Careers in Venture Capital (European Perspective)

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  • 1. Welcome to the Evisors Webinar Visit us online at www.evisors.com Finding the Next facebook: Careers in Venture Capital featuring Max Hofer Hosted by: Career Advisors on Demand..com/webinars
  • 2. Careers in Venture Capital About Max What is Venture Capital? Industry Overview and Trends How to Research the Industry What do you do in Venture Capital? What are Firms Looking For? The Recruiting Process Q&A Hosted by: Career Advisors on Demand..com/webinars
  • 3. About Max Background/Education • Austrian national • University of St. Gallen, Switzerland and HEC Paris (CEMS MIM) • Teacher in Costa Rica Work Experience • 2004-2007 McKinsey & Co. consultant • 2007-2008 Bain Capital in London – Large mega-buyouts • 2008-2010 Altor Equity Partners – Scandinavian mid-market PE • Since 2010 Kistefos Venture Capital – Lower mid-market and mainly VC Hosted by: Career Advisors on Demand..com/webinars
  • 4. Venture Capital (VC) is basically a variant of private equity: 1. Capital is raised from mostly institutional investors and HNWI 2. Make investments directly into private companies (or ideas!) 3. Exit the investment after some period of time in order to return profits to investors (if all goes well!) ….however, it is significantly different from leveraged buyouts: • Focus on different stage in life-cycle of companies • Limited financial engineering • Different ownership dynamics What is Venture Capital? Hosted by: Career Advisors on Demand..com/webinars
  • 5. Industry Overview and Trends • Venture Capital is hot again! – Think Facebook, Dropbox, Angrybirds, etc. • What are the underlying drivers for this? – Supply chain innovation – Reduced startup costs (webshop today vs. 10-12 yrs ago: 1/1k) – “App-economy”: 466k app-company jobs created since ’07, USD 6bn+ in Apple app store sales to-date • …All this and more is creating opportunities for forward-leaning entrepreneurs and for Venture Capitalists • Successful funds have grown fund size, opened new offices and recruited more staff across all levels • High-risk but also high-reward for the very successful VCs Hosted by: Career Advisors on Demand..com/webinars
  • 6. Industry Overview and Trends Cont’d Categorization of Funds: • Typically categorized by their investment focus: – Industry-focused, i.e. biotech, internet, social media – Stage: (Angel), seed, early-stage, growth • In the US, there has been a (historic) geographic focus of funds: – West Coast: Kleiner Perkins, Accel, AndreesenHorowitz, Sequoia, Benchmark Capital, Founder’s Fund – East Coast: Union Square Capital, Bain Capital VC, Bessemer VC • Some technology companies have their own funds, such as Intel Capital, Sony, and Google Hosted by: Career Advisors on Demand..com/webinars
  • 7. How to Research the Industry • Company websites • Career guides and websites • Newsletters and blogs such as techcrunch.com, gruenderszene.de (Germany) to follow developments and gain insight into what VCs are investing in • Attend VC clubs/conferences at your university • Develop your business idea and pitch it to a VC • Talk to friends/acquaintances who work as VCs or have pitched an investment opportunity Hosted by:See the rest at evisors.com/webinars/webinar/11
  • 8. • Investment sourcing • Investment diligence • Portfolio company monitoring • Investment communications What do you do in Venture Capital? Hosted by:See the rest at evisors.com/webinars/webinar/11
  • 9. What are Firms Looking For? • Smart people with strong social skills and guts! It’s a people business! • Drive and strong interest in startup businesses • Structured individuals that can build relationships with chaotic, technology-focused, geeky founders • Specific knowledge/skills that set you apart, i.e. industry expertise, programming skills, PhD in biotech, whatever! • An entrepreneurial background is a bonus • Strong communication skills – you will need to sell your investment hypothesis to investment partners Hosted by:See the rest at evisors.com/webinars/webinar/11
  • 10. The Recruiting Process The Application • Resume • Cover letter • Application • Tailor each application to the company • Follow up The Interview • Resume walk • Answer basic questions on why you want this career/role/firm • Expect case questions • Have questions ready for interviewer Hosted by:See the rest at evisors.com/webinars/webinar/11
  • 11. Q&A Hosted by:See the rest at evisors.com/webinars/webinar/11
  • 12. Questions & Answers Question 1: How would you compare the work-life balance between venture capital and private equity firms? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 13. Questions & Answers Question 2: When working in venture capital, how important is it to have a finance background? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 14. Questions & Answers Question 3: Is startup experience valuable within a venture capital firm? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 15. Questions & Answers Question 4: How did your colleagues break into the venture capital industry? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 16. Questions & Answers Question 5: What are some tips and tricks on networking with venture capital firms? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 17. Questions & Answers Question 6: How many deals would you look at? What kind of deals do you work on? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 18. Questions & Answers Question 7: What are current trends amongst venture capital firms? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 19. Questions & Answers Question 8: What is your perspective on startups that focus on sustainability/the environment? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 20. Questions & Answers Question 9: What do you look for when evaluating pitches? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 21. Questions & Answers Question 10: How does the venture capital industry differ between Europe and North America? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 22. Questions & Answers Question 11: How do you evaluate the different venture capital firms? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 23. Questions & Answers Question 12: Do most people move up within a venture capital firm or do they tend to switch between the firms? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 24. Questions & Answers Question 13: What did you like the most/the least about venture capital? What do you find most surprising when working in venture capital? Hosted by:See the answer at evisors.com/webinars/webinar/11
  • 25. Thanks for Joining & Good Luck! Book your session with Max at http://www.evisors.com/expert/271 Hosted by:See the rest at evisors.com/webinars/webinar/11