Behind the PitchRoom: Inside VC Wonderland - The Three Doors In
If founders build rockets, VCs pray to the power law that one of them actually takes off.
This is a deviation from our investing conversations, but I thought it would be relevant to many who want to understand the workings of behind the venture space, and if you aspire to get in, the 3 doors that could open. (If there are more ways in, would love to hear from you)
I was at IIM Shillong this weekend for a talk at Emerge 25.
First — the mountains have this calming effect. The weather was cloudy, the campus beautiful, and there’s a visible effort to preserve its natural setting. Students either walk 25 minutes to their classrooms or take a bus that takes almost an hour. Perhaps an additional test of their commitment at IIM.
But once the session began, the energy in the room surprised me — thoughtful questions, sharp curiosity, and a genuine desire to understand venture capital.
What stood out most was why so many students wanted to enter VC. I hear this often from applicants too, so I wasn’t surprised — but it reconfirmed something: VC does seem like wonderland from the outside.
Almost everyone said some version of this:
“It gives me the chance to meet founders, network, and write cheques.”
That’s the myth.
The reality, as most people discover, is far less glamorous — and far more interesting.
The Reality Behind the Curtain
Venture capital is not a ticket to power lunches and founder meetings.
It is closer to being a founder yourself — except you don’t control the product, just the probability of success.
Here’s what actually happens inside a fund:
You raise money from LPs — who are your investors.
You spend 18–24 months just fundraising for your fund.
You invest based on judgment, not Excel projections. More so true for early stage investing.
You wait 7–10 years for exits.
You realize two of your twenty investments will likely drive all the returns.
It is not glamorous. It is a grind.
Venture investing is about saying no 99 times so you can say yes once — and then waiting years to see if you were right. Saying no is also the hardest part - and I am yet to meet a VC who has never regretted a no.
If founders are defined by optimism, VCs are defined by patience.
The Three Doors In
For all those who asked “How do I get in?”, I tried to be as data specific and actionable, so it helps you plan (without being vague). There are three doors in. (there might be others I did not think of):
1️⃣ Build → Exit → Invest
Founders who have built companies and exited earn their credibility the hard way. They have lived through the zero-to-one chaos. They understand risk, empathy, and timing — things that can’t be taught.
2️⃣ Brand → Insight → Access
People who write and think clearly — who build perspective publicly — earn their way in. The best analysts today aren’t waiting to be hired; they’re already publishing Substack essays, market maps, and founder interviews.
In a world of noise, clarity is currency.
3️⃣ Climb → Learn → Compound
The traditional path — analyst, associate, principal, partner. It’s slow but rewarding. You compound judgment with every founder conversation and every “no” you explain well.
No matter which door you take, the key is not your degree — it is your perspective. Your college brings the networks and the first job- but after this, it is a lot of what you bring to the table.
The Mirror
Venture capital is not magic. It’s a mirror.
You invest in founders the same way LPs invest in you — with belief, not certainty.
And when you see it that way, you realize:
VC isn’t about predicting the future. It is about backing the people brave enough to build it.
Closing Thought
One of the students asked —
“So what does success in VC really look like? have you stayed with your thesis from the time you started investing?”
Maybe success is: being able to stay long enough in the game to let the power law work in your favor.
As an investor, your thesis is really a framework — a way to invest in spaces you understand deeply, so you can both make sound judgments and contribute meaningfully to the founders you back. Almost like an investor-market fit.
My thesis has evolved over time — the domains I invest in have changed — but the core belief remains constant: Bet on the smartest people you meet.
I have also attached the deck I presented for anyone who is keen to dive deeper. Hope it helps anyone looking to understand how to plan a career in venture, and understand if this actually excites them.
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Coming up next: We will tak about some misses from real investors on real startups and why the miss happened.
"Bet on the smartest people you meet" - how have you personally quantified this cause eventually we all become generalists at some point in time and sometimes the initial judgement gets swayed by the noisiest in the room so what guardrails to deploy, to not only bring the sanity back in our viewpoint but also make the correct connects so that the silent ones don't get left out
Love how this piece opens with the mountains at IIM Shillong! There's something about that calming effect and the space away from noise that brings real clarity — whether you're thinking about VC decisions or just finding peace on a trek.
Your three doors framework is refreshingly honest. The patience you describe in VC reminds me of long treks — slow, deliberate climbs where you say no to shortcuts 99 times to find the one right path.
Both mountains and venture investing teach the same lesson: it's not about predicting the summit, but backing those brave enough to attempt the ascent.
Looking forward to the piece on misses!