Leading Columbus Startup Studio Pairs Students from 17 Different Universities with 40+ Companies
Today, Rev1 Ventures, the startup studio that combines capital and strategic services to help startups scale and corporates innovate, is announcing the growth and success of the Rev1 Innovation Internship Program, including placing 144 students and recent college graduates with more than 40 companies and supporting the appointment of eight full-time hires. The paid internship program was launched in March 2020, with grant support from the Ohio Third Frontier and a partnership with Ohio Wesleyan University, to foster interest in the Midwest startup scene while giving young people a chance to gain early career experience with Rev1 startup clients. Rev1 is launching its fifth cohort this fall, thanks to continued partnerships with local universities, like The Ohio State University.
“This program is having a real impact on our startup clients. We launched it at the onset of the global pandemic and quickly transitioned to a virtual program because we recognized that startups desperately needed the talent and young professionals needed the experience,” said Kristy Campbell, Chief Operations Officer, Rev1 Ventures. “The early success of the program is evident by its rapid growth. We placed 50 interns in the Summer 2021 cohort alone and expect the momentum to continue with our fall program. We’re also proud of the intentional diversity of our placements, with 71 percent of talent placed being women and people of color.”
The Internship program delivers focused and productive work experiences for students and new grads, while supporting startups as they scale and grow. The Rev1 interns report to senior leadership teams in industries ranging from IT to Life Sciences to Agtech. Rev1 helps the talent and the startups make the most of the program, and is sharing a few of its best practices to help startups get the most out of working with interns.
- Communication is Critical. Whether the work is in-person or virtual, communication is key. This includes clearly outlining expectations, processes, and deliverables for interns from day one to ensure the partnership is set up for success. It is important to outline how you will communicate with interns and ensure managers are available to answer questions via ways that suit interns best, including email, text, phone, or Slack. Regular touchpoints keep interns engaged. Recurring meetings between senior leadership and interns to review work and brainstorm ideas for projects can also be hugely beneficial to the company and the students. Use this opportunity to teach, lead, and model.
- Reinforce Relationships. While hiring an intern may be a brief stint compared to full-time hires, building relationships with young professionals is just as important. Establish rapport by getting to know them beyond their role at your company. Ask interns for their opinions on big questions facing the company. Many times, their outsider perspective may help your team approach a problem or issue in a new way. They’re the leaders of tomorrow; don’t waste their valuable insights. Companies must be willing to devote significant time to building and maintaining an internship program. Unlike professional hires, most college interns are unaccustomed to a corporate position. They require more hands-on management from end-to-end.
- Evaluate + Evolve. At the end of the internship, be sure to gather feedback from both interns and their manager. Companies must be willing to devote significant time to building, maintaining, and, most importantly, evolving an internship program as it progresses to ensure it’s working for everyone. Feedback and reflection help companies determine whether an internship program is a good fit and, if so, how they can be adjusted over time to achieve results.
“My summer internship allowed me to gain valuable hands-on experience in engineering while learning to work and adapt to the fast-paced startup world,” said Courtney Ream, summer intern at DASI Simulations and Ohio Northern University student. “I not only worked on 3D-modeling heart valves for use in simulations, but with the support of Rev1’s program, I also attended helpful training sessions and had access to resources, such as 1-on-1 mentorship, to improve my leadership and networking skills and prepare me for the professional world. It’s a well-rounded program and exceeded my expectations while setting me up for future success in my field.”
For more information and to apply to be part of the Rev1 Innovation Internship Program, visit https://www.rev1ventures.com/interns/.
About Rev1 Ventures
Rev1 Ventures is the startup studio that combines capital and strategic services to help startups scale and corporates innovate. Based in the Midwest, and in the number one city for scaling startups, Rev1 aligns innovators and founders with corporate and research partners to access customers and markets, helping entrepreneurs build great companies. With a proven track record of identifying, guiding, and investing in high potential startups, Rev1 helps companies solve real problems for markets in need of real solutions. Rev1 has $100MM in capital under management, providing a capital continuum from corporate and community partners, as well as the Ohio Third Frontier. Rev1 is the most active seed investor in Ohio for the past six years, according to PitchBook. For more information, visit http://www.rev1ventures.com.