Bessemer Venture Partners Adopts Unique Approach to Training Future VCs
Bessemer Venture Partners, a leading venture capital firm, is taking a unique approach to training future partners in the industry. Unlike most firms that have associates who may never progress to partner level, Bessemer has developed an apprenticeship program to groom its analysts to become future partners. The program lasts for two years and is highly competitive, with thousands of applications received each year for just a few spots. The aim of the program is to equip individuals with the skills and mindset to thrive in high-stakes investment environments.
Criteria for Selecting Apprentice Analysts
Jeremy Levine, a partner at Bessemer Venture Partners and the co-founder of its analyst apprenticeship program, revealed that the firm looks for individuals who have excelled academically. While Levine acknowledged that there may be talented individuals who did not perform well in college, the firm places emphasis on finding candidates who have demonstrated outstanding academic achievement. Existing analysts also play a role in the selection process, and the firm values candidates who possess independent thinking and have strong conviction in their ideas and thoughts.
The Journey from Apprentice Analyst to Partner
Bessemer Venture Partners has a clear path for apprentice analysts within the firm. The goal is for these individuals to eventually become partners, who are given a great deal of autonomy in their decision-making. Unlike at other firms, partners at Bessemer do not need to seek permission to invest in a company; they just need to write a memo explaining their investment rationale. However, making a series of poor investment decisions can have serious consequences. Partners who consistently make bad decisions may have their checkbook privileges revoked and be asked to leave. The program is designed to prepare would-be investors for the high-stakes nature of the venture capital industry.
Success Stories from the Apprenticeship Program
Bessemer Venture Partners’ apprentice analysts have gone on to achieve success not only within the firm but also in the wider venture capital industry. Alumni of the program include individuals who have become partners at other high-profile firms, such as Lightspeed, Benchmark, General Catalyst, Andreessen Horowitz, Accel, Norwest, and SignalFire. This track record demonstrates the effectiveness of Bessemer’s apprenticeship program in grooming talented individuals for leadership roles in the venture capital world.
Advice for Aspiring Venture Capitalists
Jeremy Levine, who has been with Bessemer Venture Partners since 2001 and has been instrumental in developing the apprenticeship program, offers some advice for individuals looking to enter the venture capital industry. His key message is for individuals to identify their strengths and passions and focus on developing those areas. Trying to excel in areas where others have natural talent may be futile, so aspiring venture capitalists should play to their own strengths and interests. The venture capital industry offers different versions of the game, and individuals should choose the version that aligns with their skills and desires.
Analyst comment
Positive news:
Bessemer Venture Partners adopts a unique apprenticeship program to train future partners, providing a clear career path and autonomy in decision-making. The program’s success is evident through its alumni’s achievements in prominent firms. Aspiring venture capitalists are advised to focus on their strengths and passions.
Market prediction: This innovative training approach is likely to attract top talent and strengthen Bessemer Venture Partners’ position in the market, leading to continued success and growth in the venture capital industry.
