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.
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 (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)
Grad School, Non-profits,
Industry, Gov’t, IT, Military
15+% Med School (18% apply)
10%
22%
Undecided
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 (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)
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. WHERE THE GRADS ARE GOING:
2010 Top Job Locations for Undergraduates
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/)
RI
New York, NY
Boston, MA
Washington, D.C.
San Francisco, CA
December 2010 States with >10% Unemployment Rates
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. 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. 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
(http://online.wsj.com/article/SB10001424052748704198004575311052522926796.html)
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. + 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.