She got a job with KKR after being rejected by Henry Kravis. Here's how.
Curiously, that's what happened to Alisa Wood, a top partner at the private equity giant KKR, when she applied to work for the investment giant more than twenty years ago.
Wood received one of those rejection letters — only it wasn't signed by HR, but by Henry Kravis, the company's cofounder and then-chief executive.
In a new video for Business Insider, Wood recalled the harrowing incident—and how she bounced back, ultimately scoring an offer and igniting her career.
It was 2003, and Wood, who holds a bachelor's degree and an MBA from Columbia University, recalled facing the prospect of paying down significant student loans. Despite not having studied business, Wood chose to pursue a career in finance, hoping the field would enable her to pay off the debt by age 30.
She applied to KKR, sending in a "blind résumé and a pitch book, which said, 'Here's why you should hire me, and here's how you can think about private equity differently,'" she recalled in the video.
Then she got the letter from Kravis, who remains the investment firm's co-executive chairman. Wood shared a copy of the letter with Business Insider. It read: "I regret there are no executive positions available within the KKR portfolio of companies at this time."
About 24 to 48 hours later, however, her fortunes changed. Another KKR partner contacted her and asked her to come in for a meeting.
What did the trick? "I clearly sent it to a few people," Wood said of her application package—a lesson that you miss all the shots you don't take.
It's a good thing, too. Today, Wood is the co-CEO of KKR Private Equity Conglomerate, LLC, one of the firm's flagship private equity vehicles.
Beyond this anecdote, Wood opened up about how to succeed at KKR, at work, and as a mom.
"There were going to be days that I was a great KKR partner, and there were going to be days that I was a great mom. And most likely, those two things never happened on the same day," she said. "And that was ok."
She talked about the "taxi driver test"—e.g., being polite to whomever you come into contact with—and a memory in which her young daughter shared in a FaceTime call how she planned to travel overseas to go buy companies, just like her mom. Wood says she felt pride.
Looking back, Wood confessed that she wasn't sure why she kept Kravis' rejection letter all this time.
Perhaps it serves as a reminder of how far she's come. At the very least, it offers the chance for a laugh.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
Spain is passing on the F-35, looking instead at European fighters as anxiety over Trump has had US allies rethinking the jet
NATO ally Spain has decided against buying the US-designed F-35 Lightning II Joint Strike Fighter, opting instead to invest in European-made aircraft for its air force. Spain's decision comes after several NATO members publicly questioned their commitment to the jet, made by Lockheed Martin, amid concerns about President Donald Trump's attitude toward the alliance. Antagonism from the White House has rattled several American allies, though there were no firm decisions made concerning the F-35. "This makes those thoughts or ideas concrete," said Mark Cancian, a retired Marine Corps colonel and senior advisor at the Center for Strategic and International Studies. "Here's a country that really has changed its view about a future procurement." Asked about Spain's decision, a Lockheed Martin spokesperson told Business Insider: "Foreign military sales are government-to-government transactions, and this matter is best addressed by the US or Spanish government." A spokesperson for the Spanish defense ministry said on Wednesday that the country was no longer considering the F-35 for its new fighter jet acquisitions. The official did not give a reason but told Politico that "the Spanish option involves the current Eurofighter and the FCAS in the future." The ministry directed Business Insider to the Spanish air force, which did not respond when reached for comment. The reported ministry statements, however, confirmed an earlier report from Spain's El País newspaper, citing government sources that said any plans to pursue the F-35 had been shelved and preliminary contacts that had been started were suspended indefinitely. Richard Aboulafia, an aviation expert and the managing director of US consulting firm AeroDynamic Advisory, told Business Insider that Spain's decision fits with "the broader European objective of sovereignty and self-sufficiency." The Eurofighter Typhoon under consideration is a fourth-generation, multi-role combat aircraft made by a consortium of European companies: Airbus, BAE Systems, and Leonardo. And the Future Combat Air System (FCAS) is an initiative from France, Germany, and Spain to create a sixth-generation jet, with an operational rollout planned for 2040. Aboulafia noted that Spain has a personal interest, including in job creation, with the FCAS. Spain has wavered on the F-35 in recent years, sometimes leaning more toward other fighter types or extending the life of older aircraft. Its recent decision speaks to its new focus on European-made military technologies and comes at a time of anxiety among allies, including Madrid, over their relationship with the US. A focus on European jets Spain's government said this year that 87% of the more than $12 billion it was increasing its defense spending by would go to Spanish companies. El País reported that this commitment was incompatible with any plans to buy fighter jets that were made in the US. Interest has been growing in building out Europe's defense industrial base and buying more homegrown gear. Ursula von der Leyen, the president of the European Commission, said in March,"We must buy more" European weapons. Part of this drive is Trump, whose rhetoric has created new tensions between the US and its longtime allies. He excluded European allies from peace talks over Russia's invasion of Ukraine, criticized the NATO alliance, and has threatened to annex a European territory. He also said last year that he would "encourage" Russia to attack any NATO member that doesn't spend enough on defense. And the tariffs have been another source of tension. There's a growing wariness among US allies and partners when it comes to weapons technology. Canada's defense minister said that his country was reviewing its contract for F-35s and looking at "other alternatives," the chairman of Denmark's parliamentary defense committee said he regrets choosing the F-35 for his country, and Portugal's defense minister said his country was unsure about plans to move to the F-35, pointing to uncertainties in US reliability as an ally. And politicians across all of Switzerland's political parties also said this week that the country should withdraw or reconsider the planned purchase of 36 F-35As due to the tariffs Trump put on the country. European fighter jet makers have pounced at the opportunity: Eric Trappier, CEO of France's Dassault Aviation, which makes the Mirage and Rafale aircraft, said in March that the company was ready for countries concerned about the F-35 to adopt its Rafale fighter. But despite some of the remarks on the F-35, a widespread shift might not happen. Pivoting to a new type of aircraft would be a huge undertaking for countries that are already committed, and the F-35 is considered a particularly good jet. Aboulafia described the Eurofighter as "equal or better" to the F-35 as an air vehicle, but said the F-35 "has the better mission equipment package by a wide margin." The F-35 is an advanced fifth-generation fighter aircraft. Furthermore, production levels may be a factor. Far fewer Eurofighters are made each year, and FCAS production has not yet begun. Aboulafia said that he believes Europe could build enough fighter jets to cover the demand if it brought all its available models, from Gripens to Rafales, to the table. There are limitations, though. Relying solely on European capabilities means that countries would have to make decisions and potential changes to their force structure. Spain's navy, for example, has an aircraft carrier that is currently equipped with an air wing of aging Harrier jump jets set to retire. The F-35B could serve in that role, but the Eurofighters and other European jets can't. So there would need to be a change. Cancian said that he expects "more reliance on European suppliers, both because of concerns that the United States might not be reliable and the fact that the Europeans are now investing a lot in their defense industrial base, so there's more to choose from and it's maybe more competitive — or will be more." The downside, however, is that if US allies don't pick the F-35, the interoperability with other countries will take a hit. "Since the F-35 is used by so many, including the United States, that makes it easier for other countries to operate with countries that have the same equipment." For now, many NATO members are committed to the F-35: The defense ministries of the UK, Australia, Denmark, and the Netherlands told BI earlier this year that they were unwavering. And Trump hardening his stance against Russia in recent weeks may dull some countries' worries about the relationship, Aboulafia speculated, but there continue to be rifts. Spain is experiencing a very particular tension with the US. Spain is the lowest defense spender in NATO as a proportion of its GDP, at 1.28% in 2024 per NATO estimates. It also requested an exemption to NATO members' proposal to bring defense spending to 5% of GDP. The alliance leaders agreed to the 5% in June, but Spain maintains that increasing its spending to 2.1% is sufficient. Trump called Spain's position "very unfair" to other members and threatened trade ramifications, without giving any details. Spanish Prime Minister Pedro Sanchez earlier this year said it had become obvious "only Europe will know how to protect Europe" from now on.
Business Insider
2 hours ago
- Business Insider
How the US military is training a drone army 400 miles from Ukraine
The US Army announced it will invest $36 billion over the next five years to modernize its force, with a heavy emphasis on drone technology. Graham Flanagan, Business Insider's chief video correspondent, went inside a combat training exercise with the Army's 2nd Cavalry Regiment in southern Germany, where soldiers are learning to assemble, operate, and fly drones used for both reconnaissance and attack capabilities. The 2CR drone pilots train at the Drone Innovation Cell in Vilseck, Germany, before heading to a training area in the Bavarian countryside to deploy the technology in a training event known as STX Lanes, which stands for "situational training exercise."
Business Insider
2 hours ago
- Business Insider
YC founders are getting younger and feeling the pressure
Y Combinator founders are getting younger and are expected to move faster than ever because of AI, recent participants told Business Insider. Each tenet of the startup incubator's latest requests for startups described companies with AI at their core, and roughly 70 of the 143 startups in the spring batch were focused on agentic AI. AI is "deep within YC," one founder who recently completed the program and asked not to be identified to speak freely told Business Insider. Cohorts are dominated by AI companies, and the accelerator's internal Bookface platform is increasingly recommending AI tools for founders, they said. Akash Sharma, the CEO of AI startup Vellum, who was part of the Winter 2023 class, said YC has incorporated helpful AI tools into its Work at a Startup recruitment platform, including candidate matching and personalized outreach text. Mentors within the program encourage founders to use AI in their workflows and automate rather than hire to keep teams lean, said Cekura founder Sidhant Kabra, who participated in the Fall 2024 cohort. Participants also get early access to beta AI tools from tech giants, such as OpenAI, he said. The startup world's AI obsession is hardly exclusive to YC, but it's accelerated the program's cadence, some participants said. In expediting every step in the startup pipeline from vibe coding to R&D to marketing, AI has also ratcheted up expectations that founders should have fully realized products or more customers with bigger contracts by Demo Day, Kabra said. YC CEO Garry Tan told CNBC earlier this year that revenue for YC batches was growing at an average of 10% week-over-week. In the past, a founder might be pre-product market fit or have a few users or design partners, Kabra said. Now, "within three months, you're able to close enterprise contracts over $100k," he said. "That's a big change." Increasingly younger cohorts Expectations are climbing as the program has become shorter, the first founder who recently completed the program told Business Insider. YC pivoted from a biannual to a quarterly schedule last fall — a move CEO Garry Tan told Bloomberg at the time would result in smaller batches and additional Demo Days. Founders spoke glowingly of YC, calling the experience transformative, but the pace can have drawbacks. In optimizing for Demo Day, some participants may not always be making the best long-term decisions for their companies, Kabra said, such as signing lots of customers too fast or ones at a discounted rate. "If you weren't in YC, you would make different choices," the first founder told Business Insider, saying Demo Day serves as a proof-of-concept. "After Demo Day, there's a classic YC slump — and then you readjust and start building for the long term." "AI is enabling founders to move faster, and we're here to help them harness that momentum not just for Demo Day, but to build enduring, world-changing companies," a YC spokesperson told Business Insider. The AI boom has also resulted in increasingly younger cohorts. YC General Partner Pete Koomen told The New York Times that the median age of YC participants was 24, down from 30 in 2022. Venture capitalist Gabriel Jarrosson wrote on LinkedIn that the number of accepted applicants between ages 18 and 22 was up 110% year-over-year. Younger entrepreneurs are less entrenched in their ideas and have grown up with AI, founders told Business Insider. YC is "actively encouraging younger people to come into the fold," Sharma said. He added that YC's public-facing recruitment materials emphasize being a builder above all else. "All you need to do is be able to build good products, and YC will take care of the rest." Ultimately, the saturation of AI companies within YC has sparked criticism that many of its startups are similar. "You hear the phrase AI agent so much and you're like, my mind is going insane," the first founder said. But the competition is motivating, Kabra said, given that execution is paramount and consolidation amid the AI gold rush is inevitable. While many of its startups "may explore similar areas," the YC spokesperson said, that "encourages open-source progress, which in turn, enriches the competitive landscape, gives consumers more choice, and reflects our abundance-oriented view of the future."
