Venture for America is excited to feature guest blogger Taylor Fleming. Taylor is a junior at Colgate University, majoring in English with a minor in Middle Eastern Studies:
As the semester rolls along, many Colgate seniors are beginning to wonder about their future plans. Andrew Yang, graduate of the Brown University class of 1996, found himself, only a few years back, in the same boat. After graduation he practiced law for a bit and even got a job as a CEO of Manhattan GMAT. Yet, during his time at Manhattan GMAT he found a common trend among the recent college graduates he encountered. Grads had major interest in the work force and specifically in entrepreneurship. Like young Colgate graduates and students, these grads all had what Yang characterized as pent up energy but no where to use it. At the same time, new and eager venture capitalist firms and entrepreneurship startups seemed to have trouble finding a way to connect to the desirable candidates for their open positions.
The need for a connection between the two appeared essential to Yang. This idea, complied with many months, a lot of hard work and what Yang refers to as a long story, created Venture for America. The organization, which will launch into action in June 2012, is the construction of a bridge between hiring startup companies and hard-working graduates. Modeled after Teach for America, Venture for America aims at placing eager college graduates in low-cost cities where they can work with and for startup companies. Venture for America hopes that the work at the companies will spark business, create more jobs and help improve the economies of these cities.
Those who are accepted into Venture for America will spend two years in the program. The experience will begins at Yangs alma mater, Brown University. Fellows will spend five weeks on campus training for the next two years in the Venture Fellow Summer Institute. At the Institute, fellows will experience all the hands on technological training necessary for placement in the low-cost cities. They will also have the chance to study and discuss entrepreneurship with successful professionals and investors who have seen it all.
After the institute, Venture for America provides a two-year assignment in groups of ten to twelve at a startup company in a city, such as Providence, Detroit or New Orleans. Yang believes that the assignment ensures that the fellow works in that city “doing what that city needs. The companies that they are assigned to are ones with great potential and varying interests. Among those involved, Detroit Venture Partners is the largest early-stage company. The company, founded by the majority owner of the Cleveland Cavaliers, describes the group as street fighters [who] are willing to get down and dirty with our entrepreneurs in order to drive results. Other companies deal with sustainability and renewable energy sources. At every company, fellows will earn a full salary and health benefits. The Venture for American website, ventureforamerica.org, estimates the salary in the range of $32,000-$38,000.
While at work over the two years, fellows will meet twice a week to confer about their experiences and assignments. The first year concludes with an Intermission, or debriefing convention between all the fellows. At the end of the two years, one student, who is selected as the best performing fellow of the class, will be awarded $100,000 to either finance the fellows current company or a new company, which the fellow will found or co-found.
For graduates of Colgate University, Venture for America is an amazing opportunity. Applicants do not need a certain major and might even benefit from their background in liberal arts. Venture for America is a young company, and they are looking for people who mesh well with their program. The recent Colgate grad, from the year 2012 or earlier, embodies the description that Yang, founder and now president of Venture for America, depicts for ideal candidates. We need our best and brightest, he said. And they are well on their way. The organization, which is in its first year, already has over 700 applicants, but they, hope to get more.
In fact, they are so hopeful that Venture for America personally contacted Colgate University to seek more applicants. Yang and his entire staff at Venture for America believes in placing, people with ambition and ability into places where they can stimulate careers, and ultimately, help, the country begin to grow again economically. And they reached out to Colgate University as a perfect place to obtain the people to fill these roles. If Colgate students have any questions, they are encouraged to visit the VFA website at ventureforamerica.org. Applications are due by two different deadlines, November 28th, 2011 or February 15th, 2012, both for the session beginning in June 2012. The application is available on their website at ventureforamerica.org/apply.