The Factor Fellowship: New Program Connects NYC’s Leading VC-Backed Startups With Diverse Talent
Primary Venture Partners has partnered with over 25 leading New York-based venture firms and startups to introduce the Factor Fellowship.
This program will tackle the diversity, equity and inclusion (DEI) challenges head-on by connecting the city’s VC-backed startups with top talent from underrepresented groups.
Addressing Diversity in Venture Capital and Startups
The data on diversity within the venture capital and startup landscape shows that only about 13% of venture capital decision-makers are women.
Funding for Black founders also declined in 2023, failing to reach the $1 billion mark for the first time since 2016.
These figures highlight a need for systematic changes within the industry, something the Factor Fellowship aims to address.
“We know that New York City is teeming with exceptional talent that currently exists outside the typical venture-backed startup social and professional circles, waiting to be discovered,” said Primary Venture Partners CEO Lisa Lewin.
Factor Fellowship: A Stepping Stone for Aspiring Professionals
The Factor Fellowship, created under the umbrella of the newly formed nonprofit Factor, seeks to bridge the gap by connecting diverse talents with New York startups.
The 16-week part-time program will connect career changers with diverse backgrounds to in-demand roles at New York’s leading startups.
The program aims to cultivate a more inclusive venture landscape. It is supported by organizations like AlleyCorp, Harlem Capital, Zeal Capital, and the New York City Economic Development Corporation’s Venture Access Alliance.
“New York City is a magnet for culturally diverse talent. It’s one of the best things about living and working here, but when you walk through the physical or virtual hallways of most VC-backed startups, you don’t see that diversity reflected,” said Ben Sun, who originated the idea alongside Lewin.
“The Factor Fellowship is a connector between VC-backed startups looking to find great talent and stellar talent from underrepresented groups ready to join great NY startups.”
The fellowship targets individuals with relevant work experience in sales, operations, and product development, offering mentorship and training to prepare them for success in venture-backed startups.
So far, a coalition of over 20 startups and VCs have signed on to advise the Factor program and have a first look at participating talent.
Applications open in May, and the inaugural fellowship will begin in September.
