Where It All Started — Chicago:Blend
A Unique Fellowship Forging the Future of VC Right in the Heart of America.
Yesterday news broke that Sequoia Capital partner Michael Moritz is exiting the firm after almost a 40 year stint. Throughout his career there has been so much change to what is Venture Capital. Maybe one of the ways that the VC world has changed — especially in recent years — is how more and more diverse faces are entering the field.
I imagine many of the more established folks in the field feel like this:
That’s due to so many innovative new programs coming about specifically focused on helping underrepresented individuals break into VC. Organizations like Included VC, VC University, VC Lab, and others have come about with the mission of democratizing access to VC education and helping diverse candidates enter into VC whether that’s by finding a role, or funding their own firm.
One program in particular holds a special place in my heart, as it’s where I started my pathway into Venture Capital — The Chicago:Blend Venture Fellows Program.
As a recent alumnus of this fellowship program, I only thought it right to take some time to step back and review my experience and give my best advice for aspiring VCs interested in applying for the program.
🚨 A Quick Heads Up:
This week marks the final week for submissions to the Chicago:Blend Venture Fellows Program, so for those of you all who are interested - make sure you get your applications in!
With that being said, let’s dive into what the fellowship entails.
The Community
By far my favorite aspect of the fellowship was the incredible community I was able to be a part of. From the cohort, to the mentors, to the directors of the program — everyone was incredible kind, generous, and understanding at every point of interaction.
(I didn’t get the memo that we should dress in business casual for Pitch Night, so I dressed up as a farmer to reflect the startup I was pitching to a room of over 100 venture capitalists… whoops!)
Trying to break into venture capital — especially for those from non-traditional backgrounds — can be a daunting, lonely, and depressing process. I know it was for me as I sent in application after application and received rejection after rejection.
Having a community of supportive individuals who you can lean on for encouragement or advice is incredibly useful.
I remember after one painful rejection, CEO of Chicago:Blend Joey Mak didn’t try to sugarcoat it or give me toxic optimism of “keep going bud”, but rather he empathized with me and shared his feelings of similar frustration with me. That realness is incredibly rare in a culture that celebrates the “hustle mentality” and “the grind”, and it’s for that reason that I believe I was able to keep going.
The Education
If having the Chicago:Blend community wasn’t enough, I was also provided entrance to U.C. Berkeley’s VC University course. Typically this course is $1500, but was offered for free to all fellows.
As part of cohort 12 of VC University, we were taught everything from startup negotiations to creating cap tables from scratch. This course was lead by Adam Sterling and Maryam Haque who are both world renowned leaders in the venture capital space. They would both hold regular office hours or lunch and learns where students were encouraged to attend, and having access to these folks was a complete game changer. From finding new banking resources (thank you Pia Zaragoza!) to being connected with VC lawyers, these office hours fostered the individual connections necessary to help aspiring venture capitalists to get off the ground and grow.
Lastly, the coursework also hosted an array of interviews with prominent venture capitalists spanning a diverse array of geographies and interests. When applying to various positions, it makes you feel so much more confident going into the application process knowing you’ve seen and heard from the person who ultimately reviews your candidacy.
The City
I believe that Chicago:Blend Venture Fellowship could not have happened anywhere except Chicago. Maybe that’s me being a bit biased having been born and raised here, but it’s true.
Chicago does not have as much entrenched Venture Capital history as either of the coasts, and therefore is fresh ground for a more modern workforce to take the lead.
More importantly though, there has been a huge push from both the public and private organizations to improve equity in the startups space here.
Funds like P33, LongJump, and Fifth Star Funds are specifically designed to support, promote, and invest in diverse founders — recognizing the unique challenges they have faced and help them persevere through new challenges.
Startup incubators like 1871, Technexus, mHUB host regular events to support diverse communities ranging from pitch competitions to panel discussions and mixers.
Even the economic development arm of Chicago — World Business Chicago — plays a crucial role in promoting equitable access to opportunities for all through their programs and incentives.
Tips for Applicants
If I could give a couple of key tips for those of you who are interested in applying here they are:
Formalize how you can get access to startups and deal-flow.
Chicago:Blend believes that in changing the faces of VC, we’re able to also make an impact on the types of startups that get funded. That means leveraging your diverse networks to see what startups you can get on the phone with and potentially make connections with to other VCs.
Were you part of a startup student organization? Great! Were you a a founder that went through various accelerator programs? Amazing! Leverage these networks and show them off in your application.
Focus on the type of Venture Capitalist you want to become.
This can be a hard question for many folks — I’ll be writing more about this in the future. For now, just answer three basic questions. Early or late stage investing? Which industry or sector would you like to invest in? What specific technologies are of most interest in that sector for you.
In answering these questions, you will show that you’ve thought clearly about the path you’re going to take into VC. For a bonus, find three companies that fit your above criteria and provide a recommendation on why those would be best fit for investment.
Conclusion
So for those of you who are interested in the program, I encourage you to apply. If you have any questions, please feel free to reply to this email and I’m more than happy to help out.
We need inspiring individuals like yourself to lead the way, not only for Chicago, but for the entire world to thrive.
Best of luck,
Adeel