Key Takeaways
- • Veronica Reaves, a Kellogg School of Management MBA student, recounts her path into venture capital, citing Goldman Sachs data that just under 3% of venture capital went to women-led teams and only 1% to Black and LatinX founders.
- • Reaves notes that less than 1.3% of the $69 trillion in global financial assets is managed by women of color, according to the figures she cites.
- • Her first venture role came through VC Lab at Kellogg, working for Black woman venture capitalist Kesha Cash, including representing the team at the 43North pitch competition in Buffalo, NY.
- • Reaves describes venture capital as highly network-driven, making entry particularly difficult for women of color, and says her Kellogg community and mentors have been central to her progress.
- • Reaves is currently interning in San Francisco through Kellogg's Winter Immersion Quarter and reports few Black women building careers in venture capital there.
Summary
Veronica Reaves, writing in a first-person essay published by Kellogg School of Management on February 11, 2020, describes how her interest in venture capital grew from pro bono consulting for Black and LatinX founders at the startup accelerator 1863 in Washington, DC. She observed that every founder she worked with struggled to raise venture funding. Citing Goldman Sachs, she reports that just under 3% of venture capital went to women-led teams and only 1% went to Black and LatinX founders. She also cites a figure that less than 1.3% of the $69 trillion in global financial assets is managed by women of color.
Reaves writes that venture capital is highly network-driven and that building credibility is critical, which makes entry especially difficult for women of color. She credits the Kellogg community with providing support and exposure. Her first venture role came through VC Lab during her fall quarter, where she worked for three months with Kesha Cash, a prominent Black woman venture capitalist. Cash sent her to represent the team at the 43North pitch competition in Buffalo, NY, a two-day summit where investors and entrepreneurs gathered to compete for a million-dollar prize. Reaves prepared for six meetings with startups that fit the fund's thesis, and she attended an investor excursion to Niagara Falls. Brad Feld was also in attendance, per her account.
Reaves is now studying and interning in San Francisco through Kellogg's Winter Immersion Quarter. She reports that there are very few Black women building venture careers there, and says she has drawn encouragement from her Personal Leadership Insights professor, Brooke Vuckovic, and from peers. She states that her long-term goal is helping to build a more equitable entrepreneurship ecosystem.
Reaves writes that venture capital is highly network-driven and that building credibility is critical, which makes entry especially difficult for women of color. She credits the Kellogg community with providing support and exposure. Her first venture role came through VC Lab during her fall quarter, where she worked for three months with Kesha Cash, a prominent Black woman venture capitalist. Cash sent her to represent the team at the 43North pitch competition in Buffalo, NY, a two-day summit where investors and entrepreneurs gathered to compete for a million-dollar prize. Reaves prepared for six meetings with startups that fit the fund's thesis, and she attended an investor excursion to Niagara Falls. Brad Feld was also in attendance, per her account.
Reaves is now studying and interning in San Francisco through Kellogg's Winter Immersion Quarter. She reports that there are very few Black women building venture careers there, and says she has drawn encouragement from her Personal Leadership Insights professor, Brooke Vuckovic, and from peers. She states that her long-term goal is helping to build a more equitable entrepreneurship ecosystem.
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