Key Highlights :
Since its founding in 2019, the RippleX Fellowship Program has evolved while staying true to its mission of serving underrepresented students. Founded by Dominic Lau, a partner at Ripple Ventures, a Toronto-based VC firm, the program is aimed at teaching and mentoring graduate and undergraduate students focused on entrepreneurship or breaking into the VC industry. To ensure diversity, there must be 50% gender diversity and a minimum of 50% BIPOC in each cohort.
The remote program includes biweekly discussions, workshops with experts, and hands-on projects for aspiring entrepreneurs and VCs. For would-be founders, topics include such subjects as product-market fit and the basics of term sheets. Those who want to be VCs learn about how to evaluate a startup and how to break into the industry, among other matters. There’s also a free public course open to anyone, including people who aren’t students or are located outside of North America.
In 2022, the fellowship launched the Fellow Fund, a separate fund which invests $25,000 to $50,0000 in some student startups, depending on the stage of the company. It’s also open to first-time and underrepresented founders who aren’t in the program. Fifty percent of investments are allocated to founders who identify with underrepresented groups.
To make the admissions process more equitable, the program has refined its process. A four-person review team, all alums, is comprised of only people of color, with 50% gender diversity. In addition, reviewers don’t look at schools or GPAs. And they make sure every applicant is screened by each team member at a different step in the process.
With a total of over 1,000 students in the 13 cohorts offered so far, there’s an 80% ethnic diversity rate and 50% gender diversity. The program has also helped underserved founders raise around $50 million in VC funding and placed 50 students from underserved backgrounds into VC roles.
The RippleX Fellowship Program has been successful in providing education and resources to students of color and women, helping them to pursue their dreams of entrepreneurship and venture capital. Through its efforts, the program has made a positive impact on the lives of many and is continuing to make strides in creating a more equitable and diverse ecosystem.