Fund . Student associates are trained to act as venture capitalists, performing due diligence on innovative ventures coming out of the University of Chicago ecosystem. The program is structured as an apprenticeship, where associates learn-by-doing as part of an interdisciplinary team. Associates deep dive into one investment opportunity per cycle and get a close-up look at the commercialization process and what it takes to move a technology from the lab into the real world application.

SeedCon is Chicago Booth’s flagship entrepreneurship and venture capital conference run by the Polsky Center in partnership with Chicago Booth’s Entrepreneurship and Venture Capital Group (EVC) . Through keynote fireside chats, panel discussions, and various networking sessions, SeedCon provides opportunities for entrepreneurs, investors, and passionate members of the startup ecosystem to explore emerging industry themes and connect over shared ideas.

VENTURE CAPITAL INTERNSHIP

To gain experience at a venture capital firm, Booth students can apply for the Merrick M. Elfman and Therese L. Wareham Private Equity and Venture Capital (PE/VC) Lab, which combines an intensive internship at a VC firm and an academic course.

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The Private Equity and Venture Capital Lab: San Francisco Initiative is a track of the longstanding Elfman-Wareham PE/VC Lab . It is specifically designed for students pursuing full-time careers in venture capital and private equity in the Bay Area post-graduation and aims to provide those students with unique access to the Bay Area ecosystem. Through the combination of an intensive internship at a PE or VC firm and an academic course, students accepted into the program are expected to intern with an approved San Francisco-based host firm for at least two days per week for the full 10 weeks of the Winter quarter.

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How to Get into Venture Capital: Venture Capital Recruiting

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Everyone usually has the same first question about how to get into venture capital :

“ How do I break in?!! Tell me! ”

To students, engineers, jaded investment bankers, and Uber/Lyft drivers, venture capital sounds like the dream job: take meetings with exciting entrepreneurs all day and then bet money on the best ones.

Wait about a decade, and then… boom! You’re wealthy.

Or, if things don’t go as planned, tell your firm’s investors “it will take more time” to get results.

What could go wrong?

And, going back to that first question, how do you break into this “dream job”?

After the Interview(s): What to Expect

What is venture capital.

Venture capital firms raise capital from Limited Partners, such as pension funds, endowments, and family offices, and then invest in early-stage, high-growth-potential companies in exchange for equity (i.e., ownership in those companies).

Then, they aim to grow these companies and eventually exit via acquisitions or initial public offerings (IPOs) .

Most of these high-growth-potential companies are in technology and healthcare , but some VCs also invest in cleantech, retail, education, and other industries.

Since the risks are so high, VCs expect the majority of their investments to fail.

But if they find the next Google, Facebook, or Uber, they could earn exceptional overall returns even if 90% of their portfolio companies fail.

Here’s some data on U.S. venture returns over 10 years assembled by Correlation Ventures :

Yes, you’re reading this graph correctly: a full 65% of VC deals lose money or merely break even.

Technically, venture capital is an “investing” or “buy-side” role.

But it’s also a sales profession where you compete for capital and access to the best startups.

There’s so much capital chasing so few truly promising startups that gaining access is often the biggest challenge – which is why returns are highly concentrated among the top few VC firms.

Why Venture Capital?

Venture capital is a “get rich slowly” job where the potential upside lies decades into the future.

Annual compensation is a significant discount to private equity compensation or investment banker salaries , so if “becoming wealthy ASAP” is your main life goal, cross venture capital off your list of possible careers.

Junior-level venture capital jobs rarely lead to Partner-track positions, so you will probably not work your way up into a senior role if you join after ~2 years of banking or consulting.

Deals are simpler than in IB or PE, there’s less financial modeling and number crunching, and you spend more time on “sourcing” (finding companies) and industry research.

So, there’s only one great reason to aim for junior-level VC roles: because you are extremely passionate about startups and you want to use the role to learn, build a network, and leverage it to win other startup-related roles in the future.

Fore more on this topic, please see our article on venture capital careers .

How to Get Into Venture Capital: Who Wins Interviews and Offers?

The three main entry points into venture capital are:

• Pre-MBA: You graduated from university and then worked in investment banking , management consulting , or business development, sales, or product management at a startup for a few years.
• Post-MBA: You did something to gain a background in tech, healthcare, or finance for a few years before business school (e.g., engineering or sales at an enterprise software company), and then you went to a top business school.
• Senior Level / Operating Partner: You successfully founded and exited a startup, or you were a high-level executive (VP or C-level) at a large company that operates in an industry of interest to VCs.

We focus on the pre-MBA path here since you’re most likely in that category, but most of the tips here are relevant to the post-MBA path as well.

It’s very difficult to break into venture capital directly out of undergrad, and even if you have the background for it – i.e., you went to Stanford or Berkeley, majored in CS, and completed multiple startup and finance internships – it’s not necessarily a great idea to do it.

To be useful to a VC firm, you need some full-time, real-world experience and at least the beginnings of a professional network.

Venture capital internships during undergrad are more plausible and are often a useful way to win investment banking roles later on.

It also tends to be difficult to move directly from a pure engineering role into VC because market and customer analysis matter more than coding prowess or technical skills.

Yes, we’ve featured readers who have done it, but it’s quite rare.

Management consultants may have a bit of an advantage over bankers, but it depends on their background: advising on HR policies for insurance firms is far less relevant than advising on strategy for tech companies.

Overall, pedigree and prestige still matter quite a bit for VC roles, and firms tend to favor candidates with brand-name firms and universities on their resumes.

How to Get Into Life Science Venture Capital: The Exception That Proves the Rule

One final note: life science venture capital (biotech, pharmaceuticals, medical devices, etc.) is different from tech venture capital, and at early-stage life science VC funds, academic prowess counts for a lot.

They often recruit Ph.D.’s from top institutions who are specialists in an area of interest for the firm, and they don’t necessarily require banking or consulting experience or an MBA to get in.

However , you still need some business/finance knowledge, normally gained by starting your own business, taking courses, or completing relevant internships.

Also, they want advanced scientific knowledge: an undergraduate or Master’s degree in biology is not sufficient unless you have other, highly relevant experience, such as founding a biotech startup or working in healthcare investment banking or biotech equity research .

Late-stage life science VC funds tend to care more about finance experience, so if you’re more of a finance person with some knowledge of science, late-stage funds might be a better fit.

What Qualities Do Venture Capitalists Seek in Recruits?

Junior-level VC roles (“Associates”) differ based on the firm’s investing stage, industry focus, and strategy:

• Investing Stage: Early stage? Late stage? Closer to growth equity ?
• Industry Focus: Technology? Life sciences? Cleantech? A specific sector within one of those? Something else?
• Strategy: Does the firm spend more time on portfolio company operations, finding new investments, doing industry research, or something else? Does it find new investments via outbound marketing, referrals, or a more data-driven approach?

VCs prefer to recruit presentable, highly articulate professionals with a passion for startups over number crunchers with limited interest in startups.

This is especially the case at early-stage firms, which focus on sourcing, building networks, and setting up meetings to win deals and raise capital.

At late-stage firms, deal execution and due diligence become more important, but even there, the analysis is fairly simple compared with the average IB/PE deal.

Venture capitalists want professionals who hold strong views on different industries and companies and who can justify their views based on market and customer analysis , not the product/technical details (maybe not as true in life sciences).

If you’re more of a finance person or number cruncher, then you should focus on late-stage firms or growth equity firms.

How to Get Into Venture Capital: The Full Recruiting Process

There are not that many junior-level VC jobs, and the available jobs tend to be concentrated in specific regions, such as the coasts of the U.S.

It’s difficult to win these roles because:

• Similar to other buy-side roles, VCs do not “need” an army of junior employees to churn endless documents to close deals.
• VC firms are flat partnerships with fixed budgets based on assets under management (AUM) , so each new hire directly reduces the earnings of the Partners. Closing deals does not result in more revenue or a higher budget in the near term.
• Demand far exceeds supply because everyone thinks venture capital “sounds cool,” without necessarily understanding the job in detail.

As a result of these factors, the venture capital recruiting process is unstructured and similar to the off-cycle private equity recruiting process .

Some of the bigger firms, like Sequoia, New Enterprise Associates, and Accel, may use headhunters, and the list of names is familiar: in the U.S., CPI, Oxbridge, and Glocap tend to have a steady stream of roles.

In Europe, KEA Consultants and PE Recruitment (PER) offer many VC roles.

Unlike in private equity recruitment , these headhunters will not necessarily contact you proactively years before the job start date.

You’ll have to be more proactive with getting referrals, contacting them, and asking specifically about venture capital – or, you can do the networking yourself and go around headhunters.

You should start by narrowing down the types of funds you want to work at, searching for professionals on LinkedIn, and then emailing them to ask for advice on getting into VC.

You can follow the example email templates on this site or in articles such as the one on middle-market private equity recruiting .

As always, asking for advice about getting into the industry tends to be more effective than asking directly for a job.

The recruiting process can drag on for months if the firm has no urgent hiring needs, or it can be over quickly – in a month or less – if they need to replace someone right away.

You’ll start with phone interviews, but you should expect to meet everyone at the firm, or everyone in the group at the large firms, multiple times before winning an offer.

Interviews are casual and conversational, and VC interviewers put a laser focus on “fit.”

Case studies and short modeling tests are possible, but they’re far less likely than in private equity interviews (where they’re guaranteed to come up).

Venture Capital Interview Questions and Answers

Venture capital interviewers ask questions that are similar to ones you’d receive in corporate development, investment banking, or private equity interviews…

…but the focus and distribution of the questions are far different.

Unlike in investment banking interviews , you won’t be quizzed for 30 minutes on the WACC formula or Equity Value vs. Enterprise Value or the tax treatment of defined-benefit pension obligations.

Technical questions could still come up, but VCs care far more about your market views and investment ideas and your fit with their team.

So, in rough order of importance, here are the question categories you can expect:

• “Fit” and Background Questions – Your resume, why venture capital, why this firm, your strengths and weaknesses, etc.
• Market and Investment Questions – Which startup would you invest in? Which market is attractive? Which markets should we avoid?
• Firm-Specific and Process Questions – What do you think about our portfolio? Which companies would you have invested in or not invested in? How would you analyze a potential investment and make a decision?
• Deal, Client, and Fundraising Experience Questions – How did you add value in the IB deals you’ve worked on? If you worked at a startup, how did you win more customers or partners in a sales or BD role?
• Technical Questions – You could get standard questions about accounting and valuation, as well as VC-specific questions about cap tables , key metrics in your industry, and how to value startups and size markets (e.g., average revenue per user , SaaS accounting , annual recurring revenue , SAFE Notes , venture debt , etc.).
• Formal Case Studies and Modeling Tests – These are less likely, but you could get a short investment recommendation or a market/company analysis.

We cover sample venture capital interview questions in this separate article and provide examples and model answers as well.

If you hear back within a day or two, it’s almost always good news.

If not, follow up every week or two until you get some answer, even if it’s “Sorry, we’re delayed and we don’t know yet.”

If the VC firm is not under pressure to replace someone who suddenly left, it can be a very long process to finish interviews and get an answer.

How to Get Into Venture Capital: Is It Right for You?

Before jumping into the recruiting process, you need to spend time asking yourself whether or not you truly want to be in VC.

If you go into interviews without much conviction, it will be very apparent that it’s your “Plan B” after private equity and hedge funds didn’t work out.

You don’t need to memorize hundreds of pages of technical questions or be an Excel/VBA wizard or be a programming demigod to get into VC….

…but you do need an extreme passion for startups, which you can’t “learn” by reading interview guides.

How to Get Into Venture Capital : For Further Learning

If you want to learn more about venture capital and stay apprised of industry trends, I recommend:

• The Venture Capital Case Study: What to Expect and How to Survive
• Venture Capital Interview Questions: What to Expect and How to Prepare
• How to Start a Venture Capital Firm – and Why You Probably Shouldn’t
• Brad Feld’s books on Venture Capital (especially Venture Deals )
• StrictlyVC – Daily VC-related newsletters
• PitchBook’s VC News

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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41 thoughts on “ How to Get into Venture Capital: Venture Capital Recruiting ”

Hi Brian, thanks for the article. I work in venture capital at a mid level position in Australia – do you have a view on how hard it would be to move to another country (Europe or US), and recruit for VC roles? Or do you think transitioning in tech / startups would be more likely? Thanks!

I think it would be quite difficult to do this due to work visa issues. VC firms are small and really do not like to sponsor people, especially in places like the U.S. where the process is notoriously random and time-consuming. You would have a better chance of doing this if you could find a job at a large/global tech company and then push for a transfer via that company.

Thanks Brian. And if visa was not an issue and I was targeting the European market, would it be correct to assume that Europeans VCs would be less interested in a mid level hire from a different geography, since I would cost more than analysts / associates, and not immediately have a local network? Thank you very much for your help.

Yes, those are both issues as well. VC is hyper-localized, and at the mid-levels, you’re not quite as “plug and play” as Analyst/Associate candidates, so it’s a tougher sell. You probably still do have a higher chance if you aim for European VCs, but it would still be a challenge to move directly.

Hey Brian, I’ve been doing Business Valuations in Asia for a couple of years, and just got two offers – (1) one at a Technology Investment Bank (USD 50m – USD 500m deal size), and (2) the other being a mid-level Corporate Development type role at a VC-backed start-up (in an industry that would be of interest to VCs). You mentioned that a high-level role at a startup is what it might take to get onto a partner track in VC, so does that mean that grinding it out at (2) for a couple of years makes more sense if my end goal is VC? And in general, which of the two do you think would open up more options? Appreciate the advice!

#1 gives you more options overall, but #2 might be better if your specific goal is venture capital. But I don’t think #2 provides a huge benefit for VC roles over a tech IB role, as many tech bankers go into VC anyway. I don’t really think they would bring you in at a senior level in VC unless you are a C-level executive at this company, and it performs very well. So… it depends on whether you’re most interested in VC or could see yourself in other roles, and also the level you’ll be entering IB at. If they’re going to make you a Year 1 Analyst, you might just want to skip all the nonsense and go to Corp Dev for more interesting work and a better lifestyle.

Great advice Brian. Wrestled with the exit options bit, but decided to skip the nonsense and go with Corp Dev, thanks!

Thanks. Good luck!

I currently work in equity sales, first at a big IB for many years and now at a smaller broker. I found a role at a multi-stage VC firm that I am incredibly interested in (impact investing). I have experience with the relationship aspects of the role they are hiring for, but less so the startup experience and investment process knowledge.

Do you have any advice on how I might ‘break in’ to this role or write a cover letter that could position me well enough to get a first interview? I am passionate about impact investing and come from a family of entrepreneurs (having initiated investor conversations for my own company in the past), but have no direct work experience in VC.

Not really, the usual networking strategies and tactics apply. Reach out via LinkedIn/email, say you found the position, explain your family entrepreneurship background + sales experience and how that makes you a good candidate, and ask if they can tell you anything more about the role. Direct VC work experience doesn’t necessarily matter that much.

I’m in the UK

I’m 5 months into my full time Transaction Services / FDD role at a Big4 firm (in the TMT team in London) but I’ve been offered a financial analyst position at an extremely fast growing FinTech startup

My plan at the Big4 was to switch to Banking after 3 years (chartered qualification) and then maybe VC after – or maybe go straight into VC after my chartered qualification

Do you think there’s the possibility in working at a start-up in a finance capacity then making the switch to VC (the start-up will also support my Chartered accountancy) I feel as if the Big4 path is very well defined and I know what’s to come

But the start-up route would lead to a bigger network and faster growth through more responsibility?

Would like to hear your thoughts

Thanks in advance :)

It will be very difficult to go from the startup back into IB if you’re at all considering that. VC will be easier, but still not a sure thing because the roles are still different (reporting/budgeting vs. investing). It also depends on how big the startup currently is. You generally want companies with between 20 and 100 million or so in revenue, as there’s too much risk associated with ones smaller than that.

Thanks alot – much appreciated!

I noticed you’ve just uploaded an article on the London PE industry

Would be good to see something similar for London VC

This is a very informative article on VC and inspired me even more to get into VC. I am currently working as a product manager at an early-stage startup backed by an angel investor and I am looking for transition into VC. Need some guideposts on how much experience should I hold before applying ? How to research for such openings? and what skills should I be developing within product management landscape that will further by chances for landing an opportunity at VC

My advice is to read this article and follow the tips here: https://mergersandinquisitions.com/engineer-to-venture-capital/

https://mattturck.com/playing-fake-vc-or-the-portfolio-approach-to-getting-a-job-in-venture-capital-2/

Hi Brian – I found your brief on VC immensely informative. I am in product management at a big tech company and would like to move to a top VC firm. I need a great VC coach. Do you recommend any or can your suggest effective ways to find one?

Thank you, John

I don’t know of any VC coaches, sorry. Maybe look on Upwork and see if someone with VC experience there can help you.

I am also a product manager at a tech startup backed by an angel investor in India. Let’s connect over a Linkedin as I am also looking to move towards VC firms.

Here is my Linkedin Profile —> https://www.linkedin.com/in/rohankhollamkar/

Hi John, You can find me Here —> /in/rohankhollamkar/

Will working in venture capital or growth equity be useful for going into entrepreneurship? Is there a better one out of the two for this?

Not really sure how the financial analysis skills can really translate when setting up a business.

No, not really. There may be a marginal benefit because you’ll get to know more entrepreneurs and investors and you may get access to a batter talent pool, but the roles are not at all similar. The biggest difference is that starting a business is all about *doing things quickly* to generate sales. Fields like VC and growth equity are more about talking, evaluating, analyzing, etc., and waiting for things to happen rather than making them happen.

You mentioned it in the article but didn’t dive as deep into it. I was wondering how useful you think corporate strategy, development, or finance roles for making a move into VC? Also was wondering what these types of roles would be called at startups since the titles are a bit more blurred. For example would they fall under business development?

Those roles can work, but they’re probably not as good as IB or consulting for entry-level VC jobs. At startups, yes, many of these roles fall under “business development” or “operations” or something similar.

You’ve covered the topic of Big4 Audit to Big4 TAS to IB/PE before, but I am looking into VC. Is Big4 Audit to Big4 TAS to VC a viable path? Is it easier/harder than just going into IB/PE? Or would I need an IB steppingstone role before trying for VC roles?

I don’t think it’s a particularly common path because Big 4 TAS is perceived as being further away from VC than IB/PE roles. Yes, you work on deals, but you spend your time on tasks the VCs tend to care less about (deep financial due diligence, not market DD). For VC roles, it’s almost always better to work in IB, consulting, or join a startup in a sales/operations/business development role first.

Thanks Brian.

If I could move into growth equity after Big 4 TAS, would I be able to ‘lateral’ into VC after a year or so in growth equity?

Yes, potentially, but moving from Big 4 TAS into growth equity also isn’t an easy transition.

Hi Brian, thanks for this article. I found it very insightful. I am currently an undergraduate student in my second year (non-target university). I am doing my first ever internship at a family office VC fund focused on digital health investments. In your opinion, to what degree does it give me an edge over other students when applying for other internships later on (Management consulting, IB, PE)? How can I best leverage it this experience? And should I aim for “healthcare” PE funds and IB to give me more chance of getting the offer as it will be related to my VC experience? (Taking into consideration the fact that I am not passionate about this industry)

It helps, but it doesn’t really give you an “edge” over roles like consulting, IB, PE, etc. There are some tips on how to use VC experience here: https://mergersandinquisitions.com/venture-capital-to-investment-banking/

If your ultimate goal is PE, then you should probably aim for IB roles first because you will have much better opportunities after working in IB. So maybe target healthcare groups at banks and then go from there.

I’m in banking at Goldman Sachs NY (2nd year analyst) and would like to get into VC (in either NY or CA). I have found it very difficult to focus on networking / prepare for the interview process with my hours (largely working until 1-3am, 6-7 days a week as you may know).

Is it looked down upon to quit my current role, and take time to solely focus on VC recruiting? Further, given the VC recruiting process can be quite long, in your opinion is it worth the risk of being potentially unemployed for an extended period?

The tradeoff is I either try to interview while in my current role– recognizing I likely won’t interview / network as well given my hours or I quit allowing for full focus– recognizing I may be in a “gap” / unemployed for an extended period as I pursue VC.

Would greatly appreciate your thoughts. I am very unhappy with my current state and on the verge of quitting so I would like an outside view here.

It is generally not a good idea to quit your current role and then recruit because quitting always sends a negative signal. But this is more of an issue if you want to move to another large bank or go to a PE firm or hedge fund.

If you’re 100% certain you want to recruit for VC roles, and you simply don’t have time to prepare for recruiting right now, then yes, it may be a good idea to quit. VCs care less about how long you were officially there, resume gaps, etc., as long as you have some explanation.

It will probably be more difficult to win offers at the top VC firms if you do that, but coming from GS NY, you could easily win offers at other firms.

Hi Brian, I’m planning to apply for an IB internship 2 years from now and would just like to ask what I should pursue for my immediate internship; boutique PE or VC firm? Which do you think would be more attractive as an IB applicant in the future?

Either one could work, but VC internships give you some advantages that are described in this article: https://mergersandinquisitions.com/venture-capital-to-investment-banking/

Thoughts on Corporate Venture Capital?

It’s… OK? We covered it before here: https://mergersandinquisitions.com/corporate-venture-capital-jobs/

It’s a blend of corporate development and venture capital, and it has the same trade-offs as both of them.

Hey Brian, currently doing Valuations for a year and I’m interested in both tech ib and vc. Interviewing with a vc firm right now and I’m moving on to round 2, which I heard is a case? Any idea what it could be?

Also, I found out the comp is 60k with potential for performance bonus in a very high cost of living city. Does vc have potential for career growth and income growth or am I better off going into tech ib?

It will probably be a “Should we invest in this company? Why/why not?”-type case where you focus on market and competitive analysis. They could ask for a simple projection model as well.

$60K for total compensation sounds ridiculously low for a high-cost city. At that level, you’re much better off going into tech IB because even the base salary is significantly higher than $60K.

Is the Partner title different than that of banks? I look at some top name VC funds and it seems that some people go from tmt ib analyst straight to partner? I look through LinkedIn and I see a bunch of partners. Am I missing something?

For example I see on LinkedIn 1 yr at tmt for IB Analyst, then 2 years partnership at a top vc fund.

Yes, sometimes VC funds play games with titles and call everyone at the firm “Partners” even if they’re junior-level hires. However, they are not real Partners in the sense of owning a stake in the firm and receiving carry, or a higher portion of carry, on deals. a16z likes to do this. “General Partner” means the person is an actual Partner/senior-level person at the firm, while “Partner” after a year of IB just means “junior-level hire whom we’re making sound more important.”

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February 2022 |  Finance

Venture Capital: Succeeding in a Founders’ Market

A record number of venture-funded start-ups are poised to go public this year, including social media platform Reddit and the grocery delivery platform Instacart, according to a new study by Pitchbook . That’s very good news for the venture capital investors who provided early-stage funding and are about win big on their investments. “It’s not just the original investment that matters — it’s a successful exit that ultimately drives returns,” says Wharton finance professor David Wessels.

He’s right, of course. Creating an exit strategy that benefits both founders and investors is essential to successful venture capital deals. But finding promising entrepreneurs, doing due diligence, and structuring deals matter too, and Wessels and other Wharton finance faculty explore these topics in Venture Capital . Since its launch in 2018, the program — renowned for its rigor and faculty-designed models and tools — has offered an in-depth, up-to-the-minute understanding of what is often referred to as the least transparent area in finance.

It’s a Hot Market

While venture capital has been around since the mid-20th century, it has been in the last few years that “we have seen the industry’s hard work come to fruition,” says Wessels. “In the 1990s, venture capital provided healthy returns. Then the dot com boom and bust made investors gun shy. Most of the early internet companies never lived up to their hype. But in the last two years, the number of VC-backed companies going public, especially in the business-to-business space, has exploded. Their multi-billion-dollar valuations are justified — we’re seeing best-in-class operating margins, capital-light business models, and scalability.”

Wessels says the combination of incredible potential and available capital from investors eager to cash in has fueled the intense interest in venture capital. Founders, entrepreneurs with promising ideas, family offices, and investment advisors have created a hot market. Record numbers of investment dollars are pouring into start-ups (global venture funding nearly doubled from 2020 to 2021), and the democratization of venture capital means the rewards and risks are available to both institutional and individual, less-affluent investors alike.

But that doesn’t mean it’s easy to cash in. Companies like streaming platform Quibi, which raised $1.75 billion from investors before launching and then quickly dissolving in 2021, serve as cautionary tales. For entrepreneurs, the lessons include the fact that infusions of cash can’t make up for flaws in business models, timing, or leadership. For investors, due diligence can detect weaknesses, and it has never been more important — or harder to do.

Due Diligence Under Pressure

Another reason for the hot VC market is the worldwide transition to digital that was accelerated by COVID-19. “Tech is driving returns in the broader stock market,” Wessels says, “and investors, who have consistently underestimated the financial potential of tech, are now taking much bigger bets on unproven companies. I believe we are still in the nascent stages of the tech revolution. There are a new generation of entrepreneurs no one has heard of yet — and smart investors are looking for them. Whoever is asking ‘How could anyone invent anything else?’ is clearly not paying attention.”

“But investors need to be extra diligent in this frothy market. Right now, the check sizes are getting larger and the pressure to move fast is growing too,” says Wessels. “It’s very similar to what happens in real estate: in a seller’s market, the buyer is willing to forgo basic due diligence like inspections. Today’s VC deals are very founder friendly, giving entrepreneurs more flexibility with less oversight.”

But how can VC investors today balance the need to be founder friendly without forgoing appropriate due diligence? Wessels says, “There is a certain fervor associated with a hot space, and that means you don’t always have the time required to get fully up to speed. That’s especially true for fintech and other complicated businesses. When only the founder and their team have the expertise needed to run the business, you are investing in something you don’t fully understand. It’s more important than ever to have the right skills and best tools to determine whether the business has the key ingredients to be successful.”

Those skills are what participants come to the Venture Capital program for. “We are heavily application oriented,” says Wessels. “We show you how to become a better investor by using faculty-designed frameworks and models. They help you discover the hidden truth that you might not see on your own. It’s so easy to misinterpret information and find yourself in situations that can lead to a bad outcome. At Wharton, you get access to the cutting-edge science that shows where the potential pitfalls lie and how to avoid them. It’s an intense, rigorous week of learning.”

Immersion in the VC Ecosystem

The VC ecosystem goes well beyond entrepreneurs and investors — and Wharton’s program attracts and provides guidance to all of them. “Expect to be in the room with attorneys, investment advisors, bankers, institutional investors, and family offices. The complete ecosystem actually strengthens in the classroom, and it is industry-agnostic by design,” says Wessels. “In the last running, we had a family office, a venture capitalist, and a serial entrepreneur in discussion about a health care opportunity. They were all there to hone their skills, but also realized the people they needed to partner with were already in the room. Most participants leave not just with faculty resources and academic knowledge but with an extensive network throughout the investing ecosystem.”

A Final Word for Investors

When asked for advice for new investors in this founder-friendly, fast-paced market, Wessels zeroes in on the makeup of the venture capital firm. “If I were a new investor or family office investing through a venture capital firm, I would look at the makeup of the investing team,” he says. “If the firm is relatively small, assess the group not only for its skill set, but also the potential for turnover. Does the team have the chemistry to work together, and do they respect one another? A few key departures over the 10 years of your investment window can make a really big difference.”

Wessels notes that some of the best venture capitalists are the youngest on the team, in part because they “have no baggage when it comes to evaluating an industry. They see things others can’t, but they also have little to no political power in their firm. If you are selecting the team because of those managers, make sure they are happy and are compensated appropriately. When you are betting on people to manage your money, due diligence can’t stop with the investment. You have to vet the managers as well. This is one of the more subtle aspects of VC that can’t be neglected.”

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The 10 Best Venture Capital Fellowships

Venture fellowships are a great way for aspiring investors, entrepreneurs, and GPs to gain real VC experience while receiving mentorship, access to events, and a network of peers. Here are ten of the top ones.

Posted May 10, 2024

Table of Contents

What is venture capital.

Venture capital is one of the most common ways that early-stage companies get financing. VC firms provide capital to startups and other early-stage companies to help them grow. These kinds of companies are typically too new, and therefore too high-risk, to secure other types of traditional funding like bank loans.

Instead of requiring the startups to repay the capital given to them with interest, VC firms typically take partial ownership of the company, called an equity stake. In return, they get a say in the company’s strategy and decisions. Their end goal is to grow the company to a point where they can see large returns when it’s acquired or goes public.

Interested in VC? Read What is Venture Capital and How Does it Work? and Top Venture Capital Firms .

What are Venture Capital Fellowships?

Venture Capital Fellowships are entry-level apprenticeships where those interested in the field can learn the foundational skills that are required to succeed as a VC analyst. During the program, they will get to know founders, practice analyzing financial statements, run due diligence, support investment decisions, help full-time employees with portfolio companies, learn industry and market analysis, network, and gain practical experience.

Outside of work experience, fellows receive mentorship from investors and partners in the firm. Many also offer the chance to travel around the US to attend conferences in order to learn from top business minds and network. These experiences are incredibly valuable for a future career in venture capital.

The average length of fellowships varies but is typically between eight months and two years.

VC Fellowships vs. Internships: What’s the Difference?

Though alike in many ways, there are several fundamental differences between venture capital internships and fellowships.

• Fellowships focus more on professional development rather than work experience. Basically, where an internship is used to gain experience as a trial period for the after-college job search, fellowships are usually for those slightly more advanced in their careers. They are less integrated into the day-to-day life of an intern and are more focused on projects and other specific tasks.
• Fellows are almost always paid with a stipend. Many fellowships target post-college professionals and as such, are more generous with their pay than many internships that provide little to no pay in exchange for experience.
• Fellowships are more targeted toward the graduate and post-graduate levels. Not all fellowships, but most, require at least a bachelor’s degree and some even prefer a master’s or doctoral degree. Internships, on the other hand, are open to college and even high school students.

If you’re a college underclassman interested in VC, read this next: 8 Finance Internships for Freshmen in College (2022) .

The Best 50+ Free Resources to Break Into Venture Capital

We've compiled the most comprehensive list of all the best resources to help you land a job in the competitive world in VC.

Tips for Breaking Into Venture Capital

VC fellowships can be extremely potent stepping stones for transitioning into a full-time role; however, venture capital is an increasingly competitive industry. Here are several tips for the application from one of our expert VC coaches that will help you stand out.

Build Context

What does this mean? Well, build a network, understand deeply the topics that matter to you, and know how the ecosystem works – the founders, early employees, the “joiners,” the operators, angels, investors, the press, etc. This skill can be built by following VC investors on Twitter, watching videos on YouTube, and listening to podcasts.

Work for Founders

Experience in startups is extremely valuable for VC. Through internships, or simply offering some time to friends/colleagues who are starting a business, you’ll see how an early-stage company operates from the inside.

Carve Out a Niche

There is no guaranteed formula for success in venture capital but the ingredients are relatively straightforward. Venture investors look for great companies, make the right investment decisions, and use their networks to win the best deals. If you don’t have those fundamental pieces, you will have a much harder time investing in great startups. If you’re brand new to VC, you may not have all three quite yet, but should actively work toward them.

Read more here: How to Get Into Venture Capital: Lessons Learned Interviewing 100+ Investors .

The Top 10 Venture Capital Fellowships

Pear fellows.

• Founded: 2014
• Based: Remote and San Francisco
• Length: ~1 year
• Who Can Apply: Students at Harvard, MIT, Penn, Berkeley, and Stanford
• Applications Open: Fall, 2023

The Pear Fellowship is an apprenticeship designed to prepare ambitious individuals for a career in venture capital. It offers investor/partner mentorship, access to deals, in-person training at a San Francisco Venture Summit, and experience with due diligence and forming sector theses. It is very competitive with an acceptance rate of 5%.

See more here: Pear Fellows

Kauffman Fellowship

• Founded: 1995
• Based: Silicon Valley
• Length: 2 years
• Who Can Apply: Current investors or those with investing experience
• Applications Open Fall 2023 (apply here )

For those with a little more experience in the VC world, the Kauffman program provides an excellent opportunity to further advance your career. It’s structured around a curriculum of seven modules. Each module is around three and a half days and is held once a quarter in the Bay Area, New York City, and other entrepreneurial city centers. The modules include discussions, fireside chats, panels, workshops, small group projects, and much more.

See more here: Kauffman Fellows

Included VC

• Based: Remote
• Length: 8 months
• Who Can Apply: Aspiring venture capitalists
• Applications closed for 2023, 2024 cycle TBD

This program is designed for ambitious individuals from diverse backgrounds who are entrepreneurial, passionate about technology, and fascinated by venture capital as a way to drive change. Fellows will go through a curated curriculum and receive over 4,000 hours of contact time through masterclasses, mentoring, executive coaching, deep foundational learning, simulation investment committees, and virtual retreats.

See more here: Included VC

.406 Ventures Student Fellows Program

• Founded: 2005
• Who Can Apply: Undergraduate and graduate entrepreneurs with at least two more years left in school

This program is for those who are actively building a company or want to start one. It provides real experience in the field along with a network of support. Each fellow will be part of a 15 to 20-person cohort with whom they’ll learn about VC and how to find their own funding. The program’s goal is to jumpstart these entrepreneurs’ endeavors by giving participants the opportunity to work alongside venture capitalists.

See more here: .406 Ventures

RippleX Fellowship

• Founded: 2019
• Length: 12 weeks
• Who Can Apply: Undergraduate and graduate students (or first-time founders)
• Applications Close: July 21, 2023 (Apply here )

In this semester-long program, students will be put into cohorts with 24 others to learn the intricacies of startups and VC. The curriculum involves biweekly discussions, workshops with founders and investors, hands-on projects, and mentorship from industry leaders. The program is purely educational; students aren’t usually involved with due diligence or deal sourcing.

See more here: RippleX Fellowship

Land a VC Job With the Help of an Expert

If you’re looking or applying for venture capital roles, the best thing that you can do to make your application stand out is work one-on-one with a Leland coach. They’ll be able to provide expert and personalized guidance on networking, technical venture skills, interviews, and much more. Below are some of our top VC coaches, browse them all here .

Alumni Ventures Venture Fellow Program

• Length: 1 year
• Who Can Apply: Individuals that are US-based, have a Bachelor’s degree, and aren’t investors in Alumni Ventures or its funds
• Applications Open for January, 2024 cohort in Fall, 2023 (Register your interest here )

This program is part-time and is designed to provide real, hands-on experience to accelerate its fellows’ careers in venture capital. Participants will be directly involved in deal sourcing, diligence support, deal review, and more while working with other fellows and expert investors. No previous experience is required, applicants just need to have a passion for VC and the startup ecosystem.

See more here: AV Venture Fellow Program

Vectors Capital

• Length: 6 months
• Who Can Apply: Angel investors, professionals, accomplished students (Ph.D., MBA, computer science or law) who are looking to work under the mentorship of seasoned VCs on deal due diligence, finance, operations, and fundraising.
• Applications open Fall, 2023 for 2024 cohort

This fellowship is a great fit for those who want to obtain investing experience from the perspective of impact and global change, familiarity with VC-level due diligence processes and an opportunity to develop skills at the vector of sustainability and finance.

See more here: Vectors Capital Fellows Program

Venture Fellows Program

• Founded: 1999
• Based: Variable
• Who Can Apply: MBA candidates
• Applications Close: Rolling basis (Get access to the application or register your interest here )

This program connects MBA students with top private equity and venture capital firms around the US. Throughout the year, fellows will get experience with financial analysis, deal sourcing, and ops support as well as access to a network of industry leaders and successful entrepreneurs. Previous event speakers include the former Head of the NSA, GPs at billion-dollar funds, and founders of now-public companies.

See more here: Venture Fellows

Venture for America Fellowship

• Founded: 2011
• Who Can Apply: Recent graduates (<3 years of full-time work experience)
• Check back mid-July for info on applications for the Class of 2024

This fellowship prepares students for a career in entrepreneurship by matching them to a role at a startup. After they have found a role, the fellows will attend a month-long training camp. There, they’ll network with other fellows, learn how to succeed in startups, complete projects, and receive expert training. They will then transition into a full-time role at a startup for the next two years. Upon completion, Venture for America provides tools for those who wish to start their own company or take on a leadership position.

See more here: Venture for America

GGV NextGen Fellowship

• Founded: 2021
• Length: ~3 Months (Summer)
• Who Can Apply: Undergraduate students
• 2024 Cycle Deadline TBD

The NextGen Fellowship gives college students a chance to experience high-growth tech companies. As part of the program, fellows are paired with a GGV-funded company and receive access to an entrepreneurship curriculum and mentorship. Throughout the summer, GGV hosts virtual events, Q&As, and webinars with industry leaders. The work is defined by the company and role but spans the areas of sales, finance, software engineering, and more.

See more here: GGV NextGen Fellowship

These fellowships are great opportunities but not an exhaustive list. Many times, there are fellowships at local or smaller funds that will provide you with the same skills. If there is a fund you aspire to work at that doesn't offer an official fellowship program, contact them! They may hire fellows in a more informal manner.

Interested in VC? Here are a few other articles you may find interesting.

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How to Get Into Venture Capital: Lessons Learned Interviewing 100+ Investors

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phd + mba to venture capital

<p>i’m going to be starting my phd at a top 10 university where a lot of grad students pursue business careers after earning their phds. i have a similar goal in mind, and i am particularly interested in breaking into venture capital after getting my phd. however, i am unsure of how exactly to do so. would i need to plan for an mba after my phd, or would it be more beneficial to forego postdoctoral work for a career in business (consulting, possibly vc)? any ideas would be helpful.</p>

<p>Get a JOB if you want an MBA.</p>

<p>If you are doing a management Ph.D, I know most schools will award a masters while you are working on your Ph.D. My Entrepreneur professor i worked for graduated with his Ph.D at UIC while their working on his degree he completed all the requirements for a MBA because it was the same work load. So they gave him a MBA. </p>

<p>Also you can take time off from your Ph.D to get a job most likely a consulting one. That would give you experience. </p>

<p>What is your Ph.D by the way?</p>

<p>it’s in computational biology. i am interested in the pharma / biotech industries.</p>

<p>Just wanted to share a quick anecdote. My husband has his PhD in Physics from Caltech and went straight into management consulting after finishing up. He had offers from BCG, McKinsey and Bain. He was given offers at BCG and McK to start at the same level/salary as someone who just finished their MBA. He ended up going to BCG and they ended up doing a 2-3 week mini-MBA program where they brought in professors from top 5 schools to do mini-courses in accounting, finance, marketing, etc. He spent two great years at BCG before leaving to start his first company. So, main point is that it’s more than possible to go straight to consulting from a PhD in science (especially if you’re at one of the school’s they recruit at).</p>

<p>Good luck to you!</p>

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Rob Hopfner

Rob Hopfner, RPh, PhD, MBA joined Pivotal in 2017 and brings a long track record of working successfully with entrepreneurs to get novel, important medicines through development and onto the market. Rob is currently a member of the Board of Directors of Evommune, Inozyme Pharma (NASDAQ: INZY), Plexium, and Rallybio (NASDAQ: RLYB). Rob brings a broad range of venture investing experience, from early / seed stage company building work through later stage investing. Past and current investments include Aciex Therapeutics (sold to Nicox S.A.), Arcutis Therapeutics (NASDAQ: ARQT), Civitas Therapeutics (sold to Acorda Therapeutics), Dermira (sold to Lilly), Gracell (Sold to AZ), Hyperion Therapeutics (sold to Horizon Pharma), Karuna Therapeutics (sold to BMS), Madrigal Pharmaceuticals (NASDAQ: MDGL), Merus BV (NASDAQ: MRUS), NextWave Pharmaceuticals (sold to Pfizer), Oculis (NASDAQ: OCS), Protez Pharmaceuticals (sold to Novartis), Vaxcyte (NASDAQ: PCVX), and Vtesse (sold to Sucampo Pharmaceuticals). Rob was previously a Managing Director at Bay City Capital and prior to that worked in DuPont / Merck Pharmaceuticals’ Business Development & Strategy group. Rob holds an RPh in Pharmacy and PhD in Pharmacology from the University of Saskatchewan and an MBA from the University of Chicago Booth School of Business. He completed his post–doctoral work at Harvard Medical School. Rob won numerous awards during his research career, including the Governor General of Canada Gold Medal Award, and he published several articles in top scientific and medical journals based on his work. Rob started his career as a pharmacist.

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Ph.D. Interested in VC

Hi, I’m a newb in this sub. I’ve recently been interested in venture capital and am wondering what it would be like working in the business (starting as an Analyst, Associate, and climbing the ladder at a VC shop). Brad and Jason’s Venture Deals (4th Ed) have been my only insight into this world so far, but it seems very intriguing.

My background is far from business and finance, however. I have a B.S. in Chemistry and a PhD in Computational Chemistry. I’m four years post-grad school and have completed a postdoc in computational physics in industry (postdoc was completed in 14 months, have been staff ever since).

Being that much of my working experience has been in early stage research, I have gained a unique perspective of the technical aspects of research, though I lack the business and entrepreneurial side of product development and, ultimately, revenue generation.

I’m interested in business and the mechanics of identifying early stage companies in tech and science as potential investments. With zero entrepreneurial street credit and formal business training, however, I’m wondering if there’s even a place for me at a VC firm?

While it would be easy to quickly label me as an academic or a thinker rather than a doer, I recently took the CliftonStrengths assessment and my Top 3 strengths were related to Execution (Achiever, Focus, Deliberative). I have incredible focus and constantly need to be doing things to move forward.

TLDR; Focused and driven PhD in computational chemistry with postdoc in comp physics interesting in working at a VC shop and climbing the ladder. Wondering if there’s a place for me in this world or if I should write it off as an impossibility without hard entrepreneurial skills or business background.

Dmitry Alimov

Internet investor and entrepreneur, Dmitry has 15 years of experience in private equity and venture capital investment in Internet and media.

Between 2007 and 2010, he worked as the Managing Partner of a leading venture fund ru-Net Ltd known for its investments in yandex.ru and ozon.ru. In 2009, Dmitry co-founded ivi.ru Media Ltd (owner and operator of www.ivi.ru), which became the leader in the Russian online video market. In 2010, Dmitry originated and executed a transaction in which ru-Net Ltd invested in Biglion.ru, currently Russian market leader in the collective buying space. Dmitry played an active role in structuring the business and in raising further capital for growth. Prior to joining ru-Net, he was the Managing Director of Amedia - a leading Russian producer of television series and movies.

In 2004 - 2005, Dmitry worked for Access Industries as Head of Media Investments in Russia and the CIS. In 2001 - 2002, Dmitry worked as First Deputy General Director, as well as a member of the Board of Directors of the TV channel TNT and was also a member of Gazprom-Media Executive Committee. In 1998 - 2002, Dmitry was responsible for a number of venture capital and private equity investments as Vice President of the Sputnik Group, $1 billion private equity and venture capital fund. Dmitry began his career in the department of mergers and acquisitions of Renaissance Capital.

Dmitry received his MBA from Harvard Business School in 2004, and in 1998 graduated with honors (summa cum laude) from the University of Missouri at St. Louis (USA), with a major in Business Administration (Finance). In 1991-1994, Dmitry studied applied mathematics and computer science in the Samara State Aerospace University. He is a member of the expert panel of IT Cluster at Skolkovo Fund.

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