Business Development at a Unicorn --> VC?
Hey monkeys,
Curious about whether or not I'd be limiting my career path if I take a business development role at a tech unicorn (~$3bn company). I've been in banking at a BB for about a year and a half and eventually want to get into a VC role or a corporate strategy role at a big tech / media company. Do most people try to get into VC straight out of a 2-year IB analyst stint, or is it more common to get experience at a high-growth private company before getting into VC?
No real common route, but most that I've seen move from banking. The earlier stage you go, the more varied. The later stage / more growth equity like is more banking oriented. Comp follows AUM if thats important to you.
Do you want to do early stage or growth equity?
What does the BD role entail? BD can sometimes be M&A, sometimes sales, sometimes helping launch new locations. The day to day responsibilities are important.
BizDev is usually strategic partnerships and (non-M&A) growth strategies.
you should question why you want to do VC period, because imo it's a terrible deal for you as an associate usually. that said, you should try to do what you want as early as you can, unless you aren't able to get the job right away. generally speaking, it's always easier to move down in fund size than the opposite and, for this reason, it's usually easier to go from growth equity to VC than the reverse. if you work at a top unicorn, some VC funds will definitely hire you.
The role doesn't matter so much as being in a seat where you can develop the proper network and relationships to land that VC gig. To get into VC, there has to be a manpower need and you need to be top-of-mind of someone in the know when a fund starts to look which makes it a luck and positioning game.
IB already qualifies you IMO but the real question is whether you have time to develop the necessary relationships with the right people so they can refer you to openings to jump on. I made the jump from FIG research but that was an excruciatingly painful process because I had to develop my network completely outside of my job, so I'd do 60 hour work weeks and do an extra 20 outside the job finding deals and networking.
If the BD role allows you to be active outside and meet people, then I'd say take it for the purpose of time synergy.
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