Advice to someone who is just getting started in VC:
Strategic:
- focus not on what you think is a good investment, but what your partner (i.e. next decision-maker) does. Goal is to surface companies that pass their bar, not yours
- Know your customer: meet with ~5 founders a week, not for potential investment, but to ask them what their pain points are with fundraising. Specifically, what were the worst VC experiences they had? The best? Your future job is to avoid the first and replicate the second.
- reps are key: the more companies you look at, and the more founders you meet, the more data points to inform model of future decision-making. In the very beginning, I suggest taking every pitch meeting offered to you (although make sure to temper a founder’s expectations accordingly)
- Build a deal-flow pipeline: go to conferences, meet with other junior VCs, and find recurring events that raise your default (i.e. a monthly dinner with VCs and founders)
- Good backend: if your firm uses a great backend solution, lean into that - check historical meetings and notes to get a good grasp of what your partner likes and does with their time. Otherwise, now is a good time to start using a personal CRM (or build it into something your firm can use).