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Venture Forward I 2021 Impact Report Board of Directors Team IMPACT REPORT About Us VENTURE FORWARD’S EFFORTS REVOLVE AROUND FOUR KEY AREAS OF FOCUS: Venture Forward is a 501(c) DEI (3) nonprofit launched in June Advancing a more diverse, 2020 by the National Venture equitable, and inclusive ecosystem Capital Association (NVCA) to drive the human capital, culture, values, and narrative of venture Education capital to promote a strong and Equip new generation of VC investors inclusive community that will with the tools to succeed, and informing fuel the economy of tomorrow. the general public about the role Venture Forward is focused on of VC on the U.S. economy shaping the future of venture capital by providing programming, education, data and research, and Research & Data resources that are empowering the Conducting and sharing meaningful ecosystem’s ability to thrive. research on VC trends and impact History Capturing the rich history of the industry and distilling insights to shape the future SIGN UP FOR OUR MAILING LIST Stay up to date on Venture Forward activities. San Francisco Washington D.C. 214 Grant Ave, Suite 325 25 Massachusetts Ave, Suite 730 ventureforward.org | [email protected] @VCForward @company/venture-forward-org Venture Forward’s legal entity is The Venture Capital Foundation, a 501(c)(3) organization. EIN #: 47-4114024 Venture Forward 2021 Table of Contents Impact Report This is Venture Forward’s first Impact Report and Messages from the Executive reflects on the first year of positive influence the Director & Chair .................................................................4 organization has had on the U.S. venture ecosystem since its launch. This report covers the impact of VC Human Capital Survey ...........................................6 several flagship programs and initiatives, including the VC Human Capital Survey, VC University, VC University ONLINE ....................................................8 LP Office Hours, and other educational and DEI programs, some of which were incubated under VC University LIVE ........................................................10 NVCA prior to Venture Forward’s public launch in June 2020. The report also outlines several LP Office Hours ..............................................................12 opportunities for how newcomers and current industry participants can get involved and join our Training Series Comms 101 & 201 ........................14 mission to shape the future of venture capital. Bias Film Screening ......................................................16 Get Involved with Venture Forward ......................17 Special Thank You to Our Donors ..........................18 Donate Now .....................................................................22 The future of our industry is dependent on investing in and addressing these needs today. © Copyright 2021 – The Venture Capital Foundation, All Rights Reserved. Messages from the Executive Director & Chair We’ve been living in extraordinary times for the past year, but the VC industry’s resilience has been unwavering. VC-backed companies have risen to the new challenges the pandemic has brought to all facets of life from work, home, school, and healthcare. Abundant opportunities for innovation and investment have also surfaced in new and traditional sectors of our economy, so it’s no surprise VC fundraising, investment, and exit activity have all had a historic year as the industry continues to play a pivotal role in the country’s recovery. Maryam Haque Executive Director Venture Forward However, the venture industry’s activity remains largely driven by a demographically concentrated community of investors and founders. Can you imagine the even bigger impact on innovation and returns a more diverse, equitable, and inclusive venture ecosystem could have? We can. The future of VC is exciting, but the ecosystem is far from where it needs to be to ensure that people of all backgrounds—including gender, race, ethnicity, geography, age, and education level—can access the industry and thrive. Venture Forward is focused on driving the human capital, culture, values, and narrative of VC to promote a strong and inclusive community that will fuel the economy of tomorrow. We are shaping the future of VC by investing in and addressing its needs today. In our inaugural year, Venture Forward has played a pivotal role in advancing diversity, equity, and inclusion in the industry and educating the next generation of VC leaders, primarily through VC University, the VC Human Capital Survey, and LP Office Hours. Our work would not be possible without the support of our donors and partners and the leadership of my amazing team and board – thank you! Join us in our efforts by donating to financially support our initiatives, volunteering your time, sharing opportunities with the Venture Forward community, and leveraging the network and resources Venture Forward has developed for industry newcomers and established investors to unite in our mission to shape the future of VC. It’s incredible that it’s already been a year since NVCA publicly launched Venture Forward to address key industry issues beyond those related to public policy. Although Venture Forward has been in the works for several years, the past year has been a catalyst for change. A year ago, the country was in the middle of a pandemic and lockdown – businesses, Bobby Franklin, schools, and lives were put on pause. And racial tensions were running high from coast to Board Chair President & CEO, coast following the murder of George Floyd. Amid that historic time, we publicly launched NVCA Venture Forward to help the VC industry be the best version of itself. The mission was to attract and inspire people of all backgrounds to access and thrive in the startup ecosystem. A year later, the Venture Forward board and us are proud to see the positive impact Venture Forward has had in just its first year! We have educated more than a thousand VC industry newcomers, provided hundreds of scholarships, and created a mentorship program, all of which are helping to shape the next generation of VC leaders. While we have a lot to be proud of, we still have a long way to go before we can say mission accomplished. As we enter year two of Venture Forward’s work, we remain fully committed to our goal to advance a more diverse, equitable, and inclusive ecosystem. Let’s Venture Forward together! 4 I Venture Forward I 2021 Impact Report Board of Directors Team Christy Chin, Treasurer Bobby Franklin, Jennifer Friel Goldstein Rhianon Anderson Executive Chair Board Chair Managing Partner Programs Director Benetech President & CEO Life Sciences and Healthcare NVCA SVB Capital Charles Hudson Ray Leach, Secretary Kate Mitchell Michael Chow Managing Partner CEO Co-founder & Partner Research Director Precursor Ventures JumpStart Inc Scale Venture Partners Elliott Robinson Scott Sandell Nicole J. Walker Ronette Guevara Partner Managing General Partner Managing Partner Marketing & Operations Bessemer Venture Partners NEA Arboretum Ventures Associate "The startup ecosystem is the engine of our economy, and SVB is proud to support Venture Forward in its mission to improve diversity in the venture community while paving the way for the next generation of industry leaders." Jennifer Friel Goldstein, Managing Partner Life Sciences and Healthcare, SVB Capital (Founding Donor) Maryam Haque Executive Director "The opportunity to raise a VC fund or become a VC investor has largely not been accessible to women, people of color, and other minorities. Venture Forward’s programs like VC University and LP Office Hours are transforming the future of the industry and how more newcomers from diverse backgrounds can learn and network to build a career in funding innovation." Charles Hudson, Managing Partner Precursor Ventures Venture Forward I 2021 Impact Report I 5 VC Human Capital Survey The VC industry has clearly lacked diversity. The good news is the industry is working to improve itself, and Venture Forward is providing critical transparency and data-driven accountability on the industry’s diversity, equity, and inclusion (DEI) progress that investigates the industry’s workforce demographics and the current state of DEI in VC. The VC Human Capital Survey, powered by Venture Forward, NVCA, and Deloitte, is a biennial industry survey that tracks and measures the industry’s DEI progress, and provides a source of information that allows firms to benchmark themselves against industry practices and helps them identify innovative approaches to promote DEI. The third edition of this survey was released in March 2021, and included data collected from 375+ VC firms in the fall of 2020. The results from this edition were benchmarked against findings from the first and second editions, which were conducted in 2016 and 2018, respectively. Conducted in 2020, this third edition requested firm demographic information (e.g., investment stage focus) and demographic information for each employee (e.g., gender and race). Additionally, firms were asked to provide information regarding their talent management practices and DEI programs. Unlike other industry assessments of VC diversity, this survey provides a more holistic perspective. We gathered data from VC firms of all types and sizes, examined DEI for a variety of groups across all types of positions, and assessed firm talent management strategies. The report presents promising strategies which can serve to further increase DEI, including using a broader range of external sources when recruiting for
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