One Month as a VC Analyst at Work-Bench — Some Lessons Learned
A month ago, I joined Work-Bench as a full-time VC analyst. Work-Bench is a New York based early stage VC fund that invests in enterprise technology, with a focus on AI/ML, Cloud-Native Infrastructure, Cybersecurity and the Future of Work. This was the one job I had worked so hard toward when I was still in college, and I am beyond grateful to have made it here. Quite frankly, my first month has been more than I ever could have imagined, and after reflecting on this past month, I wanted to capture some of my key learnings as someone brand new to VC.
Access and Network is the Lifeblood of Early Stage VC. Of everything VCs do, it seems like 80% of the workflow is just getting out there and tapping into your network, something which is especially true for early stage VCs like us. Here at Work-Bench, in addition to of course meeting startup founders, we spend a lot of time building relationships and engaging in conversations with corporate executives. By doing so, it enables us to 1) hear directly from customers and understand pain points, 2) validate our own research, 3) identify investment opportunities, and 4) play match-maker between corporates and startups.
Sell. Sell. Sell. The VC job has many similarities to sales jobs. When you’re convincing founders to take your money, how you best present yourself and your firm’s value to the community around you makes a big difference. I’m a strong believer in letting my work speak for myself, but as someone who’s only been in the business for a few weeks, I find it incredibly challenging to break through all the noise and stand out from the crowd. It will undoubtedly take some time, but I’m learning that the first step to building your personal brand as an investor is to simply just get started and then stick to it! Do you like posting on Twitter? Do you enjoy hosting meetups? Do you prefer podcasts? Or are you better off writing on Medium? 🙋Let your passions define you and stay true to who you are, because there is nothing quite as bad as coming across as inauthentic.
Enterprise Tech ftw! Every company is becoming a technology company and that’s why we’re so proud to back amazing enterprise tech startups helping them achieve this goal. One of the reasons we are so bullish on the enterprise is because enterprise exits come in cohorts and are more frequent, whereas consumer exits are driven by outliers, like Facebook or Snapchat (more on this here). More importantly, the market for enterprise tech is much larger than consumer and only a small percentage of the market size is driven by the top 5 companies. This means there are way more whales in the enterprise ocean, all working to improve the way large organizations work and function. I’m very driven by the impact that these companies can have on the modern workplace.
In a World Where You Can Be Anything, Be a Sponge. One of the best things at Work-Bench is that we function as a tightly-knit team and spend a lot of our time interacting with and talking to one another. One luxury I have is that I’m a mere two arms lengths from our principals and general partners, which means there’s always a shoulder I can tap on. Don’t know something? Ask! Simple. One of the most important things about being a sponge is to constantly read, listen and process all the trove knowledge that gets thrown at you. Also, being a sponge at work is not only about absorbing content but also depends on how well you can begin using it and building on it.
Strong Opinions, Loosely Held. This brings me to my next point, and this is a big one. As much as I believe it is important for me to form my own thoughts, I also am cognizant that I’m getting up to speed in an incredibly complicated and dynamic industry. I’m always exposed to so many different perspectives from the team and this is such a powerful tool to help accelerate my knowledge. Being able to have a thoughtful conversation and allowing your own thoughts to be challenged by new ones is crucial to what we do at Work-Bench. Our Investment Committee sessions often feels a lot like making music. For example, when talking through investment opportunities, we may have different views, but what matters at the end of the day is that we are all willing to learn and participate in these discussions and let new perspectives lead our critical thinking in a new and creative direction.
Lean on Your Team. The Work-Bench family is a team-first organization that truly supports one another. Over the last few weeks, every member of our team has worn several hats to get the job done, allowing me to see firsthand that real strength comes from leaning on your team and helping one another. At this point in my career, every day is an opportunity to learn new things and to meet new people, and my team wholeheartedly supports me in that effort. For a small team like ours, regardless of who is leading an investment effort, everyone has to get on-board and help drive that effort to completion and be ready to support portfolio companies post-investment. It is never just a one-person show, and therein lies the magic and lots of leverage.
Reach Out: If you are new to the VC world and are looking to connect, let’s talk! You can reach me at priyanka@work-bench.com
Thank You Note:
Besides all the lessons learned during my first month at Work-Bench, I have also come to appreciate and value the unique opportunity that Jon Lehr, Jessica Lin, Vipin Chamakkala, and Kelley Mak have offered me. I am so grateful for the team’s steadfast belief in me and continuous patience as I embark on my journey as an investor.
