Venture for America Summary


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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
and mobilized as entrepreneurs moving forward.

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  • ----- Meeting Notes (3/4/11 14:54) -----
    Go back to slide #9 (two slides back) to show how TFA meets 'Why smarties choose a path' point for point!
  • Venture for America Summary

    1. 1. Summary February, 2012
    2. 2. © Copyright 2011 | Venture For America | All Rights Reserved 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.
    3. 3. THE HARVARD CLASS OF 2011 Approx. 1,630 seniors 17% 12% 20+% 4% Finance/Banking Management Consulting Law School (25% apply) Teach for America 293 seniors applied (18% of class), 66 became Corps Members That’s 49% of the class (at least) Harvard College Senior Survey Data 2010 ( The Crimson, Senior Survey 2010 by Clifford M. Marks, Tuesday May 25, 2010 ( Law School Admissions Council Data 2010 ( Teach for America: Top Colleges and Universities Contributing to Teach for America’s 2010 Teaching Corps Report ( Association of American Colleges: Undergraduate Institutions Supplying Applicants to U.S. Medical Schools ( Grad School, Non-profits, Industry, Gov’t, IT, Military 15+% Med School (18% apply) 10% 22% Undecided
    4. 4. SAME PICTURE AT OTHER TOP SCHOOLS  Over 50% of graduates take either the LSAT or the GMAT (2004 – 2010) Law School Admissions Council Data 2010 ( Graduate Management Admission Council Data 2004-2008 UPenn, Career Plans Survey Results – Class of 2010 ( Duke Senior Survey Results for Undergraduates ( Cornell Preliminary Class of 2010 Postgraduate Report (  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
    5. 5. WHERE THE GRADS ARE GOING: 2010 Top Job Locations for Undergraduates Duke Senior Survey Results for Undergraduates ( The Crimson, Senior Survey 2010 by Clifford M. Marks, Tuesday May 25, 2010 ( RI New York, NY Boston, MA Washington, D.C. San Francisco, CA December 2010 States with >10% Unemployment Rates
    6. 6. WHY/HOW DO SMART KIDS CHOOSE A PATH? › Prestige. Looks good on Resume. Marks you as Smart. › Opens Doors. Keeps options open. Sky’s the limit. › Community. Make sure you don’t ‘fall behind’ peers. Work with other smart people. › Clearly Marked Path. Easy to Find or Apply To. › Something good / pro-social. e.g. Teach for America › Progress. Seeking ‘the next level.’ Gain stature. › Gain Skills. Training for the next thing. › Money. Compensation, amenities, lifestyle.
    7. 7. WHY NOT START-UPS? › Not recruited (contrast with banks, consulting, big companies, Teach for America, etc.) › No community / peer group › No network / idea / money / tech proficiency › Hard to find suitable start-up / no structured path (contrast with law school) › Unclear prospects for training, advancement or success However, 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.
    8. 8. TEACH FOR AMERICA (1990 - ) › In 2011, Teach for America drew 48,000 applicants for 5,200 slots, including 12% of all Ivy League seniors. › Hired more seniors than any other employer at numerous colleges, including Yale, Dartmouth, Duke, and Georgetown. › Founded 1990 by Princeton senior Wendy Kopp; what began as a thesis has grown into a $180 million organization. › Considered Top 10 Job to start a career by Businessweek. › Board includes John Legend; TFA Alumni include Michelle Rhee (Former Chancellor of the D.C. Public Schools system). › Sends the best college grads in the country to hundreds of the lowest-performing school districts in Mississippi, etc... The Wall Street Journal: What They’re Doing After Harvard by Naomi Schaefer Riley, July 10, 2010 (
    9. 9. • Venture for America will recruit the best and brightest college grads to work for two years at emerging start- ups and early stage companies in lower-cost cities (e.g., Detroit, Providence). Fellows paid $32-38k/year by the host company. Hundreds of applicants from national universities to date. • Modeled after Teach for America, Venture for America will provide a path for entrepreneurship to college grads who want to learn how to build companies and create jobs. • Venture Fellow Summer Institute held at Brown University in June 2012 with seasoned investors and entrepreneurs. • At the conclusion of the fellowship, Fellows will attend a capstone where $100k in seed investment will be awarded to the highest performing Fellow. VENTURE FOR AMERICA (2011 - ) Year 1 2 3 4 5 … 2yr program at a start-up as a Fellow Venture For America Biz Competition Continue full- time at start-up Start-up Pro! Apply to Fellowship
    10. 10. + others… VENTURE FOR AMERICA TEAM Management Team Board of Directors Andrew Yang President & Founder Eileen Lee COO Eddie Shiomi VP Programs Robin Chan Zynga Peter Ezersky Quadrangle Darren MacDonald IAC LeRoy Kim Allen & Company Investor Board David Lee SV Angel Josh Linkner Detroit Venture Partners + others… Chip Hazard Flybridge Andy Weissman Union Square Ventures + others… Mike Tarullo Corporate Dev.
    11. 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. 12. RECRUITMENT LISTING SERVICE © Copyright 2011 | Venture For America | All Rights Reserved • We expect to have 1,000+ applicants for 50 spots in Year 1. • The Top 20% 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.
    13. 13. TIMELINE © Copyright 2011 | Venture For America | All Rights Reserved Press Launch On-Campus Marketing and Awareness Infrastructure • Office • Staff • Website V 1st Class of Fellows arrives at Brown University Recruitment Interviewing On-boarding Programming Confirm Host Companies Mar ‘11 Apr ‘11 May ‘11 Jun ‘11 Jul ‘11 Aug ‘11 Sep ‘11 Oct ‘11 Nov ‘11 Dec ’11 Jan ‘12 Feb ‘12 Mar ‘12 Apr ‘12 May ‘12 Jun ‘12
    14. 14. ACT. BUILD. CREATE. Mobilizing Graduates as Entrepreneurs • Contact: Andrew Yang ( • Visit: FOR MORE INFORMATION: Click on icons to open webpage © Copyright 2011 | Venture For America | All Rights Reserved