Startup->PE

Hey guys, long time lurker, but first post. I'm in a bit of a conundrum about what to do next summer. I'm entering my Junior year of UG and am applying to different positions for next summer (mainly IB's), but am unclear about the direction I should go. I'm an Accounting Major with minors in Data analytics and Spanish at a top-50 non target with a "low" GPA. I'm currently an intern for a rocketship (been told by multiple top VC's we're on the unicorn track) of a startup in a role where I work directly with the CEO, and am getting the opportunity to do some really great work. I really love the company and team.

The CEO has already hinted at a FT offer, and has indicated it's up to me whether I should intern somewhere else for diversification of resume or intern at the company again for my junior year summer. The problem is I don't really know where to go from here. I've learned an unbelievable amount and have done everything from Pitching VC's and writing Deal memos to doing tableau based data research to overhaul the pricing model. However I'm realizing operating as a jack of all trades (as is typical in startups) for the CEO has left me not exactly fitting into a particular job description. If I would like to eventually move into VC after making an exit with this startup, what would be the most beneficial on my resume for MBA admissions or applying directly to a VC shop?

 

Really depends on the industry of the startup if its VC related could be good experience to stay there another summer...HOWEVER, one thing I've learned from my own recruiting is that your network is your most important thing (assuming you have a decently impressive background which it sounds like you do). Because of this, might be beneficial to expand your network and try for a larger firm, maybe one already established in PE. A little late for most PE places, but could definitely snag a MM or smaller PE shop if you started networking now. Also, out of curiosity, why VC instead of traditional PE?

 

Because of the "top-50 non target with a low 3's GPA" part, most/all of the opportunities I'm getting are through my network. It's more of finding the industry/role which would develop me most as a person. I've heard bad things about interning at VC's in UG as most of your work will be cold calling startups/sourcing and such. Is this true across the board? or an outlier?

I've had the opportunity to pitch and work with alot of different shops this summer, and most of the PE guys I've met A) were cheap B) looked for established ideas rather than industry changing unicorns and C) encouraged profitability over innovation and supporting the CEO's vision. There's a reason entrepreneur CEO's get to where they are, and I think letting the jockey guide his horse is a critical part of the recipe, a philosophy that doesn't pair well with PE.

 

What you said is all accurate, fact is if you're working in VC or any investment firm for that matter as an intern you're not going to be making any significant contribution, but it still could be helpful as a resume builder or if you want to work at that company full time. Even if you are just delegated to cold call people, you could still take the chance in your free time to ask full-time employees if you can "shadow" them and learn from them. If you're a generally nice person and stay humble (i.e. don't be arrogant and act like a know it all), most people are generally happy to mentor an intern so it could be a great learning experience. I can't speak across the board for all firms, but generally when talking to people from the company you can get a vibe of the type of culture it will be

 

I did an undergrad internship in VC. A decent amount of my time was spent sourcing, but I also did a lot of diligence on investment opportunities and made my recommendations to the GP. It was nice because the GP actually listened to my recommendations a lot of the time at least to take the next step. When we were going to make an investment, I would work with some of the associates to build out cap tables. Plus, I learned how to filter through investment opportunities fairly quickly and see right through the bullshit, which turned out to be a pretty useful skill.

I would say that you can definitely have a valuable experience and learn a lot. Try to ensure that the firm has a solid flow of inbounds. You will be doing a lot of sourcing/cold calling when there aren't any investment opportunities.

 
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