The secret behind VC case studies

Hi! I’m glad you’re here. You’ve made it to issue #90 of VC Demystified🪄.

My name’s Nicole - I’m a Principal at an early stage venture fund, and I know firsthand that VC can often be a black box. Breaking into the industry may feel daunting and resources can seem scarce and inaccessible. I wanted to put together a newsletter to give others the playbook I wish I had when I first started.

Today’s deep dive: How to nail any VC case study without guessing what they “want” to hear

^{My personal mission is to open as many doors as possible for other people and this newsletter is just one avenue to do that. As always, I will continue to post VC insights daily for free across my socials. This newsletter may contain paid partnerships or affiliate links.}

Read time: 5 minutes

How to nail any VC case study without guessing what they “want” to hear

If you’ve gone through a few venture interviews, you already know this:
VC interviews almost always end with a case study.

And if you haven’t interviewed yet, you will.

Case studies typically show up in the later rounds (often round 3 or beyond), once a firm is confident you’re directionally qualified. At that point, they’re no longer testing interest or resume fit, they’re testing how you think like an investor.

A VC case study is meant to mirror the real job:

• How you evaluate startups

• How you analyze markets

• How you form and defend conviction

Importantly, there is rarely a single “correct” answer.

What matters far more is your reasoning and how you communicate it.

How VC Case Studies Are Usually Structured

While formats vary by firm and interviewer, most case studies are delivered in one of three ways:

• A take-home assignment you prepare and present (most common)

• A live, on-the-spot case during the interview

• A hybrid version where you’re given a prompt and a fixed time window (e.g. 24-72 hours)

You’ll typically present your work in PowerPoint or a written memo, often supported by Excel analysis that feeds into charts or tables.

Tip: If the firm doesn’t specify a format, default to whatever they use internally for investment memos. Matching their internal style signals that you can operate like a VC on day one, not just analyze like a candidate.

The 3 Core VC Case Study Types

While prompts differ, nearly every VC case study falls into one (or more) of these buckets:

1. Pitch an investment

2. Evaluate an industry

3. Size a market

All three are testing the same underlying skills:

• Structured thinking

• Judgment under uncertainty

• Ability to form and defend a point of view

Below is how to approach each one effectively:

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