NUS MBA at the VCIC 2023 Asia Regional Finals

Team NUS MBA, which consisted of Hansen Chan, Stephen George, Hattie Ren, Nguyen My Linh and Lim Cheng Kai, emerged as 1st runner-up at the Venture Capital Investment Competition (VCIC) Asia Regional Finals 2023! The results come after intense and high performances from four regional universities including AIM, CEIBS and NTU.

We speak to the team as they share more about their experience and memorable takeaways from this competition.

1. Can you describe your preparations leading up to the competition?

The period leading up to the VCIC competition was a significant learning experience for us. Following the NUS internal selection round, the team dedicated three months to intensive preparation for the regional round. Throughout this time, the team engaged in various activities to enhance knowledge and skills. We had regular sessions with our mentors – Assistant Professor Ng Weiyi from the Strategy & Policy and Nikhi Kapur, MBA Alumni (Class of 2015) who was also the winner of VCIC 2015, where we discussed topics ranging from VC investment strategies to business evaluation frameworks. We also had pitch meetings with several start-ups, which allowed us to refine and hone our VC skills. In addition, we held weekly internal team meetings to leverage our team’s diversity through effective peer learning. This three-pronged approach enabled us to improve our investment skills, gain first-hand knowledge about the venture capital world, and develop a deep understanding of the startup ecosystem within a short period of time.

2. What were the learnings from your NUS MBA courses, or knowledge and experience gained outside of the classroom, that stood out in terms of equipping you well for this competition?

The biggest assistance in the MBA came from the thorough coaching of our two mentors. Their experience with the VC field was key in upskilling and assisting us in understanding how best to evaluate companies and providing us with a solid foundation to build up the team’s knowledge. Our peers in the MBA were also of great help, by providing us with expert knowledge as well as linking us to founders who helped trained our evaluating acumen. The various courses in the MBA, such as operations and finance have also helped us get a strong intuitive sense of each company’s financials and business models, which proved to be essential during the competition.

3. How did you get the best from all team members?

All 5 members came with different strengths and complemented each other really well in both personalities and skillsets. For example, Hansen comes from a logistics and corporate background, and acts as our business strategy guy in the team; Stephen comes from a finance and VC background, and he is our fin-tech expert; Linh is our Economist and is very good at market sizing; Cheng Kai is the scientist in the team with a PhD in biology, and he is our go-to person for any tech related questions; and lastly for Hattie, she comes from a recruitment consulting background and she is best at assessing the founding team profiles.

4. How did you think your work stand out, compared to the rest?

A short, templated proposal listing out the company the team has chosen to invest in was submitted. The proposal also provided the reasons for rejecting the other companies as well as a term sheet that detailed our investment terms. The team presented at many rounds of in-person evaluation, such as evaluating our interaction with the founders, as well as with the investment committee. We stood out for our confidence and demeanour during those in-person interactive rounds, as we were clear, concise and incisive with our comments, and we were well-prepared for the questions that we wanted to ask as well as those that were posed to us. The team also believe that we had a robust analysis of the company’s business model and built up our case with solid assumptions and a clear logical argument.

5. What were the valuable lessons learned through your participation in this competition?

The team learnt the importance of adaptability, openness to new ideas, and continuous learning to succeed in the dynamic and ever-evolving world of venture capital. The VCIC competition offered valuable insights into the fundamentals of the venture capital industry, covering key aspects such as investment stages, valuation methods, and deal structures. Furthermore, the competition has shown us the significance of having a diverse team with varying professional and geographic backgrounds. Collaborating with a diverse group of participants from different parts of the world and industries provided a deeper understanding of the importance of perspectives and different approaches.

6. What was your most memorable takeaway from this competition?

One of the most memorable takeaways from the VCIC was the journey of building strong relationships with team members. As we began the competition, we were all strangers to each other. However, we gathered and engaged in weekly discussions, and over time, friendship and trust were developed and built that has allowed the team to work together as a cohesive unit. In the regional round, the team worked together meticulously, each leveraging one another unique skills and perspectives to drive the team forward. The experience taught me the value of building strong relationships with team members, even in situations where there is no prior connection, as this can ultimately lead to a more successful outcome.