Nicole DeTommaso 🪄
@nic_detommaso
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Tweet about All Things VC. Providing insights to demystify the industry🪄. Investor @HarlemCapital | @Columbia alum | 🇵🇷🏳️🌈 (she/her)
LA & NYC
Joined March 2020
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BIG NEWS! I launched a newsletter - VC Demystified🪄
Issue
#1
went out TODAY!
The first issue dives into the 10-page presentation I created pitching myself to the firm that landed me my FIRST full-time VC role after many no's.
Interested to check it out? 🔽
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For those of you interested in the financial modeling side of early stage VC, I’ll send you a VC exit model template. Drop a 👋🏼 if you want me to DM it to you!
5K
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What’s the average compensation (salary+bonus) across VC investment roles?
Analyst: $99k
Associate: $166k
Senior Assoc: $202k
Principal: $274k
This varies by type, size & stage of firm.
Source: EVCA
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Breaking into VC is hard. Finding ways to differentiate yourself is hard.
When I was looking to break in, I knew
@HarlemCapital
was where I wanted to be but how did I do it?
I created a presentation showing HCP exactly where I could add value on day 1. Some snippets below👇
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VC Exit Model🪄
I truly did not expect to get the response I did when I offered to send a VC exit model via DM
Given demand is so high & there are too many of you to keep doing DMs, I'm choosing to make it public!
Let me run you through how it works🧵
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If you’re new to VC, a great way to start sourcing deals is thru accelerators. Here are some accelerators w/ demo days that helped me expand my deal flow when I first started:
-YC
-Techstars
-500 Startups
-Pear VC
-Boost VC
-Plug & Play
-Alchemist
-KiwiTech
-ERA
-Antler
+ more!
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VC terms review 🪄
Below is a list of commonly used terms when evaluating traction / economics of a startup:
- MRR / ARR
- Gross Margin
- Burn rate
- Customer Lifetime Value (LTV)
- Customer Acquisition Cost (CAC)
- LTV / CAC
- Churn
- Retention
- Conversion rate
+ more!
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I can never watch Shark Tank the same way after being in VC.
“25% ownership for $100k check”
WHAT 😩🤯
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VC Job Openings 🪄
I've decided that once a week I will be rounding up VC job postings to bring awareness to open roles in the ecosystem for those looking to break in. It will include FT roles & internships.
Check out this week's VC job openings👇
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Let’s talk about the benefits of joining an emerging VC fund: 🧵
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For those of you looking to learn the basics of VC, I recommend diving into some books & podcasts on the industry.
Top books for breaking into VC:
- Venture Deals
- Secrets of Sand Hill Road
- The Business of Venture Capital
- Mastering the VC Game
- # BreakintoVC
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For all my emerging & junior VCs:
Whether you’re negotiating comp for a new role or a raise, you should be aware of market rates.
Total VC comp (salary, bonus & carry) varies by position, years of experience, firm type, AUM & location.
Check out the updated data for 2022🧵
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Just get an interview for a VC role? Congrats! Now it’s prep time.
Here are some questions you should have answered about the firm’s thesis before stepping foot in the interview👇🏼
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Whether you’re a VC or founder, understanding Term Sheet terminology is CRITICAL.
Here are some terms to know:
- Pre-money valn
- Option pool
- Liquidation pref
- Dividends
- Conversion
- Voting, info & participation rights
- Anti-dilution provisions
- Drag-along
- Board makeup
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A tip to breaking into VC:
Start acting like a VC before you are one.
Network, source & share deal flow, evaluate startups, help founders, build your thesis. Operate for the job you want, not the one you’re in.
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When you join VC, everyone says the most important thing to do is to build your network.
BUT meeting new ppl can be hard.
Let’s help each other. If you’re in VC & open to connecting drop the following:
👤 Name
✍️ Title
💰 Firm & stage
🎯 Focus area
📲 Contact info
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The best VCs are not only your investors, but your friends.
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In case you missed it, I’ve previously shared some valuable VC resources for those in the industry & those looking to break in.
1. VC exit model
2. Carry valuation model
3. VC interview prep guide
Re-sharing them here👇🏼
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A reminder
@HarlemCapital
is actively writing checks into diverse founders. $1-3M at pre-seed and seed stage.
Current high priority industries:
- Enterprise software
- Fintech
- Ecommerce
If you’re building, reach out! 🧱
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Founders: Don’t ignore junior VCs
No they can’t write checks but they can:
(1) Present the deal to the firm GPs
(2) Introduce you to other VCs
(3) Connect you w/ other founders
(4) Answer fundraising questions
(5) Provide feedback on your deck
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If you’re new to VC, one great way to start networking is to join slack groups that have virtual coffee matches every week.
I’m a part of multiple & each week I get paired with different investors across the ecosystem. Starting with a blank networking slate is hard, try this!
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Who uses
@Reddit
as a way to pick up on early trends & problems for startups to tackle?
I heard that recently & I’m absolutely fascinated.
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Breaking into VC tip 🪄
Look for firms who are on the 3rd year of their current fund or are raising a new fund & network w/ them.
Most firms hire at or just before new fund launches. This means you can pre-empt open VC roles before they become pubic by tracking fund lifecycles.
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For all my emerging & junior VCs:
Whether you’re negotiating comp for a new role or a raise, you should be aware of market rates.
Total VC comp (salary, bonus & carry) varies by position, years of experience, firm type, AUM & location.
Check out the data🧵
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486
What’s the median compensation (salary+bonus) across VC investment roles?
Analyst: $100k
Associate: $165k
Senior Assoc: $190k
Principal: $250k+
This varies by type, size & stage of firm.
Source: EVCA
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Having a full pinch me moment 🥹
If you told me a few years ago that I’d be in the place I am today, I wouldn’t have believed you.
To my younger self, you can THRIVE being unapologetically yourself.
I made it - Forbes 30u30 Venture Capital 😭
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Have a VC interview coming up? Congrats, you’ve accomplished step one!
BUT now you need to prepare for the interview.
Here’s an interview checklist to follow👇🏼
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Just joined VC or negotiating a VC offer? It’s important to understand how to value your carry allocation in the fund(s). Drop a 👋🏼 if you want early access to the model!
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PSA: Not all VC roles are investing roles.
There are CRITICAL roles at VC firms that have nothing to do with investing. Those roles are typically considered Platform roles.
Let’s breakdown some key Platform functions in VC🧵
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VC terms review 🪄
Below is a list of commonly used terms when evaluating traction / economics of a startup:
- MRR / ARR
- Gross Margin
- Burn rate
- Customer Lifetime Value (LTV)
- Customer Acquisition Cost (CAC)
- LTV / CAC
- Churn
- Retention
- Conversion rate
+ more!
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Many ppl ask me why I share so much info on VC here & the answer is:
I didn’t know VC existed when I was in college or even when I worked in IB. The fact that I was in finance & knew 0 about this world was telling.
Access to this info should not be gated so I’m making it public
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✨I was ranked 4th most promising Pre-Partner Investor in VC by my peers✨
Truly an honor to be listed amongst some of the most brilliant & diverse(!) minds in the industry.
Here's the full list of the TOP 20 PRE-PARTNER INVESTORS you must know🧵
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Aspiring VCs - do you know VC is a ton of sales?
Externally:
- Pitching to LPs
- Winning over founders & other VCs
- Recruiting talent
Internally:
- Pitching new deals to your team
- Proposing new firm initiatives
- Suggesting new firm processes
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20+ VC funds focused on writing checks to diverse founders💰👇🏼
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New VCs - When taking calls with founders, you should be prepared to answer these questions about your firm👇🏼
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If you’re new to VC, a great way to start sourcing deals is thru accelerators. Here are some accelerators w/ demo days that helped expand my deal flow when I first started:
-YC
-Techstars
-500Startups
-Google for Startups
-AWS
-PearVC
-BoostVC
-Plug & Play
-ERA
-LAUNCH
more👇
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Founders: I can’t stress how important it is for you to understand VC fund math. It will tell you a lot about how VC firms go about investing & why they operate the way they do.
Ultimately, VCs answer to LPs.
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If you’re new to VC, a great way to start sourcing deals is thru accelerators. Here are some accelerators w/ demo days that helped expand my deal flow when I first started:
-YC
-Techstars
-500Startups
-Google for Startups
-AWS
-PearVC
-BoostVC
-Plug & Play
-ERA
-LAUNCH
+more!
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VC Job Openings 🪄
I've decided that once a week I will be rounding up VC job postings to bring awareness to open roles in the ecosystem for those looking to break in. It will include FT roles & internships.
Check out this week's VC job openings (Jan 14-19) 👇
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VC terms can be daunting.
As a 1st step before diving into the industry, I recommend starting w/ terms. Below is a list of commonly used terms when evaluating an investment & exit model:
-Pre & post-money val
-Priced rd
-Val cap
-SAFE
-Dilution
-Options
-Pro rata
-Rev multiple
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If you're new to VC, you may be hearing the term 'cohort analysis' repeatedly. What is it & how do you model it?
Let's talk about it👥👇
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Questions I got wrong or struggled to answer when I first started recruiting for early stage VC 👇🏼
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🚨Calling all Black, Latino and women founders & investors in Web3.
We are working on something amazing at Harlem Capital and we want to know ALL the diverse individuals working in the space. You won’t want to miss out on this.
Tag yourself or others we should know & retweet👇🏼
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I got rejected from numerous VCs before I pitched Harlem Capital to hire me full time. Now I work with some of those VCs closely and/or have sat on panels with them.
Just keep going!!
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For those looking to participate in the VC ecosystem as an investor, but not join full-time, I recommend looking at scout or angel programs.
Top Scout Programs:
-Lightspeed
-Index
-Village Global
-Contrary Cap
-Upfront
-Atomico
-Sequoia
-Indie VC
-VamosVentures
+ more!
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New VCs looking for deal flow & founders looking for where to get early capital & help building, here are some more accelerators you should know:
-Envision
-OnDeck
-Latitud
-XRC Labs
-Endeavor Global
-P18
-Tachyon
-MassChallenge
-TechRise
-NewChip
+more!
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What size should your pitch deck be at seed?
My opinion: 10-12 pages max
Thoughts?
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✨The BIG Announcement✨
I’m so excited to share the launch of:
HARLEM CAPITAL ON CAMPUS🎓
A new initiative to make VC accessible EARLIER.
👇
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What no one tells you about VC:
If they refer to themselves as an ‘investor’ at X fund, 99% of the time they are junior VCs that don’t want to use the Associate - Principal title 😂
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3 books to get you up to speed on Venture Capital:
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VC Job Openings🪄
Sharing because there NEEDS to be more access to these open VC roles!
Check out this week's openings (April 21-27) 👇
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Network is important in VC but meeting new ppl can be hard, especially for those new to the industry.
Let’s help each other out!
Calling all VC interns, analysts & associates to introduce themselves here:
👤 Name
💥 Firm & stage
🎤 Focus area
📱 Contact info
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Moving on to the last stages of a VC interview process? Congrats!
You’re almost there but now it’s time to prep for the more in-depth VC questions you may get asked in this round. Here are some to watch out for👇🏼
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In a VC interview when you’re asked to pitch a startup, this is what the VC is evaluating:
1. What are the key drivers/KPIs you identify & evaluate?
2. How do you reason logically & build conviction?
3. How do you communicate this reasoning clearly & persuasively?
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Different paths to break into VC:
Founder > VC
Operator > VC
Angel investor > VC
Consultant > VC
Banking > VC
Sales > VC
But also…
ANY CAREER PATH > VC
Don’t let anyone tell you otherwise.
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Been a minute since I shared this so resharing again!
💡VC Exit Model!
For those of you interested in the financial modeling side of early stage VC, here is a VC exit model template.
RT to help a fellow VC or founder🪄
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For those negotiating VC compensation whether for a new role or a raise, here are some reports I found to use as a benchmark by position & market (U.S., Europe, Canada)🧵
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As a junior VC, sharing deals is an important skill to learn early on. You can’t receive quality deals, if you don’t share quality deals.
Understand other investors theses & share at least monthly. Once you start prioritizing deal sharing, you will source higher quality deals.
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VC Carry Valuation Model🪄
Just joined VC or negotiating a VC offer? It’s important to understand how to value your carry allocation in the fund(s). What does your xx% carry mean in $$$?
Let me run you through how it works🧵
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If you’re looking to BREAK INTO VC, comment below with a bit about yourself.
I want to show VCs on Twitter the amazing talent right at their finger tips!
Let’s see how many emerging VCs we can get hired through this thread 😏
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Harlem Capital doesn’t quiz you on VC math in interviews.
Why?
Because it can be learned & asking doesn’t test intelligence, it tests accessibility.
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A guaranteed question you’ll be asked in a VC interview is ‘why venture capital?’.
Having a thoughtful response to this is crucial. Here are 3 key questions to ask yourself when prepping your answer👇🏼
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VC newbies unsure of where to begin?
Here’s my simple playbook to get started:
- Follow VCs & founders on Twitter
- Listen to VC podcasts (20VC)
- Sign up for newsletters (GoingVC)
- Read Venture Deals
- Join slack groups (GenZVC)
The path becomes clearer once you’re in it.
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Just get an offer at a VC fund? Congrats!
Here are some questions you should be asking before accepting👇🏼
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You’re new to VC & want to source deals, where can you get started?
- Attend demo days
- Pull Crunchbase data on co’s that just raised $ for the round prior to where you invest (i.e. search pre-seed raises if you invest at seed)
- Search LinkedIn for ‘stealth’ startups
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When I say ‘rising star in VC’ who immediately comes to mind?
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🧵 What are the components of an early stage VC investment memo?
There is certainly no standard template. Some VCs have very robust memos and others have just 1 page.
All memos have some variation of the below. Let’s walk thru the components of HCP’s *very* robust memos.
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Finding a list of investors to go out to for your fundraise can be tough.
We like to share this OpenVC resource with founders to help them on their journeys.
A database of VC firms by thesis (sector, stage, check size, & location)🔎
Help a founder out today, RT for reach.
👇🏼
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For those of you just jumping into VC, finding resources & tracking trends can be hard. One great way to keep up is to subscribe to newsletters. Here are some to know:
-Lennys Newsletter
-StrictlyVC
-a16z
-This Week in Fintech
-John Gannon
-Femstreet
-HCP More Equity
+ more!
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🔔 Breaking into VC Tip
Pre-empt open VC roles by searching for firms that are on the 3rd yr of their current fund’s lifecycle.
Most firms hire right before deploying a new fund, typically every 3 yrs for early stage, so you can pre-empt hiring needs by tracking fund lifecycles
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VC Job Openings🪄
I've decided that once a week I will be rounding up VC job postings to bring awareness to open roles in the ecosystem for those looking to break in. It will include FT roles & internships.
Check out this week's VC job openings (Feb 3-9)👇
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U.S. Latino population is a massive untapped opportunity 🗣
$2.6T economy
4.5x faster growth than US economy
26% of all US GDP growth
30% of US real income growth
80% of net new businesses
52% of US population growth
78% of net new laborforce entrants
6x faster population growth
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VC Job Openings🪄
I've decided that once a week I will be rounding up VC job postings to bring awareness to open roles in the ecosystem for those looking to break in. It will include FT roles & internships.
Check out this week's VC job openings (Jan 27-Feb 2) 👇
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A well-designed pitch deck can MAKE or BREAK an intro to a VC.
Whether valid or not, the design makes a diff on your company perception.
If you can afford a designer, it's worth the extra $ to potentially get a 6-7 figure investment.
If you can't, try getting a template 👇
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Founders: Always send your pitch deck as a link or PDF.
Avoid sending PPTs & Google slides.
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Friendly reminder: There are GREAT businesses that are not venture backable.
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Want to invest in startups w/ your own $ but don’t know where to start? Many VCs offer programs to (1) help you learn the basics of angel investing, (2) give you access to deal flow.
Firms w/ angel programs:
- First Round
- Hustle Fund
- RBL1
- OnDeck
- Pipeline Angels
+ more!
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VC Job Openings🪄
Making VC more accessible GLOBALLY. Many international roles in this thread.
Check out this week's openings (Oct 13-19)👇
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Finding funds that 𝑡𝑟𝑢𝑙𝑦 invest in pre-seed is hard.
Here's a list of some I know do A LOT of pre-seed.
@HustleFundVC
@GaingelsVC
@amplifyla
@WonderVentures
@PrecursorVC
@DormRoomFund
@PlugandPlayTC
@UnshackledVC
@EverywhereVC
Symphonic Capital
What are others?
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Promotion Announcement: Senior Associate ➡ Principal!
Since the moment I learned about Harlem Capital back in 2020, I've been obsessed with the mission.
A bit about my journey🧵
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When looking to break into VC, it’s important to understand the different types of firms you can join.
TLDR: Not all VC firms are the same 🧵
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Creating a pitch deck for potential VC investment?
Here are some key pages to include:
- Problem
- Product / solution
- Team
- Business model
- Traction
- GTM strategy
- Market opportunity
- Competitive landscape
- Fundraise details
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Platforms & tools I use daily as a VC:
- Crunchbase
- Pitchbook
- Slack
- Asana
- PPT, excel, gsheets, gdocs
- Box
- Twitter & LinkedIn
- Superhuman
- Calendly
What do you use?
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VC Job Openings🪄
Sharing because there NEEDS to be more access to these open VC roles!
Check out this week's openings (Sept 1-7)👇
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If we pass on a deal after doing diligence at
@HarlemCapital
, we always send the memo to the founder in the pass email w/ the top reasons why we passed.
This shows the founder:
-Merits
-Considerations
-TAM
-Financial analyses
BUT ultimately it shows the founder how VCs think.
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Investing in diverse founders at the early stage has a domino effect. A $1-2M check can change the future of business.
Diverse founder > more diverse team > more diverse third parties & so on.
Being an early stage investor CAN move the needle.
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If you’re interviewing for a VC firm, you MUST study some of the firm’s portfolio companies.
You should be prepared to talk about at least 2 companies you like and 1 you would have passed on.
I can’t express how important this is!
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Just starting in VC or looking to raise? Get to know the industry by diving into some podcasts.
Here’s a list of VC podcasts to get up to speed quickly:
- 20 Minute VC
- a16z
- Venture Stories
- The Full Ratchet
- GoingVC
& of course
@HarlemCapital
’s MORE EQUITY podcast 🪄
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Interesting data around cofounder equity splits from Carta 💰
There seems to always be a leading founder who owns more of the company in each scenario.
Thoughts?
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Understanding metrics is a key part of being a VC or founder, but sometimes they can be confusing.
Here's a list of the most misused or interchanged metrics👇
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Breaking into VC requires two types of networks:
1. One that helps you land the VC job
2. One that allows you to source amazing founders
The former is mostly investors, while the latter is a mix of investors, operators & angels. This creates an entry block for many people.
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The other day an investor told me that a clever way to show your investing acumen without having the capital to angel invest is to build a ‘fantasy portfolio.’
Basically a portfolio of bets you ‘would’ have made & track those over time.
Honestly genius.
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Moved out of my sweet little NYC apartment this weekend🥹
Next stop: LA
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I’m going to drop my resume that I used for VC recruiting before signing full time with Harlem Capital in 2020 🤫
Drop a 👋🏼 below if you’re interested!
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We MUST demystify the VC industry for the masses.
The information being gated disproportionately affects diverse individuals trying to break in leading to a more homogenous ecosystem.
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Early pitch decks of Unicorns🦄
At the early stage, we expect founders to sell us on their vision, usually in the form slides.
Check out the early pitch decks of 5 billion dollar companies.
-Tinder
-Airbnb
-Buzzfeed
-Coinbase
-LinkedIn
Would you have believed their vision?👇
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VC investors - what’s one unique question you like to ask founders?
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Breaking down the VC case study for aspiring investors🧵
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