How can a banker help a pre revenue AI startup?
As the title says, have some experience in tech banking and the chance to join a friend with a yc backed startup doing sales/bizdev. Where should i start to prep for such a role? Happy to take this risk early in my career and money isn’t a concern.
Based on the most helpful WSO content, here’s how a banker can contribute to a pre-revenue AI startup and how you can prepare for a sales/business development role:
How a Banker Can Help a Pre-Revenue AI Startup:
Preparing for a Sales/Business Development Role:
Taking this risk early in your career can be a great move, especially if money isn’t a concern. Your background in tech banking gives you a strong foundation to add value to the startup while learning new skills in sales and business development.
Sources: Turing down IB FT offer to run my startup?, VC startup idea - PE or VC interest? Are these numbers viable?, Q&A: Investment Banking Analyst to Startup Co-Founder, https://www.wallstreetoasis.com/forum/trading/move-to-tech-in-search-of-better-wlb?customgpt=1, Leave banking to start a PE fund?
There’s not much actual prep. Just network a lot with VCs and other founders. And know the VC scene: read up on every similar startup’s fundraises from past year+. Pretty straightforward stuff.
Be open to helping out in ways that go beyond your existing skillset. Startups won't have nearly as defined roles and sales/bizdev will be expected to wear many hats
Makes sense! I guess what skills should a non technical guy have when it comes to AI stuff though given the founders are already waist deep in this stuff?
Being able to use GenAI effectively to be more productive is good. Maybe learn basic programming / data science, if only so that you can effectively communicate with more technical members of the team.
I don't think your actual banking skills will help beyond being a hard worker, organized, good at comms, ability or learn quickly, etc. Managing trackers and formatting PPT decks and iterating on comps isn't going to be of much use. Say this is as someone who just joined a startup out of banking.
What was your experience like joining a startup post banking? You glad you did it?
Feel more fulfilled less dread being alive I'd say, also make more money. So I would say relatively happy
Contrarian take here but many many technologists struggle with strategy, marketing, and competitive landscaping
Engineers are often deep tactical thinkers e.g. the code needs to compile
I would suggest focusing on things like:
Value propositions
Differentiation
Storytelling
Structured analysis
Competitive insights
Market definition and market insights
Financial management
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