Venture capital is a cut-throat world, and that’s not just for the start-ups scrambling to raise money. For many junior dealmakers, life is a grind – even getting in front of the most promising start-ups can be hard for venture capitalists who don’t have a long track record of successful investing.

Tom Smalley, a former investor at billionaire businessman Paul Little’s Skalata Ventures, is one of thousands of people who have left venture capital. Now an executive at Roller, which develops software for theme parks and other tourist attractions, Smalley says the main reason people leave the industry is that it is difficult to progress beyond a mid-tier position. Often, the only other option for these investors is to leave and start their own fund.