By: Senoh Koroma

I’ve always been one to plan my life down to the minute. First on the list was attending Georgetown University to study business and language, followed by Pharmacy School for a Pharm.D., and maybe even a dual Pharm.D.-MBA program if I was feeling courageous.

Well, as these things go, the ambitious path towards these goals led to feelings of burnout, but I was fortunate to have the flexibility to pause and reevaluate my direction. I still knew I wanted to pursue a career in business and began to explore an interest in healthcare.

I was offered an internship position with Healthworx, the investment and innovation arm of CareFirst Inc. Having never worked in healthcare or the venture capital (VC) space, I did not know what to expect. My mind was racing with questions, uncertainties, and maybe a touch of imposter syndrome, but I set all of that aside, determined to become a ‘yes’ person and embrace this new opportunity. 

Here are four things that surprised me as a venture capital intern – who knew nothing about venture capital!

1. Build and Maintain Your Bridges

I had the misguided notion that positions in VC were mostly quantitative jobs. In observing the Healthworx team navigate different circles, VC is much more than that. VC is a people business where good relationships can be worth their weight in gold. 

Friendly VC investor relations serve as the conduit to exchanging market information that can make or break a deal. Thus, the greatest benefit of this relationship is transparency. With open communication about realistic strategic alignment, financial performance, and internal team dynamics, you as an investor can make a fully informed decision.

Beyond relationships, whether or not an investment occurs sometimes comes down to a matter of timing, so nurturing these relationships can be essential in affording an investor a valuable opportunity in the future.

Once a deal is finished, it’s not uncommon for an investor to have a very hands-on dynamic with the CEO or team and take a personal interest in ensuring success for the business. The more trust in that relationship, the easier it will be to handle rising concerns in the startup's lifetime. 

2. Thick Skin Is A Must

Healthworx is unique in the VC landscape. It is classified as Corporate Venture Capital, or CVC, because it invests in startups not only for itself, but largely for the better interests of CareFirst Inc. For that reason, it is very intentional in bringing forward investments that will not only make high returns, but aid in enhancing member experience.

Now what does this have to do with thick skin? Because Healthworx is attached to a larger organization, there is more bureaucracy an investor must go through than at a non-corporate affiliated VC. Deals are marathons, not sprints. As an investor, you can spend months working with a founder and their team, conducting market research and valuations before writing a memo and presenting to the Investment Committee (IC - they are the people who "yay or nay" a deal).

This amount of work no doubt results in emotional attachment to a deal. Unfortunately, the reality is that investments are a people’s game and you cannot win everybody. Even after all that work, it's within the realm of possibility for a majority of the IC to say no, even if it is only a no for now. You cannot take this as a personal loss! There are always more opportunities in the market. Learn how to move on and take this as a learning experience. Pay attention to what went wrong, actively work on fixing it, and do opinion temperature checks to see if you are on the right path.

3. Research, Research, Research

VC is a never-ending game of research! Staying abreast of what is going on in the market and within your company is a must. For Healthworx, part of this means scheduling quarterly calls with Subject Matter Experts (SMEs) in varying verticals, such as maternity or pediatrics. These SMEs are on the ground, actively working with solutions that the market invests in. The information you glean from those conversations can directly impact the moves you make for possible investments.

To get up to date on specific areas, many VCs do market maps, or market research, that showcase market trends that inhibit or propel success in that space. Market research can be subjective, so if the way you slice up a market does not look the same as others, do not fret, it’s all a part of the learning process!

4. There is no "right" way to do VC!

After sitting in on dozens of meetings, it’s clear that there are many personalities working within VC and healthcare with similar goals. But how they achieve those goals varies based on who they are as a person, and no one strategy is superior to another. This rings true for VC investors as well.

Sourcing startups, completing deals, and conducting market research is the crux of what VC investors do. You do not necessarily have to be an extrovert to excel in the field, but you must find the right methods for you.

There are investors who thrive at happy hours and social events where formal barriers are down, allowing more space for candid conversation and personality. There are those who are true academics and would prefer to attend conferences to speak with experts and learn more about field advancements. There are others more traditional who learn the most from talking to start-ups. Ultimately, to be successful in the VC world, you must be flexible, as each approach has its advantages and disadvantages.

Everyone brings something important to the table. As long as you have grit and passion for the space, options are limitless!

What an invaluable experience it has been to spend months in this space with the Healthworx team, listening, observing, and learning about the VC space. I’m so grateful to have had the opportunity to witness firsthand each individual’s journey that led them to this point in their career.

There’s an old saying about the ‘best laid plans’, and through this experience, it has become abundantly clear that there’s no better way to learn – or plan – than by doing.

About Healthworx

Equal parts investment arm, strategic partner, commercialization engine, and launch pad, Healthworx, the investment and innovation arm of CareFirst Inc., is an agile group of healthcare experts dedicated to building a healthier future and a better healthcare experience. Made up of four arms - Healthworx Accelerator, Healthworx Ventures and Healthworx Studio - Healthworx provides innovative healthcare startups with support at every stage of their growth. For more information about getting involved in the Healthworx ecosystem, visit https://www.healthworx.com/