Key Takeaways
- • NYC VC Internship Program bridges equity gap: NYCEDC launched a city-backed initiative connecting CUNY and NYC school students with venture capital internships, addressing stark underrepresentation in the industry where women comprise less than 18 percent of VC professionals, Latinx professionals represent 5 percent, and Black professionals account for 1.2 percent.
- • Paid 10-week program structure with training component: The program provides a one-week intensive VC bootcamp followed by nine weeks of paid summer internship work at leading NYC VC firms, with potential for contract, part-time, or full-time conversion at program conclusion.
- • Kerem Asa represents program alumni success: Asa, featured as an alumni profile, has focused on identifying and engaging high-potential individuals as potential world-class founders, exemplifying the talent pipeline NYCEDC aims to develop through the internship initiative.
- • Significant NYC venture capital ecosystem: From 2011 to 2023, VC firms invested nearly $210 billion into NYC startups—equivalent to combined investment in London, Singapore, and Hong Kong over the same period—yet funding distribution remains inequitable across founder demographics.
- • Capital deployment disparity drives program necessity: Only 2.1 percent of VC dollars fund all-women founding teams, under 2 percent support startups with Latinx founders, and less than 1 percent back startups with Black founders, creating the systemic inequity the program is designed to address.
Summary
The New York City Economic Development Corporation (NYCEDC) has established the NYC Venture Capital Internship Program to create a more equitable and representative talent pipeline into the venture capital industry. The initiative connects pre-screened and pre-trained students from CUNY and other NYC-based schools with paid internship placements at leading local venture capital firms, directly addressing documented disparities in VC professional representation and capital allocation.
Program structure consists of a one-week intensive VC bootcamp designed to prepare students for the internship environment, followed by nine weeks of paid summer work experience at participating NYC VC firms. Upon completion, interns may be offered contract, part-time, or full-time employment opportunities, creating a pathway from education directly into the venture capital workforce. This 10-week paid model removes financial barriers that traditionally exclude talented individuals from underrepresented backgrounds from accessing VC career opportunities.
The program's foundation rests on quantified inequities within both the VC professional workforce and capital deployment patterns. National Pitchbook and Crunchbase data reveals that women comprise less than 18 percent of VC investment professionals, while Latinx professionals represent 5 percent and Black professionals account for 1.2 percent of the industry. These representation gaps correlate directly with funding disparities: only 2.1 percent of venture capital dollars flow to all-women founding teams, under 2 percent to startups with Latinx founders, and less than 1 percent to those with Black founders. This systemic underinvestment persists despite NYC's emergence as a major global venture capital hub, with $210 billion invested in NYC startups from 2011 to 2023—a sum matching the combined investment activity of London, Singapore, and Hong Kong during the identical period.
Kerem Asa, profiled as a program alumnus, exemplifies the initiative's intended impact. Asa's career focus centers on identifying and engaging high-potential individuals capable of becoming world-class founders, reflecting the program's dual objective of both expanding VC workforce diversity and creating a more representative investor cohort positioned to recognize and fund emerging talent across all demographic segments. The program operates in partnership with organizations including Supermomos, Everywhere Ventures, and CUNY Institutional Advancement Resilience, indicating collaborative ecosystem support for scaling equitable access to venture capital careers across New York City's five boroughs.
Program structure consists of a one-week intensive VC bootcamp designed to prepare students for the internship environment, followed by nine weeks of paid summer work experience at participating NYC VC firms. Upon completion, interns may be offered contract, part-time, or full-time employment opportunities, creating a pathway from education directly into the venture capital workforce. This 10-week paid model removes financial barriers that traditionally exclude talented individuals from underrepresented backgrounds from accessing VC career opportunities.
The program's foundation rests on quantified inequities within both the VC professional workforce and capital deployment patterns. National Pitchbook and Crunchbase data reveals that women comprise less than 18 percent of VC investment professionals, while Latinx professionals represent 5 percent and Black professionals account for 1.2 percent of the industry. These representation gaps correlate directly with funding disparities: only 2.1 percent of venture capital dollars flow to all-women founding teams, under 2 percent to startups with Latinx founders, and less than 1 percent to those with Black founders. This systemic underinvestment persists despite NYC's emergence as a major global venture capital hub, with $210 billion invested in NYC startups from 2011 to 2023—a sum matching the combined investment activity of London, Singapore, and Hong Kong during the identical period.
Kerem Asa, profiled as a program alumnus, exemplifies the initiative's intended impact. Asa's career focus centers on identifying and engaging high-potential individuals capable of becoming world-class founders, reflecting the program's dual objective of both expanding VC workforce diversity and creating a more representative investor cohort positioned to recognize and fund emerging talent across all demographic segments. The program operates in partnership with organizations including Supermomos, Everywhere Ventures, and CUNY Institutional Advancement Resilience, indicating collaborative ecosystem support for scaling equitable access to venture capital careers across New York City's five boroughs.
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