Back to Blog October 28, 2024 in

Revisiting with Venture Fellow, Jacqueline Lensing, Grand Ventures

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The Michigan Venture Capital Association is proud to offer the Venture Fellows Program to Michigan’s venture capital community. The program, launched in 2023, is designed to increase the number of venture professionals in Michigan in order to accelerate the fundraising and deployment of capital into early-stage companies.

We last spoke with Jacqueline back in March, 2024, and we recently checked in with her again to get an update on her progress working at Grand Ventures, where she started in October, 2023. 

It’s hard to believe that it has already been a whole year since I joined the Grand Ventures team as an Investment Analyst! In the past 365 days, I’ve jumped headfirst into the dynamic, fast-paced world of venture capital and start-ups. I’ve gotten to familiarize myself with Grand Venture’s sectors of focus: Fintech, Supply Chain, Digital Health, and DevOps. Over the past year, my role has involved actively identifying and evaluating potential investment opportunities that align with our firm’s strategic objectives as well as unlocking our office door in the morning and making a fresh pot of coffee for the team.

Just in the past week, I’ve accomplished my biggest goal for year one: successfully sourcing at least one deal that makes it to portfolio. Technically, the wiring happened the day after my one year… but I will still count it and take credit. This achievement not only validated the hard work I’ve put into developing investment analysis skills but also provided me with invaluable hands-on experience in navigating the complex process of deal negotiation and due diligence.

Beyond deal sourcing, I’ve gotten to meet a plethora of investors and founders through industry events and conferences. This is by far the most fun part of the job. By now, I’ve met a few investors multiple times face to face, and they are starting to feel like real friends. Additionally, I’ve had the privilege of seeing cities I’ve never been to such as: Las Vegas, Tampa, and Toronto. I continue to grow more and more grateful for this role and all the opportunities that surround it!

My first year in venture capital and as an MVCA fellow has been a wonderful learning experience. It has taught me valuable lessons like what venture capital is all about as well as how to organize my schedule in the most efficient way to get all the tasks I need to get done in a week. During undergrad, I was never exposed to venture capital or investments of any sort (biochemistry and math professors don’t usually teach what a vesting period is or what a SAFE note is). So, I’ve spent a lot of time listening to podcasts, reading books, and using Gemini to search specific terms. One of the most valuable skills I’m getting the hang of is the ability to establish natural relationships with people (this is always a skill that can be developed more). This has been so important in building rapport with founders, fostering trust with other investors, and facilitating productive collaborations.

Furthermore, I’ve developed a keen eye for assessing deals that fit well with Grand Ventures’ investment thesis. This is much easier after having looked at a thousand companies. By understanding our firm’s strategic focus on a deeper level and what the different partners specifically look for, I’ve been able to contribute meaningfully to our deal flow and contribute to the overall success of the firm.
I am still working on a few things as I head into year two such as keeping my inbox close to empty and being highly responsive, as well as building out my own personal, unique investment thesis by reflecting on the market and drawing conclusions independent of what everyone else is saying. After all, following the cookie cutter mold only gets you so far! The beauty of venture capital is that there are a million and a half more things I can always be learning more about. Endless learning opportunities come with the job and that is just what I was looking for in my career.

In addition to all the things I’ve learned, I’ve had some really unique experiences. One of the most memorable experiences in my first year in the MVCA fellowship was attending the Collision Conference in Toronto alongside Camila and Kelly from the Grand Ventures team. This week-long conference coincided with my first time ever stepping foot in Canada (16th country so far!). The overall conference was very well organized and provided a unique platform to connect with industry leaders, explore emerging trends, and gain valuable insights into the Canadian venture capital landscape. I also attended some of the best happy hours I’ve ever been to and got to meet some really interesting individuals that I have been able to keep in close contact with. Another reason this week was so special was the time I got to spend with two of my colleagues. Lots of great conversations and meals were shared, and I am grateful to have gotten an opportunity to see my colleagues in both a professional and comfortable setting. Spending 10 hours in my Toyota and sharing an Airbnb for 4 days will really bring people close!

Through traveling and talking with many individuals, I’ve been able to meet very diverse founders and investors. It is encouraging to hear their unique stories, and it grants me the chance to support and foster a diverse and inclusive entrepreneurial and investment community in Michigan and elsewhere. Through my career, I’ve made a conscious effort to engage with founders from diverse backgrounds, offering advice and support even if they don’t align with our current investment focus. I enjoy empowering entrepreneurs from all groups to create a more equitable and inclusive ecosystem. Additionally, I’ve been able to talk with undergraduate students about the opportunities right here in Michigan to get involved in venture capital or start-ups. It’s exciting to share my experiences and encourage others to do the same! Venture and start-ups are definitely not talked about as much as they should be to high schoolers and undergraduate students.

Now that it has been a year, what does the rest of my career look like? Well, it’s funny. I chose to leave Iowa and attend a university in Grand Rapids, MI with dreams of going to medical school in another new state and then going somewhere else for residency. I really had no plans of staying in Michigan and definitely no plans of being in venture capital. But somewhere along the way, Michigan began to feel like home. The outdoor community drew me in, then supportive friends who quickly became family sealed the deal for me. For all these reasons, I decided I wanted to start my career in Grand Rapids after graduation. Shortly after getting a job with Grand Ventures, I quickly learned how special Michigan was from a tech ecosystem. There were so many programs, initiatives, and events dedicated to fostering the entrepreneurial spirit of the state. Because of this, I’m incredibly excited about the prospect of growing my career right here in Michigan.

And to add here because I believe this to be of high importance, the work life balance that I witness from investors, founders, and bankers is very healthy. I was nervous about this coming out of undergrad, would I have time for the activities that I love doing? Midwesterners by nature are hardworking, but we also know how to de-stress, and enjoy activities outside of work, such as picking apples from a local orchard, like Robinettes, or playing your colleagues in a competitive game of pickleball.

Now for the fun part! I was asked to share what I enjoyed outside of work. And this list could go on for a long time but I will keep it brief because I am guessing only about 10% of people will actually make it to the end of this blog. Outside of work, I am passionate about traveling, health and fitness, the great outdoors, music, and actually, math (I know, wild). Any chance I get time off, I will most likely be in Europe eating gelato every day or back home in Iowa visiting my family. During my typical 5-9pm routine, you’ll catch me on the pickleball courts with my boyfriend, going for a walk, or tutoring high school kids in math for a few hours. Ask me anything about the topics above and I am sure we will have a great conversation!