Hey Everyone,
I see that people who get into VC can come from all types of different backgrounds, some of them coming from Biz Dev roles at successful start-ups, and I'm wondering what exactly this means.
I recently started on the sales/marketing/general client facing team at a tech start-up in nyc, and I am loving the experience so far, despite the decrease in pay. I want to get the most out of this learning experience in hopes of potentially breaking into VC someday at the junior level. I obviously want this company to become a huge success, but I'm thinking of all possible options, like most on this blog.
So:
1) At a start-up company, how to BizDev and Sales differ? Are they basically the same thing? We don't have a specific team for BD at my company.
2) How can I get the most out of my job with this new company, in hopes of someday transferring what I learned into a VC analyst role? Seems broad, but I'm sure there's someone on here who went from Sales/BD at a start-up to VC who could answer.
Any input would be much appreciated! Thanks guys.
Business development is holistic process whereas Sales has its specifc goals though imp. at its own level.
anyone else?
People like buying stuff, but hate being 'sold' stuff. So, the euphemism 'business development' was created. Sales and biz dev are pretty much interchangeable at most places.
The meaning of business development can vary, but, going by context: Business Dev can include bringing in clients, getting feedback/suggestions on products, looking into new sales avenues, etc. Basically anything that can sell more widgets.
Sales is developing customer relationships, and explaining why they should buy a widget from your company today.
At more mature/later-stage companies, I've heard it stated that the difference between Bus. Dev and Sales is the marked by the pre- vs. post-investment decision mark in time. Business development happens before you officially decide to enter a new market or start a new product and you're evaluating the best way to do so (JV, alliance, M&A, etc.). Sales happens after you've decided to launch the product/enter the market, where you have an offering and now are looking to sign up clients.
My guess for a start-up scenario the distinction is still there but there's more of a blurring between the two.
Alright awesome guys. Thanks for responding. Yeah this is still a pretty early stage company. We don't have any revenue yet and aren't planning on launching for a few months. Anything involving bringing in new clients, entering new markets, or helping to develop the product from a client's perspective is done by my team so I would say the line is blurred here.
Is there anything that I can do to make the most of my experience there in order to use it as a stepping stone to junior level VC. I see that many people in VC come from the non-traditional banking background. Anyone on here who has done Sales/BizDev at a successful start-up and then moved onto VC? Also, are there any WSO type blogs for start-up employees because I think that would be great.
Thanks again.
How did your experience go with this? Curious as it's been a few years and could see both perspectives.
I'm interested as well. How did this turn out for you?
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