In episode 38 of the 20 minutes VC, host Harry Stebings interviews Angela Tran Kingyens, an associate at Version One Ventures. Angela shares her journey from academia to venture capital, emphasizing the serendipity of her career path and the importance of networking. She advises entrepreneurs on securing warm introductions to VCs and stresses the value of strategic investors who offer deep networks and responsive partnerships. Angela also discusses the potential and evolution of marketplaces, highlighting the shift towards B2B and on-demand services. She details the significance of the first 18-24 months post-investment for founder-VC relationships and offers insights into the deep-dive research process at Version One, which involves creating market maps to identify opportunities for disruption.
"Angela is associate at version one Ventures, where she manages the day to day activities of the fund."
This quote introduces Angela's current role at Version One Ventures, highlighting her responsibility for the fund's daily operations.
"Prior to version one, Angela coaunched Insight Data Science, a YC backed startup helping academics transition into careers in industry."
The quote provides background on Angela's experience before joining Version One Ventures, including her involvement with Insight Data Science and its mission to assist academics in entering the tech industry.
"I think my transition from academia to working at a startup all the way to becoming a VC has actually been quite serendipitous."
This quote summarizes Angela's career path, emphasizing the unplanned nature of her journey from academia to venture capital.
"So I went to university in Toronto, did my bachelor's in engineering science, and then went on to do a master's in phd in financial engineering, but realized that I wanted to do something more with application and not just theory, and eventually somehow found my way to the valley."
Angela details her educational background and her desire to apply her knowledge practically, which led her to Silicon Valley.
"Got married, actually, and then partnered with a Y combinator grad, who together we launched a program called Insight, where we actually took the top phds in the country and trained them to be data scientists."
This quote explains how personal life events and professional partnerships contributed to the founding of Insight Data Science.
"And through lots of networking in the valley, where everyone's super generous with their time and constantly pay it forward, I was able to meet Boris Wurtz, my partner, who's the managing director and founding partner of version one Ventures, and he convinced me that VC would be a great fit for me."
Angela credits networking in Silicon Valley and the generosity of its community for her meeting with Boris Wurtz, which led to her career in venture capital.
"The best way to interact with a VC or get that introduction from a VC is to get a warm intro from a mutual contact, whether that contact is another entrepreneur or an investor."
This quote emphasizes the importance of warm introductions in establishing connections with venture capitalists.
"It's one of those things where you really have to be focused on what it is that you want to get out of a relationship, just like in any kind of relationship, and hope that someone vouches for you so that you can get that FaceTime."
Angela suggests that clarity of intent and getting someone to vouch for you are important when networking with VCs as an aspiring investor.
"Sure. I think a lot of the investors now are on Twitter, they're avid blog writers. So there's always ways in which you can communicate with vcs."
Angela points out that social media and blogging are viable platforms for engaging with venture capitalists.
"The first thing that we try to get phds to think about in their transition from academia to industry is learning the language of that industry."
Angela advises academics to familiarize themselves with the specific language and tools of the tech industry to facilitate their transition.
"So it was just a matter of shifting those skill sets. The transition isn't difficult. It's just a matter of knowing that you have to make it and then practicing."
The quote emphasizes the ease of skill transition from academia to industry, provided there is awareness and effort to practice and adapt.
"And then the second point is really shifting one's mindset in academia from rigorous to the industry way of thinking, which is much more iterative, I think when we're lean method."
The quote highlights the need for academics to adopt a more flexible and iterative mindset in industry settings, as opposed to the perfectionism often pursued in academia.
"So one of the things that we encouraged the PhDs to do was be open to feedback and move as quickly as possible and iterate that way."
The quote underlines the importance of being open to feedback and quick iteration in industry to deliver actionable insights.
"It just really depends on what stage you're at in your business and what you need."
This quote suggests that the decision to engage with incubators or accelerators should be based on the specific needs and development stage of the business.
"But I think the network really also depends on where your main customers are and that's where you should be."
The quote advises startups to choose their location based on where their primary customer base is situated, to take advantage of the relevant network and ecosystem.
"We need to focus because we only have so much bandwidth and we get excited about marketplaces and platforms because of the inherent network effects that are associated with them."
The quote explains why Version One specializes in marketplaces and platforms, emphasizing the strategic decision based on the fund's size and the exciting potential of network effects.
"I think there's still a lot of ways in which we can connect people. So that's definitely what makes us excited."
The quote reflects optimism about the future of marketplaces and the ongoing opportunities to facilitate connections, particularly in the B2B sector and on-demand services.
"We're also starting to see full stack marketplaces, where the intermediary takes, or you as a marketplace or intermediary, takes a lot more of the responsibility, the trust." "So there's still a lot to be excited about and things will evolve depending on what the needs of the people are. So I'm pretty bullish."
The quotes explain the concept of full stack marketplaces and Angela Tran Kingyens's positive outlook on their evolution and impact on the market.
"So at version one, we know that the first 18 to 24 months after we invest are probably the most important time, so we try to be as involved as possible." "On a personal note, I like to help companies with their product or data project."
These quotes highlight the importance of the early stages of investment and the hands-on approach Angela takes in supporting portfolio companies, especially with product development and data science.
"I encourage people to look for strategic investors." "It's very much like a marriage. So you're going to be working with this VC anywhere from five to ten years."
Angela advises founders to look for VCs who can provide strategic advantages and likens the long-term partnership to a marriage, emphasizing the importance of compatibility and mutual support.
"Yes. Share the story yeah, no, it's not funny, but I think when I first started doing these deep dives, it was a lot easier because I would just go down a particular vertical." "And so I thought, okay, well, we have two ends of the spectrum. Is there anything in the middle?"
Angela describes the process of market analysis at Version One Ventures and the complexities of exploring business models like marketplaces. She discusses her past analysis of the transportation sector and the foresight she had regarding shared rides, illustrating her analytical approach and understanding of market opportunities.
"I asked myself, could we use technology to improve carpooling? Or better yet, is the reason why carpooling isn't as prominent right now. The fact that is it because technology is not helping. And the more research I dug into it, I realized that that wasn't actually the case."
The quote explains that the initial hypothesis was that technology could improve carpooling, but research indicated that the real issue was the inconvenience associated with carpooling, not the lack of technological solutions.
"Understanding that there's nothing and building a thesis. So understanding that there are holes in the market and coming up with a thesis on whether or not you think something is going to work is really important."
This quote emphasizes the importance of recognizing market gaps and developing a thesis to guide investment decisions.
"I start out with Mattermark and Angelus and Crunchbase. And of course, I subscribe to a bunch of blogs."
The quote lists essential resources used by investors for conducting market research and staying updated with industry trends.
"So mattermark has a great daily newsletter I think everyone should sign up for. If you're an aspiring vc, Dan Primax term sheet is incredible."
This quote highlights the recommended newsletters and blogs that provide valuable insights for aspiring venture capitalists and those interested in the finance sector.
"Long term, it's all numbers. So your return on investments will tell you how well you do."
The quote clarifies that the ultimate measure of success for a venture capitalist is the financial return on their investments.
"It comes down to we love founders who are category leaders that are going after markets that are not too overcrowded with existing companies that are all doing the same thing."
This quote explains the preference for investing in innovative companies with strong leadership that are entering markets with less competition.
"The most recent investment that we made public is a company called Headout, which is essentially hotel tonight for activities, experiences, or travel tours."
The quote describes the most recent public investment and highlights Headout's business model, which contributed to the decision to invest.
"My favorite book, I would say good to great by Jim Collins."
The quote reveals Angela Tran Kingyens' favorite nonfiction book, which could be indicative of her approach to business and investment strategies.