I am looking for entrepreneurs-in-residence for Forza.Capital. Who is an EIR? What does he do? Why does the fund need them? And — most importantly — why might you be interested?
Venture funds expect an EIR, as an entrepreneur, to launch a project the fund will finance within 3–9 months. Often, the idea is unknown at the start, and the EIR spends a lot of time researching the market and testing hypotheses. Andrew Chen (partner at A16Z) gave a good description.
An EIR is never a beginner — they have repeatedly won in venture-backed businesses, not in corporate roles. Startup experience is highly specific, and nothing else looks like it: not a "complex McKinsey project," not "defending a strategy in front of a Forbes-list owner." I have seen plenty of people from corporate backgrounds melt like ice cream in the sun the first time they had to explain to employees that there would be no salary this month. Their corporate brains could absorb neither the fact that this happens nor what they were supposed to do about it.
What an EIR does
- As an experienced founder, launches new projects.
- Including testing the fund's "invisible" ideas: things partners discuss at the PowerPoint level, the EIR takes to a prototype, first customers.
- Brings strong deal flow: through their personal network, the EIR pulls in deals that wouldn't reach the standard channels.
- Including attracting talent like a magnet: future co-founders, CTOs, product leaders.
What sets a strong EIR apart
- A self-guided missile: receives a problem and brings back a solution, not 8 excuses.
- Power of persuasion: convinces a co-founder to leave corporate world, a customer to buy something that exists only as a prototype, and an investor to write a check.
- Despite his experience, still does a lot of hands-on work: dives into details, micromanages aggressively at the start.
- A fast-iteration machine: tests hypotheses quickly, comes up with 5 new ones even faster after the failed ones.
- Strong track record of success: a variety of achievements in early-stage startup projects.
Why an EIR role is worth it
- Sign your first investor for your future startup.
- Get a feel for the market: a lot has changed in other industries while you ran your last project. Funds see a wide cross-section. See the latest trends.
- Spend 6–9 months experimenting with different startup ideas while hunting for a unicorn. Not all those who wander are lost.
If this sounds interesting, find a warm intro and write to me.