WobblyPretzel
WobblyPretzel

AMA: Worked at tier 2 VC - got in post a few years of workex and a tier 2 Indian uni

Go ahead, ask if we pushed founders to commit fraud.

20mo ago
SnoozyWaffle
SnoozyWaffle

What stops you from stealing an idea that you found mind-blowing from a pitch of a startup trying to get a seed funding?

GroovyCoconut
GroovyCoconut

+1 to this

DizzyMochi
DizzyMochi

+1 to this

GroovyBoba
GroovyBoba

What do you exactly do? How did you get in? How much money do you make & growth you see over the years? And how do you crack top tier VC roles in the investment domain. Asking for my Lil bro. I don't care about the frauds you can do as many as you want.

WobblyPretzel
WobblyPretzel

-speak to founders and evaluate PPTs, post this if we feel it's a good deal - take it to seniors. If it works well, deal goes thru and you work with portfolio once in a while to see how things are shaping up -got in via a solid referral -associates at tier 2 can make anywhere between 40-60L, growth is like a consulting firm only. Carry component doesn't happen / get triggered in a short span of time -top tier roles are super hard to get even after being in tier 2 VCs

MagicalHamster
MagicalHamster

Associates at Tier 2 can make 40-60L You’re referring to post MBA role?

SnoozyWalrus
SnoozyWalrus
Uber20mo

As a possible career path in the future,What is the tc (base, bonus,carry) at VP or principal levels

WobblyPretzel
WobblyPretzel

Tier 1: -1.5 to 2cr + 40-50% bonus + smol carry

Tier 2: -75L to 1.2cr + similar bonus + smol carry

Carry is pointless if you don't stay for 10 years after getting carry - else it won't materialize.... fund cycles are super long

SnoozyWalrus
SnoozyWalrus
Uber20mo

Thanks! Is this for VP or principal? Assuming VP is partner-2 and principal is partner-1

SillyMuffin
SillyMuffin

Hey, thanks for taking out the time to do this!

I’m Currently working as a Senior Analyst in the capability arm of a MBB consulting firm. V passionate regarding VC and would want to ideally make the switch soon. Would be great to know your thoughts on the following:

a) What do you think of the current hiring market? Do you think it’ll get better or stay as it is? I’ve heard a lot of funds are not laying off but rather pausing hiring b) Would you recommend to wait for an opportunity with a Tier 1/1.5 firm and stay at my current company or be willing to switch to a Tier 2/2.5 VC with the hope of moving to Tier 1? c) If I cannot make the switch to a Tier 1/1.5 VC directly, will the experience of working in a hedge fund/public market fund be considered valuable?

Would be extremely insightful if you can let me know any tips that helped you get an offer.

Thanks a lot!

WobblyPretzel
WobblyPretzel

I can tell you're from BCN my friend - haven't heard great things about the work there so id suggest you switch asap, now to your Qs:

  1. Funds aren't hiring much for analysts because deal flow and cheques are down
  2. I highly recommend switching to a tier 1 startup and then going back to VC. Your opps will be much higher that way
  3. Nope. Completely different fields
SillyMuffin
SillyMuffin

Hey man - thanks a lot for responding!

Just a few follow up Qs if you don’t mind -

a) the BCN part is fascinating - have people in VC started to look down upon it? b) And yeah, exactly, since deal flow is down, do you expect it to get better anytime soon? Basically I’m trying to understand if I should take up any VC opportunity I can find the earliest or wait for an opportunity with a fund I’d actually want to join c) Hmm the tier 1 startup thing I’ve heard from other people too - how would you personally define Tier 1 startups? Series D/E and T1 investors? Also, how long would I need to stay at a startup before making the switch to VC?

Thanks again!

PerkySushi
PerkySushi

I have more specific questions focused around opportunities in VC, would be great if you could help me understand those.

  1. What VCs are considered tier 2 in your opinion? Could you share a few names that would help me anchor it to similar sized funds

  2. When you spoke about referral, was it from an internal team member or a portfolio founder ? What works best in these situations to get a foot in the door

  3. Are operators considered or given weightage for these roles ?

Have a similar journey and been a 2X founder as well. Come from a fairly good college, but I am sure that'd be considered tier-2 in the Indian context. So super curious to know :) Been trying to crack into it for 2 months to understand the opp and entry into the domain

WobblyPretzel
WobblyPretzel
  1. Tier 2 would be blume, chiratae, antler, kalaari (this is an inbetweener), fireside etc
  2. Both work, a senior internal member works better tho - in my case id worked in consulting with a senior member, the referral became much easier
  3. They have started to give this major weightage in a few firms, but really depends on the partner that's hiring. Some still have fuck all mandates to only hire pedigree-d folks. If you've been a successful founder in the past (even some funding), you should be good imo

Best of luck on the process my friend, you'll get there! Ps: you should also cold email a ton of foreign VCs just to start working part time for free for their partners (some parts of their work), after some persistence they usually cave in and give you some work - just show some enthusiasm

ZoomyTaco
ZoomyTaco
Student20mo

What make vcs invest in 1.Companies which don't have a reasonable model for profits in future. 2.Companies with a product which already have established big players

ZoomyTaco
ZoomyTaco
Student20mo

Plus what happens if the company you invested is not able to give any returns for long time or the company shut downs. How this affects your careeer path

WobblyPretzel
WobblyPretzel
  1. Profit model: on paper has to work
  2. This is the whole point VCs exist. You don't NEED to have a dunzo and a zepto, but there's capital to be deployed
  3. 80% of outcomes are expected to lose/bleed + VC funds have a 10 year horizon. So this is usually fine if something shuts
MagicalHamster
MagicalHamster

Hello @Apothecary
How do you like what you do as a VC?
Are you currently on a track role? If not, how do you look at being a VC vs. building?

WobblyPretzel
WobblyPretzel

-found it pretentious -building is way better, before becoming a VC

MagicalHamster
MagicalHamster

Haha yes, it is a bit pretentious

PeppyNarwhal
PeppyNarwhal

Currently working as a software Developer, looking for a change. Do you think this is something I can do?

PeppyKoala
PeppyKoala

Following 👀

WobblyPretzel
WobblyPretzel

Picture this: Analysts at VCs are glorified call center callers

BubblySushi
BubblySushi

What is your background tech or non-tech? If non-tech, how do you identify the potential of tech deals?

CosmicBiscuit
CosmicBiscuit

Following

ZoomyPotato
ZoomyPotato

+1

FuzzyNarwhal
FuzzyNarwhal

We are building a SaaS from a tier 2 city. No big network/connections into the VC world. We are cold pitching and 5-6 firms have given 2nd, 3rd meetings. We are pre revenue. Have few hundreds(300) on our waitlist. With the current meetings I can say a few of them are convinced on the team and the market. But we are stuck in a chicken & egg problem. Everyone says, convince one Angel/VC to invest (irrespective of cheque size) we will co-lead. No one wants to take the first risk. How do you view this? Can you take a meeting with us? Do you guys even invest on anyone w/o strong referrals, uni tags or big corporate exp. ? We are just a group of builders w/o any of it.

DerpyPretzel
DerpyPretzel

There are multiple opportunities. I can't give much info but hit up First Cheque - they have been solid with backing resilient founders lately

WobblyPretzel
WobblyPretzel

Get your pitch to be the best thing you're speaking about. People love confidence, you need to own the room and show people that you're the one to build what you're doing. I've seen deals happen purely based on founded confidence

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