2023 Summer Highlights

In 2023, HBCUvc hosted 33 Fellows in our venture capital fellowship and internship program. The program begins in March with virtual training that continues until May. During the first week of June, our Fellows traveled to Tulsa, OK, where we hosted them at the HBCUvc New Fellows Retreat. Right after the retreat, Fellows began their full-time internship with our partner VC firms in various cities nationwide. Late August brought mini-meetups in multiple cities and concluded with a virtual celebration as Fellows wrapped up their summer internship. Below, you’ll find a recap of the 2023 HBCUvc Fellowship experience.

*Report best viewed with a desktop browser. If you have trouble viewing the report, download the PDF version here.

Summer ‘23 in Numbers

90

Fellow Net Promoter Score

Paid Venture Capital Internships Earned & Successfully Completed

33

Total HBCUs Represented In Cohort

11

% received valuable introductions, internship extensions, or return offers

81

Hear from Our Fellows

Watch short snippets of selected Fellows sharing their experiences working in VC this summer.

Chris interned at the University of Maryland Momentum Fund
Anthony interned at Touchdown Ventures
Ayodeji interned at Munich RE Ventures
Dailen interned at 50 South Capital
Lotanna interned at Fearless Fund
Alliyah interned at Lux Capital

2023 Fellow Demographics

Highest Education Completed

Top Majors Represented

MBA
Finance
Economics
Computer Science

Top Universities Represented

Morehouse College
Howard University
Columbia University (Graduate Students with an HBCU undergrad)
Georgia State University (Predominately Black Institution)

“This was a remarkable opportunity to connect with progressive and talented Black leaders. I'm grateful for the privilege to be connected with such a dynamic group of change agents.”

2023 Fellowship Feedback Survey Responses

Immediately following the completion of the program. We asked our Fellows to complete a survey about the Fellowship experience and to capture lessons learned. 31/33 Fellows completed the survey. Below you’ll find a summary of their responses.

*Report best viewed with a desktop browser. If you have trouble viewing the report, download the PDF version here.

Before HBCUvc

Reflecting on your experience navigating the entrepreneurial and venture capital ecosystems (e.g. the know-how, network, knowledge, resources, etc.) BEFORE becoming an HBCUvc Fellow, answer the following:

How comfortable were you?

How confident were you?

How much did you feel like you belonged?

After HBCUvc

Reflecting on your experience navigating the entrepreneurial and venture capital ecosystems (e.g. the know-how, network, knowledge, resources, etc.) AFTER becoming an HBCUvc Fellow, answer the following:

How comfortable are you?

How confident are you?

How much do you feel like you belong?

Agree or Disagree: I am more effective in exploring relationships in the VC industry.

Agree or Disagree: I have a greater awareness of the identity and expertise of Black and Brown investors and entrepreneurs.

Has your desire to either work in venture capital, work for a startup, or start a company increased as a result of your fellowship experience?

The Training and Internship Experience

Overall, how would you rate the quality of HBCUvc’s online self-paced VC training?

Following the training hosted by HBCUvc (e.g. online self-paced, virtual live webinars, in-person training, and retreat), to what degree were you prepared for the expectations and activities of your summer internship?

Rate Your Experience: The rigor and challenge of your work at assigned firms.

Rate Your Experience: Your proximity to working with founders, clients, and deal flow in your role.

In your opinion, what level of influence did you have on equity/access-related issues during your internship experience (i.e. recommending founders of color, participating in an investment to an entrepreneur, offering insight from a culturally-relevant context, etc.)

What’s Next For Our Fellows?

1-month After Internship Completion

With respect to your long-term career goals, do you plan to...? (Multiple Select)

*Responses are shown in order in color legend

Selected Writings From Our Fellows

I’m a junior VC. Here’s how I’m building a network that keeps growing by Colby Prince

“The VC ecosystem is tight-knit. One good interaction can lead to numerous great connections. When I met Leacock at the summit, I quickly learned that he knew several of my colleagues at Squadra Ventures. This made the introduction much more seamless. It was a living example that this industry is relationship-based. Your name will be brought up in rooms and spaces that you haven’t entered yet, and it will linger when you leave. Your goal is to make sure that when you show up, people are expecting great things from you.” Read More

A Pilgrimage to Tulsa: Navigating Race, Privilege and Opportunity by Brandon Best

“Having the retreat in Tulsa created a sense of seriousness around our trip. The experience felt more like a pilgrimage than an orientation. I couldn’t shake the historical context that set the stage for our arrival. The confluence of these factors gave way to an undercurrent, gently reminding me of both the consequences that arise when someone else is the author of our history, the power of authenticity and the importance of sharing our story.

By the end of the trip, I had the sense that Greenwood Ave embodied much of what the HBCUvc orientation set out to accomplish — a sense of solidarity in the fact that each of us clearly had the potential to be successful in all spaces.” Read More

New Fellows Retreat In Tulsa, OK

Lessons Learned & Changes For 2024 Programming

Through surveys and interviews, HBCUvc collects feedback to improve our programming offerings and quality. Based on feedback from this year and previous years, HBCUvc will make the following changes to the upcoming 2024 VC Fellowship program.

1. Offer a single application and recruiting cycle.

In 2022, we offered three application cycles to maximize our outreach to potential candidates. Both our partners and applicants found the recruitment cycle confusing. In addition, the multiple cycles created a strain on our staff. In 2023, we will offer a single application cycle, with applications opening on November 17, 2023, and closing on January 14, 2024. To encourage early applicants, applicants who apply before the end of 2023 are invited to private small-group roundtables with prominent entrepreneurs and investors.

2. Shift program eligibility to focus on graduate students and recent university alumni.

This was a very difficult decision for our internal team to make. Our programming started as an opportunity for undergraduate students and was later offered to graduate students based on feedback from VC partners. We’ve learned that many of our VC partners, who operate as small teams, were not equipped to provide a valuable experience for undergraduate students, who are often entering their first professional role. In addition, after program evaluation, we observed a higher rate of return offers and retention in VC among our Fellows who entered the program with greater professional experience. We still strongly believe that venture capital experiences should be available to HBCU undergraduates. We will use the upcoming year to redesign our programming to offer a valuable experience for HBCU undergraduates. In the meantime, we will change the eligibility for the 2024 Fellowship to focus on graduate students and recent graduates with 2 - 5 years of professional experience.

3. Give candidates a choice in VC internship assignments.

Every year, Fellows provide feedback that they would like to be given a choice in the VC firms they are assigned to for their internship. To maximize the number of internship opportunities offered, we’ve previously only assigned VC interviews based on our staff’s internal matching process. However, we’ve learned that Fellows have a greater experience when they work for a firm in which they already have an interest. During the 2024 matching process, we will work more closely with our finalists to understand their preferences while nudging them about opportunities with firms not on their radar.