Sorenson Impact Investing Student Program - 2024 by Sorenson Impact Institute

Sorenson Impact Investing Student

Program

I firmly believe that if we want a future where impact is fully integrated into the decision-making processes of investors and leaders across industries and around the world, we have to design for that future today. This is why we endowed the Sorenson Impact Investing program more than 11 years ago and why we invest daily into this unique program and the students who make their way through it.

Thanks to this program, over 500 students have transitioned into their careers with an impact mindset—a vision for how business can help create a world in which we all want to live. There is transformational power in that mindset, and it’s why the Sorenson Impact Investing program is one of the things I am most proud of in my life and career. Not because this program owes its success to me – far from it – but because its success has been well earned by the hundreds of students and staff who have poured their considerable talent, intellect, and passion into it.

Consider that this program has invested over $40M into over 100 companies around the world since 2013. These investments span industries from healthtech and fintech to sustainable agriculture and clean energy, all with a core emphasis on creating transformative impact. This diversity targets a range of geographies and sectors and provides students with unmatched learning experiences. For every one of those investments and the many more that were considered, all of the sourcing, diligence and ultimately recommendations to the Investment Committee, of which I am proud to be a part, have been powered by students. This is not a typical academic program; it is an active, engaged and fully experiential learning opportunity in which the students catalyze real-world impact, not theoretical.

Interestingly, and I think valuably, the program is not entirely populated by finance majors at the University of Utah. In fact, most of our students are focused on other academic disciplines and come from colleges and universities around the country. This means our program graduates students who will enter the business world in any number of verticals, from banking and finance, to science and medicine, to media and technology. The impact mindset is needed throughout every industry, and we are doing our part to train future leaders across sectors to view business as an opportunity to do good and do well.

It is with great pride that we present here our first-ever Sorenson Impact Student Program impact report. You will see in this report that there is no other program like it in the world. While we are proud of that pioneering history, we also want to see similar models replicated in as many places as possible. The more we prioritize experiential impact programs, the faster we can instill these vital principles in the generations of leaders and innovators to come. Our future depends on it.

Jim Sorenson

TABLE OF CONTENTS

“[The program] contributed immensely to my ability to successfully place in a top tier investment banking firm.”

- Impact Investing Student Alumnus

Who We Are

More than 20 years ago, students at the University of Utah launched the University Venture Fund (UVF), the first student-run venture fund in the nation. With $18.2M in capital to deploy through UVF, the goal of the UVF Program was to provide students with educational and professional development similar to that obtained by an early-career associate at a commercial venture capital fund.

In 2013, the Sorenson Impact Institute was endowed by pioneering impact investor Jim Sorenson to provide a robust learning experience and structure around the investment activities of UVF by creating a staff of professional investors to guide the work of the program. In addition to deploying the capital of UVF (and ultimately, its successor fund UVF II), students at the Sorenson Impact Institute also began to support the deployment of the Sorenson Impact Foundation’s PRI capital into high-impact ventures improving the lives of low-income populations around the world.

The Sorenson Impact Investing Student Program, operating within the Sorenson Impact Institute, serves as a pivotal platform for training the next generation of investors and impact leaders. To date, the Sorenson Impact Investing program has had the privilege of working with over 500 students to provide a deep, hands-on experiential learning opportunity. The program provides students with unparalleled exposure to the fields of impact investing and early-stage venture capital, guiding and empowering students as they work alongside professional investors to deploy capital that catalyzes innovation and impact alongside financial returns.

Leveraging the technical skills and professional preparation that the impact investing program provides, alumni of the program have gone on to launch exciting and impactful careers in venture, finance, business, and many other industries. The program has had a substantial impact on students, with the majority reporting that the program provided them increased professional opportunities. Over half of alumni have gone on to work in roles focused on social or environmental impact since leaving the program.

The Impact Investing Student Program

The impact investing program is an experiential apprenticeship – it is a practical, not academic, learning experience. Following a 2-day training bootcamp focused on orienting students to the worlds of venture capital and impact investing and providing foundational skills to approach the work, new students are challenged to step out of their comfort zone and begin doing the work of sourcing, screening and reviewing investment opportunities. Committing 15-20 hours a week over a minimum of 8 months, students in the program quickly find their footing and are able to meaningfully contribute to the program’s work, while building professional experience and relationships that will support them in launching their careers.

Students engage across the entire investment process:

SOURCING CONTINUOUS

Identify investment opportunities

• Attend in-person and virtual pitch events to engage with the VC

• DEAL SCREEN

1 WEEK

Screen to evaluate opportunity and general investment thesis fit

• 2 pages

“Employers loved the fact that I had experience in venture capital which was very applicable to the role I am currently doing”

- Impact Investing Student Alumnus

PHASE I DILLIGENCE

2-3 WEEKS

Deep preliminary diligence

• 7 slides

• Detailed company information on product/service, competitive landscape and differentiation, market size, sales strategy

• Deal dynamics

• Preliminary financial projections

• Identification of biggest risks and areas for additional dilligence

INVESTMENT COMMITTEE

1-3 TIMES PER QUARTER

Presentation of recommendation to Investment Committee comprised of experienced investors

• 10-20 minute presentation to all IC members

• 20-30 minute Q&A session

• IC votes on opportunity

PHASE II DILLIGENCE

2-3 WEEKS

Follow up dilligence in advance of full IC presentation

• 10-12 slides (plus appendices)

• Build out from Phase I Dilligence

• Primary research (customers, experts, other investors, etc.)

• Investment recommendation

A MESSAGE FROM ELIZA ROADY, MANAGING DIRECTOR

AT THE SORENSON IMPACT FOUNDATION

With the vision and support of the Sorenson Impact Foundation, the Impact Investing Student Program has grown into an unparalleled training platform for students seeking real-world experience in the areas of venture capital and impact investing. Working with students across the country from all backgrounds, the program provides a differentiated experiential learning opportunity grounded in an orientation towards impact that we hope will shape students’ professional and personal journeys for years to come.

While we spend our days teaching students the intricacies of market sizing and financial analysis, our mission is much broader: help students recognize their profound potential, understand the breadth of career path options available to them, and secure exciting next opportunities as they launch their careers. Through all of this, our goal is to send young professionals into the world with an understanding of how they can leverage their roles and power for positive impact, regardless of their professional path.

“While

we spend our days teaching students the intricacies of market sizing and financial analysis, our mission is much broader: help students recognize their profound potential... and secure exciting next opportunities as they launch their careers.”

- Eliza Roady, Managing Director

Students at the University of Utah seeking venture capital experience set out to raise a student-led venture fund called the University Venture Fund (UVF). This vision got a big boost with the help of a $500,000 commitment from Jim Sorenson.

UVF successfully raised $18.2M to create the largest student-powered venture fund in the world. Jim Sorenson endowed the Sorenson Impact Center to provide additional structure and support to the unique learning experience created by UVF.

University Venture Fund II (UVF II), an $8.2M successor fund to UVF, is successfully raised to create more investing opportunities for students in the Impact Investing Student Program while catalyzing the growth of early-stage impact companies.

With the launch of the Inclusive Impact Initiative this year, we are taking this proven training platform and intentionally leveraging it to increase access to investing careers for students from all backgrounds, with a focus on growing the number of women, students of color and first-generation college students in the program. With early support from the Sorenson Impact Foundation, the Inclusive Impact Initiative will enable our program to play a meaningful

role in diversifying the talent pipeline that is entering the investment and impact ecosystems. As we continue the work of deploying capital for impact and providing career-launching experience for students, we aim to also diversify representation among capital allocation decision makers, which will change how and where investment capital flows to create a more inclusive capital system.

IMPACT INVESTING STUDENT PROGRAM IN NUMBERS

546 students trained 367 trained since 2013

101 deals closed since 2013

SIF: 64 deals closed

UVF II: 19 deals closed

Fenton Family Fund: 13 deals closed

Enable Ventures: 5 deals closed

~500 deals screened per year ~115 presented to ICs annually

$42 .9M invested since 2013

SIF: $30.7M invested

UVF II: $8.1M invested

Fenton Family Fund: $1M invested

Enable Ventures: $3.1M invested

The Joan and Tim Fenton Founders Fund (the Fenton Fund) is created by the Joan and Tim Fenton Family Foundation to support the hands-on experiential education opportunity provided by the Impact Investing Student Program, with a focus on catalyzing innovation in the UT tech ecosystem. Students from the program are integrated into all parts of the investment process for the Fenton Fund.

The Sorenson Impact Center becomes the Sorenson Impact Institute.

4 funds managed SIF, UVF II, Fenton Family Fund, Enable Ventures

16 countries where investments have been made

The Inclusive Impact Initiative is launched with the goal of leveraging the Impact Investing Student Program’s unique training experience to build a pipeline of diverse talent for the investing and impact ecosystems. Bowie State University and Miami Dade College become inaugural pilot partners for this work.

Deploying capital from the Sorenson Impact Foundation, UVF and the Fenton Founders Fund, students gain diverse experience executing both direct and indirect (fund) investments, domestic and emerging markets investments, and both impact and traditional tech early stage deals. These investments span industries including healthtech, fintech, edtech, B2B saas, sustainable agriculture, clean energy, and more.

The Sorenson Impact Foundation (SIF) invests in innovative social entrepreneurs working to solve the world’s most pressing issues. Impact Investing students help SIF deploy its program-related investment (PRI) capital, allocating approximately $3M a year across 10-15 transactions.

University Venture Fund II (UVF II) is an industryagnostic impact venture fund that focuses on scalable business models with intrinsic positive social impact in the United States. The fund was fully deployed as of the end of 2022 and is currently in its hold period.

The Joan and Tim Fenton Founders Fund is an industryagnostic, early-stage venture fund that is focused on supporting the next generation of entrepreneurs with an emphasis on catalyzing the Utah startup ecosystem. The Impact Investing Student Program manages the fund, deploying approximately $450k a year across 7-10 transactions.

REPRESENTATIVE PORTFOLIO INVESTMENTS

Taleemabad

The Student Experience

The Sorenson Impact Investing Student Program has had the privilege of working with over 500 students to provide hands-on experience in early-stage venture capital and impact investing. Alumni overwhelmingly described the program as having a positive impact on their professional development.1

How would you rate your overall experience in the program?

How did the program impact your development in the following areas?

Understanding the investment process

Understanding the due dilligence process

Presentation skills

Professional Skills

Understanding of impact investing

To assess impact potential

To consider impact on stakeholders

ExcellentGood Poor NoOpinion

Alumni stated that the program helped them develop professional skills and a deeper understanding of the investment process .

“The understanding, work ethic, due diligence process, and ownership I learned here was pivotal [to] how I developed as a professional and prepared me for every role I had afterwards.”

- Impact Investing Student Alumnus

Impact in Numbers

The program’s alumni network runs wide and deep, as students go on to launch their careers in a wide range of fields and sectors such as investment banking and venture capital, financial services, management consulting, data analytics, and tech and software development. Many alumni continue their education at some of the most prestigious graduate programs including Stanford, Oxford, Harvard and more. We are thrilled to participate in their professional and personal growth and to see the individual impact they have in the world.

Since graduating from the Impact Investing Student Program:

sector of work:

Do you currently or have previously worked in impact?

of alumni have gone on to work in roles focused on social or environmental impact since graduating from the program in venture capital, impact investing, impact measurement and strategy, impact finance, philanthropy and ESG

Which geographic regions has your work in impact related roles covered?

Did the program influence your desire to contribute to your community and/or social or environmental causes?

of alumni felt that the Sorenson Impact Investing Student Program has influenced their personal desire to have an impact in their communities and the world

“The program helped me understand the systems-level impact potential I could have by enabling the growth of social entrepreneurs.”

- Impact Investing Student Alumnus

“Seeing sociallyoriented finance in action opened my eyes to just how many opportunities there are for me to do good.”

- Impact Investing Student Alumnus

“[The program] brought me more tools to be impactful.”

- Impact Investing Student Alumnus

“[The program] has influenced some of the personal decisions I make on a daily basis, especially when it comes to consumerism, water and electricity usage, as well as the different causes I choose to support and promote.”

- Impact Investing Student Alumnus

Anders Aabo, a program alumnus from 2012-14, credits the Sorenson Impact Investing Student Program with equipping him with the essential skills and hands-on experience to propel his career in international development and innovative finance. Anders’ journey highlights how the program can provide students with the expertise and connections to excel in a career in social impact and drive social and economic change on a global scale.

Anders was a prospective MBA student when he heard about the student program. After exploring various MBA options worldwide, Anders eventually chose the University of Utah after learning more about the pioneering impact investing program based at the U’s business school. This decision marked the beginning of a transformative journey that ultimately led him to his current role at the Norwegian Agency for Development Cooperation (Norad). There, he manages a portfolio of over $200 million, including notable investments into international development funds such as Rome’s International Fund for Agricultural Development (IFAD) and New York’s UN Capital Development Fund (UNCDF). He also develops innovative funding strategies that attract private investment to scale social impacts.

Sorenson provided him with unparalleled hands-on experience. Reflecting on his time there, Anders described it as “truly unique and transformative,” emphasizing the comprehensive exposure to the entire investment process, from sourcing deals to closing them, and developing meaningful connections with startup founders and entrepreneurs. This exposure was invaluable, giving Anders the skills and confidence to excel in the social impact field. “[We] were trusted with so much of the process, which was truly unique to have that type of responsibility as a student,” he reflected.

Anders’s time in the student program had a lasting impact on his career. During his time in the program, he secured an internship after his first year in his MBA program with a private equity fund that invested in small and medium-sized enterprises (SMEs) in East Africa. This opportunity, split between Oslo and Nairobi, provided him with crucial field experience. After graduating from the University of Utah he went on to work full-time for the same private equity firm.

The skills and experience he gained as a student with Sorenson have helped him in his work at Norad. For instance, his work involves leading Norway’s participation in its first social impact bond, a project he is uniquely qualified for due to his previous work in the program. He noted, “Norway did not have any experience [with social impact bonds]. Coincidentally, I had a background [in this] … and was able to facilitate Norway’s participation into its first social impact bond as an outcomes funder. It was received

very well and it’s been used as an illustrative example of how we can be more strategic and innovative with public funding, and not just internally by the organization, but it has also been profiled in our national media.”

Additionally, he was instrumental in creating one of the largest investment funds for agriculture in Africa, a project that directly drew on his work investing in SMEs during his time at Sorenson. Anders worked on this project for several years, and a lot of his expertise can be directly traced back to his experience during the program in investing in agricultural SMEs and “seeing how challenging it is to scale agriculture enterprises and how challenging it is to mobilize commercial capital for [this] particular industry.”

“Being part of the student program solidified that [working in an impact related field] is what I love doing and what I want to dedicate my career to.”

- Anders Aabo

Reflecting on his journey, Anders emphasized the rigorous and demanding nature of the student program. “It pushes you intellectually and forces you to work incredibly hard,” he said. This intense work environment prepared him for the challenges of his career and instilled a work ethic that set him apart in the professional world. The program’s ability to teach and simultaneously demand high performance from its students has been crucial in shaping successful careers in social impact. Anders noted that the most valuable thing about being in the program was showing him “how challenging it is to have an impact and how much work goes into it, and how many different actors, players, and organizations it takes to create impact.”

Anders’s story underscores the transformative power of the hands-on experience, skills development, and mentorship provided by the Sorenson Impact Investing Student Program. It served as a crucial launchpad for his successful career in international development. In Anders’s words: “Being part of the student program solidified that [working in an impact related field] is what I love doing and what I want to dedicate my career to.”

OUR ALUMNI

Annie Roy, a program alumna from 2018-19, gained critical business skills and insights into startups from the student program to complement her research science background. These experiences helped to set the stage for her successful entry and career progression in the biotech industry.

Annie was studying for her PhD in medicinal chemistry at the University of Utah when she heard about the Sorenson Impact Investing Student Program from another postgrad student. She had been exploring opportunities to build her business skills and gain exposure to entrepreneurship to complement her technical research background, and the student program seemed like a great fit. “I heard of Sorenson Impact and that you would get to learn a lot about companies applying for VC funding who really want to make [an] impact” said Annie. “I love reading about new things, learning new things and figuring out how to connect the dots and figure out how to make the best

“In less than a year I was promoted into management roles, and a lot of that has been because I learned about how startups work.”

- Annie Roy

impact from what I learned…. So it was just an amazing opportunity.” Annie was one of several PhD students who sought the opportunity to complement their technical research expertise with business and finance skills through the student program.

The Sorenson Impact Investing Program equipped Annie with valuable skills that have helped to drive her career forward. The intensive learning experience offered by the opportunity to lead investment deals honed her ability to think critically and to communicate complex concepts in a business context. Reflecting on the skills she gained, Annie said “In science the whole way of presenting information is completely different…. So you have to learn who you are presenting to and make sure that you have that information tailored to your audience.” Annie appreciated the

professional growth-focused learning environment, with weekly sessions to discuss projects and share insights, along with mentors on hand to provide training and support. “We all were there to learn together so I really liked the culture of open conversation” recalled Annie. She has taken the growth mindset developed through the student program into her career, with a commitment to collaboration and continuous learning in the teams that she manages.

After defending her PhD dissertation, Annie landed a role as a research scientist at Seek Labs, a biotech research company with just a handful of staff when she joined in 2020. Annie had always been interested in working at a startup, which was part of the attraction of the student program. “I wanted to take a more non-traditional route [to working in a startup] instead of doing an MBA or entrepreneurship course,” said Annie. Her business skills and the insights gained through the student program served to accelerate her career progression. “In less than a year I was promoted into management roles, and a lot of that was because I learned about how startups work… and understood what investors are looking for.”

Central to Annie’s career is her commitment to making a tangible difference in the world. Sorenson’s student program exposed her to the world of impact investing and social entrepreneurship that expanded her understanding of the different ways to create positive impact. “Seeing these startups coming up with an impact oriented focus… They put the customers’ needs first,” said Annie. She takes this same mindset into her role as Director of Research at Seek Labs, as the company strives to bring innovative healthcare solutions to make diagnostic solutions accessible for everyone. “We are doing it for the people” said Annie about the driving motivation behind the research that she leads.

Annie’s journey from a research scientist to a leadership role in a biotech startup highlights the career boost that students can gain through the intensive learning experiences in the Sorenson Impact Investing Student Program. In Annie’s words: “We were thrown into our project the first day I joined…. It was an amazing experience to be able to do that.”

OUR ALUMNI

Jake Gong, a program alumnus from 2015-16, credits the Sorenson Impact Investing Student Program with giving him the rigorous skills to launch his career in consulting and go on later to work at the forefront of the climate tech industry. Jake’s story showcases how the program can open doors to new fields and empower students to create career pathways through which they can have a positive impact on the world.

Jake was an Economics major at Brigham Young University when he first learned about the Sorenson Impact Investing Student Program. At the time, he was involved with the BYU Ballard Center for Social Impact. There, he was exposed to social impact theories, social innovation, and the work of social enterprises, but there was less emphasis on the capital markets side of social impact. Jake heard about the impact investing program through a friend and relished the opportunity to work intensively with a great group of people.

The skills and training that Jake gained laid the groundwork for his future success. Practical hands-on experience is a defining aspect of the program, with students responsible for leading deals across the entire investment process, from sourcing deals through to presentation of recommendations to Investment Committees. Reflecting on this experience, Jake said, “Being able to actually present an investment memo that will put out millions of dollars into a real company is the most rigorous experience you can get as an undergrad.”

One of the defining moments of Jake’s experience in the program came during a trip to India, where he had the opportunity to visit portfolio companies and potential investments overseas. “I was in charge of a deal at that point… So I actually went out with the founder to view their work in the field.” This experience challenged his perspectives about international work and shaped how he approached other opportunities to work overseas later in his career.

The exposure to impact investing and the mentorship opportunities afforded by the program played a crucial role in shaping Jake’s career aspirations. “The skillset really set me up. It gave me a sense that there were real rigorous jobs out there that were impact related.” Mentors from the program, including people with previous experience working in consulting, helped Jake to understand the potential pathways through which he could gain advanced analytical skills that could lead back into impact-related roles. “By the time I left [the program], I had a pretty strong idea that I

“Being able to actually present an investment memo that will put out millions of dollars into a real company is the most rigorous experience you can get as an undergrad.”

- Jake Gong

was going to do something like consulting... before coming back to a more impact oriented space.”

After he graduated from college, Jake worked at Bain & Co for five years, taking advantage of the rigorous training and technical skill development provided by a top tier strategy consulting firm. His earlier exposure to the world of impact informed the next steps he took in his career. “Coming out of my Bain experience I was looking for something where the market and the product inherently felt impact oriented.” Jake gravitated towards the environmental sector and took a role as Chief of Staff at Zanskar Geothermal & Minerals, a climate tech startup using AI and cutting edge technology to improve the geothermal energy exploration process. “Over time I realized that the markets and the products that I was most interested in were climate. Carbon reduction became my passion. Every single one of our plants reduces carbon… We need lots of energy, so we’re a critical part of it.” Zanskar Geothermal & Minerals has recently closed its Series B funding round, raising $30M in new funding to scale its AI-led exploration technology to develop new geothermal resources.

Jake’s story highlights the influence of the Sorenson Impact Investing Student Program on the perspectives, professional development and career opportunities of students. By equipping him with valuable skills, insights and connections, the program empowered Jake to create a fulfilling career path in the environmental impact sector. In Jake’s words: “It was life changing… It set me up for my career.”

OUR ALUMNI

Sam Bedford, a program alumnus from 2020, traces his successful career start in investment management to the practical experiences and mentoring he gained through the Sorenson Impact Investing Student Program. Sam’s story highlights the role that the program can play in launching students into careers in finance, venture capital and investment banking.

Sam was studying Finance and Economics at Michigan State University and preparing for his first internship in London, when the COVID-19 pandemic threw out all of his plans. “My whole world just collapsed in front of me,” recalled Sam. With his internship in London canceled, Sam needed to find other opportunities. He heard about the Sorenson Impact Investing Student Program and was attracted to the hands-on experience and networking opportunities it offered.

Navigating his internship remotely from his Michigan apartment, Sam valued the structured learning environment and the mentoring that helped him to develop the skills he needed to succeed as an impact investing associate. In particular, weekly sessions delving into the fundamentals of investment followed by “putting those learnings into action” fostered his professional growth and understanding of the investment process and venture capital. “Having good guidance there and having people that were willing

“[It’s] been a huge help in getting me to where I’m at today in my career and where I’m going from here.”

- Sam Bedford

to take the time… was super helpful” said Sam. The hands-on nature of the program, coupled with interactions with startup founders, helped Sam to develop a deeper understanding beyond the theory he learned in his classes. “Getting to talk with and learn about founders is something I really connected with and is pushing me forward in my career today” said Sam.

It was the connections made through the student program that helped Sam secure a subsequent internship at an investment bank in Texas. Sam leveraged his professional internship experiences to set himself apart. Sam credits this with helping him to successfully interview for his current role as a Private Investment Analyst at Cambridge Associates - a global investment firm serving endowments, foundations, pensions, private clients, and healthcare systems. Reflecting on his experiences interviewing for jobs, Sam said “[it] was super helpful and gave me a really good base to talk through. [The hiring managers] were very interested that I had this on my resume and really wanted me to talk about it and know what I learned.” The skills and connections gained through the student program helped Sam launch his career in investment management. “[It’s] been a huge help in getting me to where I’m at today in my career and where I’m going from here,” said Sam.

In his current role, Sam conducts investment due diligence and analysis on alternative investment opportunities for institutional clients. Around half of his clients have an impact focus for their portfolios. Sam provides advice to meet the different mandates of his clients to secure financial returns while meeting any social impact objectives that they may seek. The skills Sam gained through the student program have proved crucial in his current role - “it applies directly to everything I’ve ever done since”.

Sam’s story highlights how the hands-on experience, skills development and mentoring offered by the Sorenson Impact Investing Student Program can serve as a launchpad for successful careers in finance and investment. In Sam’s words: “[it] just kept my entire career trajectory going forward at full steam in a time when I had nothing behind me.”

Where Are They Now?

Alumni from the Sorenson Impact Investing Student Program have transitioned to successful careers in a wide variety of industries and sectors. Many have gone on to become leaders in their fields. Below is a snapshot of some of the firms where our alumni are building their careers.