(Warning: Venting post)
Hello, WSO. In mid-June, I made the difficult decision to close down my technology startup due to a lack of demand for our product. I worked without pay for three years and was unsuccessful in securing significant VC funding. Now, I'm facing confidence issues, depression, and a negative self-image after facing multiple rejections from job applications. It has reached a point where I struggle to find the motivation to get out of bed. At almost 25 years old, it feels like I have nothing remarkable going on in my life. (I feel like I wasted my early twenties for nothing)
I founded the company in 2020 during my sophomore year of college. I attended a public Ivy known for its strong connections to the industry if you manage to get into a specific club. I graduated with a 3.7x/4.00 GPA, majoring in economics. Prior to this, I had no work or internship experience, so the only experience I have is the three years I spent working on a business that no longer exists.
Currently, I'm primarily focused on finding investment banking internships to acquire the necessary training for a career in high finance, as I lack the specific skill set. Additionally, product management is also of interest to me since it closely aligns with the work I was doing at my startup.
I'm wondering what options are available for me to secure a job in finance. While I could potentially enter a top Master of Science in Finance (MSF) program, it would put me in significant debt and does not guarantee job placement. On the other hand, is it too early in my career to consider top MBA programs, given my three years of startup experience? My dream school is GSB, followed by Haas, Sloan, and HBS. As I do want to do an MBA eventually.
I have set high expectations for myself, and it feels like I am constantly falling short. Many in my family, who once viewed me with pride and excitement, now look at me with pity or as a burned-out (what could have been). I fear that I will slip through the cracks of society without any meaningful impact. I'm very worried because my other Co-Founders have both found work in Tech Sales and Software Engineering, while I'm scrambling to find relevant work to not go couch surfing/homeless in the next two months.
I have spent years in VC; it is important that you tried. Bad things can happen and it wasn't your fault.
- As a former co-founder/entrepreneur you have met so many people. Reach out to them and ask for an introduction.
- Ask your former team to introduce you as well
- Keep applying for jobs, especially in the field you were in
- Consider another degree in the long run, if the rest doesn't work out? Schools like entrepreneurial people.
- If you are looking to have an income rather than an immediate career, there are options. Jobs are available, just not everyone would want to do them.
What brings you to IB from your former company, were you in the same space?
Long term I want to work in VC, however I want a successful exit before I dive into the early venture investment industry. As I want to work as a GP/Partner and it is under my understanding that entry level positions often have few opportunities to climb up the ranks.
Start another company, go through the rounds, exit at some point -> VC OR
MBA
I would say. one of my other posts shows ways into VC, also many others threads with this topic on WSO.
VC is tricky atm, but it may recover in the future. Most of my VC colleagues do have an MBA.
I believed that working in a TMT group in a bank would be a great way to make some connections to industry while making stable wages.
Where you in the TMT space with your company? Or in the finance arena, at least?
TMT within IB is one of the most popular and competitive areas.
Are you currently in debt or what is your cash runway given you aren't working? IB is def out of the picture for now, a master program won't help you b/c you have no similar experience in IB (market is oversaturated from layoffs and lateral hiring slowing since last year). A target MBA could def help but thats a lot of debt and you aren't working, with your age, is the IRR really there is the question you should ask.
Otherwise, you can keep grinding and network like a dog to place a boutique shop and work your way up to better banks/funds/etc. This route is more favorable bc its no debt if money is an issue.
No UG debt, but if I were to do an MBA/MSF I would be taking out some debt.
how did you sustain yourself for three years without income?
School for 2 years and mooched off parents the last year. I was able to pay for majority of schooling via the saved income I made mowing lawns and working as a janitor since middle school.
good man
Like someone said, the fact that you tried means you learned a lot more than most people your age. You said the startup closed due to lack of demand. What do you think went wrong?
We had on rose colored glasses during our customer interviews. Our customers were saying things and we interpreted their sayings in the most optimistic light possible. Looking back I wish I had read the Mom Test sooner. https://www.momtestbook.com/
I always seem to find the solutions after you already messed up.
Don't sweat it, you'll do fine. Just keep pushing.
Great GPA from an Ivy with multiple years of experience working on a startup. That sounds exactly like a profile for a VC role.
public Ivy*
Man I really feel for you. It sucks to have setbacks like this but don’t sell yourself short. You probably learned a ton founding this company and still have an entrepreneurial skillset. I think you should try to speak with other founders and startup employees in your network. You should see if you can join another startup and apply what you learned to a business with better product / market fit. VC and startups are a hits business. Can take three + times for a founder to find the model that sticks. Best of luck man. This market is pretty terrible but you’ll find a path forward.
Sorry to hear, OP. The amount of times you've been told no must have steadily accumulated in pain -- I know the feeling well. Your persistence is admirable, and I wish you all the best. I can try to be helpful as we have portfolio companies that may be interesting to you, depending on what sector you were in. DM if you think it might be interesting to you.
When you say tech startup, what technical skills did you acquire during the time ?
As a founder you have experienced a level of ownership several magnitudes more than someone else your age. I assume you're probably a hustler too. Apply that same mentality to the job hunt. Admittedly it's a crappy market right now for tech and banking jobs, but I know many tech companies love hiring former founders (esp if they're young) because they bring tremendous work ethic, creativity, and ownership to a role. Make those personal characteristics front and center of your resume and show it in your interviews and I think you'll land something that will be a nice stepping stone in the right direction.
3/5 people on my exec team are failed entrepreneurs. Maybe make an honest post on LinkedIn or something.
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