IVCA Scholar Program Seeks Participating Firms For 2009; Deadline is Jan. 16, 2009

IVCA Scholar Program Seeks Participating Firms For 2009; Deadline is Jan. 16, 2009

January 14, 2009

CHICAGO - “ We need your help. Please consider hiring an IVCA scholar this summer. This program is part of the IVCA's effort to increase the number of successful minorities in our industry. If your firm might be interested, please contact Maura O'Hara. The deadline to do so is Jan. 16, 2009.

Previous participating firms follow.


Overview

The IVCA Scholar Program is intended to support minority students who are interested in a career in the venture capital or private equity industry. This scholarship is a $15,000 total award including:

a $5,000 tuition award that will be paid into the student's account at the university bursar's office by the IVCA
and a 10-week, paid internship (paid by the hiring firm) at a venture capital or private equity firm located in the Chicagoland area.

Note that students may be expected to participate in training or coaching at the Golder Center to better prepare them for the skills required as a VC or private equity firm intern. The actual number selected will be dependent on the number of qualified applicants.

Selection Criteria

University of Illinois College of Business student or participant in the Golder Center. Strong preference for a minimum 3.4 GPA.
Has completed at least two years of undergraduate coursework.
Is a U.S. citizen.
Qualifies as a person of color according to U.S. Census Bureau (e.g. African-American, Hispanic, Native American or Alaskan native).

Application Elements

Student personal and contact information (home and school).
List of classes and grades in each class.
Essay describing the high school attended, key high school accomplishments and how college has challenged him or her differently than high school.
Essay explaining why the student is interested in a career in venture capital or private equity.

Selection Process

The University of Illinois College of Business honors program will submit to the IVCA a list of up to 10 students for consideration.
The IVCA scholar committee will review and select students to interview.
The IVCA scholar committee will conduct interviews.
The IVCA scholar committee will provide recommendations to firms for internships.
Firms will interview and select a student to work at a firm.

Internship Details

Internships will be 10 weeks in duration. Firms will schedule specific weeks and work hours with the student.
Interns will be paid $10,000 for the summer.
Interns may be expected to participate in coaching/training at the University of Illinois' Golder Center based on skills required by the firm.
Intern responsibilities will vary by student experience and firm requirements.

Selection Process

University of Illinois College of Business dean John Hedeman is our primary contact.
John will review and advise us on our application and process.
John will advertise availability internally (an e-mail to all students in the business college and a post to the university scholarship Web site).
John will forward up to 10 applications to the IVCA.
The IVCA scholar committee will select from the group and recommend students to firms willing to accept a student for the summer. Note: The University of Illinois and hiring firms will interview and select finalists directly.
Internships will run for 10 concurrent weeks between (roughly) May 14, 2009 and Aug. 20, 2009. This is a 14-week period.

Sample of Projects Completed By 2008 Interns

Comparable company (- œcomps- ) spreadsheets
on high-interest and potential portfolio companies.
Did extensive, deep-dive research on sectors of interest. Then put together PowerPoint presentations using the most compelling and pertinent research/statistics. Used CapitalIQ, VentureSource and VentureOne as well as the firm's internal research and documents.
Executive compensation study on the firm's portfolio companies.
Spoke with CFOs and other executives to explain the project and get them comfortable with participating in the study and offering the necessary compensation information.
Used Excel to create a summarizing spreadsheet on all companies involved in the study. Skills with Excel formulas and formatting were crucial.
Preparation for the firm.
Screened potential portfolio company business plans for the sector team to help determine if time should be spent on such deals.
Researched industry subsectors for add-on acquisition ideas and potential targets.
Involved in the financial modeling for platform investment opportunities.
Participated in the strategic planning and budgeting processes for a portfolio company.
Prepared data documents in PowerPoint for management meetings.
Helped prepare due diligence items for a potential product acquisition through data entry. Extracted data from a portfolio company's data room and inserted into Excel accompanied with growth rates.
Involved in the drafting of a LOI for a particular bidding process.
Capitalization tables:
Basic knowledge of Excel and building formulas. Need to be able to know where to find up-to-date information in the stock purchases agreement. Spent first few weeks updating all of these.
Market research:
Tables of competitors and possible barriers to entry for portfolio companies and prospective portfolio companies. Knowledge of how to properly search on Google helped greatly. Being able to scan over annual and quarterly reports of companies is a skill needed to find certain information on competitors. Get to know what information is relevant and what isn't. Spent most of 10 weeks on this.
Business plans:
Read over a minimum of 10 business plans and report about the business and whether or not it was a good investment. The first few are very tough when you don't know you're seeking. Look for reasons it wouldn't work. The plan is telling you many great things, but the key was to find its holes.
Reserve analysis:
Tables for the funds to show the amount invested in the company and also the future amount that will be invested. Basic Excel and formula building skills were needed here.
Liquidation preference (waterfall).