Between Two Firms is an interview series accompanying Economics@Work. We ask alumni speakers the candid questions students can’t ask in person. This week’s guest is Wayee Chu, General Partner at Reach Capital. Wayee discusses interview strategies, and compares artists and entrepreneurs.
Interview by: Xinyue Wan
Q: You are capable of so many challenging jobs, do you have any special interview experience to share or general advice for preparing interviews?
A: I have interviewed countless undergraduates and graduate students over the two decades for various internships, analyst and associate positions. My number one advice on interviews is to come as prepared as possible, do your homework on the role, the company, and/or on the interviewer. Be resourceful in trying to find recent headlines you can refer to, or the latest product launches or better understand the various business lines to show you have made extra effort to learn about the business ahead of the interview. The more context you have on the role or the company, the more customized and targeted your responses can be as you share your prior work experiences in context of what you are interviewing for. My second piece of advice is to be detailed and specific in exemplifying your academic or work experiences with concrete examples, provide a layer of depth in your learnings from those experiences, too many times candidates talk about their experiences on a surface level. I would rather hear about less experiences and hone in on 1-2 in more depth and detail. Third, provide a strong point of view, particularly in the world of venture, being able to articulate clearly why an investment is worth making or an entrepreneur is worth backing takes conviction and a certain amount of risk taking. Finally, ask a lot of questions, often times, I can judge a person’s level of interest in working at the firm by the depth and creativity of the questions the interviewee asks.
Q. Could you give some advice to Econ major students/how to strengthen their Econ background when getting into the business field?
A: I can only comment on my own experience and looking back, I found so much benefit in having a well rounded liberal arts education. I was an Economics-Political Science major, so the cross-section of economics and policy was exceptionally helpful in analyzing and understanding the drivers of economies across the globe. That being said, I took advantage of taking a wide-range of classes in philosophy, psychology, English and history and deeply benefited from the value each had to offer. I do believe a strong liberal arts education can be the foundation in building the skills needed for the next century, skills such as critical thinking, problem solving, creativity, and collaboration.
Q: Umich is a very inspiring yet competitive school, did you ever have a moment feeling “I am not good enough compared to others” or such peer pressure? How did you overcome it and be confident in yourself?
A: I put a lot of pressure on myself, so any competition I may have felt was within myself and that has been true throughout my academic experience. I was lucky enough to surround myself with friends who majored in different disciplines, ie) pre-med, engineering, art history, and so I was exposed to a diverse range of thinking among my core peer group at UMICH.
Q: Beyond classes taken at Umich, what in your consideration is crucial to learn to be involved with venture investment?
A: This is an interesting question as I never aspired to be a venture capitalist. I was interested in the intersection of technology and education and believed entrepreneurship to be an important lever of change to bring about new ideas and solutions into education. Venture ultimately became a vehicle in which I could best support early stage entrepreneurs. The path to venture varies, there is not an ideal path, but I do think, if early stage investing or working at a startup is of interest, I would start to think about the skills you want to hone and acquire. In my case, working in equity research gave me a perspective in how to analyze growth stage and public companies, I gained experience in what it meant to invest in public companies and across different asset classes. My time at NewSchools Venture Fund gave me the exposure to deeply understanding the systemic challenges the US faces within our education system and the solutions social entrepreneurs were tackling in their mission to close the achievement gap. Finally, there is no better learning than experiencing the rewards and challenges of starting one’s own venture fund. If I were to look back, I most certainly would say more operational experience at a startup is an opportunity that would have been quite valuable.
Q: Working experience at SFMOMA is unique and attractive. How did you become a member of the board of trustees and what does this job bring to you? Does the job relate you to the education field at some level?
A: My involvement at SFMOMA is driven by my deep passion and interest in art. Related to my work in supporting tech entrepreneurs, I enjoy learning, researching and supporting emerging contemporary artists. Entrepreneurs and artists are similar in so many ways, they push the limits of what society tends to put boundaries around, always leading with what is possible through their innovative and creative talents. Their conviction and passion for their vision is so powerful and often unstoppable. I feel fortunate to have the opportunity to work with some of the most forward thinking individuals in both the tech and art world. My role on the board is not just related to my interest in supporting the next generation of emerging artists, but to bring a different skill set to the group particularly as it relates to SFMOMA’s efforts in supporting our local public school programs and making the museum more accessible to the public.
Q: As a successful investor focusing on education technology and a parent, what is one piece of advice you would give to students from a parent’s point of view?
A: As a parent of young children, I am very cognizant of the impact technology and social media has on this next generation of digital natives both positive and its’ challenges. At Reach Capital we have a fundamental belief that technology can be a powerful tool that can not only empower learners at scale but provide opportunities for greater access, which is reflected in the mission-driven investments we have made to date. As a parent, the best I can do is to arm my children with knowledge of the benefits technology can offer and be transparent on the challenges. Ultimately I need to allow them to build their own tool kit in making the best decisions for themselves and set their own limits in the role technology will play in their life. I encourage all students to continue to ask questions, on how much technology is helpful and useful and when it can be harmful or ineffective in our everyday lives. There is no rule book or framework in how to manage technology in our lives, but there are always opportunities to better understand our reliance and relationship with it.
Q: For female students who want to stand out in the field of business, what would you suggest they avoid in the early stages of their career path?
A: I am optimistic for the opportunities allocated to women in business, partly driven by the active conversation playing out across industries highlighting the need for equal pay and opportunity, but more exciting for me is this incredibly empowering and purpose driven generation of women entering the workforce. I continue to meet young women, across the country, industry and demographics, who are all proving their competency and ability to take leadership roles, who are seeking authentic career experiences, who are demanding work environments that allow for balance of family and professional life and asserting a deep sense of empathy and purpose in how they lead their teams. My only advice is to not try to be all things to all people, double down on your strengths and lead with authenticity.
Q: What was one big hurdle you had to overcome in your professional life, and how did it help shape who you are today?
A: I started a venture fund with 2 other amazing founding female partners in education. Some would argue starting a fund in education is hard enough, just given the number of hurdles and regulations the US education system faces; then layer on the fact that we are three female first-time venture partners trying to raise money in a male-dominated industry; talk about challenging. Yet, what brings the Reach Capital team together is our aligned values and passion in making an impact in education, which is what guides our work each and every day, I can’t imagine any other path or team I would prefer to work with. We still have so much to prove in terms of our track record at Reach Capital and the successful outcome of our investments, yet I know for certain this is where I want to dedicate the rest of my career.