Chapter 54: Demo Day
Life as an intern at a venture capital firm was far more intriguing than I had anticipated.
“You may have heard the saying, ‘A weak beginning but a great ending!’ In today’s corporate-centric industries, we find ourselves unable to discover new growth engines. Venture capital, in essence, is a new form of financing that supports these fresh challenges.”
The speaker, a former accountant and now an executive, passionately addressed the three of us interns.
He was so brimming with energy that every time he threw his head back in excitement, it became blatantly obvious that he was wearing a wig.
I couldn’t help but ponder if I should discreetly inform him about it later.
“We need to identify startups with significant growth potential across various fields, execute investments, and create a virtuous cycle of growth together with them.”
Clap, clap, clap.
It was such a dry speech that our applause lacked any genuine enthusiasm.
The three of us had been assigned slightly different areas of responsibility.
Alfredo was placed in the Strategic Planning Team, where he was tasked with conducting market research on startups shortlisted for investment and preparing for commitments to parent funds 1(In the context of venture capital (VC) or private equity (PE), the term “parent fund” often refers to a larger fund that invests in various smaller, specialized funds or startups. The parent fund might also oversee and manage the operations of the child funds while receiving returns based on the performance of those child funds).
Rose joined Investment Team 1, while I was assigned to Investment Team 2.
Thus began the full-fledged internship experience.
The organizational structure of Buksan Ventures was remarkably simple.
The departments were divided into Investment Team 1, Investment Team 2, Investment Team 3, and the Strategic Planning Team.
As for roles, there were Senior Analysts and Lead Analysts.
One thing that personally amazed me about Buksan Ventures was the sheer number of highly educated individuals in the company.
In fact, most of the employees in the office were graduates of South Korea’s top five prestigious universities.
I was even more astonished to learn that Alfredo, who was a bit slow but a kind-hearted friend, was also a graduate of Yonsei University.
As I looked into it, I discovered that Buksan Ventures operated on a system where everyone set aside their ranks and engaged in open discussions.
“I understand your concerns, Liam-nim. However, among the younger generation these days, that kind of issue would simply be laughed off. Additionally, regarding the technical aspects you mentioned…”
A male Senior Analyst in his late twenties maintained direct eye contact with a Senior Lead Analyst in his forties as he laid out his argument confidently.
His tone was respectful, but his words were straightforward and sharp.
The emphasis on both strong academic backgrounds and exceptional skills made sense here.
To engage with the talented, one had to be talented themselves.
The logical and well-structured argument of the Senior Analyst seemed to persuade the Lead Analyst, who nodded thoughtfully and jotted something down in his planner.
“You’re right; it seems I overlooked that part. Let’s review and revisit this in a later discussion.”
The meeting, calm yet intense, wrapped up in this manner.
As lunchtime approached, we headed straight to the café.
Since there were only three of us interns, it was natural that we grew close quickly.
“Whew… Why does just sitting there feel so nerve-wracking?”
Alfredo, despite his large frame, let out a thin, defeated sigh as he slumped into a chair like a puppet with its strings cut.
“But don’t you think the company culture is pretty… good (trash)?” 2(In the Korean text, the character Rose is reacting to Alfredo’s comment in which he says, “조···. 옷 같다는 말은 좀···.” This literally translates to something like “It’s a bit like… trash” in reference to the company culture, but the word “옷 같다는” itself is somewhat tricky. It’s actually a play on words where “옷” could refer to “clothes” in a metaphorical sense, but here, it’s meant to reflect a negative or dismissive view of something which as “trash”, which Alfredo says jokingly)
“Rose-ssi, come on, calling it trash is going too far, isn’t it?”
Rose, her face flushed crimson, glanced around nervously before snapping at Alfredo in a high-pitched voice.
“What are you even talking about?! I said it’s good, not trash!”
“Oh, why didn’t you say so earlier? Yeah, this place is great. The people are nice, and I really want to do well here and land a full-time position.”
Watching Alfredo grinning brightly while spouting nonsense was like having a walking comedy act beside us.
He was a laughter trigger all on his own.
One day, I playfully asked Alfredo if he had ever fallen from a persimmon tree as a child.
He replied that he had a fear of heights so intense that even elevators scared him.
Despite his imposing stature, Alfredo was full of surprising quirks.
Another realization I had while interning at the VC firm was how much their work resembled that of journalists.
First and foremost, I spent very little time in the office.
Apart from our weekly meeting, I spent most of my time outside, trailing after my mentor, Matthew.
So, where did we spend all this time?
We frequently visited startups from various industries, networked with people in the field, exchanged information, attended seminars, and participated in meetings.
It reminded me of how journalists worked—constantly on the move, meeting deadlines regardless of location.
My role while shadowing Matthew was quite simple:
I attended meetings and took notes.
During meetings, I recorded every exchange, and afterward, I participated in wrap-up discussions.
These sessions offered me valuable insights into the VC decision-making process and the perspectives they used to evaluate investments.
It made me realize how much there was to learn in the world.
“Let’s move on now. Dylan-ssi.”
“Where are we going this time?”
“We’re going to have coffee with some other VCs.”
I found these meetings with investment experts particularly fascinating.
Unlike my own straightforward approach of chasing golden opportunities, these professionals analyzed potential investments from multiple angles with incredible depth.
They considered questions like: What will the future profitability look like? Is this a promising industry? They even contemplated the ethical aspects of their investment direction.
And above all, what surprised me the most was…
“What on earth don’t these people know?”
They seemed like specialists, but beneath the surface, they were thorough generalists.
This made sense, given the immense diversity within the startup industries—electricity, machinery, software, biotech, simple manufacturing, and more.
Given the need to evaluate business models across such diverse sectors, it was inevitable for VCs to develop into generalists.
“Good work today, Dylan-ssi. It’s not easy to be running around like this.”
“Not at all. It was an incredibly insightful and enjoyable experience.”
Matthew raised his wrist to check the time.
“Let’s head back to the office, upload the meeting of minutes, and call it a day.”
“Understood.”
We made our way back to the office in Pangyo.
In the distance, I spotted Alfredo ambling along, humming a tune.
I raised a hand to greet him, but before I could, a woman who seemed to be his mentor approached him.
“Alfredo-ssi?”
“Yes, Angela-nim!”
“Could you clear those boxes over there?”
“Boxes? Ah… yes!”
Clap, clap, clap, clap.
Suddenly, Alfredo broke into what could only be described as military applause.
“No, not applause—I meant the delivery boxes over there. Please clear them.”
“Ah, got it! I’ll take care of them right away.”
As Alfredo scratched his head with an awkward laugh, I couldn’t help but think how consistent he was in being… well, Alfredo.
Today was Demo Day for B-CAMP, the largest accelerator program in the country.
Demo Day was an event where startups that had completed an accelerator program showcased their progress and achievements in front of key stakeholders.
As usual, I reported to work, but instead of staying at the office, I was riding with Matthew to the Demo Day venue.
Matthew often shared insights during car rides, and most of what he said was valuable, so I made a point to listen carefully.
“So, Matthew-nim, what’s the most important factor for you when evaluating an investment?”
“Without a doubt, it’s entrepreneurial spirit.”
Matthew replied firmly, adjusting his grip on the steering wheel.
“Entrepreneurial spirit…”
“It may sound old-fashioned, but after 15 years in this field, I’ve realized that nothing else matters as much. Business models? Technical capabilities? Of course, they’re important. But above all, entrepreneurial spirit must come first.”
“And what exactly does entrepreneurial spirit mean?”
“Hahaha. It’s a bit of a vague concept, isn’t it? And each VC might interpret it differently. To me, entrepreneurial spirit is ‘the unyielding determination and ability to solve problems as they arise.’ Business is truly a series of challenges and hardships. That’s why I always focus on the person behind the business idea, not just the idea itself.”
I nodded in agreement, as his perspective resonated with me.
“I’ve seen startups launch their service and skyrocket in sales almost instantly. They probably toasted their success, boasting about their valuation hitting a hundred billion, even two hundred billion. But a single minor issue brought the entire thing crashing down, like a castle built on sand. This industry… it’s a terrifying market where you can never predict how things will unfold.”
Matthew was an excellent mentor.
The fact that he added such detailed explanations, in case I might not fully grasp his point, showed his dedication.
“Think of Steve Jobs, the man who created the iPhone. Do you think he started out saying, ‘I’m going to make the iPhone’? No, he wanted to be an entrepreneur at first. His driving vision was to transform clunky, unfriendly devices into something user-friendly and approachable. That spirit is what gave birth to the iPhone we know today, overcoming countless challenges along the way.”
Then Matthew shared a statement with me that deeply resonated.
“In the end, to become a successful entrepreneur, you must have a resilient spirit. As VCs, we essentially bet on that. Dylan-ssi, if you want to succeed in this industry, you need to keep this firmly in mind.”
It was a fresh revelation.
Although I had worked in a small company before, my experience had been different.
Not everyone, but I had seen many spend their days contemplating how to minimize effort and maximize comfort at work.
But Matthew had immense pride in his work.
Rather than treating juniors as subordinates, he respected them as colleagues or partners.
It was an inspiring perspective, and I resolved to adopt that mindset myself.
The sense of growth I felt as part of the venture capital world filled me with pride and excitement.
Buzzing noise
When we entered the hall, it was far more crowded than I had expected.
There must have been at least 200 people.
“Quite a crowd, right? This is the largest Demo Day event in the country, so naturally, it attracts a lot of attention.”
We approached the round table with the [Buksan Ventures] sign, where some colleagues were already seated.
“Cutting it close there, Matthew-ssi.”
“You’re early as always, Ethan-ssi.”
They were analysts from the Investment Teams 1 and 3.
At the edge of the table, Rose gave me a small nod, with a somewhat stiff expression.
Meanwhile, Alfredo, visibly thrilled about the rare outing, was waving enthusiastically, his shoulders practically bouncing with excitement.
Unfazed by others’ opinions, Alfredo was as straightforward as ever.
Matthew and I took the remaining seats at the table.
While I was scanning the pamphlet handed out at the entrance, a massive screen lit up with videos of the founders, signaling the start of Demo Day.
Following this, a series of tedious speeches from the higher-ups, and finally, the startup representatives began taking the stage one by one to deliver their presentations.
As expected of companies that had graduated from the notoriously rigorous B-CAMP program, the presentations showcased solid ideas, business models, and promising growth potential.
Ethan, the lead investment analyst from Investment Team 3, rubbed his chin thoughtfully, muttering in low admiration.
“This cohort looks pretty solid, don’t you think?”
Oliver, the lead from Team 1, nodded in agreement.
“Indeed. It’s almost hard to decide where to start reaching out.”
Before we knew it, the presentations were nearing their end, with just one team left to take the stage.
A bespectacled man walked onto the platform, visibly nervous.
“Hello, everyone. I am Song Si-ho, the CEO of Studio SH, the creators of the game ‘Hunting Pig.’“
As I stared blankly at the stage, Matthew leaned over and whispered into my ear.
“If a presentation starts with details like the company’s address, history, or organizational structure, it’s best to tune out. From a VC’s perspective, that information isn’t important at all.”
“Our company is located in the Gasan Digital Complex. We started with three developers and are now in our second year of operations…”
“Especially when they mention awards from competitions, that’s completely useless. Awards don’t prove a company’s worth or capability.”
“Our team won a gold medal at the ‘Online Game Competition’…”
The lead investment officers listening shook their heads in disappointment.
“That one’s a total flop.”
“They’re lucky to have even graduated from B-CAMP.”
But I barely registered their comments.
The man on stage—Song Si-ho—was the only person here radiating a golden light.
And yet, I couldn’t comprehend it.
No matter how hard I focused, the product he was presenting was, at best, a doomed game.
Nothing more, nothing less.
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