Tips for Preparation
Why spend so much time preparing for SVCIC? Because this experience will be one of the most rewarding things you do in graduate school. And the more you prepare for SVCIC, the more you learn and the more rewarding the experience. Simply put: it is well worth your time.
With this in mind, we offer the following four suggestions to best prepare for SVCIC:
- Practice the SVCIC process
- Form a diverse team
- Recruit VC coaches
- Create a game plan
1. Practice the SVCIC Process
We put this #1 because there is no doubt that the best way to prepare for SVCIC is to actually go through the process. Would you take the GMAT without taking a practice test? SVCIC is a lot more complicated than the GMAT. Your team will be reading, researching, writing, role-playing, questioning, being questioned, rushing, formulating, formatting, fighting… Being acclimated with the process frees you up to concentrate on your winning strategies.
If your school does not already hold an internal competition, consider organizing a small one. This is by far the best way to prepare and the best way for your school to select the most competitive team. Even if you only recruit one entrepreneur to pitch to two teams, it will be a very rewarding experience for everyone involved.
If you already won your internal event, organize practice mini-events for your team. The more your team practices reading plans, interacting with entrepreneurs and taking questions from VCs, the better. In a pinch you can use a student business plan team. Go through the entire SVCIC process:
- Review the business plan
- Watch the entrepreneur’s 10-minute pitch
- Conduct a 15-minute due diligence session (this is role-playing and practice is especially helpful)
- Present your analysis to coaches who can provide feedback on your work
2. Form a Diverse Team
The best teams have members with diverse backgrounds and skill sets. A good mix might include, for example, a numbers cruncher, an IT guru, a life sciences authority and a marketing whiz. It is also a good idea to make sure you have at least one expert presenter, a term sheet authority and a good negotiator. Strong communications skills are needed throughout your group. A diversity of industry backgrounds is also recommended, as you cannot predict what type of ventures you’ll be analyzing at the event.
Teams do not have to be exclusively comprised of business school students. PhDs, JDs and even MDs have done very well at SVCIC. The only requirement is that all five team members are graduate students enrolled at your university. This is a “team” competition, and judges are looking for depth.
3. Recruit Coaches
Through SSVCIC you have a rare opportunity to connect with potential mentors in your venture community. Whether you are organizing an internal SVCIC or lining up coaches for your team, leading your school’s SVCIC effort is a great way to network. You should seek out two types of coaches to help you prepare: SVCIC alumni and VC professionals.
By “SVCIC alumni” I mean anybody at your school who has experienced SVCIC, including 2nd‑year students, recent alumni and your SVCIC faculty advisor(s). Have these coaches walk you through the SVCIC process and help you create specific strategies for each step of the competition (see item #4 below). Put together a notebook to help next year’s team prepare.
The best SVCIC teams will develop their own techniques for assessing deals by assimilating the knowledge and experiences of multiple coaches, including venture capitalists, angel investors, entrepreneurs, professors and lawyers that specialize in venture capital financing. Don’t rely too heavily on one individual coach. There is a lot of variance when it comes to venture capital.
4. Create a Game Plan
Everyone at SVCIC is very smart and very well prepared. In this competitive landscape, teams with the best strategies come out on top. Below are some questions your team should discuss before arriving at the competition. Sit with your SVCIC alumni coaches and review each point.
