Venture for Canada’s Founder and CEO Scott Stirrett is a graduate of Georgetown University’s Edmund A. Walsh School of Foreign Service. At Georgetown, he was a weekly columnist for The Hoya, Georgetown’s newspaper of record, and interned at The Council on Foreign Relations. He founded Venture for Canada in 2013 while working as an analyst for one of Goldman Sachs cross product client experience teams in New York City. Modeling Venture for Canada after its American counterpart, Venture for America, Scott was awarded the 2018 Telus LGBTQ Innovator of The Year by the Inspire Awards for his work.
With Venture for Canada expanding into the West Coast and BC, we talked with Scott to learn more about Venture for Canada’s Fellowship Program and how it’s had a positive impact on Vancouver’s startup community. Curious about getting your business involved? Continue reading below.
How did the idea of Venture for Canada start? What was the trigger?
The idea of Venture for Canada was inspired by my own experience as a recent grad. While I was involved in entrepreneurial activities as a current student, I went to work for Goldman Sachs immediately after graduation. Startups have limited resources and often lack the time/money to recruit on campus. Consequently, they often lose out on hiring relevant entry-level talent, and recent grads lose out on experiential learning opportunities at startups.
Venture for Canada is an organization I wish existed when I was a current student / recent grad. There is no better way to develop entrepreneurial skills (and prepare to become an entrepreneur) then by working at a startup.
The program is successfully running in Toronto. Why was the program brought to BC and what’s the impact that you hope that the program will bring to the local community?
Venture for Canada currently operates throughout Ontario and in the four Atlantic provinces, in addition to BC. For several years we have received interest from BC-based startups and recent grads to expand the Venture for Canada Fellowship program’s impact to BC.
The BC tech ecosystem is growing at an exponential rate. According to the TechTalentBC Report from the Vancouver Economic Commission, the BC technology sector has grown over 90% in the past 15 years, and its 9,500 companies contribute over $15 billion in GDP annually. The aforementioned report predicts that under current scenarios BC tech companies could have 30,000 vacant roles by 2021.
With such a competitive market for talent, smaller BC tech companies have an even harder time finding top talent. These startups have limited resources for recruitment, as well as often unknown employer brands.
Through the Venture for Canada Fellowship program, innovative BC startups can gain access to the talent they need to grow, and recent grads can gain the practical work experience they need to lead more impactful and entrepreneurial careers.
Do you have plans to expand the program into other major Canadian cities for 2019–2020?
In the immediate future, Venture for Canada is focused on delivering in the six provinces where we currently operate. We are in conversation with additional communities to see if our programs could add value. In the long term, we aim to be a national organization, creating impact from coast to coast to coast.
What is your biggest takeaway from creating this fellowship program?
Working alongside a great team and a wonderful group of supporters, Venture for Canada has had the opportunity to support hundreds of young Canadians to launch their careers at Canadian startups.
Building anything requires a ton of tenacity, grit, and persistence. These skills are increasingly essential for success in almost any career. While in the past technical skills were often more valued, increasingly “human skills” are the most important for career success.
Can you share a success story with us?
I met Jeanette Stock in 2015 at an Out on Bay Street event. At the time she was working at a Toronto-based charity and did not see herself working in technology startups.
During her time in the Venture for Canada fellowship program, Jeanette co-founded Venture Out, which is building an LGBTQA+ tech and entrepreneurship community, with the goal of creating a more diverse & inclusive future. The organization highlights LGBTQA+ tech leaders and produces events and conferences, which bring together ideas and connect early-career professionals to new opportunities and to each other. In recognition of her leadership, Jeanette has been recognized as an Inspiring 50 Women in Innovation by the Canadian Government, Top 30 Inspirational Women in Tech, and on the Canada Power 50 List by The Bay Street Bull.
In the words of Jeanette, “the program and network of Fellows” has enabled her to “reach and surpass goals” that before Venture for Canada she “would never have dreamed of setting.”
What is Venture for Canada looking for when it comes to applicants? Do you have certain expectations of successful applicants who are accepted into the program?
Venture for Canada has a values-based selection process. We look for values such as authenticity, ambition, and curiosity.
Fellowship Members are required to attend our month-long Fellow training camp, spend two years working at a Canadian startup, and participate in VFC ongoing trainings.
Each week of the 4-week training camp focuses on a different theme such as coding, digital marketing, etc. What is Venture for Canada’s involvement in choosing the themes and the instructors? And how does the experience look like for participants?
Venture for Canada organizes the month-long Fellowship Training Camp. The experience provides Members the foundation to successfully transition into working at startups.
Fellowship Training Camp focused primarily on the development of “human skills,” which are essential for everyone to have in today’s workforce. Additionally, there are sessions on developing job-specific skills in fields such as sales, customer success, and marketing.
Through Training Camp, Fellowship Members also gain access to a supportive network of Members who they can collaborate with for the rest of their careers. Many Members choose to live together during their fellowships and build close bonds that last far beyond training camp.
Is the ongoing training, mentorship, and support only available for 2 years and then closed to any fellowship program alumni afterward?
Once Fellowship Members graduate from the program, they have the opportunity to be a part of the VFC alumni community and to participate in VFC events (such as judging at Selection Days).
What are some of the trends you’ve noticed in the startup sector? How is Venture for Canada planning on addressing some of these with their program offerings?
Many recent graduates are graduating from post-secondary institutions lacking the skills needed by startups. For instance, a 2015 study from McKinsey & Company found that whereas “83% of educators feel youth are prepared for work, only 34% of employers and 44% of youth agree.”
Venture for Canada aims to address these skill gaps so that startup employers and recent graduates have enhanced employment outcomes. As new skills gaps emerge, Venture for Canada can launch new programming responding to such labour market challenges.
You’ve posted criteria on how Venture for Canada selects its partner startups but do you have further expectations for partner startups that register for the program?
Venture for Canada Partner Startups have to have an innovative business model, be less than ten years old and have between five and 150 employees. To learn more about becoming a Partner Startup, employers should email Cecilia Lu at cecilia@ventureforcanada.ca.
Do you have plans to work with early-stage startups? As of right now, your criteria is focused on more established startups, but we know that early stage startups also have resource shortages and need support.
Venture for Canada works with early-stage companies, but they must have at least five employees. Given Venture for Canada is facilitating recent grads to work at startups, we want to ensure employers have sufficient resources to provide guidance and mentorship to Fellowship Members.
For any startups and companies interested in learning more about how they can get connected to new talent who are looking to gain valuable experience, opportunities, and network within the high growth startup sector, please visit Venture For Canada’s website.