Overview: ICM Mosaic Summer Fellowships at IAF

The Arc of Your IAF Journey: Some Mile Markers & Expectations

• 🐾 Weeks 1-2 | Immersion → get your feet on the ground
• Complete admin set up (W9, email, calendar, slack, data systems)
• Review HR policies & practices
• Get to know us! 1:1s with IAF team members to learn more about our backgrounds and roles. Join weekly team meetings
• Poke around internal systems and diligence guides
• 👐 Weeks 3-4 | Participation → get your hands dirty
• Active contributor to work you’re directly involved in
• Active voice if you have value add to work you’re not directly involved in
• Ask questions!
• 💼 Weeks 5-9 | Ownership → participate fully and proactively; lean into your unique value add & interests
• 🌯 Week 10 | Wrap up → Close out any remaining open items
• 🎓 Week 11+ → join the IAF family of alums, stay in touch!

Focus Areas

• 🌱Sourcing🌱

Building and nurturing a diverse pipeline is mission critical, and every member of our team — including you! — brings a different vantage point and network to the table.

Our close network of investors, founders, and LPs know us well and is typically our best source of high probability deals. These “friends of the fund” (FOF) share info on portfolio companies that are raising $s, new deals they want to pull us into, and deals they passed on but could be a fit for us. Exposure to deals from FOF and, importantly, their informed points of view on them, is a huge asset to our practice.

We’re always looking for new FOFs and sources of quality deal flow. We’re often counter- or pre-consensus investors. As such, we don’t want to be inside of a VC echo chamber, nor an impact one.

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What does this mean for you?

Bring us some deals! Do you have investors or entrepreneurs in your network? Do you have a field of expertise or interest that could could be developed into an investment theme? Is there a pitch competition or VC gathering that you want to attend? Tell us! We can discuss how to get you into the game and what representing IAF looks like for you.

• 🖊️Deals🖊️

We have ~$100M of fresh powder to deploy out of Fund III and we have some critical decisions to make for Fund II follow-ons.

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What does this mean for you?

Our goal is to involve you in every step of the investment process — from screening, to an initial green light to proceed into due diligence, to advanced diligence, to the final IC decision. This will involve a range of skills and needs, including financial analysis and modeling, executive team and customer interviews, and market research.

Every deal and process will look slightly different. Our aim is to provide both breadth and depth of exposure, pending deal flow of course. The best way to do that is to jump in, raise your hand, ask questions, and volunteer. This is also an area where you’ll hopefully get to work closely with various members of the team, as we all have a role to play in deal-making!

• 🐎Portfolio management🐎

Portfolio management is a vitally important part of our practice, particularly now (market conditions) and particularly where we invest (stage, critical needs, often first-time and underrepresented founders). The support we provide can vary quite a bit by stage, founder, and company, and we’re fine tuning our portfolio support strategy to optimize for the highest, best use of our time, resources, and network.

One PM must-do is determining whether or not we make follow-on investments into our portfolio companies. In this environment, every company is focusing on extending runway and achieving profitability.

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What does this mean for you? We’d love your help and fresh perspective to evaluate follow-on deals. As specific company needs come up, we’ll also look for opportunities to plug you in.

In the meantime, get familiarized with our portfolio companies: what they do, where they’re at (stage), and what their strategic priorities are. Each portfolio company has at least one primary manager of the relationship and that company manager often meets with the founder semi-regularly. If you’re curious about a company, feel free to reach out to the company manager and ask them for the latest on what’s going on. And if you come across interesting research/news that we should share with the founders or have ideas you want to bat around, let us know!

• 🏦Other/Institution building🏦

Behind the scenes of our investments work, there’s a lot going on to build and maintain the systems and practices that keep us in business. In addition, our work also involves field building — which can look like speaking events, special projects and partnerships. We’re not in the business of raising and investing any given fund; we’re building an institution that can outlast us.

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What does this mean for you?

Ad hoc opportunities to learn and do.

Illustrative Mix of Time Spent

Best guess based on past fellows, current needs, and a finger to the wind ☝️. Subject to deal flow, market conditions, and you!

• Sourcing, deal screening & diligence = 70-80%
• Some independent, some collaborative
• Making initial recommendations on deals and deeper diligence on any deals that move into advanced diligence
• Comprised of desk research; getting feedback from co-investors, founders and other stakeholders; getting our word out; sourcing deals
• Portfolio support = ~10-20%, dependent on portfolio company needs
• Collaborative, with company managers. Comprised of supporting critical follow-on investment decision making, accompanying company managers on founder check-ins; support that aligns with company needs and your skills
• Institutional & other support = ~10%
• Some collaborative, some independent. Comprised on strategic and ad hoc duties that arise in the course of our institution, knowledge, and field-building