Pioneering Program Launched by Harvard Business School Alumni Angels of New York and the National Association of Investment Companies' VCAP© Addresses the Gap between Venture Capital and Funding for Women and Diverse Entrepreneurs
Harvard Business School Alumni Angels of Greater New York (HBSAANY) and The National Association of Investment Companies (NAIC) recently announced the launch of the Venture Capital Access Program ("VCAP©"), a collaborative venture that provides women and diverse entrepreneurs nationwide with access to venture capital through accredited investors within the HBSAANY network. VCAP©, the first program of its kind, bridges the gap between venture capitalists and angel investor networks and women and diverse entrepreneurs, many of whom have not traditionally had access to these sources of capital.
HBSAANY is comprised of New York City tri-state area Harvard alumni who are venture capitalists and other accredited investors investing in early-stage, private companies around the United States. The National Association of Investment Companies (NAIC) is the trade association representing women and diverse private equity and venture firms. VCAP© will be operated through NAIC's subsidiary, The Marathon Foundation, a business development network that supports entrepreneurial growth, access to capital and deal flow. HBSAANY's investment in VCAP© was inspired in part by the Harvard Business School U.S. Competitiveness Project and its call for HBS alumni to help continue U.S. competitiveness.
"The Harvard Business School Alumni Angels of Greater New York is one of the most successful and active angel investor networks in the country," said Ed Dandridge, President and Chief Executive Officer of NAIC. "We are pleased to partner with them on VCAP©, which will provide women and diverse entrepreneurs with access to capital essential to innovation and job creation."The initial VCAP© pilot cycle commenced on May 9, 2012. The VCAP© program is national, and open to all entrepreneurs and private companies seeking investment capital. There is no registration fee for members of the Marathon Foundation. For non-members of Marathon Foundation, a $500 registration fee is required to join the VCAP© program. VCAP© applicants will be reviewed in a series of screenings conducted by the Marathon VCAP© selection committee, HBSAANY, and NAIC board members. VCAP© finalists will be announced Monday, June 18th and will present their business plans to HBSAANY angel investors at a Pitch Night in New York on Wednesday, June 27th. VCAP© finalists will also be invited to present at Marathon's 7th Annual DealMakers Summit July 23rd and 24th at the Ritz Carlton in Chicago.
The program is expected to process applications quarterly. If you are a minority or women-owned business visit the Marathon Foundation website at www.marathonfdn.org.
