By Valeria Vinas

The thought of working in venture capital can be both exciting and daunting. On one hand, it’s fascinating to evaluate early-stage companies, see their potential, and support them as they grow. But it’s also well established that venture capital is a difficult industry to find a full-time role in, which can be an overwhelming reality to navigate. I relate to both of these feelings, which is why my time at Harlem Capital has been instrumental in building the skill set and confidence I need as I explore the VC ecosystem.

My name is Valeria Vinas and I’m a Summer 2024 intern at HCP! I have previous experience working at a consulting firm and a startup and will be headed to Harvard Business School this fall. Before the Harlem Capital internship, I had minimal exposure to venture capital and was hoping to learn more about the day-to-day operations of a VC firm. 

Let me walk you through what a week of interning at Harlem Capital looks like, with a few additional insights from my intern class.

What is the Harlem Capital internship?

The HCP internship is a cornerstone program for Harlem Capital – one that supports us as we help change the face of investing & entrepreneurship. Every year, Harlem Capital has three intern cohorts (winter, summer, fall) that join the team for 10 weeks. Each cohort has ~6 interns who support the HCP team and 1-2 fellows (returning interns). Interns work 10-15 hours per week where they get exposure to working in VC through sourcing deals, conducting due diligence, and joining the HCP team calls. Every intern is also paired up with an HCP team member to support them in a summer project. 

What was the application process like?

Harlem Capital is one of the few VC funds that has a formal internship application process. Our application is open to anyone interested in VC – no previous experience or connections in the VC ecosystem are needed to apply. For example, I had no experience in VC or strong connections with people working in VC. 

There are a total of 4 stages to the internship application process. All the stages, after the application submission, have around a one-week turnaround time.

1. Application submission – answer questions and submit a resume 

2. Video interview – behavioral interview questions where the HCP team focuses on getting to know you more

3. Industry overview – a project where applicants create a short deck about an industry (chosen by the HCP team) and the startup ecosystem within that industry 

4. Live virtual interview – live interview with the HCP team where you present your deck and have some time to ask the team questions

For the Summer 2024 intern class, HCP saw 1,382 applications for the 6 intern spots (0.4% acceptance rate). This cohort had one undergraduate student, two MBA students, and three working professionals.

What do interns do every week?

HCP interns become part of the broader HCP team and support the firm across many functions. 

1. Weekly Team Calls
Once a week, we have a team call where the whole firm gathers to share deals and firm updates. Interns hear about new deals going through the pipeline, portfolio company updates, and upcoming firm priorities. This is also whenn interns communicate any deals they sourced, share their weekly learnings, and give project updates.

“Each week looks a little different, and over time, you start to pick up on each partner’s communication style, what deals they gravitate towards, and what the firm has reflected on over time. We interns keep an active chat running in the background to ask questions and jot down our takeaways – it’s an unmatched learning experience.” – Alivia Jiang

2. Syllabus & Weekly Pairing Calls
The program strongly encourages interns to follow Harlem Capital’s VC syllabus to get a deep understanding of the venture capital industry and see how these learnings come to life in the work that HCP does. Interns are also paired with a member of the HCP team (or other interns) every week to learn more about them and ask any questions they have. Through these pairings, I got to know everyone in Harlem Capital on a more personal level and received advice on my professional aspirations.

“Getting both a crash course and curated perspectives on important VC skills such as market sizing, valuation, term sheets, and exits were such a valuable part of the experience. The weekly pairing calls were also a perfect way to solidify the learnings and meet all the members of the HCP team and the intern class – they were a highlight of my week.” – Megha Agarwal

3. Source Deals
A large part of working in venture capital is sourcing deals, which interns are encouraged to do. Sourcing deals often entails reaching out to founders, meeting them, and determining if the startup fits Harlem Capital’s criteria. The team supports you in developing your outreach to these founders and identifying which companies may be a good fit for Harlem Capital.

Sourcing deals was new to me as there isn’t a ‘standard’ way to do it. However, by the end of the internship, I felt empowered to source deals and voice them during our weekly calls. If sourcing companies is new for you too, I recommend following startup accelerators in your city on LinkedIn and attending pitch nights (Luma is very helpful for finding events).

4. Deal Calls & Portfolio Updates
Every intern is assigned deals where they join founder calls with HCP team members. Interns usually support these calls by creating questions for the founders, taking call notes, and sharing their perspectives after the call. The team also has portfolio company meetings that interns join to hear updates on the companies HCP invested in and learn more about how HCP supports these companies.

“Deal calls are an opportunity to put your diligence skills to the test. My biggest piece of advice would be to pre-wire your POV with the deal lead by sending them a couple of key takeaways before the call—this goes a long way toward training your VC gut.” – Reade Rossman

5. Deal Due Diligence
If an HCP investor determines that a company may be a good fit for the fund, they conduct due diligence and create a memo to share to the broader team. Interns support this diligence process by conducting a variety of analyses, including market sizing, competitive benchmarking, and exit scenario modeling.

“I learned that understanding the founders’ vision, their passion, and their resilience is crucial in evaluating a startup’s long-term potential. For those new to the process, remember that investing is ultimately about backing people, not just ideas. Seek out references from diverse perspectives, including the startup’s customers and investors.” – Amir Williams

6. Special Projects
For 10 weeks, interns are working on their assigned projects with their HCP pair. Special projects are a great opportunity to form a strong relationship with someone from the team while creating impactful resources for the firm. These projects change every cohort based on the interests and needs of the firm but, overall, projects fall within three broad categories: platform & community support, VC ecosystem outlooks, and industry deep dives.

My cohort took on projects across these categories:

• Platform & Community Support – Monthly Newsletters and Pre-Seed Fund Research
• Enterprise SaaS Industry Benchmarks
• Incubation Program Exploration
• Deep Dive on Incumbent Disruptors
• Diverse Founder Exit Analysis
• Deep Dive on AI within B2B Software

“My project this summer helped me to contextualize just how important HCP’s mission is in supporting diverse founders. By digging deep into the trends of the exited diverse founder landscape, HCP’s vision and theory of change becomes clearer. I leave the internship more committed and driven to help advance underrepresented groups in the VC industry than ever before.”– Dimitri Henry

What happens next?

The past 10 weeks have been incredible and I’m so thankful to have joined the HCP team this summer. As for what’s next for me, I will be starting my MBA journey at Harvard Business School this fall. During these two years, I will focus on learning more about the venture capital ecosystem and how to make socially impactful investments, especially within the education sector. 

It’s a bittersweet ending; while I’m sad it’s over, I know the relationships I formed during this program will continue. This is just the beginning of my relationship with Harlem Capital as I now join the other 116 intern alumni. Even as alumni, HCP continues to support us by hosting educational programming and events where we can foster connections with one another.

After the HCP program, alumni pursue distinct professional paths, especially in the investment landscape. About 39% of alumni have held a full-time role at a VC fund. Two intern alumni joined HCP full-time, Gabby Cazeau and Nicole DeTommaso. Four of our alumni are founders and HCP recently made its first investment in a former intern’s company, TestParty. 

I’m thankful for my internship experience with Harlem Capital as it has made me more interested in working in venture capital. If you’re curious about VC and want to get hands-on experience of backing today’s intrepid founders, I highly recommend you apply to the internship. Winter applications are open until October 8.

About Harlem Capital Partners

Harlem Capital (HCP) is an early-stage, diversity-focused venture capital firm. HCP makes initial investments of $1mm to $2.5mm in U.S. seed rounds for 10-15% ownership.

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