Job Responsibilities
main responsibilities are to look after 4 core assets and to look
out for (and negotiate contracts for) new investments. Portfolio
takes up 80% of the time, sometimes ,more, rarely less. Work
ranges from mundane things like internal quarterly reports on
company progress to helping management in raising new funds,
negotiating partnering agreements, rethink strategies for market
entry of products, review budgets etc - the full range of work of
a hands on board member of a samll business.
Reviewing new business oppotrtunities involves management
rferencing, finding the right experts to help on technology
reviews, agreeing profiles for an executive search if the team is
not complete etc - but as well the hard core financial part -
evaluationg the market, the existing business, the opportunity
and then negotiate contracts with management and existing
investors, if there are any.
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Job Requirements
Entry will be easiest with a science degree in the relevant
industry ( I have a MSc in Biology) plus an MBA from a good
school like INSEAD for Europe. People get hired as Analysts or
associates and can then work their way up, dependent on vacancies
and skills - unfortunately, there is no clear cut career path in
Venture capital as most partnerships are very small and driven by
a few individuals
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Uppers
Best is the high degree of independence - you can organize your days and weeks
as you like, schedule meetings when they fit in your diary. Another one is the
high iversity of businesses as well as people you deal with - and normally, these
are bright and full of energy and ideas
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Downers
Dull board meetings, dull internal reporting, sending
underperforming companies into insolvency by not releasing funds -
really no fun.
Lots of travelling, internal politics around egos and deals, and
sometimes entrepreneurs lose touch with reality which leads to
failiures.
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Lifestyle
work: 40-60hours per week. at least 2 days per week travelling, can go up to 6.
Social event quality depends on business cycle - 2000 was great, 2002 there where
no social events. Dress code is mostly smart casual, unless you deal with
bankers. Diversity is a big plus - you need a strong ego, and a high tolerance of
frustrations to survive in this industry, though.
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Compensation
base: Euro 130k, bonus: up to 300k, dependent on business as well
as personal performance. Car, pension fund, life insurance,
annual stock options plus annual carry points - both are very
difficult to quantify, so are best discouted to zero and counted
in as a nice surprise if money comes from these sources.
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Advice to Jobseekers
venture Capital in the US is on an upswing, in Europe it is still
difficult and I guess the market will need another 6-9 months to
pick up again. Zou will have the best starting position if you
have had another job before, preferably in the industry and not in
consulting or banking.
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