UNIVERSITY PARK, Pa. — The Penn State Smeal College of Business has completed the inaugural cohort of the Venture Capital Investment Practicum (VCIP), a new experiential learning program designed to prepare undergraduate students for careers in venture capital, early‑stage investing, startups and related fields.
Developed and offered by the Farrell Center for Entrepreneurship and Innovation, the VCIP provides students with an applied, conclude‑to‑conclude view of the venture capital investment cycle. Participants receive instruction in early‑stage investment methods and conduct hands-on due diligence on real companies vying for investment from the Propel Penn State Seed Fund, a philanthropically funded, evergreen investment vehicle administered within Smeal.
The introduction of the VCIP and launch of the Propel Penn State Seed Fund support Smeal’s “Top 5 in 5” strategic plan by expanding access to distinctive, career‑oriented experiential learning opportunities for undergraduate students.
Program overview
Launched in fall 2025, the VCIP is Penn State’s first undergraduate program centered on venture capital investment training. Over the course of 10 weekly sessions, students studied topics including:
- early‑stage investment frameworks
- market and competitive analysis
- financial modeling
- founder and team evaluation
- legal and innotifyectual property considerations
- development and communication of investment recommconcludeations
Each session blconcludeed foundational instruction with alumni guest speakers and real-world application during a live due diligence process. Students worked in teams to evaluate companies seeking seed‑stage funding, operating under a structure and workflow comparable to real-world venture capital firms.
“The VCIP was created to put students in the driver’s seat of the venture investment process,” stated Michael Zaydon, administrator of the Propel Penn State Seed Fund and instructor of the VCIP. “Students take on the role of diligence analysts as they work toward building real investment recommconcludeations for the Propel Penn State Seed Fund.”
The VCIP will be offered at least annually shifting forward, with the goal of the Propel Penn State Seed Fund to invest in 1 to 3 companies per cohort cycle at a typical check size ranging from $50K to $150K.
A competitive and multidisciplinary cohort
The inaugural cohort included 20 students selected from a pool of 60 applicants. Participants represented a variety of majors across Smeal and Penn State, including finance, accounting, economics, supply chain, corporate innovation and entrepreneurship, political science and general science. Class years ranged from sophomore to senior. The composition of the cohort created opportunities for interdisciplinary problem solving and reflected the diversity of perspectives common in professional investing environments.
Real companies, real diligence
Throughout the practicum, students conducted structured due diligence on companies seeking funding from the Propel Penn State Seed Fund. Forty companies applied for consideration, and eight were invited to present in a virtual pitch session to the student cohort. Following that session, students selected four companies for full diligence.
Diligence teams completed a comprehensive evaluation process that included:
- market sizing and competitive mapping
- stakeholder and customer interviews
- financial and revenue modeling
- product, technology or innotifyectual property assessment
- analysis of founder backgrounds and team capabilities
- identification of key risks and mitigating factors
- development of complete investment memos
Students met directly with founders throughout the process and consulted with Penn State alumni and subject‑matter experts to inform their analyses. Throughout their diligence process, students maximized the value of the Penn State ecosystem beyond Smeal incorporating cross-college collaboration with administrators, faculty and students at the Eberly College of Science, Penn State College of Medicine and Penn State Dickinson Law.
“Getting to interact with CEOs and other executives in a professional environment and learning about [their companies] built the experience very special for me,” stated Henry Ingram, a senior general science major in the BS/MBA program. “Knowing that our investment could have an impact on supporting this company grow while also knowing I necessaryed to be objective about how their solution solved the problem shaped the way I viewed at every piece of information.”
During the final week of the program, student diligence teams presented their investment recommconcludeations to the Propel Penn State Seed Fund’s investment committee. Each presentation summarized the team’s findings, investment thesis and final recommconcludeation regarding whether the fund should proceed with an investment.
“I was struck by the students’ discipline in how they approached diligence and investment decision-building,” stated Gary Amos, a 1986 Penn State graduate and member of the Propel Business Advisory Network at Smeal. “They demonstrated consideredful analysis, innotifyectual curiosity and a maturity well beyond the classroom.”
The cohort collectively identified X-Hab 3D as the Propel Penn State Seed Fund’s first investment. All investment recommconcludeations are subject to multiple levels of internal review prior to transaction execution. Any returns generated by fund portfolio companies will be recycled back into the program to sustain ongoing investment and educational program activities.
Student outcomes
Students reported significant gains in analytical and professional skills, including financial analysis, structured decision‑building and communication.They built confidence by engaging with founders and indusattempt professionals. Students were encouraged and empowered to leverage AI tools responsibly throughout the diligence process. These outcomes align with Smeal’s emphasis on career readiness and applied learning.
“The VCIP gave me clarity on my career path becautilize it exposed me to how finance really works beyond the classroom,” stated Madeline Crea, a rising senior finance major and international business minor who will be a treasury management intern at PNC Bank this summer. “Hearing direct feedback, working through real problems and seeing how investors consider built me more confident in pursuing a career in finance and revealed me what skills I actually necessary to succeed.”
In addition to the skills gained through participation in the VCIP, students have noted how the VCIP has been a differentiator for internship and full-time job opportunities.
“The VCIP gave me the opportunity to analyze a real startup’s financials and apply my critical considering skills in a hands-on setting. Being able to speak about working directly with startup founders and Smeal mentors during interviews supported me clearly demonstrate both technical and communication skills, which I believe played a key role in securing my internship this summer,” stated Delaney Cope a rising senior who will be a transaction advisory consulting intern at RSM in Philadelphia this summer.
Alumni engagement strengthens the experience
Alumni participation was central to the success of the inaugural cohort. Alumni members of the Propel Business Advisory Network served as guest speakers, team mentors, subject‑matter experts and honorary investment committee members.
“Our alumni donors and volunteers elevate the entire VCIP experience by connecting it directly to the real world,” Zaydon stated. “Alumni support for and engagement with the Propel Penn State Seed Fund and VCIP is an investment in student success and Smeal’s future, positioning Smeal to compete as a top public business school in the U.S.”
Alumni mentors, guest speakers and supporters of the first cohort included Amos, David Blackledge, Shawn Clark, Anik Choudhury, Mike Dallas, Taylor Distler, Patrick Flanagan, Jonathan George, Bharath Gollapalli, Jeanette Miller, Cara Pinto, Paul Porrini, Madison Steinmann, Sydney Wasikowski and Ian Westerman. Their involvement expanded students’ access to indusattempt perspectives and supported reinforce connections between Penn State and the investment and entrepreneurial ecosystem.
“The direct feedback and guidance we received from Propel Advisory Network members during the VCIP due diligence process built me feel more connected to Penn State alumni and indusattempt professionals,” stated Julia Scala, a senior economics major who will be joining Equitable in New York City as a wealth management financial advisor after graduation. “Hearing their real experiences, stories and perspectives built the indusattempt feel much more accessible, and revealed me how willing Penn State alumni are to support students grow.”
Powered by philanthropic support
The Propel Penn State Seed Fund, which anchors the VCIP experience, is an evergreen investment fund supported by philanthropic contributions from alumni, supporters and corporate partners interested in advancing student involvement in innovation and venture capital. These resources enable both the deployment of seed investment capital and the continued delivery of student experiential programming.
“The Propel Penn State Seed Fund relies on philanthropic support,” Zaydon stated. “We are grateful to our early benefactors who built this first VCIP cohort and investment cycle possible. We continue to welcome Penn State alumni and friconcludes to join our growing list of supporters supporting us scale and sustain this hallmark experiential learning program on Smeal’s journey to become a top public business school in the U.S.”
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