"Staffing your first employees not only defines the atmosphere of your Venture capital firm, but it also has a direct influence on business performance and results. This is why it is critical to have a world-class recruiting strategy."
One of the most serious concerns when launching a VC company is how to staff the effort. While there might be major strategic benefits to running a fund with internal team members, finding internal team members with adequate venture capital knowledge can be difficult.
A common alternative is to hire experienced venture investors. It is a strategy that often requires a significant budget in order to inspire and keep an experienced team with relevant investor ties in your industry. It may also be better to consider external partners since corporate venture capital needs a mix of qualified specialists and expertise that may be difficult to find in-house.
In fact, there are four major factors to consider for staffing before launching your corporate venture capital effort.
GREAT EMPLOYEES HAVE MANY RESOURCES
When you're working day in and day out to develop a new VC company, you'll face plenty of challenges. When you do, it's critical to have a staff that understands how to innovate (without being told to).
Great employees also recognize the value of being resourceful. You need a group of individuals who can spot an issue and then find a solution without requesting further funds.
PROFESSIONALISM
Professionalism involves implementing best standards and following a strict procedure to prevent the "gambling" approach that often confronts new CVCs.
It is critical to have a professional and positive attitude. A negative team member may pull down a whole team and it is something you don't want your customers to associate your company with. Professionalism is something that individuals either have or do not have. This is also a necessary skill for innovative problem solving.
THEY PLAY WELL WITH OTHERS
The third, and arguably most important, quality on this list is that all new employees should be able to collaborate well inside a VC team.
VC startups are like families. You'll be working late nights and early mornings collectively. You will overcome challenges as a team. Ultimately, you will either fail or flourish as a team. If you recruit someone who lacks the attribute of being a team player, you should brace yourself for a lot of drama and stress.
ACCOUNTABILITY
Look for a team that can develop goals that are linked with the parent corporation's demands and timeline, and make realistic expectations for when results can be achieved.
That's not all. The most important thing for your team to have may be that they are accountable for their work. Projects that produce tangible results, as measured by financial and strategic returns, are less inclined to be canceled. Experienced venture capital experts who are used to achieving results, whether internal or external, are the most likely to be at ease with an accountability ideology.
WRAPPING UP
"The perfect team can make a substantial difference in the long-term viability and success of these vital innovation arms."
Your staff is the core of your company. They define your success and failure, as well as the sort of company you will have in the future. So, it is important that you hire based on character rather than simply business skills. Skills and lessons may be learned, but the character is (more or less) inherent.
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