punctuative! by Matt Winn

The Venture Apprenticeship, Preface

You’ll sometimes hear venture investing described as an apprenticeship business. Five to ten years of playing in the thick of it qualify one as capable. Occasionally, someone will put the point in monetary terms: “You’ll lose $X million before you really get the hang of things.”

These notions get at (1) the complexity of the business, (2) the propensity of mistakes to engender “high-definition” learning, (3) the time horizon required to see a few investments from cradle to exit, and (4) the value of doing so in the context of both sides of a business cycle.

There’s truth to the steep learning curve and real misunderstanding as to what’s involved in mastering the business (an ambitious goal, indeed). In a series of posts, spurred in part by peers interested in the industry, I hope to dissect parts of the apprenticeship. Some topics I’d like to address include:

Routes in. What’s practical? Are the roles desirable? Industry luster and position scarcity attract, but what does the business offer a young professional?
“Testing” gigs (e.g., the pre-MBA Associate) and an evolving partner track
Junior professional skill set versus senior professional skill set. Does an exceptional junior professional make for a Midas List Director?
Folks who opt out (or get pushed out). What are post-VC career paths?

I’d be happy to field topic suggestions as well. Let me know what you’d like to see in the comments.

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Photo credit: Blacksmith and Apprentice #3, originally uploaded by Josef_K

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