Any VC / emerging companies bros here?
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Date: July 26th, 2015 2:25 PM Author: Sepia patrolman organic girlfriend
What's the lifestyle like?
Impossible to retool from 7th year lit to an entry level position?
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28415468) |
Date: July 26th, 2015 2:28 PM Author: Mewling Soul-stirring Property
Depends on the firm somewhat.
If your resume is otherwise strong, and you have some really persuasive reason to do this, there is a possibility. I know someone at a firm like Cooley/WSGR/Fenwick that went from 5th year lit to 1st or 2nd year emerging companies. The associate was HYS and working at a vault 50 firm
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28415487) |
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Date: July 26th, 2015 2:40 PM Author: Hot Hunting Ground Cuck
Thought it might be you. Not too many spacelaws out there.
How have the last few years been?
I think it's tougher in your location if you want to move into this space. Silicon Beach is flame.
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28415564) |
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Date: July 26th, 2015 2:45 PM Author: Sepia patrolman organic girlfriend
Decent from a career prospective. Worked about 14 mo at a P shop, then went back into big firm. Have done pretty much everything, so have been very bored the past couple years.
I'm not tied to my location. I hear good things about Denver. Thoughts?
Edit: Also, career suicide to take a few months off to chill and look?
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28415598) |
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Date: July 26th, 2015 2:53 PM Author: Hot Hunting Ground Cuck
I don't blame you. It's gotten ridiculous. Literally took selling a company to afford a place. lolol.
It depends on what you mean by decent. There are companies out there and a few of them have venture funding, but it's nothing like SV. In terms of a strict ranking of startup scene, it's probably SF, NYC, Boston, Austin, LA and then a mess of also rans that Denver would probably be a part of.
I don't know how much being in a VC backed startup really matters though. I actually think things like Sam Adams are pretty interesting in terms of a company background. VC backed has a lot of baggage with it.
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28415643) |
Date: July 26th, 2015 3:43 PM Author: Sadistic self-centered famous landscape painting immigrant
The startup world is basically the only place in modern America where you can completely remake yourself. If what you want to do is business, I say don't bother trying to switch to corp legal work and then to business work -- just dive right in. You probably won't be able to get in with the most prestigious startup right off the bat with your background, but you can certainly get in with some company if you talk up the things you have going for you. I would suggesting painting yourself as a "Jared" type from the show Silicon Valley -- i.e., you can be the really put together bro who helps the eccentric founders interact with buttoned-up VCs and execs at F500 companies they want to partner with. If you're a social guy, talk up your sales ability. (Not flame -- you can discuss how billing hours is really a marketing exercise, managing expectations with clients is a skill you've developed over the last 7 years, etc.)
Even if you start at a shitty company that goes nowhere and pays you next to nothing, by being in that space over time you will start to meet lots of players and you will also learn a lot about what makes for a successful startup. (Hint: It's nothing at all like what makes for a successful F500 company.) As long as you can cover your own expenses for a year or two (or handle living like a poor college kid), I bet you could make a pretty successful transition and ultimately end up in a good spot. FWIW, I know a small handful of lawyers who have made the switch, and they are uniformly happy with the decision.
CAVEAT: If there is some sort of cataclysmic "tech bubble bursting" moment in the next year or two and you are caught in the lurch, you will be completely fucked. I think the odds of another dot com bust are low... but just keep in mind that we are definitely in the midst of an unusually frothy environment for VC investment.
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28415903) |
Date: July 26th, 2015 8:26 PM Author: Magical faggotry brunch
Not in VC, but I have a lot of contacts in the tech/VC world. One thing that a lot of people don't grasp (VC's included) is that VC is fundamentally not a money making enterprise. Don't get me wrong, a few firms consistently do well, but in the aggregate the asset class produces poor returns that over various time horizons often compute to 0 or a negative number. The expenses of innovation are so high and the risks so great that it is just really hard for the funds to get ahead of the curve.
So why do investors put money into VC funds? There is always the lottery ticket argument: the fund probably won't do well, but if it does, you sure don't want to have missed out on it. Also, VC funds raise relatively small amounts compared to PE and hedge funds, so the LP's don't feel as wary of taking a flyer on some of them.
What this means for you as someone trying to get into the start-up world is that you need to remember how risky these companies are and how unlikely a given start-up is to turn into the next Google. If it happens, obviously, it is an epic payday for tons of people and it was all worthwhile. However, the harsh reality is that most start-ups, even start-ups that look like they are going to be very successful, do not do that well. So get paid up front and in cash whenever possible.
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28417354) |
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Date: July 26th, 2015 8:33 PM Author: Magical faggotry brunch
While I'm on my soapbox, another thing that irks me about the tech/VC world: the people are what I call centric. Very, very centric. What I mean is that they are very focused on the current fad, the current big thing, the current subject of each other's conversations. As I have written on here before, one example of this is Uber. You can hear tech people talking about taking Uber rides all the time. It's an okay service, but in many cases, they're not using it because of its inherent quality. They're using it because it was the cool thing, and is now the expected thing, for people in the tech world to do.
This adds up to an industry that claims to be all about innovation and thinking outside the box that is actually more about conformity and obedience. Innovation absolutely happens in the tech world, but most of the people in the tech world are not participating in it.
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28417380) |
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Date: July 26th, 2015 9:07 PM Author: Sadistic self-centered famous landscape painting immigrant
(1) Entrepreneurs certainly fall prey to herd mentality, but Christ man, if you don't see how working at a startup is just day & night less rigid and more freewheeling than working at a law firm, you are blind.
(2) Yes, VC as an asset class has a SPS track record over the last 10 - 15 years. And yes, a LOT of startups fail. If you're not cognizant of this, you can end up doing a lot of work for equity that ends up being worthless. I agree with you 1000%, and I'm glad you really drove this home.
But you're falling prey to something that I see all the time -- assuming that VC-funded startups are the only startups out there. There's more to the ecosystem than just the Facebooks and Ubers of the world. Honestly, there's so much going on these days that you can find a startup that matches ANY risk/reward profile. If you're comfortable with low upside, there are absolutely bootstrapped, profitable-from-day-1 startups that will hire you and pay you in cold, hard cash. For a good example of that, look at Jason Fried's companies. If this is the kind of thing you're looking for, it might not hurt to read his book (Rework) and consciously seek out companies that subscribe to his philosophy on startups.
SO -- if you're afraid to join the startup world because you think it's all fraud and lies and you're 99% likely to walk away with nothing for your efforts, don't be discouraged. Like I said, there's a startup out there for everyone.
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28417559) |
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Date: July 26th, 2015 8:55 PM Author: Magical faggotry brunch
Usually, the funds are structured as partnerships. The partners in the funds are either Limited Partners (LP's) or the General Partner (GP). LP's are the parties putting up the money, usually institutional investors such as college endowments, pension funds, banks, and insurance companies. Individual investors might also be LP's if they have a large amount of capital to invest. The GP is the VC firm itself. Its role of course is to manage the money in the VC fund by investing it in companies, helping to guide and oversee those companies, and hopefully monetizing the fund's stakes in those companies for big returns on investment.
The GP typically gets a management fee equal to a percentage of the assets under management (aka the total amount of money in the fund, often called AUM). The GP also gets a percentage of the increase in the value of fund's investments, called carried interest, if there is any. A VC firm often has several different funds going at once, serving as a GP in each. Individuals who own or work in the VC firm may also invest in the fund as LP's in their own right.
Within the VC firms, there are various ranks of personnel, usually with partners or managing directors at the top. These are the guys that actually own the VC firm, raise capital from LP's, and make the final decisions about the firm's investments. Below that, you might find, in descending order of importance, principals, vice presidents, associates and analysts, although the nomenclature can be different from firm to firm. Most VC firms do not have a ton of employees, so they might not have people at all of these various levels.
I am not very knowledgeable about how firms divide responsibility among the different ranks of employees. Usually the more junior employees will be in charge of basic screening of proposals, whereas the more senior employees will have more responsibility in deciding whether or not actually to write checks. More senior people will often take seats on a company's board of directors, while more junior ones will more likely be in the background supporting them.
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28417508) |
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Date: July 26th, 2015 9:26 PM Author: Magical faggotry brunch
Not sure about the comp, but I wouldn't be surprised if it was initially less than Biglaw, one of the main reasons being that you're not actively generating revenue as a junior at a VC firm.
There are a lot of superficial similarities between PE and VC, but one way in which VC hiring is very different is that lots of people start out by working in tech start-ups. It's not the only way in, but it's one of main ones. In PE, you almost never hear of someone who was working for one of the companies that the PE firm bought (called portfolio companies) who then became an associate at the PE firm. In VC, you hear of this frequently. So, if you have any tech experience whatsoever, play this up. If you don't, and you don't get a VC offer that you like, consider working for a VC-backed start-up and trying to parlay that into a VC job, either with the firm that invested in the start-up or a different one.
(http://www.autoadmit.com/thread.php?thread_id=2946363&forum_id=2#28417641) |
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