how to land and excel your VC summer internship

How to Land and Excel in Your VC Summer Internship

While the summer is half way gone, it’s peak season for summer internships and as we’re fresh off our latest round of summer internship interviews for Remagine Ventures, I wanted to share tips on how to get a VC internship and how to make the most of it in the job. These tips could be applicable to a wider range of interviews/jobs but were written with Interns/entry level candidates in mind.

Personally, my first internship at GLG (albeit at a startup, not a venture fund) gave me and my partner a huge opportunity and a catapult to the world of tech and venture. We’ve since always liked to pay it forward and have employed a number of interns every year since our inception. In fact, we have an intern with us right now and are in the process of recruiting another one from Reichman University. A great internship is a two way street.

Venture capital internships are highly sought-after and competitive opportunities to gain firsthand experience in the fast-paced world of investment and entrepreneurship. It can also be a great way to enter the industry, network and find out whether VC is really a path you’d like to pursue.

Part 1: How to Get a VC Internship

Breaking into VC requires a strategic approach that goes beyond simply sending out resumes.

1. Do Thorough Research

The very first step is research, research, research. With the current set of AI tools/ LLM deep research at your disposal, this is perhaps easier than ever.

  • Deep Dive into the fund’s activity: Learn everything you can about them.
    • Read their website, blog, newsletter and social media feeds. You should note what are they looking for: stage, sector, geo, tech.
    • Who are the key decision-makers and principal decision-makers?
    • Visit the portfolio page: what startups are they invested in? which ones stand out to you?
    • What’s their investment philosophy and strategy?
    • What are their values and culture?
  • Stay Informed: Follow key professionals on LinkedIn and X/Twitter. Sign up to newsletters and blogs and listen to recent VC podcasts. Try to understand the current trends and lingo. Be aware of big deals that are happening in the fund’s space/stage/sector and geo. Check major tech news sites like TechCrunch, Axios, and Bloomberg Tech. Get lost a bit searching for topics on Substack and Medium.
    • Pro tip: leverage NotebookLM to ask questions of the materials. This research helps you demonstrate fit and integrate specific details into your applications.

2. Build Your Personal Brand and Network Relentlessly

Venture capital is notoriously a relationship-driven industry.

  • Networking is Everything: Firms often hire people they know, and connections are paramount, sometimes even serving as a proxy for hiring. This is true for all kinds of networks: with other funds, with various startup communities/hubs, with founders. Approach it with a ‘Give First’ mentality, make intros, help people connect and be helpful – especially to startups.
    • Pro-tip: Leverage Student Groups: Join student-run venture clubs or organisations. These provide learning opportunities, expand your network, and offer chances to impress partners who speak to the groups. Also, talk to your professors who may have firm connections.
  • Content Creation: This is an easy and scalable way to build your personal brand.
    • Share Insights: Not everyone needs to be an influencer, but aim to provide value to your network. Perhaps you can share on LinkedIn or Twitter great startups hiring, pieces of content that resonated with you or just document the latest moves in the fast-paced world of AI. that ties into your knowledge base. Go niche. For example, if you’re passionate about payroll APIs, write about them. Creating true insight helps organically build a network.
      • Strong example: I love this post by the ‘Venture Twins’ on how to land a VC Internship – especially because they are now both Partners at A16Z
    • Provide Value: Consider sending “inside scoops” to firms, like tipping them off to a great deal or making an introduction for a portfolio company.

3. Demonstrate Differentiated Value and Interest

This can be a bit tricky as you’re likely at the beginning of your career. But it’s also important to think about this challenge: providing differentiated value is about passion interest, not necessarily expertise.

  • Sector Knowledge: Think about specific knowledge you can bring. Investors often have an “unfair advantage” in certain sectors (e.g., AI funds, gaming funds, consumer funds). Becoming an expert in a niche sub-sector can pay dividends.
  • Role “hustle”: Venture roles span a bunch of different areas, but one area you can always be helpful at is deal sourcing.
  • Experiment with the latest tools: ChatGPT only came out less than 3 years ago. Some of the other tools we’ve gotten used to for different parts of our job are even newer than that. No one expects you to be proficient in all of them, but get to know the tools, be curious about prompting, automation of all sorts and best practices.
  • Be Proactive: certain things require zero talent or experience and go a long way to demonstrate your work ethic and commitment. Come prepared. Be on time. Look presentable. etc.
  • Be curious: I know some funds ask their interns to prepare a deep dive on a given topic for every week of their internship. One of the perks of working in VC is that you continuously learn about new technologies, markets and opportunities.

4. Gain Relevant Operating Experience

Gaining early operating experience with a high-growth startup is invaluable. In fact, I co-founded a startup during college. It was 2003, and all the VCs were still licking their wounds from the bubble burst. When we were pitching VCs for investment back then, I felt strongly that one day I’ll be on the other side of the table. But long before I joined Google Ventures, I got advice from an experienced Israeli VC. He said, before you become a VC go and get operational experience. You will learn a lot about the inner workings of a company, how product is built, shipped, sold and marketed. There are of course exceptions to the rule, but operating experience can be very valuable as a precursor to VC.

This can come in many flavours:

  • Startup Experience: Working alongside founders helps you build a sense for what makes a great team, culture, and product, which is essential for an investor. It provides an “unfair advantage” in answering key investor questions like “What metrics should this company be hitting at this stage?” or “Is their product roadmap feasible?”. Nathan Ho’s experience at ThetaRay, a B2B anti-fraud payments startup, significantly helped him as an investor at Bowery Capital. This is considered a “plus” and a “bonus trait”.
  • Banking and Consulting: Roles in investment banking, private equity, or management consulting provide transferable skills like financial analysis, deal sourcing, and market research, and help build a professional network.
  • Tech Experience: Working for tech companies gives you a deep understanding of industries, trends, and business models, and develops skills for evaluating startups. Consider roles in product management, engineering, sales, or marketing.

Highlight any relevant internships, part-time jobs, or extracurricular activities that demonstrate your knowledge and interest in VC. Showcase direct experience in related fields like private equity or corporate finance, but also include roles where you demonstrated transferable skills like financial analysis or team management. Showcase your entrepreneurial mindset by listing any startups or projects you’ve been a part of. Crucially, tailor your resume to the specific internship and job description requirements.

5. Prepare for Interviews

There are three things that any interview should look out for:

  • Skills: Do they have the right set of skills to do the job? I’m not only talking about their coding abilities but also their character, work ethic, and values
  • Motivation: what is the internal drive or enthusiasm that pushes the candidate to want the job? If someone asks about days off or compensation before they obsess about the problem/customer/market, you have your answer
  • Fit: harder to check for, but it’s the compatibility with the culture, with your personality, etc. For this, it’s recommended to also meet the person outside of the formal interview setting.

When these three factors are aligned, individuals are more likely to be successful, productive, and satisfied in their roles.

Core Questions: Be prepared to answer “Why venture?” and “Why our firm?”. For the latter, mention specific portfolio companies or team members.

Company Pitches: Be ready to pitch at least three early-stage companies that fit the firm’s investment strategy, discussing their idea, team, traction, funding, market size, and potential exit.

Industry Trends: Have a strong understanding of the industries the firm invests in and be prepared to discuss current news and investment themes.

Skills: Demonstrate strong analytical skills, financial modeling, Excel proficiency, industry knowledge, and data analysis. Soft skills like communication, teamwork, networking, and problem-solving are equally important.

It’s really disappointing when you find out in the interview that candidates did not do their homework. While it’s not a permanent position, the adage is true in this case: “failing to prepare is preparing to fail”.

Part 2: How to Succeed in Your VC Internship

Congrats! you’ve landed your dream internship. Now how do you make the most of it? Once you land the internship, your performance can significantly impact future opportunities.

1. Understand the Daily Activities and Expectations

  • Sourcing: Good venture funds operate as meritocracies. A good deal can come from everywhere. While it might feel like hard work at first, get in the habit of sourcing at least two or three relevant opportunities as week. You’ll learn the calibration process in dealflow meetings.
  • Due Diligence: A key activity will be conducting due diligence on potential investments, analysing business plans, financial statements, and market research to understand startup viability.
  • Investment Review: You’ll likely assist in reviewing investment memos and pitch decks, developing a knack for identifying promising startups.
  • Engagement with Founders: Fred Brown’s experience at Notion Capital highlights the journey of a startup, from analyzing key areas like team, business model, and scalability, to leading initial discussions with founders, and attending pitch deck presentations.
  • Portfolio Support: You’ll have opportunities to engage with portfolio companies. This may involve market research, financial modeling, business development (identifying partnerships), and strategy formulation (working on strategic plans and go-to-market strategies). Notion Capital’s platform team, for example, supports portfolio companies with commercial, strategic, personal, and organizational challenges.

2. Embrace the People-Driven Nature of VC

Contrary to common preconceptions, venture capital is not a rigid, structured, data-driven industry; instead, it is fluid and driven by people and their relationships.

  • Founders’ Personalities Matter: Founders’ enthusiasm, ambition, and ability to present are crucial for investment, as investors commit to working alongside the founding team for a considerable time. The personality of the founders can be as important as the ideas and numbers.
  • Firm Identity and Relationships: VC firms’ partners influence company culture and principles, attracting Limited Partners (LPs) and founders. In a crowded market, firms need to offer more than just money – values, reputation, and identity are key. Relationships are essential, often nurtured over many years.

Be open to finding out that VC is not for you. If that is the outcome of spending a summer with a venture capital firm, that’s time well spent.

3. General Advice for Internship Success

A can do attitude and willingness to jump on every project and show strong work ethic goes a long way. But here are some specific things you can do to stand out as an intern.

  • Be a Generalist: Work on projects for both investment and platform teams. Focus on learning from everyone, as there will be time later to specialize.
  • Be Proactive: Don’t wait to be told what to do. Actively seek work, ask for projects, offer your time to help, and ask to sit in on meetings to maximize your learning opportunities.
  • Be Confident: Talk to co-workers and make connections. The better you know people, the more you will learn and enjoy your time. Don’t be afraid to contribute to meetings and offer your thoughts.
  • Be Opinionated: Attend pitches and investor meetings. Listen to discussions and formulate your own opinions. Consider questions like, “Do you like the idea? Is it a good founding team? Would you invest?” Be prepared to defend your opinions.

By focusing on these areas – comprehensive research, relentless networking, demonstrating unique value, gaining relevant experience, and adopting a proactive, people-centric approach – you can significantly increase your chances of both landing and excelling in your VC summer internship.

Go get them!

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Co Founder and Managing Partner at Remagine Ventures
Eze is managing partner of Remagine Ventures, a seed fund investing in ambitious founders at the intersection of tech, entertainment, gaming and commerce with a spotlight on Israel.

I'm a former general partner at google ventures, head of Google for Entrepreneurs in Europe and founding head of Campus London, Google's first physical hub for startups.

I'm also the founder of Techbikers, a non-profit bringing together the startup ecosystem on cycling challenges in support of Room to Read. Since inception in 2012 we've built 11 schools and 50 libraries in the developing world.
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