Venture for America for Fellows
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Venture for America for Fellows

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Venture for America is a program for young, talented grads to spend 2 years in the trenches of a start-up with the goal that these graduates will become socialized ...

Venture for America is a program for young, talented grads to spend 2 years in the trenches of a start-up with the goal that these graduates will become socialized
and mobilized as entrepreneurs moving forward.

Interested college seniors can apply at http://ventureforamerica.org/apply

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  • 1. 2012 Fellows Spring, 2012
  • 2. WHAT DO YOU WANT IN A FIRST JOB? › Develop Skills. Training. Hit the Ground Running. › Looks good on Resume. Keep options open. › Work with other smart people. › Ideally, some real responsibility. › Money, maybe even upside of some kind. › Something good? Maybe save for later.
  • 3. THE PROBLEMDistribution of Talent o The majority of our talent is flowing to finance/consulting/law and not enough talented young people are engaged in job-creating enterprises in our communities. Our identification and distribution of talent has become a critical weakness instead of an historic strength. © Copyright 2011 | Venture For America | All Rights Reserved
  • 4. THE HARVARD CLASS OF 2011 Approx. 1,630 seniors 17% Finance/Banking 20+% Law School (25% apply) 12% Management Consulting That’s 49% of the class (at least) 15+% Med School (18% apply) 22% Grad School, Non-profits, Industry, Gov’t, IT, Military Teach for America 4% 293 seniors applied (18% of class), 10% 66 became Corps Members Undecided Harvard College Senior Survey Data 2010 (http://www.ocs.fas.harvard.edu/students/jobs/seniorsurvey.htm) The Crimson, Senior Survey 2010 by Clifford M. Marks, Tuesday May 25, 2010 (http://www.thecrimson.com/article/2010/5/25/percent-year-seniors-class/) Law School Admissions Council Data 2010 (http://members.lsac.org/Public/MainPage.aspx?ReturnUrl=%2fPrivate%2fMainPage2.aspx) Teach for America: Top Colleges and Universities Contributing to Teach for America‟s 2010 Teaching Corps Report (http://www.teachforamerica.org/newsroom/documents/20100714_Teach.For.America.Announces.the.Schools.Contributing.Most.Graduates.to.2010.Corps.htm)Association of American Colleges: Undergraduate Institutions Supplying Applicants to U.S. Medical Schools (https://www.aamc.org/download/161090/data/table2-1-mblack-2010-web.pdf)
  • 5. SAME PICTUREAT OTHER TOP SCHOOLS Over 50% of graduates take either the LSAT or the GMAT (2004 – 2010) Teach for America, Goldman Sachs, Morgan Stanley, Bank of America/Merrill Lynch, Accenture, Google, and Deutsche Bank Top Employers 2010  Deloitte, Deutsche Bank, Ernst & Young, Goldman Sachs, Google, JP Morgan Chase, Morgan Stanley, NIH, and Teach for America Top Employers 2010  34% took jobs in Finance or Consulting of those who accepted a job at graduation; Bank of America, Barclays Capital, Citigroup, Google, JP Morgan, Morgan Stanley, and Teach for America Top Employers 2010 Law School Admissions Council Data 2010 (http://members.lsac.org/Public/MainPage.aspx?ReturnUrl=%2fPrivate%2fMainPage2.aspx) Graduate Management Admission Council Data 2004-2008 UPenn, Career Plans Survey Results – Class of 2010 (http://www.vpul.upenn.edu/careerservices/undergrad/reports/Class2010CareerPlans.pdf) Duke Senior Survey Results for Undergraduates (http://www.princeton.edu/career/employers/about-princeton/survey-data/ Cornell Preliminary Class of 2010 Postgraduate Report (http://www.career.cornell.edu/downloads/PostGradSurveys/PreliminaryClassOf2010.pdf)
  • 6. WHERE THE GRADS ARE GOING: 2010 Top Job Locations for Undergraduates December 2010 States with >10% Unemployment Rates New York, NY Boston, MA RISan Francisco, CA Washington, D.C. Duke Senior Survey Results for Undergraduates (http://www.princeton.edu/career/employers/about-princeton/survey-data/) The Crimson, Senior Survey 2010 by Clifford M. Marks, Tuesday May 25, 2010 (http://www.thecrimson.com/article/2010/5/25/percent-year-seniors-class/)
  • 7. WHY/HOW DO SMART KIDS CHOOSE A PATH?› Prestige. Looks good on Resume. Marks you as Smart.› Clearly Marked Path. Easy to Find or Apply To.› Progress. Seeking „the next level.‟ Gain stature.› Opens Doors. Keeps options open. Sky‟s the limit.› Money. Compensation, amenities, lifestyle.› Gain Skills. Training for the next thing.› Community. Make sure you don‟t „fall behind‟ peers. Workwith other smart people.› Something good / pro-social. e.g. Teach for America
  • 8. WHY NOT START-UPS? › Not recruited (contrast with banks, consulting, big companies, Teach for America, etc.) › Hard to find suitable start-up / no structured path (contrast with law school) › No community / peer group › Unclear prospects for training, advancement or success › No network / idea / money / tech proficiencyHowever, many Kids would LOVE to join a start-up!They all talk about it. Many go into finance/consulting to“learn about business”, so they can start something.
  • 9. VENTURE FOR AMERICA (2011 - )• Venture for America will recruit 50 of the best and brightest college grads to work for two years at emerging start-ups and early stage companies in Venture For lower-cost cities (e.g., Detroit, Providence). Fellows Year America Apply to paid $32-38k/year by the host company. Fellowship 1• Venture for America will provide a path for 2yr program at a start-up as a entrepreneurship to college grads who want to learn 2 Fellow how to build companies and create jobs. 3• Venture Fellow Summer Institute held at Brown Biz Competition University in June 2012 with seasoned investors and 4 entrepreneurs. Continue full- time at start-up 5• At the conclusion of the fellowship, Fellows will attend a capstone where $100k in seed investment will be Start-up Pro! … awarded to the highest performing Fellow.
  • 10. VENTURE FOR AMERICABoard of + others…Directors Peter Ezersky LeRoy Kim Darren MacDonald Robin Chan Quadrangle Group Allen & Company IAC ZyngaInvestor + others…Board David Lee Josh Linkner Chip Hazard David Tisch SV Angel Detroit Venture Partners Flybridge Techstars + many other accomplishedEntrepreneur entrepreneurs and investors (www.ventureforamerica.org/team)Board David Gilboa Liz Hamburg Dan Porter Warby Parker Upstart Ventures OMGPOP
  • 11. MEASUREMENTS OF SUCCESS• The primary metric for VFA will be the number of jobs generated by Venture Fellows past and present, in 3 categories: 1. A Venture Fellow founds or co-founds a company that creates jobs; 2. A Venture Fellow plays a significant leadership role at a company that creates jobs; or 3. A Venture Fellow is employed and contributes at a company that creates jobs.• The stated goal of Venture for America is to contribute to the creation of 100,000 U.S. jobs by 2025.• The secondary metric is the proportion of Venture for America Fellows who remain engaged in start-ups or early stage enterprise. © Copyright 2011 | Venture For America | All Rights Reserved
  • 12. RECRUITMENT LISTING SERVICE• We expect to have 1,000+ applicants for 50 spots in Year 1.• The Top 100 (10%) will be designated as Finalists and will receive assistance in placing them in appropriate start-ups. Virtually all applicants will opt in for access to additional opportunities.• Start-ups / early stage companies in every market will have the ability to access resume database. Means-adjusted fee only for successful hire.• Potential to drive hundreds of applicants to start-ups beyond Fellows. © Copyright 2011 | Venture For America | All Rights Reserved
  • 13. WHAT DO YOU WANT IN A FIRST JOB? Start-up Life is good for Smart People:  The Job Changes  Get Real Responsibility  Rewarded for Success  High Engagement/Ownership  Peaks and Valleys  Team-Oriented  Purpose-Driven, Belief in the Mission
  • 14. FOR MORE INFORMATION:• Contact: To Apply (ventureforamerica.org/apply)• Visit: http://ventureforamerica.org/ Click on icons to open webpage ACT. BUILD. CREATE. Mobilizing Graduates as Entrepreneurs © Copyright 2011 | Venture For America | All Rights Reserved