Alumni Ventures Group Launches Grant Program For Young Entrepreneurs

MANCHESTER, N.H., March 19, 2019 /PRNewswire-PRWeb/ -- Today, Alumni Ventures Group (AVG) announced the launch of its 10,000 Entrepreneurs (10KE) program, the venture firm's latest effort to spur entrepreneurship and diversify the venture capital industry. 10KE is an independent organization set up by AVG to give students and young professionals entrepreneurial experiences, and it's rooted in the belief that the world needs fewer bankers, lawyers, and consultants and more "doers, makers, and entrepreneurs."

The first initiative of the 10KE program is a no-strings-attached grant of $2,500 to help cover living expenses for students who are interning at a startup—or who are looking to start their own venture. In the program's first year, directors plan to distribute 20 grants to undergrads. Students can apply at 10Kentrepreneurs.org until April 14, with grants announced in May. 10KE will award a round of grants every spring.

Applications are welcome from undergraduates who attend schools linked with AVG's alumni venture capital funds, including Brown, Columbia, Cornell, Dartmouth, Duke, Harvard, MIT, Northwestern, Princeton, the University of Pennsylvania, the University of Wisconsin, Stanford, UC Berkeley, and Yale. The program also has several open spots for students who attend any other U.S. school.

"Internships at startups often don't pay a lot," explains AVG CEO Mike Collins and 10KE Executive Director, "so it can discourage young people from considering them – especially if money is tight. With this program we are saying, 'Try something different. You might find that an entrepreneurial career is something you really like.'"

The 10KE grant program originated from Collins's conviction that the world needs more doers, makers, and entrepreneurs. Many young people are fascinated by the entrepreneurial life, but due to the financial costs of higher education, they often feel forced to take the route of high-paying, "safer" careers. 10KE enables students to sample the startup and venture worlds through the low-risk bet of a 3-month internship. Moreover, Collins believes that AVG's 200+ portfolio companies can benefit from an expanded pool of talent.

Collins explains that the grant program is an extension of what AVG is already doing.

"10KE builds on AVG's record of supporting greater involvement and diversity in entrepreneurship and venture capital. We offer a Venture Fellow Program that gives young professionals first-hand experience of VC, from networking to education to due diligence prep. Not only is it a great leg up into venture, it's also in line with our commitment to diversify the industry."

Since 2014, when the Venture Fellow program was established, more than 150 Fellows have participated in the 12-month curriculum. Currently, 75 percent of AVG Fellows come from underrepresented backgrounds (female, non-binary, or non-white), and roughly half of program graduates have transitioned to full-time work in the VC industry, either as investors or operators. Seventy percent of graduates report that the program had a significant positive impact to their career (promotion, better new job, or entering into the venture industry).

SOURCE Alumni Ventures Group