Curious about the world of venture capital and investment management? Big Red Ventures (BRV) is an early-stage, student-run venture capital fund at Cornell University that gives MBA and graduate students hands-on experience managing real investments. Applications for fund manager positions are now open to students interested in gaining practical exposure to venture capital. Additionally, on April 10, during Cornell’s Celebration Ezra, the BenDaniel Venture Challenge (BVC), BRV’s annual pitch competition that gives five companies the chance to pitch their business ideas to a panel of investors, will take place. Companies based in New York or with a Cornell affiliation are eligible to apply for their chance to win a $25K cash prize.
Founded in 2001, BRV is one of the oldest student-run venture funds in the U.S., investing up to $25,000 in high-growth companies across industries. Fund managers lead the full VC process, from sourcing and due diligence to decision making and portfolio support, all while leveraging Cornell’s resources.
We spoke with three BRV Fund Managers about their experience:
Ian Akisoglu: MBA Candidate at Cornell Johnson Graduate School of Management, Fund Manager | Ithaca
Madison Gamma: MBA Candidate @ Johnson Cornell Tech, Fund Manager | NYC
Mariana Ferreira: MBA Candidate at Cornell Johnson Graduate School of Management, Fund Manager | Ithaca
What initially drew you to venture capital, and why BRV?
Ian: Prior to joining BRV, I had some experience working in the startup space, both as a company founder as well as a startup lawyer. The one area that I had never explored before was working as an investor. Although there are a lot of organizations at Cornell dedicated to finance and investing, it’s rare to have an opportunity to actually evaluate companies and make investment decisions with real money.
Madison: Prior to my time at Johnson, my work experience centered primarily around healthcare technology in the early-stage startup realm. My previous company completed the Spring 2024 techstars accelerator program, and I learned quite a bit about the venture capital environment from the startup perspective. When the Big Red Ventures opportunity circulated over the summer, I grew interested in the investor side of the ecosystem and thought BRV was the perfect space to learn the operations of a venture capital fund in an academic setting.
Mariana: I’ve been a founder twice – once bootstrapped and once venture-backed – so I’ve always been fascinated by how VCs think, make decisions, and support the companies they invest in. BRV felt like the perfect place to explore that from the inside out. It’s a true “learn by doing” environment, where you’re encouraged to ask questions, test your instincts, and build your investor muscles through real experience. What makes it special is the culture – everyone’s here to learn together, share knowledge, and push each other to think more deeply. The advisors bring incredible experience, but they also meet you where you are, which makes learning feel organic instead of intimidating.
What skills from your academic or professional past do you use most for BRV?
Madison: My background in operations at an early-stage startup offers the perspective from the entrepreneur side of venture capital, and I am able to offer insights of founder-market fit and domain expertise, as well as highlight potential challenges or successes that may arise within certain industries.
Mariana: Definitely my founder lens. Having pitched VCs before, I understand what it’s like on the other side – the nerves, the uncertainty, the constant wondering why one investor passes and another leans in. That perspective helps me bring empathy into how I evaluate deals and how I interact with founders. It also changes the types of questions I ask – more about the customer, the product, and how the founder thinks about scale. The coolest part of BRV is the diversity of backgrounds, including finance, consulting, operators, founders, and how that creates a rich learning environment. Instead of a one-directional lecture, it’s like a live debate that multiplies everyone’s growth.
Which part of the investment process do you find most challenging or rewarding?
Madison: Executing a comprehensive competitive market analysis is the most difficult for me – the verbiage is newer to me, the selections of companies to use as anchors or comparables, and defining clear sets of assumptions as we go through a due diligence process are all new processes I’ve had to learn as my team completes reviews of companies.
Mariana: Lately I’ve been diving deeper into financial diligence, which has been both humbling and energizing. I come from an operator background, so getting into the weeds on models and deal structures has taught me a ton. The nice part is that we lean on each other, people with stronger finance backgrounds help me level up there, and in turn I share insights on product or go-to-market strategy. That back-and-forth makes the learning stick in a way no classroom could replicate.
How much ownership do managers get over decisions like sourcing deals or negotiating terms?
Ian: Fund managers at BRV handle all the investment negotiations with prospective portfolio companies.
Madison: Fund managers are legitimate drivers of sourcing companies, and while the advising team supports each company in our pipeline, the responsibility of sourcing, screening, and analyzing each company falls entirely on the student FM team. Big Red Ventures does not lead investment rounds, so the deal negotiation process differs slightly in this setting, but it is a responsibility of the fund management team to verify that the details of a raise round are fit for the fund to move forward with an investment.
Mariana: We actually do things a little differently at BRV. Our investment decisions are made unanimously, which sounds tough but really means everyone has to deeply understand and buy into the decision before moving forward. It’s less about all agreeing perfectly and more about making sure every voice has been heard and every angle considered. It’s a very team-oriented, learning-first approach, and that makes for better decisions in the long run. Plus, with a 15-person team, we get the benefit of having many analytical minds on each deal, which is rare in funds of this size.
How do you leverage Cornell’s resources (e.g., faculty expertise, networks) in your due diligence?
Ian: Cornell is an amazing and vibrant ecosystem that truly echoes the founding ethos of “… any person … any study.” When evaluating prospective investment opportunities that make use of new technology or subject matter that I am not familiar with, I frequently consult the broad base of experience that the faculty and students of the Cornell community possess to help me make investment decisions.
Madison: The Cornell alumni network is incredibly helpful with connecting fund managers to companies that show promise and have been gaining attention across the venture capital industry. While Big Red Ventures does not lead investment rounds, its presence during capital raises offers the opportunity to greatly expand one’s professional network through the fund management team, the advisors, and the founders and mentors that are connected to the Cornell environment.
Mariana: All the time! Cornell’s network is such an unfair advantage. Recently, we were looking at a company where the option pool refresh wasn’t structured in the usual way, it had some complicated anti dilution components. I reached out to one of our BRV advisors for a quick chat, walked him through my thought process, and asked him to poke holes in it. Within 15 minutes, I had a fresh perspective from someone who’d seen dozens of these deals. That kind of access to world class faculty, experts, and alumni is unbelievably valuable when you’re making real investment calls.
What’s the biggest lesson you’ve learned from a startup investment (successful or not)?
Ian: The biggest lesson that I’ve learned about startup investment is to differentiate the most optimistic outcome from the most realistic outcome. Lots of company founders will present the best case scenario for their company which will result if everything goes right. A lot of time, everything doesn’t go right. It’s important to be able to plan for contingencies and take stock of not only what you hope will happen, but what will most likely happen and act accordingly.
Madison: When deciding how best to manage and allocate it in the venture capital industry, an important reminder is that the purpose of Big Red Ventures is to foster an environment that is both educational and entrepreneurial. Early-stage startups tend to come with varying levels of risks associated with their operations and trajectories, and the most important muscle we’ve built as a fund management team is how to tease out company risks.
Mariana: The biggest one? Venture capital shouldn’t be used to derisk technology – it’s meant to scale proven traction. I’m still surprised by how many pitches focus on funding R&D or early experimentation. My advice to founders is always: make sure VC is the right type of capital for where you are. There are so many smart ways to access non dilutive funding early on. Sometimes the best move is to hold off on VC until you’ve derisked the business a bit more. Saying “not yet” to venture money can actually set you up for far more success later.
What skills or experiences should associates focus on now if they want to become a fund manager or pursue a career in venture capital?
Ian: Associates who are interested in becoming fund managers should work to develop a basic familiarity with the mechanics of how venture capital works. One book I recommend for this is “The Power Law: Venture Capital and the Making of the New Future” by Sebastian Mallaby. Beyond that, I would say the most important thing is to have an inquisitive mind and be able to think critically. Specialty knowledge isn’t really required. The person who is arguably the most successful venture capitalist in history (Michael Moritz) began his career as a journalist.
Madison: I’d say it is important to begin with becoming familiar with the structure of venture capital firms and fund generation, as well as begin to tease out characteristics of a company, founding team, or market that might signal toward a potentially high or potentially challenging investment opportunity. There is quite a bit of risk involved in investing in early-stage companies, and the most seasoned venture capitalists understand how to compare existing risks and benefits to each other in a given set of circumstances.
Mariana: For Cornell MBAs: definitely take Entrepreneurial Finance (NBAY 5300). It’s real world relevant and gives you an investor’s toolkit.
More broadly: stay endlessly curious. Follow voices like Nicole DeTommaso who make VC more accessible. Read Substacks that break down deals and funding trends. Go to fireside chats and dive into random conversations with founders and operators. You learn the most from those informal, honest moments that don’t make it into blog posts. Venture is all about pattern recognition, and the best way to build that muscle is by staying curious and connected.
Students interested in gaining practical exposure to venture capital should be sure to apply to become a BRV Fund Manager before applications close March 6th.