More women entering and ascending in Queensland’s venture capital industry is the aim of a new initiative backed by Queensland Investment Corporation (QIC) to address the underrepresentation of female investors in the local ecosystem.
77 Venture Fellows is a venture capital deep immersion initiative for a select group of up to 10 female candidates, with a target of Venture Fellows reaching an Associate level by the end of the initiative.
Inspired by the UC Berkeley Haas Venture Fellows in Silicon Valley, the initiative is led by Queensland VC firm 77 Partners and supported by Silicon Valley VC firm Bee Partners, with funding from the QIC-managed Queensland Venture Capital Development Fund (QVCDF).
QIC Private Equity Senior Associate Matiela Baker said the program will provide a pathway into the early-stage technology investment industry, where female investors are notably underrepresented.
“Approximately one in four members of early-stage VC investment teams in Queensland are women, and that drops to one in 10 at the General Partner level,” Ms Baker said.
“We recognise the gender gap is a very real challenge and there is work to be done.
“Particularly as Queensland’s VC ecosystem continues to grow from strength to strength, it’s important for us to see that growth create opportunities for everyone.
“That’s why now is the time for initiatives like 77 Venture Fellows to provide the pathway and open the doors, following a proven concept and leveraging the mentorship of leading female investors not commonly seen in Queensland.”
77 Venture Fellows will be delivered over a three-month period with an emphasis on postgraduate business students, and comprise active VC development, partner level mentorship, and deep insights to early-stage VC firms.
77 Partners Founder and Managing Partner Brent Watts said the early-stage venture capital firm is focused on backing a diverse portfolio of high potential opportunities and talent in Queensland.
“We are already support emerging founders through the 77 Venture Challenge in which we are partnering with a further 40 frontier tech ventures over 2024 and 2025 to grow and diversify investment deal flow in Queensland,” Mr Watts said.
“However, as a VC firm, we also recognise the value of organisational diversity and are committed to growing female representation in our own investment team.
“By actively supporting the development of more female venture capital investors in Queensland, the 77 Venture Fellows program is key to this.
“We've seen the value of the same process in our strategic partner in Silicon Valley, venture capital firm Bee Partners, which has supported female venture fellows from Berkeley Haas to join the venture capital industry, progress to partner level and enter the top 50 rising VC stars in the US."
The broader entrepreneurial ecosystem at Berkeley Haas, which includes the Venture Fellows, supported a record 14 members of the 2023 MBA class in securing roles in venture capital and entrepreneurship last year.1
Applications for 77 Fellows are open until August 7, 2024, at www.77partners.vc/fellows.
For more information about the QVCDF, visit www.qic.com/qvcdf.
Citations
- 2023 FTMBA grads land record number of VC jobs: https://newsroom.haas.berkeley.edu/2023-ftmba-grads-land-record-number-of-vc-jobs/
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QIC’s Private Equity team manages A$8.5 billion (as at 31 Dec 2023) globally in venture capital, growth equity and private equity via funds, co-investments and direct investments on behalf of government, superannuation and institutional investors. We aim to be a partner of choice for our portfolio companies and general partners, with sufficient scale to be meaningful, but small enough to maintain our selectivity.