Mindy Lin ’12

Mindy Lin ’12 interned at Jalia Ventures, an investment firm that provides growth capital to minority-owned businesses across all industries with a focus on healthcare, education, information technology and environmentally friendly innovations. As a summer associate, she reviewed business plans, met with entrepreneurs, performed due diligence, and conducted financial analysis. She also worked with select portfolio companies to develop human capital strategies that were aligned with their business strategies. Mindy also helped develop the Jalia MBA Fellowship Program.

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Journal 1

I knew that working at Jalia Ventures with the co-founder, Kesha Cash ‘10, was going to be much different than the seven years I spent as a consultant prior to business school, where each project had defined roles and methodologies. However, this summer, I wanted something new. Kesha and I discussed some of the things I wanted to accomplish this summer and agreed to the following:

  1. Learn more about venture capital (how to value companies, review business plans, due diligence, etc.)
  2. Develop a human capital strategy for Red Rabbit, one of the Jalia Ventures portfolio companies
  3. Help develop a technical assistance program that would support Jalia Ventures portfolio companies scale their businesses

We spent the first week of my summer fellowship working on a proposal for consulting work in the Caribbean. The purpose of the project was to conduct a supply and demand analysis of impact investing in Jamaica, Haiti, Barbados, the Dominican Republic, and Trinidad and Tobago. Although we did not get the project, it was still a great experience because we learned more about impact investing within the Caribbean.

After that, I focused on Red Rabbit. This was a top priority because we needed to dive deeper into the company before the next round of funding. Lisa Williams ’11 joined the team to work on the valuation of the company, while I focused on strategy. We started the project by interviewing Red Rabbit employees and using this information to help the CEO, Rhys Powell, develop a growth strategy and allocate funds.

In addition to my work with Red Rabbit, I have met many interesting people, including Antony Bugg-Levine, Managing Director at the Rockefeller Foundation, and Josh Mailman, co-founder of Jalia Ventures and an impact investor who has made over 80 different investments.

Journal 2

Right now I am working on developing the performance management program for Red Rabbit. I am also writing job descriptions so Rhys can start to hire management-level employees needed for the next phase of growth. We also presented an investment memo to Rhys. Hopefully, I’ll get to see this deal close before my internship is over.

I am also working on developing the Jalia MBA Fellowship Program, marketing materials for Jalia Ventures, and creating the financials for another potential portfolio company.

The potential name for the Jalia MBA Fellowship Program is “Operation Fast Forward” — from our experience working with smaller businesses, we have noticed several reasons why entrepreneurs have not been able to scale their businesses:

  1. Lack of technical skills. Many entrepreneurs are so busy running their businesses day in, day out that it is difficult for them to think about a long-term strategy and how to scale.
  2. Access to capital. Some of the entrepreneurs we have encountered are not aware of venture capital or other debt vehicles that can be used.
  3. Emotional Intelligence. Sometimes it is difficult for an entrepreneur to accept outside help and/or give up some control of the company.

Kesha Cash and Clarissa Middleton, an Associate at Jalia Ventures, are working on a grant to fund the Jalia MBA Fellowship Program, which I will review. In addition, I introduced Kesha to Dr. Ellen McGrath, a professor at NYU Wagner and Stern, who offered to be an advisor to the program. Given her interest in social enterprise and her background in psychology, she will be a huge asset, especially regarding the emotional intelligence piece of the model.

We have an outline of a marketing strategy for Jalia Ventures and how we can source more companies for the demonstration portfolio. Last week, we had a brainstorming session to discuss what has and has not worked, and divided up tasks. We are also in the process of updating the website and creating a one-pager that we can distribute to potential investors, companies, and other relevant parties.

Finally, I have started building my own financial model, and I am looking forward to the challenge.

Journal 3

It has been a little hectic these past few weeks as I try to wrap up everything before my internship ends.

Red Rabbit: I finished all the deliverables that we agreed upon in the beginning of the summer. Serious Change and Red Rabbit agreed on the terms of the new contract. I was involved with the due diligence part of the deal, helped Rhys with operations, and came to understand the negotiation process.

Operation Fast Forward: We finished writing our first grant proposal. We have a great model to work from going forward and a lot of support regarding advisors, foundations, and potential fellows.

Jalia Ventures marketing materials: The website is updated and the one-pager is finalized.

I’ve definitely learned a tremendous amount this summer. I was also blessed to have had the opportunity to work with such a talented and driven team.