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Put article in past tense, as Venture for America has ceased operations as of August 6th, 2024.
 
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{{short description|American non-profit organization for entrepreneurship}}
{{short description|American non-profit organization for entrepreneurship}}
{{Infobox Non-profit
{{Infobox Non-profit
| name = Venture For America, Inc.
| name = Venture for America, Inc.
| logo =
| logo = VFA Logo Primary Light@2x.png
| type = [[Nonprofit organization]]
| type = [[Nonprofit organization]]
| founded_date = {{start date and age|2011|7|20}}
| founded_date = {{start date and age|2011|7|20}}
| founder = [[Andrew Yang]]
| founder = [[Andrew Yang]]
| location = [[New York City]], [[New York (state)|New York]], U.S.
| location = [[Detroit]], [[Michigan]], U.S.
| origins =
| origins =
| key_people =
| key_people =
| area_served =
| area_served =
| focus = Revitalizing America through entrepreneurship
| focus = Creating economic opportunity through entrepreneurship
| method =
| method =
| revenue =
| revenue =
| endowment =
| endowment =
| num_volunteers =
| num_volunteers =
| num_employees = 50+
| num_employees = 0
| num_members = 1000+
| num_members = 1000+
| owner =
| owner =
| Non-profit_slogan =
| Non-profit_slogan =
| homepage = {{URL|https://ventureforamerica.org/}}
| homepage = {{URL|https://ventureforamerica.org/}}
| dissolved =
| dissolved = 2024
| footnotes =
| footnotes =
}}
}}
'''Venture for America''' ('''VFA''') is an American [[nonprofit organization]] and fellowship headquartered in [[New York City]]. Founded by [[Andrew Yang]] in 2011, its mission is "to revitalize American cities and communities through entrepreneurship" by training recent graduates and young professionals to work for [[Startup company|startups]] in emerging cities throughout the United States.<ref>{{Cite news|url=https://abcnews.go.com/Business/passion-profit-young-foodie-moguls-share-stories-success/story?id=38637069|title=Passion to Profit: Young Foodie Moguls Share Stories of Success|last=Genet|first=Danielle|date=April 25, 2016|work=[[ABC News]]|access-date=November 17, 2016}}</ref><ref name=":1" />
'''Venture for America''' ('''VFA''') was an American [[nonprofit organization]] and fellowship headquartered in [[Detroit]].<ref>{{Cite web |title=Contact |url=https://ventureforamerica.org/contact/ |access-date=2023-01-12 |website=Venture For America |language=en-US}}</ref> Founded by [[Andrew Yang]] in 2011, its mission was "to create economic opportunity in American cities" by training recent graduates and young professionals to work for [[Startup company|startups]] in emerging cities throughout the United States. Venture For America ceased operations in August of 2024 after financial struggles that led to three rounds of layoffs. <ref>{{Cite news|url=https://abcnews.go.com/Business/passion-profit-young-foodie-moguls-share-stories-success/story?id=38637069|title=Passion to Profit: Young Foodie Moguls Share Stories of Success|last=Genet|first=Danielle|date=April 25, 2016|work=[[ABC News (United States)|ABC News]]|access-date=November 17, 2016}}</ref><ref name=":1" />


==History==
==History==
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In its first year, 2012, Venture for America placed 40 fellows in five cities: [[Cincinnati]], [[Detroit]], [[Las Vegas]], [[New Orleans]], and [[Providence, Rhode Island|Providence]].<ref name=":0">{{Cite news|url=https://news.brown.edu/articles/2012/07/venture|title=Venture training helps entrepreneurs succeed|last=Coelho|first=Courtney|date=July 12, 2012|work=[[Brown University]]|access-date=October 10, 2016}}</ref>
In its first year, 2012, Venture for America placed 40 fellows in five cities: [[Cincinnati]], [[Detroit]], [[Las Vegas]], [[New Orleans]], and [[Providence, Rhode Island|Providence]].<ref name=":0">{{Cite news|url=https://news.brown.edu/articles/2012/07/venture|title=Venture training helps entrepreneurs succeed|last=Coelho|first=Courtney|date=July 12, 2012|work=[[Brown University]]|access-date=October 10, 2016}}</ref>


In 2013, [[Baltimore]], [[Cleveland]], and [[Philadelphia]] were added, and nearly 70 fellows were placed.<ref>{{Cite news|url=https://www.prnewswire.com/news-releases/venture-for-america-to-send-100-top-college-graduates-over-next-five-years-to-support-detroit-and-cleveland-startups-209678461.html|title=Venture for America to Send 100 Top College Graduates Over Next Five Years to Support Detroit and Cleveland Startups|last=Venture for America|first=|date=May 31, 2013|work=[[PR Newswire]]|access-date=January 7, 2019}}</ref>
In 2013, [[Baltimore]], [[Cleveland]], and [[Philadelphia]] were added, and nearly 70 fellows were placed.<ref>{{Cite news|url=https://www.prnewswire.com/news-releases/venture-for-america-to-send-100-top-college-graduates-over-next-five-years-to-support-detroit-and-cleveland-startups-209678461.html|title=Venture for America to Send 100 Top College Graduates Over Next Five Years to Support Detroit and Cleveland Startups|last=Venture for America|date=May 31, 2013|work=[[PR Newswire]]|access-date=January 7, 2019}}</ref>


In 2014, more than 100 fellows were placed, and an additional four cities—[[Columbus, Ohio|Columbus]], [[Miami]], [[San Antonio]], and [[St. Louis]]—were added.<ref>{{Cite news|url=https://miamiherald.typepad.com/the-starting-gate/2014/04/venture-for-america-launching-in-miami.html|title=Venture for America launching in Miami|last=Dahlberg|first=Nancy|date=April 4, 2014|work=[[Miami Herald]]|access-date=November 17, 2016}}</ref>
In 2014, more than 100 fellows were placed, and an additional four cities—[[Columbus, Ohio|Columbus]], [[Miami]], [[San Antonio]], and [[St. Louis]]—were added.<ref>{{Cite news|url=https://miamiherald.typepad.com/the-starting-gate/2014/04/venture-for-america-launching-in-miami.html|title=Venture for America launching in Miami|last=Dahlberg|first=Nancy|date=April 4, 2014|work=[[Miami Herald]]|access-date=November 17, 2016}}</ref>
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In 2015, the organization added [[Birmingham, Alabama|Birmingham]], [[Charlotte, North Carolina|Charlotte]], [[Denver]], and [[Pittsburgh]] and placed more than 120 fellows.
In 2015, the organization added [[Birmingham, Alabama|Birmingham]], [[Charlotte, North Carolina|Charlotte]], [[Denver]], and [[Pittsburgh]] and placed more than 120 fellows.


In 2016, a [[Documentary film|documentary]] about Venture for America titled ''Generation Startup'' was released, co-directed by [[Cynthia Wade]], an [[Academy Awards|Academy Award]] winner, and [[Cheryl Miller Houser]].<ref>{{Cite news|url=https://www.cleveland.com/entertainment/index.ssf/2016/11/generation_startup_akron.html|title='Generation Startup': Young entrepreneurs are in focus in new documentary|last=Delamotte|first=Nikki|date=November 14, 2016|work=[[Cleveland.com]]|access-date=January 7, 2019}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2016/11/30/business/smallbusiness/pasta-start-up-thrives-on-attention.html?_r=0|title=How Banza, a Chickpea Pasta Start-Up, Thrives on Attention|last=Friess|first=Steve|date=November 30, 2016|work=[[The New York Times]]|access-date=January 7, 2019}}</ref> 2016 also saw the addition of [[Atlanta]] and [[Nashville, Tennessee|Nashville]] along with nearly 170 Fellows placed.
In 2016, a [[Documentary film|documentary]] about Venture for America titled ''Generation Startup'' was released, co-directed by [[Cynthia Wade]], an [[Academy Awards|Academy Award]] winner, and [[Cheryl Miller Houser]].<ref>{{Cite news|url=https://www.cleveland.com/entertainment/index.ssf/2016/11/generation_startup_akron.html|title='Generation Startup': Young entrepreneurs are in focus in new documentary|last=Delamotte|first=Nikki|date=November 14, 2016|work=[[Cleveland.com]]|access-date=January 7, 2019}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2016/11/30/business/smallbusiness/pasta-start-up-thrives-on-attention.html?_r=0|title=How Banza, a Chickpea Pasta Start-Up, Thrives on Attention|last=Friess|first=Steve|date=November 30, 2016|work=[[The New York Times]]|access-date=January 7, 2019}}</ref> 2016 also saw the addition of [[Atlanta]] and [[Nashville, Tennessee|Nashville]] along with nearly 170 fellows placed.


In 2017, VFA expanded to Kansas City and placed approximately 180 Fellows. In mid-2017, Andrew Yang stepped down as CEO of the company.<ref>{{Cite news|url=http://siliconbayounews.com/2017/03/29/andrew-yang-steps-venture-america-ceo/|title=Andrew Yang Steps Down as Venture for America CEO|last=Ballard|first=Julie|date=March 29, 2017|work=Silicon Bayou News|access-date=January 7, 2019}}</ref><ref>{{Cite web|url=https://ventureforamerica.org/blog/andrew-yang-steps-down-from-venture-for-america-board-of-directors/|title=Andrew Yang Steps Down from Venture for America Board of Directors|website=Venture for America|access-date=January 7, 2019}}</ref> On November 6, 2017, Yang began his [[Andrew Yang 2020 presidential campaign|2020 presidential campaign]].
In 2017, VFA expanded to Kansas City and placed approximately 180 fellows. In mid-2017, Andrew Yang stepped down as CEO.
From September 2017 to January 2021, Amy Nelson served as CEO.
In 2021, Eric Somerville was placed as CEO. [[Tulsa, OK]] was added as a VFA city. <ref>{{Cite news|url=http://siliconbayounews.com/2017/03/29/andrew-yang-steps-venture-america-ceo/|title=Andrew Yang Steps Down as Venture for America CEO|last=Ballard|first=Julie|date=March 29, 2017|work=Silicon Bayou News|access-date=January 7, 2019}}</ref><ref>{{Cite web|url=https://ventureforamerica.org/blog/andrew-yang-steps-down-from-venture-for-america-board-of-directors/|title=Andrew Yang Steps Down from Venture for America Board of Directors|website=Venture for America|access-date=January 7, 2019}}</ref>

In 2023, VFA encountered financial strain and laid off several staff members. In early 2024, CEO Eric Somerville resigned. After two more rounds of layoffs in 2024, Venture For America announced on August 6 that it would cease operations.


==Approach==
==Approach==
Venture for America recruited recent college graduates to work in 13 cities throughout the United States.<ref>[https://ventureforamerica.org/cities Cities]</ref> The goal of the program was for its Fellows to become startup leaders or founders.
Venture for America recruits recent college graduates to work in various startup industries, or the related industry of [[Venture capital|venture funding]], for two years in economically challenged cities throughout the US.<ref name=":0" /> The goal of the program is for its Fellows to create jobs by eventually serving a senior role at their initial companies and hiring new employees, or by starting their own companies, which will then hire people.<ref>{{Cite news|url=https://www.inc.com/articles/201107/andrew-yang-venture-for-america.html|title=The 'Teach for America' for Entrepreneurs?|last=Zimmerman|first=Eilene|date=July 18, 2011|work=[[Inc. (magazine)|Inc.]]|access-date=October 10, 2016}}</ref>


Venture for America accepts 10% to 18% of applicants.<ref>{{cite web|url=https://ventureforamerica.org/get-involved/hire-a-fellow/|title=Venture for America - Hire a Fellow|website=Venture for America|access-date=April 28, 2019}}</ref> After acceptance into the program, all Fellows attend a five-week summer training program in Detroit, Michigan. There, the Fellows are taught and mentored by investors, venture capitalists, and innovation firms in the skills they will need at their companies.<ref>{{Cite news|url=https://bigthink.com/think-tank/andrew-yang-venture-for-america|title=Venture for America: Entrepreneurial Fellowships for College Grads, with CEO Andrew Yang|last=|first=|date=October 19, 2014|work=[[Big Think]]|access-date=October 10, 2016}}</ref> The skills they learn include topics of web design, entrepreneurship, and public speaking.<ref name=":1">{{Cite news|url=https://www.nytimes.com/2013/07/14/business/no-six-figure-pay-but-making-a-difference.html|title=No Six-Figure Pay, but Making a Difference|last=Seligson|first=Hannah|date=July 13, 2013|work=[[The New York Times]]|access-date=October 10, 2016}}</ref>
After acceptance into the program, Fellows attended a summer professional development program called Training Camp<ref>[https://ventureforamerica.org/fellow-roadmap/ Fellow roadmap]</ref> where they were taught and mentored by investors, venture capitalists, and innovation firms in the skills they will need at their companies.<ref>{{Cite news|url=https://bigthink.com/think-tank/andrew-yang-venture-for-america|title=Venture for America: Entrepreneurial Fellowships for College Grads, with CEO Andrew Yang|date=October 19, 2014|work=[[Big Think]]|access-date=October 10, 2016}}</ref> The skills they learned included topics of web design, entrepreneurship, and public speaking.<ref name=":1">{{Cite news|url=https://www.nytimes.com/2013/07/14/business/no-six-figure-pay-but-making-a-difference.html|title=No Six-Figure Pay, but Making a Difference|last=Seligson|first=Hannah|date=July 13, 2013|work=[[The New York Times]]|access-date=October 10, 2016}}</ref>


Fellows are then placed in startups in cities like Baltimore, Detroit, and San Antonio in industries such as education innovation, biotechnology, VC firms, media, and [[clean technology]].<ref name=":1" /><ref>{{Cite news|url=https://www.fastcompany.com/1768081/venture-america-will-do-entrepreneurship-what-teach-america-does-education|title=Venture For America Will Do For Entrepreneurship What Teach For America Does For Education|last=Schwartz|first=Ariel|date=July 20, 2011|work=[[Fast Company (magazine)|Fast Company]]|access-date=October 10, 2016}}</ref> Since 2012, Venture for America has trained over 700 fellows who have worked in 18 cities.<ref>{{cite web|url=https://ventureforamerica.org/about-us/our-impact/|title=Venture for America - Our Impact|website=Venture for America|access-date=January 7, 2019}}</ref>
Fellows were then placed in startups in cities like Baltimore, Detroit, and San Antonio in industries such as education innovation, biotechnology, VC firms, media, and [[clean technology]].<ref name=":1" /><ref>{{Cite news|url=https://www.fastcompany.com/1768081/venture-america-will-do-entrepreneurship-what-teach-america-does-education|title=Venture For America Will Do For Entrepreneurship What Teach For America Does For Education|last=Schwartz|first=Ariel|date=July 20, 2011|work=[[Fast Company (magazine)|Fast Company]]|access-date=October 10, 2016}}</ref> Since 2012, Venture for America has trained more than 1500 Fellows who have worked in 18 cities.<ref>{{cite web|url=https://ventureforamerica.org/about-us/our-impact/|title=Venture for America - Our Impact|website=Venture for America|access-date=January 7, 2019|archive-date=December 19, 2019|archive-url=https://web.archive.org/web/20191219092422/https://ventureforamerica.org/about-us/our-impact/|url-status=dead}}</ref>


== Criticism ==
== Criticism ==
Critics of VFA have noted that while the organization originally aimed to create 100,000 jobs by 2025,<ref>{{Cite web|url=https://ventureforamerica.org/blog/introducing-venture-america-how-create-100000-jobs/|title=Introducing Venture for America - How to Create 100,000 Jobs|date=2011-07-19|website=Venture For America|language=en-US|access-date=2019-12-12}}</ref> it has not yet created 4,000 jobs. In June 2019, Theodore Schleifer of [[Vox (website)|''Vox'']] wrote that VFA's positive early publicity can be attributed to marketing efforts by Andrew Yang. Yang has justified his goal of creating 100,000 jobs, saying: "In order for organizations to have a very high ceiling, you need to set the goal very, very aggressively."<ref name=":2">{{Cite web|url=https://www.vox.com/recode/2019/6/13/18637853/andrew-yang-venture-for-america-jobs-record|title=Andrew Yang is promising to revitalize America. His nonprofit tried, too, but couldn’t.|last=Schleifer|first=Theodore|date=2019-06-13|website=Vox|language=en|access-date=2019-12-12}}</ref>
VFA originally aimed to create 100,000 jobs by 2025.<ref>{{Cite web|url=https://ventureforamerica.org/blog/introducing-venture-america-how-create-100000-jobs/|title=Introducing Venture for America - How to Create 100,000 Jobs|date=2011-07-19|website=Venture For America|language=en-US|access-date=2019-12-12}}</ref> Critics of the organization have noted that VFA has not yet created 4,000 jobs, and Yang himself claimed in 2021 that "hundreds" of jobs were created.<ref>{{cite web|url=https://www.andrewyang.com/blog/breaking-up-with-the-democratic-party |title=Breaking Up with the Democratic Party &mdash; Andrew Yang |date=October 4, 2021 |first1=Andrew |last1=Yang |accessdate=October 4, 2021}}</ref> In June 2019, Theodore Schleifer of [[Vox (website)|''Vox'']] wrote that VFA's positive early publicity can be attributed to marketing efforts by Andrew Yang. Yang has justified his goal of creating 100,000 jobs, saying: "In order for organizations to have a very high ceiling, you need to set the goal very, very aggressively." Schleifer also claims that VFA fails to help residents living in inner cities because "Yang thought about how to fix inner cities through the prism of [wealthy donors], rather than listening to what the community wanted."<ref>{{Cite web|url=https://www.vox.com/recode/2019/6/13/18637853/andrew-yang-venture-for-america-jobs-record|title=Andrew Yang is promising to revitalize America. His nonprofit tried, too, but couldn't.|last=Schleifer|first=Theodore|date=2019-06-13|website=Vox|access-date=2019-12-12}}</ref>


==References==
==References==
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[[Category:2011 establishments in New York City]]
[[Category:2011 establishments in New York City]]
[[Category:Andrew Yang]]
[[Category:Andrew Yang]]
[[Category:Non-profit organizations based in Michigan]]

Latest revision as of 16:12, 10 October 2024

Venture for America, Inc.
FoundedJuly 20, 2011; 13 years ago (2011-07-20)
FounderAndrew Yang
Dissolved2024
TypeNonprofit organization
FocusCreating economic opportunity through entrepreneurship
Location
Members1000+
Employees0
Websiteventureforamerica.org

Venture for America (VFA) was an American nonprofit organization and fellowship headquartered in Detroit.[1] Founded by Andrew Yang in 2011, its mission was "to create economic opportunity in American cities" by training recent graduates and young professionals to work for startups in emerging cities throughout the United States. Venture For America ceased operations in August of 2024 after financial struggles that led to three rounds of layoffs. [2][3]

History

[edit]
Venture for America founder Andrew Yang

In its first year, 2012, Venture for America placed 40 fellows in five cities: Cincinnati, Detroit, Las Vegas, New Orleans, and Providence.[4]

In 2013, Baltimore, Cleveland, and Philadelphia were added, and nearly 70 fellows were placed.[5]

In 2014, more than 100 fellows were placed, and an additional four cities—Columbus, Miami, San Antonio, and St. Louis—were added.[6]

In 2015, the organization added Birmingham, Charlotte, Denver, and Pittsburgh and placed more than 120 fellows.

In 2016, a documentary about Venture for America titled Generation Startup was released, co-directed by Cynthia Wade, an Academy Award winner, and Cheryl Miller Houser.[7][8] 2016 also saw the addition of Atlanta and Nashville along with nearly 170 fellows placed.

In 2017, VFA expanded to Kansas City and placed approximately 180 fellows. In mid-2017, Andrew Yang stepped down as CEO. From September 2017 to January 2021, Amy Nelson served as CEO.

In 2021, Eric Somerville was placed as CEO. Tulsa, OK was added as a VFA city. [9][10]

In 2023, VFA encountered financial strain and laid off several staff members. In early 2024, CEO Eric Somerville resigned. After two more rounds of layoffs in 2024, Venture For America announced on August 6 that it would cease operations.

Approach

[edit]

Venture for America recruited recent college graduates to work in 13 cities throughout the United States.[11] The goal of the program was for its Fellows to become startup leaders or founders.

After acceptance into the program, Fellows attended a summer professional development program called Training Camp[12] where they were taught and mentored by investors, venture capitalists, and innovation firms in the skills they will need at their companies.[13] The skills they learned included topics of web design, entrepreneurship, and public speaking.[3]

Fellows were then placed in startups in cities like Baltimore, Detroit, and San Antonio in industries such as education innovation, biotechnology, VC firms, media, and clean technology.[3][14] Since 2012, Venture for America has trained more than 1500 Fellows who have worked in 18 cities.[15]

Criticism

[edit]

VFA originally aimed to create 100,000 jobs by 2025.[16] Critics of the organization have noted that VFA has not yet created 4,000 jobs, and Yang himself claimed in 2021 that "hundreds" of jobs were created.[17] In June 2019, Theodore Schleifer of Vox wrote that VFA's positive early publicity can be attributed to marketing efforts by Andrew Yang. Yang has justified his goal of creating 100,000 jobs, saying: "In order for organizations to have a very high ceiling, you need to set the goal very, very aggressively." Schleifer also claims that VFA fails to help residents living in inner cities because "Yang thought about how to fix inner cities through the prism of [wealthy donors], rather than listening to what the community wanted."[18]

References

[edit]
  1. ^ "Contact". Venture For America. Retrieved 2023-01-12.
  2. ^ Genet, Danielle (April 25, 2016). "Passion to Profit: Young Foodie Moguls Share Stories of Success". ABC News. Retrieved November 17, 2016.
  3. ^ a b c Seligson, Hannah (July 13, 2013). "No Six-Figure Pay, but Making a Difference". The New York Times. Retrieved October 10, 2016.
  4. ^ Coelho, Courtney (July 12, 2012). "Venture training helps entrepreneurs succeed". Brown University. Retrieved October 10, 2016.
  5. ^ Venture for America (May 31, 2013). "Venture for America to Send 100 Top College Graduates Over Next Five Years to Support Detroit and Cleveland Startups". PR Newswire. Retrieved January 7, 2019.
  6. ^ Dahlberg, Nancy (April 4, 2014). "Venture for America launching in Miami". Miami Herald. Retrieved November 17, 2016.
  7. ^ Delamotte, Nikki (November 14, 2016). "'Generation Startup': Young entrepreneurs are in focus in new documentary". Cleveland.com. Retrieved January 7, 2019.
  8. ^ Friess, Steve (November 30, 2016). "How Banza, a Chickpea Pasta Start-Up, Thrives on Attention". The New York Times. Retrieved January 7, 2019.
  9. ^ Ballard, Julie (March 29, 2017). "Andrew Yang Steps Down as Venture for America CEO". Silicon Bayou News. Retrieved January 7, 2019.
  10. ^ "Andrew Yang Steps Down from Venture for America Board of Directors". Venture for America. Retrieved January 7, 2019.
  11. ^ Cities
  12. ^ Fellow roadmap
  13. ^ "Venture for America: Entrepreneurial Fellowships for College Grads, with CEO Andrew Yang". Big Think. October 19, 2014. Retrieved October 10, 2016.
  14. ^ Schwartz, Ariel (July 20, 2011). "Venture For America Will Do For Entrepreneurship What Teach For America Does For Education". Fast Company. Retrieved October 10, 2016.
  15. ^ "Venture for America - Our Impact". Venture for America. Archived from the original on December 19, 2019. Retrieved January 7, 2019.
  16. ^ "Introducing Venture for America - How to Create 100,000 Jobs". Venture For America. 2011-07-19. Retrieved 2019-12-12.
  17. ^ Yang, Andrew (October 4, 2021). "Breaking Up with the Democratic Party — Andrew Yang". Retrieved October 4, 2021.
  18. ^ Schleifer, Theodore (2019-06-13). "Andrew Yang is promising to revitalize America. His nonprofit tried, too, but couldn't". Vox. Retrieved 2019-12-12.
[edit]
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