Venture Capital Internship (Accel, Sequoia, etc.)
hey guys, I'm a junior at a target and I have the opportunity to intern at a big tech VC (think sequoia, accel, etc.). This was very unexpected as I originally thought that most VCs don't recruit undergrads, so I had mainly been applying to investment banks and corporate finance positions. In addition, it is likely that I would be hired full-time after the internship. Does anyone have experience interning at a VC? What kind of experience would I get, any modeling or other useful skills? What would my opportunities be down the road? How would this look to business schools? I've never had any experience at VCs and want to make sure that if its not for me I will have other options and marketable skills. Thanks for any help you guys can offer.
From what I understand, VC interns particularly those straight from undergrad typically do sourcing (cold calling). However, depending on the firm, you may get some modeling experience, which is nowhere near the type of robust modeling that you would experience in IB or PE. I would assume that cold calling may help you build your network, but the best bet into VC in my opinion would be to work for an actual start-up or build your own.
But what do I know, I got this from a contact who has been in VC for quite some time.
Appreciate the input. Assuming I do more sourcing than modeling, would the name alone make me marketable to other areas of finance (say corporate development at google, microsoft, apple, etc.)? My only worry, since I don't have VC experience, is that if I end up deciding that VC is not for me I will be pigeonholed.
Sounds like Bessemer Venture Partners - and yes, your modeling experience will be very limited, so exit opportunities into groups like corp dev at Google or tech private equity will be limited. If you are absolutely sure about wanting to do VC, this is a great opportunity as you will be joining one of the most powerful and prominent names in technology. However, note that you will definitely be pigeon-holed, as early-stage VC is perhaps the least quantitatively-focused job in the finance world.
I've heard that VCs expect analysts to leave after a few years and start their own companies - having the network that you will be able to develop after a few years of early-stage VC will make you invaluable to any technical entrepreneur, so that's something to keep in mind.
Take this internship, it's pretty tough to get pigeon holed as a junior in college. Learn modeling on your own if you later decide you want to do banking... the names above will get you interviews with tech groups at banks, and the connections you make during this internship will be better than you'd make anywhere else.
I interned with a top 10 VC firm as an undergrad. Unfortunately, they weren't hiring when I was graduating. I got interviews with some other VC funds for Analyst type roles, but they were all sourcing. Instead, I decided to get technical (as in coding) and focus on getting startup experience first. I made contacts at VC firms and I will try to transition to VC in a couple of years. However, there are very few people that really make it in VC who come from a finance background anymore. Fred Wilson is an outlier. Look at the a16z partners. With the exception of Benedict Evans, they all have operating experience.
With that said, taking a brand name VC internship will open many doors for you within the tech industry. As for finance, it will probably open doors because you go to a target school where you will have on campus recruiting. TMT groups will recognize the brand name and you can probably still get interviews with IB's, though it will be a bit harder for you than if you had just done a IB internship.
Also, realize that VC funds of different stages are very different. Sometimes there will be modeling if you are doing late stage deals. In early stage deals, modeling is useless.
Many people gave me advice, so I would be happy to pass some on to you. Feel free to PM me.
Interning at Venture Capital Fund? (Originally Posted: 03/09/2010)
I have the opportunity to work at a decent-sized venture capital firm that focuses on cleantech. This would be for the summer after my sophomore year. However, I'm interested in interning at a BB for trading or ER next summer. How would they view this comparatively ? What do most ppl do their sophomore years?
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