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The venture capital industry invests billions of dollars each year, yet for a long time, there was no structured way to train budding venture capitalists-- until the Kauffman Fellows Program came along.
Started in 1995, the program selects roughly 10 people each year from a pool of about 250 applicants. The program pays $80,000-a-year stipends for them to serve two-year stints at an established venture capital firm and learn the business. Fellows also attend occasional specially designed educational programs around the country, where veteran VCs, entrepreneurs and other experts teach the ins and outs of private financing. Applicants must have a graduate degree and three years of professional experience; the application deadline is September 24.
The program is run by the Kansas City, Mo.-based Kauffman Center for Entrepreneurial Leadership, founded by philanthropist Ewing Kauffman. Before it existed, the only formal training available was the Venture Capital Institute's (www. vcinstitute.org) four-day educational program for new VCs, or a few venture firms' associate programs, which typically involve a lot of...