How this nonprofit hopes to foster entrepreneurship in Denver

Calling itself an “incubator for entrepreneurship,” Venture for America is making waves as they grow their presence in Colorado. The competitive fellowship program connects people to startups in emerging U.S. cities in hopes of revitalizing communities through entrepreneurship.

The nonprofit was founded in 2011 by Andrew Yang, an experienced startup executive. By 2012, the organization had placed nearly 40 Fellows across five cities. This year, that number grew to around 170 Fellows in 17 cities.

VFA came to Denver last year, where they had seven Fellows participating in the program with companies like Craftsy, Pana and Rapt Media. Designed to move talent away from the coasts and help people build roots so they stay long-term, VFA believes Denver is a prime location for their program.

“Denver’s unique because it’s a bit more robust and more structured than some of my other cities,” said Rajul Parekh, company partnerships manager for VFA. “I think that’s impacted the kinds of companies we see. They’re larger and more stable, so it’s a good environment for Fellows to grow. The Denver market is primed with a growing and booming tech ecosystem.”

VFA Fellows work as full-time, salaried employees for two years, after which time they typically continue with the company or go on to start their own. In addition to the companies in Colorado, Fellows in other cities have worked with companies like Detroit’s Shinola and Philadelphia’s Curalate.

Parekh said VFA provides a key value to companies who host Fellows by connecting them with pre-vetted talent, people “with a high track record for resilience, integrity and grit.” And they’re not all developers — Parekh said Fellows range from former English majors to engineers, and the breakdown of Fellows’ backgrounds is roughly 20 percent science, 30 percent business and a 50 percent mix of the humanities and social sciences.

“We partner with companies we believe will give recent grads the training to launch their own companies,” said Parekh. “We’re looking for companies with a high-character founding team that have a genuine passion for the issue they’re trying to solve.”

Individuals who are interested in becoming Fellows should apply before the February deadline. The application involves essay questions, a Skype interview, and a selection day — a daylong series of interviews where applicants are tested for character traits, sometimes in high-pressure situations.

Once companies and Fellows are accepted, they’re onboarded to a dual-sided marketplace. From the portal, companies can sort through Fellows by skills or schooling, and Fellows can browse companies based on industries or cities.

“From there, it’s kind of a normal interview process,” said Parekh.

Fellows also attend an annual, challenge-based training camp once their offers are made in June. The training camp takes place on Brown University’s campus for five weeks, and then Fellows begin to work at the end of July or beginning of August.

During their Fellowships, VFA provides resources to Fellows as they progress. They’ve got an accelerator in Philadelphia, a seed fund for Fellows who launch their own businesses and even a growing angel network.

But aside from financial resources, VFA also works to give Fellows access to a strong community, including ongoing support like webinars throughout the year, “Venture Weekends” where VFA staff visits each city and hosts roundtable discussions and an annual conference produced entirely by Fellows, which will take place in New Orleans this year.

“A lot of the benefit of doing VFA is you’re doing this with a cohort of other Fellows,” said Parekh.

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In January, VFA will host a screening of “Generation Startup,” a documentary following six VFA Fellows through their time in the program. One of the Fellows featured in the film, Kate Catlin, now lives in Boulder.

Originally from Seattle, Catlin spent two years in Detroit with Venture for America. She said the community experience has been the best part of her Fellowship.

"Even after finishing my VFA Fellowship, they continue to support us as alumni,” said Catlin. “We call it the ‘VFAmily.’ I crowdfunded for my first venture with their guidance, and I'm pitching right now for startup investment through their connections. Beyond funding, I constantly receive advice, feedback and support from both the Venture for America Entrepreneur in Residence, Sergei Revzin, and the other alumni founders. Most of all, it inspires me to personally know other Fellows my age who are succeeding at running companies. Seeing them do it helps me believe I can, too."

A little more than a year after moving to Colorado, Catlin launched her own company, a career accelerator for tech talent with an emphasis on women in technical roles called Flock.

"Venture for America was, in some ways, the inspiration for Flock,” said Catlin. “I saw how helpful it was to be surrounded by similarly ambitious and conscientious individuals and be introduced to mentors. It's helped me succeed and stay resilient as a woman in tech, and I want other women in tech to have that same experience."

As they expand into Denver, Parekh said she hopes to find more companies interested in hosting Fellows, and that recent grads interested in moving to Denver will consider applying for the program.

“Denver is primed for us. It’s a really vibrant ecosystem,” said Parekh. “I got to meet with incredibly innovative companies and extremely engaged leaders. I think we can be a tool in their toolkit.”

Photos via Venture for America.

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