Venture for America closes its doors after 13 years
The abrupt shutdown comes as many nonprofits face financial challenges.
A national nonprofit that placed college graduates with start-ups to spark growth in cities around the country has shut down operations citing “economic headwinds,” according to this article in Technical.ly.
After more than a decade of helping young adults find jobs in innovation ecosystems, Venture for America (VFA) fired nearly all of its full-time staffers, affecting 15 people, and is no longer in operation, Chief Executive Officer Carrie Murphy confirmed to the publication.
An email from Murphy and VFA Board Chair Dorie Smith, an investor whose LinkedIn notes a job in Goldman Sachs corporate philanthropy, announced the changes, effective that same day.
“Due to the challenging economic environment, there has been a decline in venture funding for company partners, impacting both revenue and fellow placements,” Murphy wrote. “Together with economic headwinds and shifting priorities, this has led to ongoing fundraising challenges.”
Founded in 2011 by former Presidential candidate Andrew Yang with inspiration from Teach for America, VFA is the latest in a string of tech-focused nonprofit organizations to suddenly close.
In a recent post on his LinkedIn account, former VFA Fellow and now Launch Tennessee Capital Associate Ziggy Allenlundy talks about the opportunity to pickup talent for those who are roughly midway through their two-year fellowship.
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