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Overview

Illinois Ventures, founded in 2000, is the University of Illinois system's early-stage investor for university-connected startups. The Edward L. McMillan Venture Fellowship recognizes entrepreneurial leadership and commitment to Illinois values. Fellows work directly on due diligence, portfolio management support, and financial modeling for potential investments. Illinois Ventures has made over 125 investments and helped portfolio companies raise over $2.7 billion in outside capital.

Investment focus

Illinois Ventures Fellowship aims to cultivate the next generation of venture capital leaders by providing students with hands-on experience in evaluating and supporting early-stage startups. The program focuses on aligning entrepreneurial efforts with the values of the University of Illinois, fostering a strong commitment to innovation and community.

Program details

Designed for Students, Investors. The program is in person. Participation is generally part time.

Who it is for

UIUC students; demonstrated leadership in academic, extracurricular, or community activities; coursework or experience in venture capital or entrepreneurship; strong alignment with University of Illinois values; genuine commitment to the fellowship program.

Check if you are eligible

Check your eligibility for Illinois Ventures Fellowship

Admissions and application

Eligibility is open to UIUC students who demonstrate leadership in academic, extracurricular, or community activities, have coursework or experience in venture capital or entrepreneurship, and show a strong alignment with University of Illinois values.

Benefits

Participants gain direct involvement in venture capital operations, experience in due diligence and financial modeling, mentorship from Illinois Ventures leadership, exposure to early-stage startup evaluation, and a leadership role supervising fellow team members.

Timeline

The duration of the fellowship varies; for example, the McMillan Fellowship runs from February 2024 to May 2025.

What came of it

Portfolio companies have collectively raised over $2.7 billion in outside capital; 125+ portfolio company investments to date.

How to go about it

  1. Read what it asks for

    Who can apply, how people get in and whether it is open right now.

  2. Have something to show

    Programs pick people whose work they can already point to. Put yours where it can be found.

  3. Apply the way the program asks

    The program has not published how to apply. Terms and dates change. Check the official page before you act.

What it pays

The fellowship appears to be a paid position, though specific compensation details are not specified.

Questions about this program

What materials did the historical application require?

The posting specified a resume, a one-page essay about career vision, fellowship goals, and university impact, and two recommendation letters dated within the prior 12 months from faculty advisors, professors, TAs, or employers. It specified Handshake as the application route for that historical role.

Is the fellowship currently accepting applications?

Current availability is unknown. The documented application route and work period relate to the historical 2024–2025 role, and the available evidence does not establish a current opening.

About Illinois Ventures

Illinois Ventures

Venture Capital

University-based venture capital firm

Lists that include this program

From public sources

What the sources say about Illinois Ventures Fellowship

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Location
Southeast Asia
Format
Remote
Deadline
Aug 16, 2026

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