Internship at Startup?
Looking towards next summer, I would like to get some startup experience on my resume. Has anyone interned at a startup? What is the recruitment process like? And how valuable would this experience be for VC/IB jobs? I've heard vaguely that VCs love startup experience but not sure if startup internship exp would be seen the same as working at a startup full-time.
It's better than nothing / not ever working at a start-up.
If it's a paid internship even better because you also have a reference.
bump
Yep, if you're geared towards a finance career look at fintech/startups in tech where you could possibly land a finance-related internship. Judging by your post I assume you're in your first 2yrs of college so any experience at this stage is great. Majority of start ups are lax and you'll have a much easier time securing an internship compared to a well established firm.
To be honest you could start looking for opportunities for this summer/end of summer-fall, depending on the fund/vc/startup/etc you could still get something, possibly, if that's what you're looking for.
Yeah I will be an incoming freshman at my university. However, how would well-established IB firms look upon fintech/startup experience? Because at some stage, not to leave any doors closed, I intend on applying for internships there as well.
Props to you for a) already actively looking, b) being on WSO, c) being far, far ahead of the majority of your competition.
Cast a wide net and don't leave all eggs in one basket etc etc (seems like you understand this already). All well-established IB firms will completely understand if the last and most aged item on your resume is a fintech/startup (think to the future, 2-3 yrs from now) and, tbh, it's a good thing to take up space and a nice way for you to gain some real world experience. By the time recruitment comes for IB and the like, you could've just as easily either switched your mind about vc/ib entirely, or, more likely (and better for you) have secured further more relevant internships outside of fintech/startups. But, not frowned upon or anything, just shoot for relevant experience.
you are an incoming freshman... you still have soph summer to intern somewhere else before you need to worry about IB bullshit your jr year summer
If you're a freshman in college, any internship experience is going to be great. You're early as hell. I always associated startups more applicable to VC experience than IB, but even then...you probably wouldn't have a shot in VC unless you were one of the founders of the startup. They want entrepreneurship, etc....
Currently in the works of founding a startup with a friend of mine going to the same university as me. So that founding experience should be helpful. But thank you!
Checkout websites like Angel List and just email a bunch of startups in your region.. as a freshman anything is good.
I have been interning at a family office and I work with one of our portfolio companies exclusively who is a start up and its good experience. For me it was networking that really got me the job. I just happened to meet our MD out and he told me to come and interview and I have been here ever since. For me it gives me a lot of experiences doing things that I would not normally get the experience of doing in a BB. It allows you to become more intertwined with every part of the business except for just one aspect. Let me know if you have anymore questions.
Does an internship at a start-up have any clout in IBD recruiting next season? (Originally Posted: 04/25/2016)
I'm a freshman right now, and will intern at a start-up in SF this summer. Will this have a good impact on my recruiting process for IBD the upcoming fall?
While the experience will not be relevant, an internship during your freshman year shows drive. I would make sure to also spend time networking. Good luck.
Sil I already have couple of good connections at some banks. How can I better leverage these connections to help me get my resume pulled out of the pile, etc. once I submit my application?
You have the advantage of being a couple years out from the junior summer internship recruiting cycle.
If you have contacts at firms you're interested in, you need to be developing relationships with them starting yesterday. The ideal way to go into recruiting is with years of email exchange, info calls, coffees, and informational interviews behind you.
You want to be the most well-known candidate; this helps guarantee you an interview (hopefully you don't even have to submit formally through OCR, or if you do, it's only because one of your contacts said "I'm pushing this through, but submit there so it's formally on record").
In short, it's not useless, it's only useless when you're reaching out two months before the deadline. If you begin now, you can start with "I'm an underclassman interested in learning more about the industry; do you have time for a 15-minute call?" Do that with a couple dozen people across the BB firms (and each time you speak to someone, ask if there's anyone else there they can put you in touch with) over 3-4 months. Then follow up with each person you've spoken with (in chronological order) to thank them for their time (and any introduction they made) and ask if you can take them for coffee. Do that for 3-6 months, and then (again in chronological order) re-engage over email with each of the people you've met.
From there it's okay to explicitly say "The recruiting process starts soon and I'm very interested in a summer position with your firm. Can you share any insight on the best way to proceed?" Half of all the people you invested time into will blow you off and say "Apply through your campus listing and the firm's website." It sucks; they're lazy, they're dicks, or you didn't connect well enough. Whatever. A good portion of your contacts will simply say "Send me your resume" - that's exactly what you want. It'll go right to the staffer, and you've done all you can at that point.
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Thanks guys so much! Also, is quality or quantity of connections better for me? And what do I ask them when I'm on the phone or getting coffee with them, besides the the typical day in the life, why IBD, why your firm, etc.? Is it good to just talk about regular stuff like sports, or school (they are all alumni - the connections). My school has a really strong alumni network.
Intrinsically in the generic sense? It will show that you've done some business work before anyone else when applying to Sophomore internships.
Otherwise it all depends on specifics. Will you get to see how they manage their finances? Will it be in a location that offers a network benefit?
One thing I can guarantee is that it will help you perform much better during informational and formal interviews. You'll have real life stories to tell and you'll be able to talk about different aspects of the business that influenced your choice to become a banker.
How to Spin a Startup Internship? (Originally Posted: 01/13/2018)
Currently an underclassman, and it looks like it'll be relatively easier to get an internship at a startup versus a bank. Just curious if anyone has had any experience with interning at startups. Any particular "type" of startup I should be looking for? Ex: Fintech? And lastly, how would one go about spinning their startup internship into relevant experience?
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If you work for a start-up company, are the salaries significantly less than the same job at a company who has been around? (Originally Posted: 02/17/2018)
Assuming you have 2 companies. Company A is a recent start-up looking to hire new candidates. Company B is a company who has been around for over 100 years. Both companies posted the same entry level job position title and responsibilities. Is the salary at Company A going to be significantly less than Company B because Company A is a recent start-up company?
Hey TheBestMan, I'm the WSO Monkey Bot and I'm here since nobody responded to your thread! Bummer...could just be time of day or unlucky (or the question/topci is too vague or too specific). Maybe one of these topics will help:
No promises, but sometimes if we mention a user, they will share their wisdom: mollyzaverucha ivycong Ashley-Flynne
Hope that helps.
How useful are internships at startups? (Originally Posted: 02/18/2014)
I'm interested in going into TMT IB/PE. As a college student I'm currently interning at two VC-backed startups. But given how much VC funding is out there, does working at a VC-backed startup mean anything anymore?
I interned at a start-up and have that on my resume - never been asked in detail about it nor have I made a big deal out of it. From my experience it doesn't mean dick. Unless you are gods gift to that company (which I was not) and can add an incredible amount of value; resulting in you receiving equity in the company. Hope this helps haha
Thanks macro_surfer. But surely if you're applying for TMT groups they should hold some weight?
I've spoken to a few dozen VCs over the past year and when I ask what the best route into VC is, I get the same response:
a) IB for two years, B-school, VC analyst b) Target school (Stanford), use your connections, get analyst c) Intern at a start-up, prove that you know a valuable company when you see it. If you're lucky, pick up some equity. After college, come back to the same or different start-up with a worthwhile role. Work your way into VC from here.
I'm personally going after option C... whether or not it works, I'll get back to you in a few years :)
Not sure where you got this from, but it's definitely a bit off the mark. Very few VC shops have analysts, associate is typically the bottom rung. The path you're getting at with a) is 2 years IB, 2 years pre-MBA associate, then MBA and return post-MBA as a senior associate.
To the original question, it'll absolutely help. You'll have first hand industry knowledge and can hopefully speak to your company's business model which is very helpful in interviews. I work in a tech group and definitely give some weight to start ups that I recognize, especially if they're in a sector that we cover.
It definitely helps, especially for tech focused IBs. My hit rate is actually two to three times higher for SF IBs compared to NYC, which I believe is largely due to my experience in a tech startup.
Will an internship in a start up ruin my CV for banking? (Originally Posted: 03/04/2016)
Hello,
I am in a third year student (BSc International Business with Spanish at Warwick), and am interested in a career in banking in the future. I have a little experience already (3 spring weeks in top London banks). I have to do a 6 month internship in Chile as part of my university programme this year. I have started as an intern at Societe Generale corporate & investment banking a month ago, but there is very little work here as it is a representation office so I am bored and am not learning anything. I decided to search for another internship for the next 5 months in start-up, where i am sure to be able to contribute more. I met up with a start up CEO yesterday, who was ready to hire me but told me that working in start-up would ruin my CV and any career in banking prospects... Is this true? I believe it is better to work in a less prestigious company but actually learn things than do nothing in a top bank.
Please advise me! Thank you very much.
it won't ruin your CV
having this dilemma as well; between startup and consulting. I do agree with your last sentence, but idk if banks care more about pedigree or experience..
so should i stay at Societe Generale or continue searching for something in a start up??
start-up and finance are very different industries, depends on what you want
How about you do what ever you want right now and then leave it off if it doesn't align with a future position you are applying for?
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