As my traineeship at Life Size was coming to an end, I got the opportunity to spend one month of my summer in Prague with our friends at Inven Capital. The idea behind it: over the last few months working with our clients, I’ve spent a lot of time looking at climate tech through a communications lens. Now, it was my opportunity to get another perspective on the climate tech ecosystem by spending time with a VC fund, to truly understand what makes a successful startup and get a deeper understanding of what investors need to hear from founders to invest. 

These four weeks in Prague were filled with days of scorching heat, forays into Czech literature, hours spent becoming an expert in geckos and grasshoppers (if you know, you know) and learning about Czech history and culture. 

My main role at Inven was to work on their communications strategy and develop new content formats for their LinkedIn. However, the most valuable experiences for me were the exciting days spent at the Inven office with team members who patiently answered all the VC-related questions I threw at them (biggest thanks to Klára, Kristýna and Martin!). 

While Inven is special in many ways – how much they care about their founders, how much energy and time they invest in good team dynamics and how they always try to approach startups with a holistic, not only number-focused, view – the insights I gained into venture capital are universal. 

I had the opportunity to sit on the other side of the table – listening to founders pitch their companies and tell their stories and looking at startups not to assess their communications, but their market fit. Seeing what worked and what didn’t from a VC’s perspective was the most valuable experience for my work at Life Size.

So, what did these weeks teach me about VCs? And what can you, as a founder, learn from that?

1. Later-stage VCs like Inven speak to hundreds of startups while only making two or three investments each year. They hear numerous founding stories each week; they look at business plans and pitch decks, and they are experts in quickly assessing where the true potential lies. Witnessing deal flow discussions was a powerful reminder of how important it is to stand out while remaining authentic, and the need to be clear about your value proposition and your vision.
2. Venture Capital really is a people business. Not just in the sense that investors talk to a huge number of startups and founders, but in the sense that they really – and when I say “really,” I mean “really” – take a close look at who’s on your team, what experience they bring to the job, and which strengths and weak points they have. You could conclude that you should therefore always perform and appear as composed as possible whenever they’re around. On the contrary, I experienced that it’s important to show your strengths as a founder, but that it’s equally important to be brave enough to be authentic and be your true self. Just as you want to know the investor who’s going to be on your board, they want to know who they are going to work with. They will appreciate you being confident and honest.
3. A strong vision is more important than a clear plan. You have to show where you’re heading and why you want to do exactly what you’re doing. However, investors are aware that there are no certainties in this uncertain world. Especially in times of geopolitical polycrisis, instead of pretending that you can control everything, it’s more important to show that you’re aware of that uncertainty and that you can deal with unexpected changes. What counts is your ability to assess situations accurately and to make the best decisions for your company based on that. Thinking that you can control every step could be a red flag for investors.
4. VCs don’t necessarily see each other as competitors but partners. They exchange a lot with other VCs about exciting startups and promising founders. Make sure that they have you in mind when doing so, for example, by putting energy into maintaining your network even if you’re not fundraising.
   
5. If you are in the position to do so, choose an investor that really fits your company and your needs. There are big differences in the approaches of different VCs and in the way they will work with you. Be sure about what your company needs in the current situation – for example, a better network in your market or strategic help – and that the VC you’re working with provides added value apart from funding.   

The time I spent at Inven gave me a better picture of the startup ecosystem, and helped me position Life Size’s work better within this network. As I return to my work supporting climate tech companies with their communications, I’m more convinced than ever: precise, professional, bold and authentic communications about you, your vision and your startup’s value proposition couldn’t be more important.