(Photo courtesy of TLC Photography)
Two students from the Naveen Jindal School of Management recently participated in a three-week virtual boot camp to learn about venture capital from professionals in the industry. Twenty students representing 10 University of Texas System schools were chosen to take part. More than 160 students applied.
Duyen Nguyen, an accounting senior, and Chukwudi Ukonne, an innovation and entrepreneurship graduate student, were selected to participate in the Bridge Venture Fellowship, a new program presented by the Texas Network of Blackstone LaunchPads. The program is hosted by a coalition of LaunchPads across the 10 UT System schools in partnership with Capital Factory.
The fellowship was created for students who have not previously had opportunities to learn about venture capital. The recruitment process focused on targeting and engaging historically excluded students, encouraging them to participate.
Those attending heard from diverse investors and startup founders. They also received free books and learning materials, a paid trip to Austin for a networking mixer and an opportunity to secure a summer associate internship and a $400 stipend upon completion of the program.
“We had guest speakers who are actually venture capitalists,” Nguyen said, “and we were able to learn about how venture capital works from the side of the investors as well as the people who are seeking funding. It opened my mind and helped me see the possibilities. I never knew how far my degree could take me until now.”
Nguyen immigrated to the United States five years ago from Vietnam and recently became a U.S. citizen. She is a first-generation immigrant and a first-generation college student. She has plans to one day start a business that supports her strong interest in sustainability issues.
After participating in the fellowship, Ukonne said he is considering a career in the venture capital industry “in the long term.”
“Participating in the fellowship was an amazing experience,” he said. “It was kind of intense because I balanced it with school and a part-time job, but what stood out for me was the concept of (organizing the) investment pieces. You have to have a plan and be able to streamline your ideas so that you don’t throw money at every idea that comes along. For me, I believe it will help me deal with disappointment when it comes.”
Ukonne is a native of Nigeria with a bachelor’s degree in architecture and experience in media, marketing and communications. In addition to considering venture capital as a future career, he also has plans to work on a couple of business ideas with classmates.
Diversity is almost non existent in the venture capital industry. According to an article in Forbes magazine, while 58% of the people who work in the industry are white males, white males control 93% of venture capital dollars. In addition, only 1% of the $70 trillion wealth management industry is controlled by women or minority fund managers. That fact often directly impacts the level of funding that goes to female and underrepresented startup founders.
Introducing historically excluded groups to venture capital, starting in higher education, is the way to begin changing those statistics, according to Dresden Goldberg, programs and operations senior director and partnership director of the Texas Network of Blackstone LaunchPads.
“Entrepreneurial skills are important in any career,” she said. “Employers look for critical thinkers, creative problem-solvers, leadership and determination, which are skills developed in entrepreneurship. Students who participate in programs like this cultivate these skills and can apply them anywhere, becoming more desirable candidates in the workforce.”
Both Ukonne and Nguyen said they recommend that other students take advantage of the opportunity provided by the fellowship by applying to participate, no matter their major. Additional information about the fellowship can be found at https://www.texaslaunchpad.org.
“I’m very grateful to have been part of this,” Nguyen said, “the benefits are great.”
