Thank you for the opportunity to present the Kauffman Fellows Program. The Center for Venture Education is actively recruiting for Class 12. My name is ______________ and I am a Kauffman Fellow in the ______________ Class. <Note: Prepare a short bio before the presentation, as some faculty/staff members may want to introduce you.>
The Center for Venture Education is an independent post-graduate educational institute with the vision of “Enhancing the Human Investment in the Venture Capital Process Globally.” The Kauffman Fellows program remains our flagship product offering. The Kauffman Fellows Program is a 24 month fellowship in venture capital investing. It provides Fellows with a unique gateway to the industry, along with: · A fast track to learning the skills and techniques of venture investing; · Development of extensive networks, and · Mentoring by leaders of the industry <Here you may want to add a short story that shows your level of participation (sourcing a deal, working with your mentor, or utilizing the fellows network).> “Let me illustrate by sharing a story from my first year...” These unique experiences may not even be available to those able to enter the industry via an avenue other than the Fellows Program. The program brings together, in unprecedented fashion, the leaders of the venture capital community to develop and mentor the next generation of leaders in the venture capital industry. By enhancing the ‘human side’ of venture capital by focusing on identifying and developing future industry leaders, the Center for Venture Education leverages its assets. To reach these results, the Kauffman Fellows Program has been developed with twin goals: (1) To develop people as leaders in the venture capital industry or (2) as founders of high growth venture backed companies.
In 2004, the Program celebrated a decade of success and announced the Program’s remarkable results. In just over one decade, Kauffman Fellows Alumni had led investments of over $3.6 billion in 417 companies, resulting in $10.8 billion in annual revenues and over 42,700 new jobs. These incredible efforts resulted in more than 84 mergers and acquisitions and 28 IPOs. And the numbers continue to grow each day. Just as important and their phenomenal financial success, though, Kauffman Fellows also give back to the communities they serve. KFP alumni hold nearly 400 board positions, volunteer more than 3500 hours of community service and serve as advisors to more than 1000 entrepreneurs. The Kauffman Fellows Program network of Fellows and Mentors is unparalleled in the world – and growing stronger every day. As Fellows pursue their careers, the benefits of the network multiply. Seventy-five percent of the Alumni have become General Partners in existing venture capital firms and about 20 percent of the Alumni have gone on to found their own companies or venture capital firms. The numbers speak for themselves.
International – Effective with Fellows Class 9, the Fellowship moved beyond its original U.S. borders to the full international community. A candidate may apply without regard to citizenship. The Kauffman Fellows Program is truly international. As of Fellows Class 11. the network now includes firms from Europe, Israel, Russia, India, Japan, China and Africa. We look forward to the exciting opportunities created by educating and networking Kauffman Fellows globally. Last year we hosted our first International Symposium in London which was extremely well received by the international venture capital community as well as LPs. Affiliated Application Process – In addition to the traditional matching process for those wishing to enter the venture capital industry. The Kauffman Fellows Program is now open to investment professionals, currently at venture firms and targeted for a leadership position within the firm, and having less than three years experience can now benefit from the educational and networking opportunities of the Kauffman Fellows Program. Instituted as a pilot program with Fellows 8, the venture capital firms can now utilize the accelerated learning components of the program to support a high potential associate employee. Currently in Fellows 8 one of the fellows is a Principal at Granite Global Ventures, the Singapore arm of Venrock. And, Fellows 9 includes 6 Affiliated applicants, including Mike DeVries, partner at EDF Ventures. Fellows 10 has 11 Affiliate candidates out of 21 members and has class members at firms in the UK, Germany, Sweden, Asia and Africa. And Fellows 11 added firms in Indian, Japan, Israel and Russia. Extended Selection Process – The Matching Selection Process provides a four week selection time frame for the firm and the candidate to perform extensive due diligence, as well as spend time at their discretion to make the most informed decision. Negotiated Salary – For those entering the program through the matching process, the Fellow would become an employee of the firm and a student of the Center for Venture Education for the term of the fellowship. Benefits are negotiated between the Fellow and the firm - matching compensation to the size and geographical position of the firm.
- World class candidates with world class firms – Through the expansion into the international community, Kauffman Fellows will be exposed to opportunities to work with the brightest and the best from around the globe. The Selection Process, although very intense exposes the candidates to top tier venture capital leaders, as well as the emerging leaders in the venture capital industry. The Educational curriculum utilizing the fellows position in the venture capital field provides a full immersion education. Networking so critical to the venture capital industry, furnishes the greatest enduring benefit to the Fellow, the mentor and the firm. Fellows bring to the firm opportunities to immediately expand the network to the next generation of leaders in venture capital, noted venture capitalists, limited partners and other key players in the industry. Facilitated mentoring provides the Fellow with the unique experience to “sit at the feet” of the seasoned professional. The mentor provides the critical feedback loop that enables accelerated learning, as well as sharing the knowledge, skills and networks necessary to learn the venture building process.
There are currently 28 Fellows in Class 11. The target is to grow the program with 30 Fellows in Fellows Class 11. There are 77 alumni from classes 1-8. 54 of these alumni are currently investment professionals in venture capital, 80% are still in VC, and a large majority are with the firm where they served their fellowship. 75% of Kauffman Fellows alumni have been promoted to firm partner, a remarkable record of accomplishment in such a short time Seven alumni have closed their first funds, with several more in the process of closing their funds. We’re here today as part of our search for the eleventh class of Kauffman Fellows!
Fellows spend their 24 month Fellowship working with a venture capital firm. At the firm, the Fellow becomes fully immersed in all aspects of venture capital. Individually tailored learning plans guide the education and development of each Kauffman Fellow. The learning plans include key and necessary learning experiences, events and milestones which are critical to the educational process, as well as feedback loops to enable evaluation of the learning progress. For the 24 months the Fellow is an employee of the firm and a student of the Center for Venture Education (CVE). The Fellowship is the first organized effort in the venture capital industry to groom future leaders through individual mentoring. In practice, most firms supplement the guidance of the designated mentor by utilizing the experiences of other members of the firm, as well as entrepreneurs and advisors. Perhaps the most valuable experiences for the Fellows come through peer interaction: Whether collaborating on a new investment, or sharing their experiences and strategies for getting the most out of the Fellowship. Peer mentoring and networking is in place among and between the classes of Kauffman Fellows. This interaction has extended to an alumni association of Kauffman Fellows which has become an incomparable network in the venture capital community.
The day-to-day strength of the Kauffman Fellows Program comes from the mentorship of leaders in the venture capital industry. Firms are chosen for the program based on their willingness to designate a senior partner, as well as on that partner’s commitment to mentoring. To prepare for a Fellow’s two-year Fellowship, he or she begins by completing a lengthy self-assessment of skills, experiences and areas for development. Fellows then work collaboratively with their mentors to translate the self-assessment into a two-year Fellowship roadmap. Each Fellow’s plan will be different, reflecting his or her unique portfolio of skills. But, the outcome will be the same--each Fellow will have a plan of how to best progress through their 24-month experience. Structured feedback and milestone meetings are an important aspect of the Fellow’s development. Milestones are identified in the plans which are tracked by the Fellows, their venture firm mentors and Center for Venture Education faculty. Over the course of the Fellowship, the Fellow will periodically step back from the day-to-day activities to measure their progress against their plan with the help of their venture firm and the faculty. To augment the on-site learning, the Center brings together the Fellows several times a year for compressed learning of skills and techniques, and the underlying theory, that makes for successful venture investing. The Kauffman Fellows Program utilizes a cadre of ten premier faculty members who hold leadership positions at the top business schools and technology-oriented universities in the world. Faculty partner with experienced entrepreneurs and venture capitalists to provide an intellectual discourse – and an occasional intellectual collision- on the theory and practice of venture creation. The best practitioners are brought in to share their experiences with the Fellows. In effect the Fellows develop their own best practices as they hear different approaches/philosophies utilized by the country’s most successful VC’s. The Leadership Module focuses on the enhancement of the Fellow’s leadership skills through a unique opportunity to work with CEO level executive coaches The field project, completed in the second year of the fellowship, is designed to focus on an area of interest to the VC firm, as well as to the industry and the Kauffman Fellows Program. The field project is an opportunity for the Fellow to add immediate value to the firm, to become expert in an area of interest to the VC community, and to provide knowledge and information to future Fellows.
The Center for Venture Education is proud to announce the appointment of 2 new Co-Deans for the program who provide information on leading edge thinking in venture capital and entrepreneurship as well as the most recent case studies including case studies they are working on or creating for the Kauffman Fellows Program. Every Fellow in Fellows class 11 has, in addition to the mentor at their firm, the opportunity to have an alumni mentor as well as an Academic mentor from the KFP Network. In addition, the Fellows and alumni have access to key Strategic Partners in an industry who include, Grant Thornton, DLA Piper Rudnick Gray Cary, Silicon Valley Bank and Dow Jones and Affinity Partner Probitas Partners to supplement their learning process. This comprehensive mentor network will continue to support the professional development of future Kauffman Fellow Classes.
Mentor firms have been attracted to the program for a number of reasons: The diverse talent base and outstanding potential of program applicants. Access to investment opportunities through the Kauffman Fellows network. Networking with other Kauffman Fellows mentor firms. Use of the program’s developmental templates for other associates in the firm.
As you can see the network continues to expand to Europe…and this year we have reached an agreement with the UK Government who has agreed to sponsor 4-5 Fellows in the UK in Fellows Class 11. Applicants may apply online at www.kauffmanfellows.org and indicate their interested by selecting willingness to relocate to the UK.
We currently have two Fellows in Firms in Asia as well…This enriches the Program from many avenues…and creates tremendous opportunities for Fellows in firms who plan to expand globally to have expertise in different areas of the world.
This year, we were happy to announce the addition of a new member to Fellows Class 10 from Ghana, Africa. Jervis Danquah has joined us and is with DataBank Private Equity, Ltd.
This slide shows the geographical distribution of mentor firms in the United States .
A strong criterion for being selected as a Kauffman Fellow is a demonstrated desire to gain experience in the venture capital industry. Those lacking a passion and a commitment during the selection process will not fare as well, despite their skill level. To reiterate, the Kauffman Fellowship is much more suited to those possessing a passion for the VC experience. Although applications will be accepted if the candidate has less than 5 years of full time work experience, they will be competing with others in the candidate pool who do have 5+ years of work experience. US Citizenship is no longer required to apply for a Kauffman fellowship. Only those who will have completed an advanced degree by June of 2007 will be considered for Kauffman Fellows 12 Fellowships.
Fellows will be put alongside venture capitalists and entrepreneurs with significant experience in starting and growing companies, and managing products and people. While we certainly expect that Fellows will have “room to grow” within the VC industry, we also expect that they will have a strong background of management skills and experiences. Experience in industries sought after by venture capitalists is usually considered beneficial to one’s candidacy. (A good way to get a sense for these industries is to examine the web sites of the Kauffman Fellows mentor firms. Links to these firms can be found on the Fellows web site.) Expertise in dealing with the issues faced by small companies is usually viewed as very pertinent experience, as is the financial acumen gained by analyzing companies or industries. The personal skills valued by the Kauffman Fellows Program should come as no surprise: Someone who is self-motivated and works well in small unstructured environments is usually better-suited to the industry than someone who needs the structure provided by a big company environment. And interpersonal and communication skills, of course, are paramount. Unquestioned integrity is a requirement!
You can see from Classes 8, 9, 10 & 11 of Kauffman Fellows that they are quite an impressive group.
The Selection Goal for Fellows Class 11 is to have approximately 30 or more Fellows in the class. The class will be made up of both domestic US and international fellowships. Though many candidates may be qualified to serve as a Fellow, each class will be selected to create the optimum learning community, with diversity in education; experience; industry background; and size, type and geography of firms.
The Matching Selection Process is for those candidates looking to enter, but who do not have positions at venture capital firms, completed applications must be received by November 1, 2006 in order to be considered for the Kauffman Fellows 12 selection process. Applications are read by an independent panel of reviewers--venture capitalists, entrepreneurs, and leading scholars with direct connections to the industry. The best applications are passed on for semi-finalist consideration. Semi-finalists will be interviewed on January 25 th in Boston and January 30th, 2007 in San Mateo, CA by teams of venture capitalists and Fellows alumni. The interview teams decide which are the top applicants to move on to the final selection round. The final selection round will be held in San Mateo, CA. At this two-day event, finalists spend structured and unstructured time in formal and informal environments. There are interviews, analytical exercises, social interactive times, and informational sessions. The past finalists have told us that the days are grueling but fun! The firms and the finalists will have four weeks from the finalist event to do more due diligence to make an informed decision on the potential match. The first event for Fellows Class 12 is the Affinity Conference to be held July 11-13, 2007 on the East Coast.
The Affiliated Selection Process is for those candidates who have positions under three years at venture capital firms, or are about to enter a position at a venture capital firm, completed applications must be received by January 31, 2007 in order to be considered for the Kauffman Fellows 12 Selection Process. All applicants in this process will go through an equally rigorous interviews and screening to determine those that will be included in the Fellows Class. Though many candidates may be qualified to serve as a Fellow, each class will be selected to create the optimum learning community, with diversity in education; experience; industry background; and size, type and geography of firms. Once the class is selected, the two selection channels come together and become Fellows Class 12 at the Affinity Conference.
Many partners have come together to make this human investment in the venture capital industry: 69 top venture capital firms, the Kauffman Foundation, 90 program alumni and 49 current Fellows (in Classes 10 and 11). Please consider adding your name to this list. Now, I will be glad to answer your questions . . .
Thank you for the opportunity to discuss the Kauffman Fellows Program with you today. (Your opinion of the value of the Program) If you have any questions, please feel to ask…otherwise, take a look at the website at www.kauffmanfellows.org.
K The Center for Venture Education Home of the Kauffman Fellows Program FELLOWS 12 RECRUITMENT PRESENTATION www.kauffmanfellows.org
Fellows 1-11 Mentor Firms HSBC Private Equity Limited Hong Kong, China Granite Global Ventures Shanghai, China C H I N A RUSSIA INDIA JAPAN Delta Private Equity Moscow, Russia Itochu Corp. Tokyo, Japan Gemini Israel Funds, Tel Aviv, Israel Sequoia Capital India , Bangalore, India