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Tenure
The anticipated fellowship period is 18 to 24 months, in which fellows
will work full time in a venture capital firm.
Mentoring
At the start of the Fellowship, the Mentors will assist the Fellows in creating
individually tailored
learning plans that guide development throughout the fellowship. Tools such as the learning plan will allow
Fellows to expand existing strengths while addressing areas for personal and professional development. For
the remainder of the Fellowship, the primary role of the Mentor is to pass on the knowledge, skills and network
necessary to learn the business-building process.
Scope & Structure
Candidates: AVCF will select 6 high potential African participants
to train and be mentored in 6 Silicon Valley venture capital firms. The
initial target countries are Nigeria and South Africa.
Hosting VC Firms: The goal is for the fellows to learn all aspects
of the venture capital industry by observing and practicing alongside
partners and associates in a firm. The participating venture capital firms
will be diverse in investment focus but will be in a close geography to
enable cross-firm training sessions with the entire fellow group.
Hands on learning: Common to each fellowship will be the fundamentals
of the venture investment process, portfolio company growth, and the operations
of the VC firm as a business. Throughout the program, the fellows will
engage in all phases of VC investing, including deal prospecting, terms
negotiation, due diligence as well as management and exit of portfolio companies.
Shared Learning: In addition to personal mentoring, the Fellows
will come together once a month for customized learning programs led by
the participating venture capital firms which will be designed to complement
their day-to-day experience. Each participating venture capital firm will
be responsible for two educational training programs per year on topics
such as term sheet structuring, board governance, etc. The fellows will
work together as a group in these sessions. These gatherings will also
provide peer networking and team building.
Application of Knowledge & Experience: At the end of the fellowship
period, each Fellow will return to Africa. The ultimate goal of the program
is for Fellows to return to a tightly focused region in Africa, (the proposed
pilots are in Nigeria and South Africa) where they can utilize their US venture capital
experiences to help attract investments to high potential entrepreneurial
opportunities in the region.
Investment
Capital: The key of the program is to provide an incentive for the
Fellows to return to Africa. The AVCF will identify and/or raise capital
to provide the foundation for direct investment. These funds will be raised
from limited partners ("fund investors") who have experience investing
in the venture capital asset class. The AVCF will target fund investors
from the US, Europe and Africa.