Building the Next Generation of Appalachian Investors

The opportunity

The Roberts Impact Investing Fund and the Ford Foundation set out to support a new venture-focused initiative in Appalachia, pairing a regional investment fund with an educational program for college students. M&S Consulting was selected to help manage the fund, while Monarch Learning Labs was brought in to develop and operate the learning experience.

The course had to work for students at three universities at once, introduce terms none of them had used before, and leave them able to do actual diligence work at the end of it.

Almost none of these students would otherwise have met a venture fund, let alone worked for one. The Appalachian Emerging Investors Fund was the route in, and the course was how they got ready for it.

From course to paid work

The program was designed with a direct pathway into practice. Students who completed the course could apply for paid Investment Analyst roles with the Appalachian Emerging Investors Fund, earning $20 per hour while contributing to real diligence and investment activity.

Following the first course, six students were selected for paid internships with the fund. Their work extended the learning experience beyond the classroom, giving them exposure to founder conversations, company evaluation, diligence materials, and Investment Committee preparation.

The results

Every respondent said they would recommend the course to their peers, and every respondent strongly agreed that mentors and supervisors provided adequate support. Internship satisfaction averaged 4.75 out of 5 and course satisfaction 4.5 out of 5. All respondents reported gaining skills in stakeholder communication, problem-solving, and team collaboration.

Students described the experience as valuable, practical, and energizing. One student shared that the course gave them “a great chance to meet founders and take a deep dive into the startup atmosphere.” Another noted that learning venture capital terminology helped them communicate more effectively during the internship.

What happens next

The Appalachian Emerging Investors Fund is supported by a six-year commitment from the Ford Foundation, giving the program room to expand beyond its first cohort. The team is preparing to add more Appalachian colleges and universities in future years while continuing to refine the internship structure, diligence process, and student experience.