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 Sapna back in December 2023, and we recently checked in with her again to get an update on her progress working at Michigan Capital Network.
Share with us an update on your bio profile:
One year of venture capital has flown by! A large part of my role at Michigan Capital Network Ventures has been portfolio management. I’ve supported our companies with a variety of projects including fundraising and building pitch decks, assessing exit / acquisition opportunities, cost reduction strategies, and building 100-day operating plans. I’ve enjoyed this hands-on work and close collaboration with our portfolio companies. I have served as a Board Observer for 4 of our portfolio companies, and a recent achievement is now serving as a Board Member for our latest investment in an aerospace software company.
Other areas of focus include deal sourcing, preparing diligence reports, and business development. The MCN team is looking to reach our target portfolio company count for our current Fund IV, while also internally strategizing on our next fundraise. There’s never a dull moment!
Skills learned through the venture fellowship:
I’ve focused a lot on learning the fundamentals of a venture deal during the first year of my fellowship. It’s one thing to read Venture Deals and understand the terminology and another to apply the terms on a real deal. I’ve been able to work on fundamentals such as building a cap table, negotiating a term sheet, modeling an exit waterfall, etc. which I think will be a beneficial foundation as I grow my career.
Most memorable experience:
One of my most memorable experiences has been closing my first deal. It’s a company in the aerospace industry, an area that I’m very passionate about. I worked on the deal end-to-end – from the initial pitch call with the founder, running the diligence process and championing the deal to our investment committee, becoming the lead investor and negotiating the term sheet, and syndicating the raise. I learned a lot! It was a long process, but it felt rewarding to see the round come together and to build a strong relationship with the founder and his team.
Promoting a diverse and inclusive entrepreneurial community in Michigan:
As I’m early in my venture career, I’ve been trying to attend a variety of events around the state in the last year, from educational sessions to large industry events. I’m being intentional with how I build my network and want to ensure it includes folks with diverse background and experiences. As I get a little more settled in the industry, I’m also looking for ways to get more involved in the entrepreneurial community. I recently signed up to be a Subject Matter Expert for the Michigan Translational Research and Commercialization (MTRAC) for Advanced Transportation Innovation Hub. I’m excited to support research projects from public institutions with high commercial potential in launching new technologies within the transportation sector.
What excites you the most about growing your career in Michigan?
The entrepreneurial community within Michigan is truly unique. Within this first year, I’ve noticed folks are friendly, willing to share their deal insights, always looking for opportunities to meet and partner together. It’s a close-knit community, and I’m excited to be getting more involved.
Besides work, what is one of your passions or aspirations – what do you love to talk about?
I love to be outdoors, and specifically I’m passionate about hiking! I have a hiking bucket list with treks from around the globe. I’m always looking for new trails to explore or planning the next adventure.