If you can run a night sortie with half a briefing and zero GPS, there is almost nothing in venture capital you cannot learn. The problem is access: veterans hold fewer than 3 percent of investment roles in VC firms   even though America counts 2.5 million veteran entrepreneurs but only about 100 veterans working in alternatives  . Fellowship tracks close that gap by embedding you inside funds, teaching diligence on live deals, and expanding the network that most MBAs buy for six figures. Below are five programmes that insiders recommend when asked, “Where do I start if I still have a CAC card or just hung up the uniform?”

Marque Ventures Fellowship

Focus: national‑security and dual‑use tech

Format: fully remote, 8‑10 hours per week, unpaid but flexible

Marque drops current service‑members, veterans, civilians, and military spouses into the day‑to‑day of a deep‑tech fund. Fellows screen startups for DoD relevance, join partner calls, and produce investment memos. Alumni include Space Force and Army intel officers who now advise DIU projects.  

Moonshots Capital Venture Fellow

Focus: veteran‑led and dual‑use startups

Format: two paths – eight‑week Defense Ventures rotations or 12‑‑26‑week DoD SkillBridge tours; fellows stay on active duty pay

You shadow General Partners Kelly Perdew and Craig Cummings on deal sourcing, build TAM models, and sit in board meetings. Many graduates roll into analyst seats or join Moonshots portfolio companies like ID.me.   

TFX Fellows

Focus: early‑stage B2B software and defense tech

Format: six‑month, part‑time cohorts for student veterans and military spouses

Based in Charlotte, TFX admits two classes a year. Fellows help on diligence and portfolio ops, earn direct mentoring from partners, and plug into a 60‑plus alum Slack that swaps leads daily. WRAL TechWire notes TFX’s thesis that backing veteran founders “is a proven investment strategy.”  

Academy Investor Network (AIN) Venture Fellows

Focus: dual‑use tech and veteran‑led startups

Format: rolling, remote fellowships attached to AIN’s seed fund and angel syndicate for U.S. service‑academy grads

Recent LinkedIn and AIN blog posts profile Naval Flight Officer Andy Coen and others serving as Venture Fellows, producing deal research and dual‑use sector reports. Fellows can co‑invest via the syndicate once approved.  

AFWERX Traditional Fellowship

Focus: innovation pathways inside the Department of the Air Force and Space Force

Format: four‑month cohorts, full‑time or 20 hours weekly, 100 percent remote

While not a private‑fund placement, AFWERX puts enlisted to GS‑15 talent on SBIR sprints and investment‑office projects that interface daily with venture firms. Alumni often lateral straight into funds like Shield Capital or Anduril.  

What about the famous Defense Ventures Fellowship at Shift?

War on the Rocks called the programme “a crown jewel” that embedded 450 fellows in top funds, but DoD funding lapsed in 2024, leaving veterans to hunt alternatives like those above.  

Why funds recruit veterans

• Pattern recognition in dual‑use tech. A former EOD officer spots material‑science risk faster than a finance major.
• Mission‑driven bias. LPs chasing “American Dynamism” want investors who understand defense and critical infrastructure from inside the wire.
• Network reach. Fellows channel deal flow from service academies, AFWERX challenges, and TACFI awardees that coastal partners rarely meet first.

What admissions screens test

1. Operational credibility. Show leadership KPIs: platoons led, aircraft hours, or acquisition dollars managed.
2. Analytical chops. Each application asks for “one startup you would back.”  Nail TAM, cite one killer KPI, lay out pricing logic.
3. Ethics under pressure. You will handle sensitive data.  Expect hypotheticals on export‑control leaks and insider trading.

Most funnels run a culture call, a written memo, and a partner grilling, with acceptance hovering near three percent. Draft your bio, thesis paragraph, and references before portals open.

A week inside a fellowship

• Monday night workshop on cap‑table math or SBIR match funding.
• Mid‑week deal debate; one fellow defends, another red‑teams.
• Friday office hours where a GP rewrites your memo line by line.

Fellows spend 8‑12 focused hours weekly; full‑time tracks mirror a 40‑hour analyst role. Shortcuts show fast when founders call at 0700.

Outcomes you can measure

• Track record – three micro‑checks or a modeled portfolio beats “aspiring VC” on LinkedIn.
• Peer density – alumni Slack threads route diligence asks in minutes.
• Pattern recognition – after twenty founder calls you will smell inflated ERATE assumptions in seconds.
• Option value – graduates launch SPVs, join growth funds, or take operator roles while investing nights and weekends.

Fit check before you click

Apply

• Time: Can you carve ten hours a week or secure SkillBridge orders?
• Money: Most tracks are free; some reimburse travel, others rely on your existing pay grade.
• Goal clarity: Seeking a full‑time VC seat? Choose Moonshots or Marque for carry exposure. Want policy insight? Target AFWERX.

If the answers line up, assemble:

• A 100‑word bio with quantified wins (for example, cut mission‑planning cycle time 40 percent).
• A one‑page thesis using a proprietary data point (perhaps why drone‑imagery‑as‑a‑service will triple in border security).
• A simple Google Sheets cap‑table.
• Two references – one commander, one founder.

Treat the application like your first investment memo: concise writing and clear numbers prove you already think like an investor.

Veteran insight is not a footnote. A fellow embedded in Pensacola’s unmanned‑systems squadron or Ramstein’s logistics hub offers nuance no Manhattan boardroom can fake. Lean into that context, commit to the workload, and you will exit speaking the language partners and limited partners respect – valuation discipline, risk ladders, and mission impact.

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