YouAlberta
Tell me a little about yourselves.
Ashneil: I am in my final year with a major in Finance. I started my undergraduate degree in 2018 and it has been a wonderful experience so far. I have had the opportunity to get involved with different student clubs on campus, including starting Venture Capital & Private Equity Club (VCPE) and working with Enactus UAB, where I served as one of the Co-Presidents of the club for the 2021-22 school year. I enjoy playing soccer (Vamos Messi!) and watching basketball. Cooking gives me immense joy, however, I do not get much time to do that anymore.
Evan: I am also in the final year of my Finance degree at ASOB. I co-founded VCPE alongside Ashneil in May, and I’d say it’s been the most important part of my undergraduate degree so far. I also work at AltaML, Western Canada’s largest pure play AI company. Outside of school and work, I love to cook and generally be outside – let me know if you have any solid running, hiking, or mountain biking trail suggestions!
What does the word innovation mean to you?
Evan: If you search the definition of innovation you’ll likely find something similar to “innovation is something that improves the pre-existing alternatives and creates value.” That's a great catch-all definition, but the actual definition is more fragmented. I believe there are two kinds of innovation; incremental and fundamental. Incremental innovation is somewhat self-explanatory – it means to improve something incrementally (ie. by 1%). Everybody can do this, and if done consistently, it compounds.
Consider a thought experiment: if you compounded a 1% improvement every day, whatever you are improving would end up 38X better (1.01³⁶⁵ = 37.8) – that’s the power of consistently making small improvements.
In many cases, incremental innovation leads to fundamental innovation. Fundamental innovation is the inflection point; the moment of breakthrough – creating something novel which changes the way things are done. For example, the printing press; the internet; finding a cure for cancer… you get the point. I think Peter Thiel sums this up best:
“The next Bill Gates will not start an operating system. The next Larry Page won't start a search engine. The next Mark Zuckerberg won't start a social network company. If you are copying these people, you are not learning from them.”
Zero to One dives into this innovation question with more depth – it’s a great read if you’re interested in startups, venture capital, or innovation. I think it should be a required read for any student.
What does leadership mean to you?
Ashneil: It kind of goes from a couple of different angles. I would say being able to make sure you empower the people around you to do what they need to do is an attribute that defines good leadership. For example, at student clubs like Venture Capital & Private Equity (VCPE) we have a highly decorated executive team. Perhaps a team member is not great at a specific task, or maybe another team member is a little shy when it comes to public speaking. Having the conscience and the ability to help that team member who is weak at something and provide them with the courage to take the next step and make progress is leadership. Providing the people around you the support and the resources to succeed is something that defines true leadership. Furthermore, leading by example is key to the success of great teams. A leader must step up and deliver when the situation calls for it while bringing out the best in their team and providing them value in the process. Somebody like Jamie Dimon (CEO of JP Morgan Chase), I’d say, is quintessential to that leadership!
(Evan Lyseng, having the time of his life while skiing on the rocky mountains).
What are your thoughts on mentorship?
Ashneil: Quite often, you will find upper-year students saying go find a mentor. Trust me, they are telling you the truth. While I was working as an intern last summer, I experienced what mentorship actually looks like. I happened to be lucky to have an excellent manager who also ended up being a great mentor to me. With every passing day, I was becoming a mini version of my manager. From personal experience, I’d say having a mentor helps you grow as a person. You start becoming like your mentor if they are genuinely supportive and you see yourself becoming them in the future.
If you were to ask me how I should find a good mentor, my answer would be to look deep into yourself. What are your values? Passions? What do you care about? What qualities would you want to have? Find somebody you align with and somebody you see as yourself 10 years from now. Look for someone that inspires you. It is quite a cliched response but trust me, it’s true! Find somebody that inspires you. Build that mentee and mentor relationship. I really value mentorship! It adds purpose and meaning to your job and career.
What has been your biggest “aha moment” - in life or work - so far?
Ashneil: Working at 1Password was one of my biggest aha moments. At the time, I was really confused. The experience of working at 1Password helped me narrow down my interests and plans for my future upon graduation. Initially, I wanted to do Investment Banking, very typical of a career path for a finance guy, I must admit. While working at 1Password I explored other career paths. During my time there, the company raised series B and C funding, which helped me learn a lot about venture capital and private markets. I’ve always had an interest in technology and finance. Finding something that falls at the intersection of the two would be like Messi winning the World Cup with a goal and an assist in the final! (I can’t help it! Argentina are the World Champions).
A little more information about 1Password
1Password is a password manager for individuals, families and corporations to help protect secrets and passwords. They are used by over 100,000 businesses around the world including the likes of IBM, Slack, and Shopify. As of this year, they are valued at $6.8B and raised the largest fundraising round in Canadian History ($620M).
Evan: I think the most important lessons are the ones you are forced to re-confront. One lesson that I continue to recognize is that few people actually know what they are talking about. There’s always somebody at the table who seems to have the answer, but if you dig deeper, you realize they’re hiding behind jargon and do not fully understand the problem…
There is a catch: you can figure a problem out, but you have to have the intellectual honesty to admit you don’t have a complete grasp, and humility to re-consider it from first principles. The people who are most successful are those who continue to show up. If there is a problem, they will continue exploring via iteration – 1% improvements compound.
(Evan Lyseng and Ashneil Bhatnagar at a team bonding event in January, 2023)
What was the inspiration that brought VCPE to life?
Evan: Ashneil and I were both interested in the world of private finance, but discovered it’s quite opaque and there weren’t many educational opportunities at ASOB with regard to venture capital or private equity – so we decided to scratch our own itch and build it ourselves to learn more.
The backstory is that we (Ashneil and Evan) have known each other since junior high. We ended up going through high school and university together, however, hadn’t really connected since prior to COVID. Eventually, we both found our way to working in Alberta tech, and independently were very excited by what was happening in our province – specifically, the growth in VC funding.
We decided to grab a beer and catch-up last May, and serendipitously both came into that chat with the intention to start a venture capital student group. It was a funny moment when Ashneil brought it up, and I admitted I had been planning the same idea.
(Evan Lyseng and Ashneil Bhatnagar, Co-founders of Venture Capital & Private Equity Club).
Can you share some information about venture capital & private equity? What is this field we are talking about?
Evan: Let's say you have a great idea for a tech company. From an investor standpoint, the risk profile is very high. There is a good chance the business will fail, so you need an investor with the right risk appetite. Can you go get a loan at the bank? Oftentimes, no – without financials or collateral, they won't loan you capital. Moreover, you can’t pay interest with an idea, so debt is likely the wrong choice anyhow.
Venture capital is early-stage equity financing for startup companies, usually in the tech space. Private equity (PE) is a catch-all for investing in private companies. PE is typically in the late stages where the business model is ironed out. Venture capital is earlier in the financing lifecycle. I won’t bore you with the history of the asset class, but if it interests you, I’d suggest looking into the origin story of VC. Acquired’s episode on Sequoia Capital would be a great starting point.
What’s next for you? Do you have any new projects on the horizon?
Ashneil: As of right now, I don’t have a full-time job. I am currently working part-time at a startup. The startup I am working at right now (Wound³).They have a device on your smartphone that is able to take images of wounds of your foot and is able to take 3D models and track the healing process. The technology is still being tested. My job specifically is to do market research and industry analysis. To see if they find it useful. The next project would be to find customers. They want to ideally get at least one or two big customers by the time the tech is developed. Something more of a vision I’d say, one that Evan and I share, is to transform Venture Capital & Private Equity Club (VCPE) into a student-run venture capital fund. Sounds ambitious, right? Don’t worry; we will make it happen!
What is one piece of advice you would give to a budding entrepreneur?
Evan: I think it’s too kind to call us entrepreneurs at this stage, so I’ll give a piece of advice that extends beyond entrepreneurship. We should all try to develop a bias for action. One of our panelists from Founders & Funders, Chad Langager, recently shared this idea with me, so I can’t take full credit but think it really resonates.
The simple idea is you should always keep moving. If you have an idea, start rolling with it; don’t wait until you have a fully fleshed out plan. Just start moving with it. Inspiration is finite, so you have to move when you find it. As you continue to make this a habit, you build momentum and compound results. All great things compound.
Moreover, what’s the worst thing that happens? At the very least, you walk away with some experience. We’re all looking for something, and if you stop exploring, you’ll never find it… right Ishan?
Ishan: I agree, Mr. Lyseng! It was quite remarkable talking about Venture Capital and Private Equity with you and Ashneil! Thanks so much for having a chat with me! I wish you all the very best!
(Venture Capital and Private Equity executives at the Industry Night event - October, 2022)
About Venture Capital & Private Equity club:
The U of A Venture Capital & Private Equity (VCPE) Club is a newly formed club on the U of A campus. Its main objective is to connect students at the undergraduate level to the burgeoning technology ecosystem that is being developed here in Alberta. If you are a founder looking to learn more about raising funds or a student interested in learning more about the opaque world of private finance, this is the club for you. VCPE is hosting a reverse pitch competition in February, along with a series of education sessions with the Venture Capital Association of Alberta (VCAA) which will allow students to learn from top investors. Follow @ualbertavcpe on Instagram to stay in touch.