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‍In this blog post, a former Venture Fellow, Alexa Cheng, summarises her internship at Calm/Storm. On VC Investing she recaps: ''Over time, I began to recognize patterns; not just in what strong companies looked like on paper, but how founders thought and how ideas were positioned.''

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About Me

I’m originally from Canada and currently pursuing a Master of Healthcare Administration at Columbia University. My background has largely focused on healthcare through different lenses: consulting, policy research, and early-stage strategy. I’ve worked on M&A diligence for pharmaceutical clients, conducted financial analyses to inform caregiving policy, and supported a MedTech startup with its market entry strategy.

I came into this fellowship curious about how early-stage decisions are made, and how investors evaluate startups long before they have traditional traction. Calm/Storm offered a chance to explore those questions up close, in a fund deeply focused on digital health.

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Why Calm/Storm

I was drawn to Calm/Storm for its focus on digital health and its investment presence across both the US and Europe. It's one of the most active early-stage healthtech investors in Europe, which was immediately clear: the volume and pace of deal flow meant I was exposed to a wide range of companies, teams, and ideas from day one. The team is small, which gave me space to take ownership early, and I was especially interested in understanding how early-stage investing actually works: how startups are sourced, how decisions are made when there’s limited data, and how different markets (particularly the US vs. Europe) approach venture and healthcare innovation. Being based in the US while working with a European fund gave me a unique lens on both ecosystems.

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Getting Started

There wasn’t a formal onboarding program; I was expected to jump in right away. Within the first week, I was reviewing pitch decks, joining founder calls, and starting to understand how the team approached evaluating early-stage startups. At first, the pace was intense, but the team was supportive and transparent. Despite being based in New York while the rest of the team was in Vienna, I felt included in discussions and decision-making. Time zone differences occasionally meant missing live meetings, but the team made a genuine effort to keep me looped in asynchronously, and we had regular check-ins to talk through questions or context.

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Core Work

The majority of my role focused on sourcing and evaluating startups. I reviewed inbound applications, prepared call notes, participated in founder conversations, and supported diligence on companies that advanced to later stages of review. Over time, I began to recognize patterns; not just in what strong companies looked like on paper, but how founders thought and how ideas were positioned.

I also contributed to internal discussions around company fit, risks, and opportunity sizing. Investment meetings were very collaborative, and I was encouraged to present potential opportunities and share independent views. That expectation pushed me to sharpen my thinking quickly and communicate clearly.

Outside of direct deal work, I supported several ad hoc projects. I helped prepare fundraising and event decks, contributed to Calm/Storm’s marketing content, and pitched in where needed to support the broader ecosystem. These experiences gave me a broader perspective on what it takes to run a fund beyond sourcing and diligence.

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What I Learned

Some of the most valuable lessons from this experience came from moments where there wasn’t a clear answer; where I had to form an opinion, defend it, and then adjust based on feedback. A few specific takeaways:

• Early-stage investing requires clear thinking with limited data. You often have to make judgement calls while being transparent about assumptions. One femtech startup focused on hormone testing using menstrual blood; a promising space with a strong founder and clear need, but limited clinical validation and complex sample variability made it difficult to assess feasibility. We had to weigh potential against scientific and execution risk.
• In healthcare, a strong product isn’t enough; success often hinges on reimbursement, regulatory fit, and whether the right stakeholders are incentivized to use it. A few diagnostics startups I looked at had promising technology, but without a clear path to clinical adoption, it raised key concerns around viability and scalability.
• Clear communication matters. Summarizing founder calls and contributing to discussions required being clear and to the point, especially when the team was moving quickly through deals. That also meant asking precise, relevant questions during calls to surface the right insights, without wasting time or missing what actually mattered.

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Final Thoughts

My experience at C/S provided me with a real-world view into venture capital that went far beyond what I could’ve learned in a classroom or case competition. I gained a deeper understanding of how funds operate, how decisions get made under uncertainty, and how digital health is being shaped by both founders and investors.

I’m grateful to the Calm/Storm team for the autonomy, feedback, and trust they offered throughout. It’s rare to be given this level of responsibility early in your career, and even rarer to be surrounded by a team that’s genuinely invested in your growth.

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