Crypto VC AMA / Advice after working for close to a year
So just wanted to bump this post that I posted before I started out in my crypto VC, and get some advice. Also if you guys have any questions to ask about crypto VC please feel free to ask.
Hi, thanks in advance! I'm currently a pre-university student interning at a top blockchain-focused VC fund doing ICOs (Global top 10 - accrd to multiple websites) with fast deal flow.
1) How would you advice me to structure my future internships since I've got a long run way to go before Y3 summer, and if I'm hoping to do IB out of fresh graduate? Should I be going for a traditional VC/PE/IB to build my story?
2) Would you also advice me to go your route of IB->PE->VC? Or should I just join a Blockchain focused VC fund straight out of fresh grad? Seeing that blockchain and cryptocurrency industry is going to be the next dotcom boom (my conviction). I believe it's a very niche area that has a lot of growth potential, and that many top traditional VCs haven't started to explore except a16z.
3) By staying in this Blockchain focused VC fund, how likely would a traditional top VC fund want to headhunt me to join their team when they've set up a team to look at blockchain and crypto companies? For example like a16z's crypto team
4) What else can I do to be a visible intern that the partners would want to convert full-time? (They most likely won't unless I'm Y3, but I'm going to work with the mindset of wanting conversion)I believed I've made some efforts to really gel with the team, like setting up 1-1 calls with the principals to ask for advice on sourcing/due diligence/etc, and getting to know their expectations for work. I've also told the partners about some reliable sources that I've found that we could get potential recommendations from. I'm also actively trying to build a network from where I can get reliable references for due diligence and etc.
5) How would interviewers view a Crypto VC internship from an applicant applying for IBD or PE internships?
Thanks once again!
Gimme some bananas if you found this insightful
So if you guys were wondering if any of these questions I had prior was answered through my year long internship. Here are my thoughts:
3) Yes, I got headhunted for a couple of crypto VCs, upcoming and new ones. Full-time. Although when I went for traditional VC interviews all they ever asked was my crypto experience.
Any questions other than this would also be great. Yield farming / DeFi / Etc
So what exatly is your / your fund's thesis about crypto? Only for payments? If not, what other applications?
Hey sftlr! Been a packed week. My firm doesn’t have certain subsectors that we look at, we’re pretty agnostic and it really depends on where the market is going. Because of how fast the space is moving, we see new ideas very often, example NFT ideas or metaverse ideas before they became popular.
What kind of returns do LPs expect given how new the space is? What kind of compensations can people with 2-5 yr traditional finance work exp get (before gains from coins either you buy or receive for personal bags)?
Returns wise, will leave out the absolute number, but it’s definitely higher than VCs and PEs overall. As for the compensation, I would say that you would most likely need to take a pay cut on base pay at most firms, estimating that your experience is 2-5 years at the PE firm in your username. But you would have bonus and carry which scales depending on the returns of the firm. But pay wise, I believe it varies across firms, there isn’t much structure per se given how new most firms are, most analysts that joined this year/last year haven’t gotten their bonuses yet. Only those firms that were around since 2017 would have given out the bonuses.
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