Читать книгу The Business of Venture Capital - Mahendra Ramsinghani - Страница 30

1 What is the fund's investment strategy?Of course, you have done your homework, checked out the websites and online data sources. You know the firm's history and the background of the founders.Research one or two specific investments, and assess the competitive universe of similar investments made by other venture firms. Dive into the investment rationale and find out why this opportunity was chosen over others.Ask how the fund's investment strategy has evolved over time. What challenges has the fund faced, if any, in sourcing opportunities? In raising capital?Find out the life cycle of the current fund. All venture funds have a three- to five-year investment period from the time the fund is raised. Thus, depending on the timing of your entry, you could be involved in making investments, managing the portfolio, or preparing for the next fund raise.

2 What is a typical day at the firm? To whom would I report, and what self-development opportunities exist for an entry-level person?Look for opportunities where you will participate in all facets of the business.

3 Is this a collaborative environment or a field of cowboys who thrive going solo? How do the team members collaborate with each other, especially when the portfolio companies are in trouble? When has the firm let go of any staff, and why?Look for troubling situations. How were these handled by the internal team? Be prepared to get smooth-talked and do not believe everything you hear. You will rarely hear honest statements like “We screwed up on that investment” or the GP “is a Machiavellian despot, who screams his head off and throws things around, muttering obscenities.” Talk to the industry peers and CEOs of portfolio companies to get a true sense of the culture of the firm.Can you see yourself having fun with this team? A beer on Friday night?

4 How will my performance be measured? Will we have clear milestones established? Will I be able to measure my own progress? Beware of any firm that does not offer clarity in performance metrics, as ambiguity can be used to hurt you.

5 At what point will I be eligible to be on a partner track? In some firms, candidates are elevated to partner status after successful exits, while in other firms, it's a function of time.

Rajeev Batra, partner at the Mayfield Fund, says, “When I was finishing up my MBA at Harvard, I was approached by a few venture firms. I did not even realize I was being interviewed till we met for the third time.” Rajeev had a few entrepreneurial gigs, and a PhD in electrical engineering demonstrated his domain knowledge. “In my business school essay, I had written that eventually, I wanted to be a venture capitalist when I grow up,” he says.¹²