Breaking into Venture Capital: A Deep Dive into the Harlem Capital Internship Program

Venture capital can seem like an opaque industry, making it difficult to land a job or internship. Fortunately, programs like the Harlem Capital internship offer a pathway for individuals, especially those from underrepresented backgrounds, to break into this competitive field. This article provides an in-depth look at the Harlem Capital internship program, drawing insights from the experiences of past interns and fellows.

About Harlem Capital

Harlem Capital (HCP) is an early-stage venture capital firm with a mission to invest in 1,000 diverse founders over the next 20 years. The firm focuses on investing in women and founders of color, who often have groundbreaking ideas but are overlooked by the broader venture capital industry. HCP is committed to fostering a more diverse and inclusive entrepreneurial ecosystem.

The Harlem Capital Internship: An Overview

The Harlem Capital internship is a cornerstone program designed to support the firm's mission of changing the face of investing and entrepreneurship. It's a 10-week program that provides interns with hands-on experience in the venture capital world. Each year, Harlem Capital runs three internship cohorts (winter, summer, and fall), with each cohort consisting of approximately six interns and one to two returning fellows. The internship is part-time, requiring 5-15 hours per week, making it manageable for individuals juggling other commitments like startups or day jobs.

Program Structure

The internship is structured to provide a comprehensive learning experience through various activities:

Sourcing Deals

Interns are encouraged to source deals, which involves reaching out to founders, meeting them, and assessing whether their startups align with Harlem Capital's investment criteria. The team offers support in developing outreach strategies and identifying suitable companies.

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Deal Calls and Portfolio Updates

Interns participate in founder calls alongside HCP team members. Their responsibilities include preparing questions for founders, taking call notes, and sharing their perspectives after the call. They also attend portfolio company meetings to stay informed about the progress of HCP's investments.

Deal Due Diligence

Interns contribute to the due diligence process by conducting market sizing, competitive benchmarking, and exit scenario modeling. This helps the team assess the potential of investment opportunities.

Special Projects

Each intern undertakes a special project, working closely with an HCP team member. These projects offer opportunities to create valuable resources for the firm and deepen understanding of the venture capital landscape.

Weekly Team Calls

The entire firm gathers weekly to share deals and updates. Interns gain insights into new deals in the pipeline, portfolio company developments, and firm priorities.

Syllabus and Weekly Pairing Calls

Interns are encouraged to follow Harlem Capital's VC syllabus to gain a thorough understanding of the venture capital industry. They are also paired with an HCP team member each week to learn more about their experiences and ask questions.

The Application Process

Harlem Capital has a formal internship application process open to anyone interested in venture capital, regardless of previous experience or connections. The application process consists of four stages:

Resume Round: The initial application.
Virtual Interview: An interview to learn more about the applicant's background and motivations.
Assignment: A market analysis on a specific industry (approximately a 3-page deck).

For the Summer 2024 intern class, Harlem Capital received 1,382 applications for the six intern spots, resulting in a 0.4% acceptance rate.

A Day in the Life of a Harlem Capital Intern

Jailany Thiaw, a former Harlem Capital intern, describes a typical day as involving "Deal Work," which includes calls with founders and analysis to understand prospective startup investments. The workload can vary, with slower periods involving reviewing companies and attending weekly team meetings, and busier periods involving contributing to the diligence process for important deals.

Value-Add Projects

Interns often take on projects that add value to the firm. These projects can include:

Supporting the development of a content strategy for the Harlem Capital brand.
Building a tracker for executing content creation.
Designing new merchandise for HCP.
Creating new initiatives around marketing and increasing brand presence.

The Importance of Networking

Networking is a crucial aspect of the internship, with interns tasked with making connections and sourcing deals. Attending events like accelerator kickoffs provides opportunities to meet early-stage companies and identify potential investments.

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Intern Perspectives and Experiences

Former interns and fellows share their experiences and insights:

Adrianna Samaniego: Worked on building out an investment thesis on the femtech industry, which helped her succeed in VC interviews post Harlem Capital.
Kim Patel: Helped the team invest in Wagmo and highlights the opportunity to wear many hats and break into VC with a non-traditional background.
Temisan Hambraeus: Analyzed Harlem Capital’s pipeline to ensure the firm was mitigating unconscious bias and was part of the investment committee for Aunt Flow.
Michael Bervell: Worked on the Dexai Robotics deal and learned about venture capital despite having no prior finance experience.
Afiya Bediako: Built out Harlem Capital’s pipeline to ensure underrepresented founders saw Harlem Capital as the go-to place for capital.
Angela Liu: Created Harlem Capital’s first podcast series, the Female Founders series, and describes being drawn to New York's startup and VC ecosystem.
Valeria Vinas: Gained hands-on experience in sourcing deals, conducting due diligence, and participating in team calls.

Key Takeaways from Interns

Soumya Tejam: Emphasizes the mentorship aspect of the program, with interns paired with a mentor from the HCP team.
Sharlene Guiriba: Highlights the opportunity to examine a wide variety of startups and see the impact of their work right away.
Lizbeth Nunez: Notes the no-frills communicative culture and thoughtful approach to team development.
Orlando Gomez: Stresses the inclusive environment where interns' voices and thoughts matter from day one.

Harlem Capital's Commitment to Diversity and Inclusion

Harlem Capital's focus on diversity is evident in its approach to hiring and investment. The firm actively recruits from programs focused on diverse talent, such as MLT, Toigo, and SEO, and uses its social media presence to promote job opportunities. They also track race and gender throughout the hiring process to identify and address any biases.

Building a Diverse Team

Tingle and Pierre-Jacques encourage other firms to consider the part-time remote model for internship programs as it broadens the pool of potential candidates. This allows them to engage with a diverse group of talented future investors and make an impact on their lives by opening new doors of opportunity.

Alumni Success Stories

The Harlem Capital internship program has a strong track record of preparing interns for successful careers in venture capital and other fields. About 39% of alumni have held a full-time role at a VC fund. Two intern alumni, Gabby Cazeau and Nicole DeTommaso, joined HCP full-time.

Diverse Career Paths

After completing the HCP program, alumni pursue various professional paths, including full-time positions in venture capital and technology roles. The skills and experiences gained during the internship provide a solid foundation for their future endeavors.

The Founders' Journey

The Harlem Capital story began in 2015 when Henri Pierre-Jacques and Jarrid Tingle joined forces at ICV Partners. They later formed an angel syndicate that invested in startups, small businesses, and real estate. In 2017, they attended Harvard Business School and made Harlem Capital their full-time role after graduation. In fall 2019, they closed their first fund at $40 million with TPG as their anchor investor.

Filling a Gap in the Market

Harlem Capital was created to address the lack of diversity in the venture capital industry. Pierre-Jacques noted that there were few VC funds of scale with partners of color. By focusing on diversity, Harlem Capital has invested in exciting women and diverse-owned companies, driving the economy forward and inspiring future leaders.

Benefits of the Harlem Capital Internship

The Harlem Capital internship program offers numerous benefits:

Hands-on experience in venture capital: Interns gain practical experience in deal sourcing, due diligence, and portfolio management.
Mentorship and networking opportunities: Interns are paired with experienced mentors and have opportunities to network with industry professionals.
Skill development: The program helps interns develop critical skills in market analysis, valuation, and financial modeling.
Exposure to diverse founders and startups: Interns work with a wide range of companies founded by women and people of color.
Career advancement: The internship provides a pathway to full-time roles in venture capital and other fields.

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