Three months before I began my MBA at INSEAD, I faced a personal dilemma – do I stay for the annual bonus (assuming I have it) in my current job or do I leave and spend three months interning at an investment firm?
The first thing I learnt was that investing in startups isn’t as glamorous as it seems.
It was a tough one as I probably needed more cash to finance my one year off from work. But what if my assumptions to join a venture capital firm after INSEAD were wrong and I would not get as much out of the MBA as I wanted? Perhaps an internship would help me decide if I really want to work in investment after my MBA.
Between staying in my comfort zone and taking a plunge to intern, I finally chose the latter. Fortunately, I found the opportunity to intern with one of the most seasoned angel investors in the world, Dusan Stojanovic at True Global Ventures and I never look back.
For the internship, my primary objective was to experience what it is really like on the buy side, since I have only been on the sell side for a few years now, doing early stage acceleration. I soon realised the internship gave me what I wanted and beyond.
Photo credits: Christian Arballo
The stint took me to Silicon Valley twice, where I learnt a tremendous deal about the fundraising process and networked with venture partners, angel investors, and seasoned entrepreneurs who successfully built and sold businesses again and again. This period also allowed me to self-reflect on the experiences that I have gone through and idealized the role I could play in Singapore and the rest of Asia, a rapidly-growing region for start-ups and investments.
The first thing I learnt was that investing in startups isn’t as glamorous as it seems. It sure wasn’t when you need to wake up at 6am in the morning and have as many as 12 calls and meetings. Imagine doing it daily, 5 days a week, back to back.At the end of the day, I observed that there must be real passion and drive to bet on the right companies to make a difference in the world.
Find a way to leave a deeper impression
One of the most valuable lessons I had was how to influence people more effectively and to leave a deeper impression. The first step of influencing a meeting positively begins with intensive research on the background of the prospect that I will be meeting. This good practice helped me appreciate the context of the meeting better and also participate in the discussion especially when the discussion is about Asia’s start-up ecosystem.
Dusan also encouraged me to create my own distinct pitch at each meeting. My first few attempts were absolute failures by my own standards. However, I eventually developed and refined a unique pitch. To leave a deeper impression, depending what the other person share, I will either see how I can refer someone who can help them or share a piece of my background where it has a similarity with them.
After each event, I would also add them on LinkedIn or drop them a mail. Otherwise, it could be about connecting the dots between the meetings. Different prospects would share different snippets of their encounters or the people they hope to meet. Hence, if we meet someone later on whom the current prospect would like to meet, we would also make introductions between the both of them.
No one-size-fits-all strategy
By the end of the internship, I have met a few extremely successful investors and one of them has shared valuable insights.
Jack Jia, partner at Chinese venture-capital firm GSR ventures, known for investing in some of China’s hottest startups, including ride-hailing company Didi Kuaidi said, “Having been in the States for a while, I have met many investors from mainland China and there are quite a few networking clubs like the Great Wall Club where I met Dusan. Besides the investors who are US-based, there is also a keen interest for Chinese investors to invest in startups in US, especially those in the Bay area. Such is the advantage of starting up and raising money in US.”
Because of his unique position that allowed him to see both the investment climates in US and China, he shared that it is a different game when it comes to starting up in China. For US companies entering China, a lesson learnt has been a classic one as each one seems to keep committing the same mistake.
More females needed in the space
Conclusion
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