Morgan Mahlock is an Associate at In-Q-Tel, the strategic investor to the U.S. intelligence and defense community, on the Bay Area investment team. Morgan grew up all over the world — she was born in Okinawa, Japan, and moved six times before landing in Stuttgart, Germany for high school. Morgan’s parents are both Marines, thus her upbringing entailed moving all around the world. After completing high school in Germany, Morgan attended Stanford University and graduated in 2017 with a BS in Product Design and MS in Management Science and Engineering. In addition to her full time job at In-Q-Tel, Morgan models with Star management and is an active member of the Emerging Venture Capital Association (EVCA) and BlCK VC. I caught up with Morgan in Palo Alto, just before the COVID-19 shelter in place mandate, to learn more about her role and journey.
When did you know you wanted to work in VC?
I was lucky to learn about the type of work I enjoyed (and didn’t) through a number of college internships. I held an engineering role during my first internship at Sikorsky Aircraft, which was soon purchased by Lockheed Martin for 9 billion dollars, and learned that I was really excited by the business aspect of companies, not just the engineering side. During my next internship at the NFL in New York City, I was able to learn more about VC by observing and working with the NFL’s small venture fund. This was a phenomenal experience. When I went back to college for my senior year, I was determined to learn as much as possible about VC. Fortunately, I was in the epicenter of venture in Silicon Valley. The summer before I completed my masters degree, I did an internship at Signia Venture Partners in Silicon Valley and remember thinking, “VC is the career for me.” I finally felt my interests, skills, and values were all aligned.
After learning about a number of VC firms, what attracted you to In-Q-Tel?
First of all, my mom is a General in the Marines and my dad and brother have spent time serving our country in the military, so the mission aspect of In-Q-Tel: investing in technology to protect the nation, is important to me. I also wanted to focus on enterprise software investing early in my career. I find consumer investing interesting but felt I could have more impact and develop more useful skills through enterprise investing.
What does you average day actually look like as an Associate at In-Q-Tel?
VC is definitely a cool job. There are a few general “life” things I do outside of my role everyday. These include working out and sharing at least one meal with friends or family. I might also spend time planning events for the VC groups I’m part of including BLCK VC and Emerging Venture Capitalist Association (EVCA).
Within my role at work, I spend a lot of time in my inbox — reading newsletters, composing emails, distilling my perspective on investment opportunities. My day to day schedule can vary, but I’m generally focused on identifying investment opportunities and working with portfolio companies. I’m constantly learning as well — from other investors, CEOs, and SMEs (subject matter experts). If I’m conducting a deep dive on a technical area, let’s say synthetic data, I’ll reach out to a data scientist at another company or someone else I can learn about the topic from.
What does a day in the life of Morgan look like?
5:45am — Wake up to the default iPhone alarm and get my day abruptly started! I usually set my clothes, both workout and work, out the night before, so I literally take my gummy vitamins and am out the door.
6:00am — Leave my apartment and bike to work
6:30am — Peloton at our office for 45 min to an hour. Alex Touissant is my favorite Peloton instructor!
7:45am — Shower at the office and get the workday started
8:00 am — I always begin triaging emails. I also identify my tasks for the day, so I can prioritize what needs to get done. Typically, if I’m in the office, I’ll grab a yogurt or a bar and some coffee, and eat at my desk. Otherwise, since I love breakfast, I’ll grab a more delicious breakfast with a fellow VC or a friend at a cafe to get the day started right.
A typical day is full of calls, meetings, word docs, and work time! Since the majority of our team is on the East Coast, most of my internal meetings are before 2pm PT (5pm ET). After that time, I work that requires focus for extended periods of time, or I’ll take meetings in the afternoon with other investors or West Coast-based entrepreneurs.
Now that you have a general sense of the structure let’s dive in to the details:
8:30am — Internal meeting on thesis development. This is usually an exploration with other colleagues on a thematic area of focus for us in enterprise software or deep tech.
9:30am — Intro call with a company. The first call with a company allows me to get a better sense of who they are and gives the company a chance to learn more about In-Q-Tel. I’d then set up a follow-up if it goes well.
10:00am — Portfolio company call. We make sure to assist our portfolio companies with whatever they might need: fundraising, hiring, etc. We work with early-stage companies, so they’re often looking to us for guidance.
11:00am — Break. Time to read my emails, get work done, prep for more meetings
1:00pm — Pipeline company call. We have an ongoing dialogue with most of the companies in our pipeline. This is an opportunity to touch base on next steps, conduct additional diligence, etc.
2:00pm — Focused work time. I’ll read about interesting companies we might want to invest in, conduct research, work on theses, and prep for the next day.
6:00pm — Head home. I’ll maybe stop at the Palo Alto library or at the grocery store, FaceTime my parents or a close friend, or listen to a podcast while walking or biking home. My podcast favorites are How I Built This, The Daily, Lumi’s Podcast, and Venture Stories.
7:00pm — Cook dinner with my boyfriend or get dinner and drinks with friends. Our go-to dinners are salmon, DIY pizza, and pasta.
9:00pm — Read, check email for the last time, and prep for the next day!
A lot of different types of work are required to do your role effectively. What’s your favorite part?
For me, there’s nothing more exciting than finding a great company that our firm could invest in. My boss calls it, “catching the tiger by the tail.” It’s sort of like dating. There’s that initial phase where you’re both excited by what you can do together. But as we all know, there’s a lot that actually goes into the execution and things can fall apart every step of the way. Nonetheless, it’s always exciting to play the dance and learn along the way.
In addition to working full time at In-Q-Tel, you’re also modeling, mentoring students, organizing events for VC groups, and working on a startup of your own. How do you avoid burnout?
The core of how I stay energized is by not forcing myself to do things. At school, there were hard and fast deadlines for assignments, but at work, timelines can be more flexible. I always have a list of priorities for the day, but at any given moment, I try to focus on knocking out what I’m most excited about. That way, my energy is working for me.
I’m also inspired and motivated by the amazing people I get to work with everyday — entrepreneurs, colleagues, investors, students.
Any advice for others hoping to follow your footsteps and pursue a career in venture capital?
If you’re in school, internships are a great opportunity to learn about the work you like (and maybe love). If you’re working in another industry, extracurriculars and community groups are great ways to learn about the industry and expand your perspective. For me, groups like the Emerging Venture Capitalists Association (EVCA) and BLCK VC help me connect with others and continuously learn. Demonstrating interest in the industry is also critical. I did independent studies and research on venture while in school and always encourage others to meet people in roles they aspire to be in.
To connect with Morgan, visit her on LinkedIn.
