Empowering Entrepreneurs and Growing Impact – VC Summer Internship Experience in Latin America

This summer, I had the privilege of interning at BVC (B Venture Capital), a VC firm focused on investing in pre-seed startups across Latin America. 

From day one in São Paulo, I felt welcomed by the warm and collaborative culture. I am especially grateful to Mitsuru Nakayama, the General Partner, and my supportive colleagues for making my experience so enriching and meaningful.

Brazil has earned recognition as a leader in female entrepreneurship, ranking seventh globally in the number of women-led businesses. The country also boasts a high female labour participation rate. 

However, despite these achievements, starting a business from scratch remains uncommon for women, and most of Brazil's unicorn startups have been founded by male founders.

At INSEAD, we discussed similar challenges in gender equity during Organisational Behaviour classes led by Professor Ella. One particularly insightful study from the *Harvard Business Review* reveals how VCs question male and female entrepreneurs differently. 

Men are often asked "promotion" questions focused on growth (e.g., "How will you scale this business?"), while women are asked "prevention" questions that emphasise risk (e.g., "How will you manage the risks?"). These subtle differences in framing can significantly impact the funding women receive.

Despite persistent gender gaps across the VC industry, over 80% of the team at BVC are women. This female leadership fosters a supportive environment and reduces gender disparities in investments. By encouraging more women to become investors, BVC helps build a more inclusive and balanced ecosystem that benefits investors and entrepreneurs.

BVC's work goes beyond simply financing startups. The firm actively supports entrepreneurs through mentoring programmes, networking events, and conferences in Brazil and across South America.

During my internship, one initiative that stood out was a programme supporting female entrepreneurs in collaboration with JICA (Japan International Cooperation Agency), called J-WINGS (JICA Women's Initiatives Nikkei for Goals of Sustainable Development).

A precious learning moment came when discussing the challenges women entrepreneurs face.

In the context of Brazil's startup ecosystem, I realised how access to networks and mentorship can be a game-changer for women. During a mentoring session, it struck me how much personalised guidance and introductions to potential investors and partners can break down barriers for underrepresented founders. I understood the critical role VC firms like BVC play as financial backers and catalysts for broader change.

One of the most striking takeaways was the growing interest from Japanese investors in impact investments in the region, something I hadn't anticipated before this experience. Through my meetings with these investors, I learned that impact investing is increasingly a strategic priority for both traditional and emerging markets. The enthusiasm for creating positive social outcomes through investment was more prominent than expected, underscoring how Latin America is a fertile ground for innovation with a purpose.

The inclusive culture at BVC and in Brazil made it easy to exchange ideas, whether during office hours or over casual post-event gatherings. I would also like to thank Leonard from Emerging Venture Capital and others I met in Brazil for their insights and support throughout this journey.

My summer at BVC has been a transformative experience, allowing me to explore new markets, connect with inspiring professionals, and engage in meaningful discussions about entrepreneurship and social impact.   

If you want to learn more about BVC's work or my experience, please feel free to reach out!

This internship experience was supported by the INSEAD Hoffmann Institute Impact Internship Stipend and gifts from alumni.