Overview

Internships

During the two-semester program, each Fellow will intern with one of the participating venture capital firms. The venture capital internship is the most important aspect of our program. This internship provides the opportunity to work with leading venture capital partners to gain unique insight into the operations of a venture capital fund. At the same time, each fellow will seek to add real economic value to the venture firm.

An integral part of the VF program is the real world experience gained through the two-semester internship with a venture capital firm sponsor. These two-semester internships begin in the Spring semester of the first year MBA program and continue until the end of the Fall Semester of the second year MBA program.

Participating Venture Capital Firms

The Venture Fellows program is a partnership between exceptional UT MBA students and the Venture Capital community. The program seeks sponsor venture capital firms who have a keen interest in helping to educate the Fellows through their involvement and firms who seek the skills the Fellows possess to add value to their funds.

Fellows Placement Process

Following acceptance into the program, Fellows are placed with partner firms based on an interview process where partner needs are matched with the skills and interests of the Fellows.

Roles & Responsibilities

To help ensure a successful internship, each Fellow should discuss expectations with their sponsoring firm with regards to:

  • Working hours – typically 10 hours/week
  • Work location (Fellows are expected to work at the VC firm’s office)
  • Proactively becoming more involved with partner firm activities

The internship is critical to building and maintaining the VF program’s relationship with each VC firm. Each fellow should be motivated to add value and exceed the expectations placed upon him or her. The overall grade each Fellow receives is heavily weighted toward the evaluation from the VC firm.

Selected areas where Fellows have added value to the VC firms:

  • Business Plan Review
  • Due Diligence
  • Market Research
  • Portfolio Company Projects
  • Marketing Plan Development
  • Fund Raising

Curriculum

The Venture Fellows has developed its own unique curriculum that focuses on the world of venture capital, private equity, and entrepreneurial ventures. The curriculum is taught by local venture capitalists, entrepreneurs, service provider partners and the fellows themselves where appropriate.

Although McCombs faculty do not participate in the teaching process, the program is affiliated with UT through the sponsorship of MBA Professor Robert Parrino; hence, each Fellow receives 3 hours of academic credit each semester.

Note: Each Fellow is required to attend approximately 10 class sessions per semester.

The curriculum has been designed to provide a real world component to certain topical areas in venture capital. The two-semester program includes the following topics:

How Private Equity Firms are Managed, Evaluated and Funded

  • Fund Formation and Capitalization
  • Fund Operations
  • Fund Evaluation
  • Distribution of Returns
  • Marketing: Developing Effective Deal Flow
  • Structure and Terms of VC Limited Partnerships

Legal Organization of Business and Relevant Securities Law

  • Entity Choice and Securities Law

Validation and Valuation of The Business Plan

  • Private Equity Due Diligence Process
  • Valuation Methodologies for Private Companies

Investment Transaction

  • Determine Capital Needs

Relationship Between VC and Entrepreneur

  • Issues in VC – Entrepreneur Relationship

Strategic Management and Other Start-Up Considerations

  • Growth and Day-to-Day Management
  • Tax Issues: Stock Option Plans
  • Public Relations Issues for Start-ups