Harvard → Consulting → Growth Equity → Venture? 

I sat down with Matt Hawes, an investor at 645 ventures, to talk about all things venture. What is it like to work at a massive firm? How does one build thoughtful investment theses? What does success look like as you rise up the ranks? Find out on Ep 017 of “New to Venture”!

Key Takeaways:

- Invest with discipline. Macroeconomic trends will change the standard of “a good startup” especially with regards to valuation and multiples. Stay disciplined, invest based on your thesis, not the market. 

- Deal flow quantity and deal flow quality have a synergistic relationship especially for young VCs. Quantity is important so you can get the reps and a pulse on the startup ecosystem. At the end of the day though, it’s a quality game. Additionally, having deal flow quantity allows you to elevate your quality bar. 

- One of the lowlights of being a VC is when you are deeply excited about a company, but are not able to invest. You’re forced to take a backseat and watch them grow instead of being in the trenches with them.

Timestamps:

(00:00) - Introductions!

(01:40) - How Matt and I Met/Creating Music

(05:58) - Matt’s Path to Venture

(13:21) - Leaving Consulting for Venture

(17:08) - Working for Insight Partners

(21:45) - How Success Changes with Seniority/Firm Size

(25:16) - Quantity vs. Quality

(28:53) - What Attracted Matt to 645 Ventures

(31:36) - Differences Working for a Big vs Lean VC Firm

(32:43) - Do Founders Treat You Differently at a Big Firm?

(35:15) - Matt’s Favorite Moments in VC

(37:46) - Building Investment Theses

(40:32) - Missing Out on a Company You Love

(41:47) - Ceremonial Final Qs