Building a Body of Work: Beyond the Track Record

Before the famed “track record,” you’re creating something almost as valuable.

Many rising venture capitalists fixate on achieving a “track record”—a beacon of success that ostensibly separates the prosperous from the rest. However, this focus can obscure a vital truth: success in venture capital is not a binary achievement unlocked overnight. It’s built through a meticulous accumulation of experiences and decisions that form a robust body of work.

The Myth of the Sudden Track Record

The query, "Do you have a track record?" suggests success or lack thereof in VC is a binary event. However, the reality is far from this simplistic view. A track record doesn't magically appear; it's the culmination of years of strategic and tactical effort. Understanding the fallacy of the sudden appearance of a track record naturally leads us to a more holistic approach to building our professional arc.

Reframing Success: The Body of Work

Instead of focusing solely on a track record merely comprised of formal recognition and accomplishments (deals led, board seats, and outcomes produced), early-career VCs should aim to build a broader "body of work." Just as an artist builds a body of work through assembling a portfolio of creations, you can build yours through producing a set of experiences. This concept moves beyond the simple prototypical track record spreadsheet that lists investments and their (storied) outcomes. Your body of work isn’t a black-and-white spreadsheet, but a colorful tapestry of accomplishments. By mentally framing and communicating your experience as a VC as creating a body of work, you reflect the responsibilities you’ve taken on in specific roles with each deal process, your engagement with portfolio companies, and the positive developments of these companies over time.

This approach shifts the attention from what you haven’t yet achieved to what you’ve actively contributed and what lies ahead. It’s about documenting a series of accomplishments that showcase your growing experience and capabilities in VC. As an exercise, for each company you’ve been involved with, make a proactive note of all your activities—whether you sourced the deal, conducted or led the due diligence process, made reference calls, wrote an investment memo, supported a deal presentation internally, participated in board meetings as a guest or official observer, introduced potential customers or advisors, helped recruit new employees, or took the lead on internal updates, etc. These roles, even if they don’t always include an “official” board seat or being the primary point person for your firm, provide invaluable experiences that enhance your professional growth. Then, aim to proactively fill in gaps and engage in experiences you might be missing.

The Power of Experience Over Titles & Track Record

When my partners and I raised our first fund at NextView, we secured investments from three institutional LPs, not based on a “proven” track record, but because of a body of work of prior responsibilities at our previous firms and also ten angel investments which we made together. For the latter, we articulated why each investment fit our strategy and the value we added, validated by the founders who vouched for our involvement. Keep in mind that we left our previous shops not as partners, but as mid-level professionals (Principal & VP titles), and raised tens of millions for a first-time fund during the hangover of the Great Recession. This wasn’t an easy task - it took nearly eighteen months - but demonstrates that a body of work can be enough to raise outside capital for a new firm.

Along the same lines, if your next career move isn’t to start a new firm but to jump ship, potentially landing at your forever home, the more clearly you can speak to and document your body of work (even without a proven track record), the more compelling a case you can make about what you’ll bring to a new firm… and what responsibilities you should be granted there.

Ultimately, one of your greatest assets can be the relationship you develop with entrepreneurs, the customers of our business. What's crucial is how these founders will represent your contribution to potential LPs in your new fund or to a new employer conducting due diligence. Will they testify to your critical role in driving internal decisions and supporting them through their growth phases, or will they reveal that you only had a bit part? The insights gained from focusing on our body of work not only redefine success but also prepare us for the realities of a career in venture capital, which does not follow a standard trajectory.

The VC Career Path Isn’t Standardized

As I’ve mentioned in previous posts, it took nine years from my start as a VC associate to the point where I could claim full responsibility for writing an investment check resulting in an exit of over $100M. Your mileage may vary. It’s notable that in the meantime, however, I was an official Board Observer on a high-flying company that eventually exited for $1.6B, raised a first-time fund from institutional LPs, served as a Board Director for numerous companies (including ones that generated tens of millions in revenue). Once I had a “real” track record, it became merely a reflection of the body of work I had been striving hard for nearly a decade to put in place.

Earlier career venture capitalists, then, should focus on cultivating both a broad and deep body of work. This comprehensive approach not only enriches your experience but also empowers you to discuss your accomplishments authentically and persuasively, irrespective of your current position or title. Eventually, a track record will emerge as an output when you’ve done the right things as inputs.