Want to work in tech? Follow the money.
These venture capital firms want college students at their companies.
Like many recent graduates, I am begrudgingly preparing for the deletion of my university email and its accompanying files. I spent an hour during a lazy Sunday afternoon transferring class notes and old papers from one virtual location to another. During this process I stumbled upon spreadsheets filled with opportunities that I had assembled in preparation for each summer of my college career. Several descriptions were highlighted in green; nearly all of them were for fellowships.
What is a fellowship?
A fellowship is really an internship with an added layer on top of it. Rather than applying to intern at startups directly, students can apply to programs run by the firms that fund them. Firms effectively pre approve candidates who they then match to work with their portfolio companies. There is some variation between programs, but that is the general gist of it.
Why not just apply to internships directly?
This is a really good question. The answer depends on your candidacy.
Venture run programs are rarely role agnostic. A strong product designer may be ineligible for most technical fellowships, but they could still be hired independently by portfolio companies. Many candidates simply have no choice but to apply directly, but others have options. Being part of a program offers several advantages:
- Firstly, you belong to a community outside of a single workplace. This amplifies the number of people who you interact with and the amount that you can learn.
- Secondly, firm affiliation enables access to investors and industry leaders that would be nearly impossible otherwise. Fellowships can grant you knowledge and opportunities beyond the scope of the work that you’re completing as an individual.
- Lastly, participating in a fellowship can give you great flexibility in terms of personal branding. Your resumé can include both the name of the supporting firm and the company that you interned at. This sets you up well to pursue both technical or investing roles.
If fellowships are so fantastic, then why haven’t I heard about them before?
Another great question. I’m glad that you asked.
- Smaller fellowship programs necessarily yield smaller alumni networks. Even if every former participant widely publicized the opportunity the message still may never have reached you. Similarly, participants often cluster around the same set of schools, which further concentrates the exposure.
- The people who are typically in charge of fellowships do so in addition to their regular jobs, so there is rarely adequate bandwidth to launch large marketing efforts. On a related note, running a program well requires extensive time and energy that may not be offset by the value added to portfolio companies. Many firms have opted to shut down their fellowships rather than to continue them.
Despite these benefits, most of the materials that I found on the topic were either not comprehensive or very outdated. I had been taking notes on the matter for nearly four years. Why not share them?
Before we begin examining each opportunity, I would like to take a moment to share why I picked these particular programs.
- All of the firms have strong name recognition and portfolios.
- Fellows are fairly compensated for their time.
- The deadlines are quickly approaching.
Note: the following list is in no particular order.
True Ventures Fellowship
Silicon Valley based True Ventures has invested more than $2 billion in early stage startups since its founding in 2005. The firm is run by former entrepreneurs whose risks have certainly paid off. Notable exits from the past 5 years include Peloton, Fitbit, Ring, and Blue Bottle Coffee.
The True Ventures Fellowship pairs talented college students with portfolio companies to gain experience and grow their personal networks over the summer. Rising college juniors and seniors are eligible for the program; current sophomores and juniors should apply. The upcoming class of fellows will be between 12 and 15 students. The 2021 program will take place entirely online; it will begin in June and extend until mid August (10–12 weeks). There is no travel or housing stipend available. However, the online nature of the 2021 program will likely alleviate the cost burden of Bay area housing.
The newest iteration of True’s fellowship places a particularly large emphasis on diversity. The website states, “Moving forward, our program will focus on students from historically marginalized and underrepresented backgrounds within the technology and venture capital industry, including women, Black, Latinx, and Indigenous communities.” This commitment is restated several times. If you’re nervous about being the only person in the room who looks like you, then this may be an especially good option.
There are a number of components to the True Ventures application, including both a personal statement and video of yourself. The process is far more reminiscent of applying to college than simply dropping a resumé. Plan accordingly.
True Ventures Application: due on November 6th
8VC Fellowship
8VC describes themselves as “a different kind of VC firm.” They encourage entrepreneurs to rethink entire systems, rather than solve problems in a vacuum. The fund is led by serial entrepreneur Joe Lonsdale, co-founder of Palantir and founder of Addepar. 8VC wrote early checks to some of the coolest companies you probably never have heard of. Other investments, such as Asana and Oculus, are household names.
The 8VC Fellowship sources university technical talent and connects them to their portfolio companies. While the application does not explicitly state that you must major in computer science, all of the roles are in software engineering. If you’ve never written a line of code, then this is not the program for you. 8VC expects to assemble a group of 14 fellows for the 12 week program.
It is unclear whether or not the program will take place entirely online in 2021. In years past, fellows were paid competitive salaries and given a partial housing stipend. If fellows are not expected to reside in the Bay area then the stipend may disappear or shrink.
The application does not currently have a formal deadline, but I suspect that applying earlier rather than later will be beneficial.
8VC application: no formal due date
Bessemer Fellows
In an industry filled with new entrants, Bessemer Venture Partners is a veteran. The original iteration of the firm dates back to 1911. For context, the Titanic sank in 1912. This longevity has led Bessemer to refer to themselves as “the world’s most experienced early-stage venture capital firm.” They boast 120 IPOs in the last 5 decades alone, including LinkedIn, Yelp, and Pinterest. However, they aren’t afraid of recognizing where they went wrong. The “anti-portfolio” section of their website is dedicated to investments they passed on initially that ended up being wildly successful.
Bessemer’s summer program is similar to 8VC’s and True’s in a number of ways. Students who are currently in their third year of college are eligible to apply. Internships last between 8 and 12 weeks. Additionally, they have committed to hiring students who come from underrepresented backgrounds in tech. However, Bessemer is explicitly looking for applicants who have strong backgrounds in engineering, product, or data science. Students who want to spend their time focusing on other topics should look elsewhere. Lastly, the program is slightly larger than others; an estimated 20 fellows will join for the summer of 2021.
It is unclear whether Bessemer is planning to conduct their upcoming program entirely remotely. Prior summer fellows have been able to shadow internal Bessemer teams and attend educational and social events.
The Bessemer Fellows website states that interviews began in August. However, it looks like the application is still open.
Bessemer application: due dated passed, but form is still open.
Kleiner Perkins Fellows
Slack, Google, and Amazon. What do these three companies all have in common? Kleiner Perkins invested early in all of them. Their offerings for students and new graduates match the robustness of their portfolio.
The firm runs two different summer fellowships: one in design and the other in engineering. These should not be mistaken for the post grad fellowships of the same name. Absent an absolute miracle, both 2021 fellowships will be entirely virtual. Engineering fellows must have formally studied a field related to software development, but design fellows can have academic backgrounds in any subject. Individuals can apply regardless of their year in school. The program may serve as a unique entry point for particularly ambitious students who simply aren’t far enough along in their studies to qualify for other fellowships.
Notably, Kleiner Perkins is one of the only programs without a diversity statement. This is especially surprising considering that they faced a widely publicized gender discrimination suit and all five of their current partners are male. This does not mean that Kleiner Perkins ignores diversity in their selection process, but rather that they have not made a publicly facing statement declaring so. If you are a candidate whose background is well represented in tech, then this is a program worth taking a look at.
Kleiner Perkins application: due on October 19
Accountability
All four of these programs state that fellows can expect community, access to the firm networks, and additional programming. However, this commitment is rarely substantiated. In reality, there may be vast differences in programming among fellowships.
The Matching Process
Gaining admission to a fellowship is only the first part of the equation; you still need to be matched with a portfolio company. One fellowship that I was admitted to several years ago went so far as to send me a link to a private blog post outlining their pairing process. The endeavor was so complicated that they didn’t want it to deter candidates from applying.
Programs conduct the exercise slightly differently. While some firms commit to pairing you with a company, others do not. In other words, you can be admitted to a fellowship but ultimately become ineligible due to lack of interest from portfolio companies. As harsh as it sounds, the firm can’t give you a spot if none of their companies want to hire you. This is an uncomfortable part of the process that is often hidden from applicants. If you are admitted, don’t be afraid to ask the difficult questions upfront.
The Waiting Game
Even when run efficiently, this process is a long undertaking. Once you have applied, you will have to wait weeks or months to hear back from the fellowship itself. Then, if accepted, the firm will either introduce you to portfolio companies directly or send your resumé around to them. From that point forward the timeline is completely out of your hands.
In my case, I only heard back from interested companies after I had accepted a different summer internship with an exploding offer. What I interpreted as lack of interest was really just delayed communication.
Pay
Each fellowship effectively says the same thing about compensation. All fellows can expect to be paid “fairly” or “competitively.” This can take a number of different forms:
- Each fellow receives a flat salary, regardless of the hours they work, the company they work at, or the role they take on.
- Each fellow receives the same hourly rate.
- Fellows negotiate their pay directly with the portfolio company. Fellows at the same company can receive different salaries.
It’s difficult to ascertain how much pay variation there is both within and between fellowships. If pay is role and company specific then candidates may be without compensation information until they receive an official offer letter months into the process. What is a minor inconvenience for some applicants may be prohibitive to others who rely upon summer income to support themselves or their families.
A closing note on diversity.
Many fellowships have shifted their efforts to focus on recruiting and employing individuals who are underrepresented in tech. This sentiment is great, but it alone is insufficient. Helping a student secure a summer internship does not ensure that their work will be valued or that they will be treated with respect. Merely allowing someone inside is distinct from giving them a seat at the table. While there are initiatives throughout tech to hire individuals from non-traditional backgrounds, there are notably fewer efforts to keep them there.
Applications by due date:
Kleiner Perkins application: due on October 19
True Ventures Application: due on November 6th (focus on underrepresented applicants)
8VC application: no formal due date (all software roles)
Bessemer application: due dated passed, but form is still open (engineering, product, or data science)
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