[jwilliams]

I've seen there are two (highly generalizing) tracks:

1. Professional Finance/Banker types. Usually MBA track with some Goldman-Sachs-type experience.

2. Founders and entrepreneurs aka "Operators" who move into VC from an exit.

(Again with the generalizing) The former (MBA) tend to work later stage, whereas the latter (Founders) usually work early stage.

Late stage has more financial metrics and needs stronger traditional finance networks. This suits a professional finance type better.

Early stage requires a grass-roots network and some technical/operational chops can be a big advantage. Founders can also differentiate here as they can roll their sleeves up and help hands-on in more areas.

A less common way is to build up to VC as an Angel investor or some type of advisor. After getting a bit of a portfolio you can start raising a fund (or more likely, help someone else raise one and jump on). However, they tend to be founders with some level of liquidity. But if you're in for a long haul that seems to work too.