VC internship vs. full time startup

I'm an undergrad who's about to graduate (zoom degree - yay). I have a full-time offer at a unicorn (decent pay, interesting work (I worked there through my college years) , pertinent industry, great people). I also have the opportunity to join a well regarded VC for 6 months as an intern. The firm has made it clear that there is typically no employment opportunity at the end of the internship. I wanted to fit in the internship before I start my full-time job. But it seems that the startup won't defer my start-date long enough to accommodate this. I really want to do the internship, but is it worth risking an interesting full-time job? It'll do good things for my CV, but given the current recession, is it worth the risk?

 
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I work in VC. Take the full time offer. I promise you that internships in VC (whether it's at A16Z, Kleiner Perkins, Lightspeed or some small no-name shop) won't "do wonders" for your resume and suddenly fast-track you for a full-time VC role down the road. And let's be honest, the only reason you're even thinking about taking a VC internship over a full-time offer at a unicorn is because you probably want to get into the VC game at some point.

If you're in a product role or in a team with high impact at a unicorn, you can network and get into VC later so don't worry.

While other people are losing jobs left and right, you have a full-time offer in your hand. This should be an easy decision.

Good luck!

 

Potentially strong disagree. Depending on the VC fund that could open your doors to other funds that have structured analyst programs or better startups / roles in your area of interest. It's most likely none of the funds mentioned above because, well, only KP does their product fellowship and none of those caliber of funds take on interns on the deal team. Feel free to PM me thename of the fund and I'm happy to help advise. There are so many wishy washy funds out there that I'd be careful about whether or not you sign on.

Getting a role at a Unicorn isn't particularly challenging. It's much better to be at a series b company that's on it's way to Unicorn fandom than to settle into something like Allbirds right now.

If it's a reputable venture fund, I'd do that. If not, sure, go with the startup. I think the startup would understand if you got something like First Round Capital to let you intern there.

 

These definitely are fair points, but there are two major considerations that still sway me to recommend not taking the VC offer. We have to ask if the VC internship really is a valuable experience and also think about what the job market might look like in 6 months. And before you continue, OP, if the internship is unpaid, turn around and don't look back.

It's true that the internship could be valuable if your personal goal is to learn more about the industry and the firm. Otherwise, there isn't much value-add coming from a VC internship - you'll most likely be sourcing for deals and it's very rare that an internship translates to a full-time role even at another firm. You might say, "But I might learn a ton and network with important people!" Maybe, maybe not. Venture capital internships don't really teach you tangible skills - it's really a field where you come in already having some level of expertise and perspective then build upon it, whether that's financial analysis, product analysis and management, or an incredible network of entrepreneurs/investors, etc. I have friends who've interned at the likes of Thrive Cap, Founders Fund, and 500 Startups. They all ended up in startups or IB (which isn't really an option for OP since he's graduating). If you look at the analysts at reputable funds, they're there because they were a young product whiz at a FAANG or were in TMT coverage at GS IB. These funds also generally don't really have an analyst program that you can "graduate" into after a VC internship. Also, I would lump First Round in with the group of funds that don't take on interns on the deal team - they have smaller flagship funds than the likes of Sequoia but their reputation is on par. Coming from someone in the industry, VC internships are something you do after your sophomore year to add something to your resume to prepare for a stint in IB or a product internship the following summer. You don't drop a full-time offer (in the worst recession our generation has seen, no less) for one.

Let's say that the internship really is a great opportunity (though I wouldn't ever really consider an internship with no chance of return offer being great) and the role at the unicorn isn't the most impactful. We still have to think about what the job market might look like in 6 months. COVID numbers might improve by October/November, or they might not. Any upside from the former would likely be negated by economic numbers being released in the interim. Also, remember those banks and employers that promised that they wouldn't lay anyone off until the end of the year or until the pandemic ended? You bet those firms are going to start laying people off by then. It's easy to recommend someone to take that risk and do the internship from the pedestal of being employed...but not having a job and searching for one will not be fun come this fall/winter.

As with redfishbluefish, I'm happy to elucidate further if you want to PM me.

 

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