Venture Lab

Information for Students
Course Description:
Venture Lab is an experiential learning course that allows Kellogg students the opportunity to be placed in a quarter-long internship. Venture Lab opportunities include:
1. Venture funds
2. Incubators

Work at venture funds can vary widely from tasks such as market research, due diligence, assisting with fundraising documents and sourcing deal flow. Work at incubators typically involves assisting with incubated startups or helping to develop a startup idea for incubation.  Enrollment in the course is by application only

Faculty Advisor: Professor David Stowell
Course Requirements
  • Internship. Students who are selected commit to dedicate two full working days a week to working onsite at the venture firm's office for local firms and an equivalent amount of time offsite for remote firms. Students are expected to dedicate 15-20 hours per week. 
  • Meetings with Professor. Participants will meet with Professor Stowell three times during the quarter to organize and provide an update on progress. In addition, the Venture Lab may combine with the Buyout Lab to sponsor a number of evening talks and panels on topics of relevance to the Venture Capital and Private Equity markets during the course of the quarter. Attendance at these talks is mandatory.
  • Grading. The venture firm will evaluate the student's performance and deliverables. Grades will be determined by Professor Stowell in conjunction with the host firm.
Venture Capital Firms: Participating firms are both local and remote (e.g., located outside the Chicago area). Students working at local firms will work at the firm's offices. Students working at firms outside of Chicago will work remotely. Often firms based outside of Chicago will arrange for their student to be flown out to meet the fund managers and present their final product. Sponsors participating in the upcoming quarter can be found via the electronic application.
Target students: The experiential learning opportunity will be most beneficial to students who do not have extensive VC experience, but would like a career in the field.
Pre-requisites: We strongly recommend that students have completed the core requirements prior to applying to the program. We further recommend taking the following classes before, concurrently, or after the lab:
               Research Methods In Marketing (MKTG450)
               Case Studies in Venture Investment and Management (FINC471)
               Management of Technology (MGMT463)
               Technology Marketing (MKTG468)
               Managerial Accounting (ACCT431)
               Financial Decisions (FINC442)
               Spreadsheet Modeling (OPNS450)
               Competitive Strategy (MECN441).

Application Instructions and Materials
The application period for Winter Quarter 2015 will begin on October 9, 2014, and will close on October 17, 2014, 11:59 CST.

During this period, the online application can be found here.  A list of participating sponsor firms for the current quarter is included with the electronic application. This list will be continuously updated, and students should check the list for updates. Once an application is submitted it cannot be modified. If you submit early, and a firm that you are interested in applying to is added to the list, you will need to submit a new application. All applications for this course will only be accepted via this online application.

Applicants will be notified of acceptance or rejection approximately one week prior to the start of the quarter. Students should register for classes assuming they will not be accepted to Venture Lab, yet be prepared to drop a course or two if they are accepted. Please keep in mind that most students find that they get the most out of the program by making their class schedule flexible and by spending as much time as possible on site with their fund. This allows students to become immersed in the organization and to participate in investment meetings, entrepreneur pitches, site visits and other fund activities students would otherwise not be exposed to. If you wish to participate in the lab with a local firm, be sure to concentrate all other classes either in the evenings or into a two day schedule.

The time commitment to Venture Lab is substantial. Plan your course load appropriately. You may not drop this course once the matching process is complete.

PLEASE NOTE: (1) STUDENTS CANNOT APPLY TO BOTH THE VCLAB AND BUYOUT LAB DURING THE SAME QUARTER, AND (2) THIS COURSE MAY NOT BE DROPPED DURING THE QUARTER.

Matching Process
Students may apply to any subset of the available host firms. Please apply only to firms you are interested in working for. Firms are sent all applications from students who indicated an interest in the firm.  Based on the application statements and resumes, firms choose finalist students. Some firms may choose to interview students either in person or by telephone. Based on the interviews, firms make their final selections. Your application statement should address the firms you are applying to (generically, not firm-by-firm).

The list of participating funds is continuously updated. Please check back before submitting your application to ensure you have accessed the most recent list of host funds. If additional funds are added after the deadline, you will be informed and given an opportunity to apply to them as well.  Please do not apply to funds that have requirements for their applicants unless you have the relevant experience.

If you are matched to a firm, you may not turn down the offer. APPLY ONLY TO FIRMS WHOSE OFFER YOU ARE WILLING TO ACCEPT. If accepted you will automatically be enrolled in the course.
sponsor

Joe Zhu, Co-Founder, West Suburban Angels, 2014 Venture Lab Sponsor, and Bhushan Shinkre ’14, 2014 Student Participant. Photo @ Eddie Quinones

Information for Sponsors
Course Description
: This course offers Kellogg students an experiential learning opportunity at a venture fund or incubator. The host firm determines the project(s) that students will focus on.  Students who are selected commit to dedicate two full working days a week to working onsite at the venture firm's office for local firms and an equivalent amount of time offsite for remote firms.  Students are expected to dedicate 15-20 hours per week overall to venture fund work.

Student Demographic: Students enrolled are recommended to have completed all of the core requirements.  Many of them want to enter the VC industry after graduation.

Student Responsibilities: These will vary considerably based on the sponsoring firm. Each student is required to sign a confidentiality agreement. 

Sponsoring Firm Commitment: The firm is encouraged to supply the student with guidance in their respective responsibilities/tasks and give continual, constructive feedback throughout the ten week period. The student’s grade is based principally on feedback the firm gives to the Kellogg faculty advisor.

Advanced Planning: The sponsoring firm and student are strongly encouraged to make contact several weeks prior to the start of the quarter. This will allow for time to determine the nature of the student project prior to the beginning of the quarter. The student can then be ready to start the project immediately and thus be able to produce a finished product in the ten week time frame.

Participating Firms: Firms have the option to participate or not during each quarter during the academic year. Previous participants include: Clean Energy Trust, Early Stage Partners, Longitude Capital, Siemens Venture Capital, Motorola Solutions Venture Capital, New World Ventures, BookBoard, and many others . See the detailed lists of past student and firm participants:

Academic Year Quarter
2013-2014 Fall Winter Spring
2012-2013 Fall Winter Spring
2011-2012 Fall Winter Spring
2010-2011 Fall Winter Spring
2009-2010 Fall Winter Spring
2008-2009 Fall Winter Spring

Those interested in becoming a Venture Lab sponsor should contact Professor David Stowell for more information.