In-Depth Guide
Explore what VC fellows do, how they are paid, and how the experience opens doors to full‑time venture roles.
A VC fellow is an early‑career professional engaged in a fixed‑term apprenticeship at a venture fund. They receive structured learning, hands‑on projects, and exposure to partners in exchange for research, sourcing, and event support. Unlike interns who may handle generic tasks, fellows are expected to produce investor‑grade analysis and build founder relationships that feed the pipeline.
A VC fellow is a temporary team member—often a student, recent graduate, or domain specialist—who joins a venture capital firm to learn the craft while contributing to real work. Fellowships typically last three months to one year and can be part‑time during school terms or full‑time during summer and gap periods. The firm gains extra sourcing capacity and fresh perspective; the fellow gains in‑the‑trenches experience, a network, and a resume signal.
Programs vary in structure. Some focus on market research and thesis building, others emphasize community scouting where fellows attend meetups and pitch events. Many combine both, giving fellows a taste of sourcing, diligence, and portfolio support. Because the relationship is explicitly time‑bound, a fellowship is a low‑risk trial for both sides before considering a permanent analyst track.
A fellowship adds cost‑effective energy to the firm’s scouting bandwidth while seeding the talent pipeline for future analysts and associates. Fellows often bring hyper‑local deal flow the firm would otherwise miss, especially from universities and niche technical communities.
Fellows operate at the elbow of analysts and associates, gaining direct feedback on their work.
Similarities: both source deals and conduct research.
Differences: analysts are full‑time employees with formal career tracks; fellows have fixed‑term learning engagements and lighter compensation.
Similarities: participation in diligence calls and memo writing.
Differences: associates own portions of the deal process and may hold board observer seats; fellows shadow and assist rather than lead.
Similarities: heavy focus on sourcing through personal networks.
Differences: scouts operate externally and earn carry; fellows work inside the fund, receive stipends, and engage in broader research tasks.
Similarities: temporary program, portfolio support work.
Differences: platform interns focus on operational value‑add like marketing or community, while fellows focus on investment analysis and sourcing.
Similarities: both attend some partner meetings and hear high‑level strategy discussions.
Differences: GPs raise funds and make final investment decisions; fellows are observers and contributors without voting authority.
Compensation ranges widely. Many part‑time academic‑year fellows receive a monthly stipend of 1 500 – 4 000 USD. Summer or full‑time fellows earn 4 000 – 8 000 USD per month. Performance bonuses are rare at this level but may appear as end‑of‑program awards.
Carry is unusual for short fellowships. Some firms grant a token 0.01 % – 0.05 % of the fund carry or deal‑by‑deal carry on companies the fellow sources. This is mainly a long‑tail incentive rather than a near‑term pay component.
Review new inbound pitches in the shared inbox and sort them into CRM buckets. Scan student‑founder Slack channels for interesting product launches. Join the daily stand‑up with the analyst team to share top signals.
Conduct a 30‑minute discovery call with a founder referred by a professor, take notes on traction and moat, and log the call in the CRM. Over lunch, work on a market‑map deck for the partner leading a climate investing thesis.
Assist an associate on customer‑reference calls for a Series A diligence, summarizing findings in a two‑page memo. Update a competitive matrix based on new data. Draft questions for tomorrow’s fireside chat with a portfolio CEO at a campus event.
Attend a university hackathon kickoff to mentor teams and scout potential startups. Collect contact info for promising projects. Send a summary email to the investment team outlining three standouts and why they merit follow‑up calls.
Watch a recorded internal training on cap‑table basics. Update personal learning notes, list questions for the next mentor session, and plan tomorrow’s desk research on autonomous‑robotics TAM.
What qualifications help land a fellowship?
Firms look for genuine startup curiosity, evidence of hustle such as club leadership or side projects, and the ability to communicate insights clearly in writing and conversation.
Is the fellowship paid?
Most programs offer stipends that cover living expenses, though levels vary based on part‑time or full‑time commitment and geography.
Can a fellow convert to a full‑time analyst role?
Yes. High‑performing fellows often receive analyst offers, making the fellowship a low‑risk on‑ramp to venture careers.
Do fellows need prior investing experience?
No. Demonstrated analysis skills and founder empathy matter more. Training and mentorship fill technical gaps during the program.
What tool stack do fellows use daily?
Expect Excel or Sheets for models, Airtable or Affinity for CRM, Notion or Google Docs for memos, and Slack for internal communication.
How many deals does a fellow source on average?
Targets vary, but three to five strong founder introductions per month that reach partner call stage is considered solid performance.
Is carry worth negotiating in a short fellowship?
Carry is a nice upside kicker but not guaranteed to mature. Focus first on learning opportunities, network access, and brand signal.
Do fellows attend board meetings?
They may observe occasionally for educational purposes, but they do not have voting or formal governance roles.
What happens after the fellowship ends?
Graduates often move into analyst roles, join portfolio companies, launch startups, or enter related fields like product management or strategy consulting.
How should fellows balance academics and fellowship tasks during the school year?
Clear time‑blocking, realistic sourcing goals, and open communication with supervisors help maintain academic performance while delivering value to the fund.
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