New to Venture3 Jul 2024

Ep 014 - Lily Lyman, General Partner at Underscore VC

In the world of VC, people are everything!

I sat down with the legendary Lily Lyman, General Partner at Underscore.vc to talk about all things people. How do you pick the right founders? How do you find the right VCs to join your investment team? How do you choose the right business partners? Find out on episode 014 of New to Venture!

Here are some key takeaways from our conversation:

- “Choose the professor, not the class.” Surround yourself with great managers and people you are excited to learn from.

- Attitude, Aptitude, Ability. In that order, focus on sharpening and displaying these attributes.

- Prioritization of time is the most difficult aspect of being a VC. Say “yes” often enough to put yourself in the path of serendipity and luck, but also have a hypothesis on which people and which relationships may be the most valuable/helpful. Additionally, saying “no” and setting boundaries on your time commands respect.

Timestamps:

(00:00) - Introductions!

(02:53) - Lily’s Love for Traveling

(05:13) - Startup Similarities Around the World

(08:33) - Lily’s Mindset on Prioritizing Your Time

(10:38) - Picking the Right Investor/Founder to Partner With

(14:01) - What changes as you become more senior in VC?

(17:50) - A Day in the Life

(20:15) - Lily’s Favorite Part of Venture Capital

(24:18) - Building a Venture or a Venture Firm

(27:31) - Evaluating Founders with Little Track Record

(30:40) - Evaluating Founders vs. Hiring Investors

(34:53) - Ceremonial Final Qs

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