we wanted to bring together a group of ambitious founders from different markets, industries, and stages, spend meaningful time with them over several weeks, and identify 2–5 companies where we could build a much deeper relationship and potentially invest.
we believed a global, remote fellowship could be a great way to do that.
we were wrong about one important thing.
not about the quality of the founders.
not about the opportunity to discover great companies.
but about the structure.
the problem wasn’t just founder engagement
over the first few weeks, we spent time with founders through group sessions, pod meetings, 1:1 conversations, slack, progress updates, and discussions around their companies.
we saw some founders become highly engaged. others participated less. that was useful information, but it wasn’t the only thing we learned.
we also started asking ourselves a harder question:
are we actually giving founders enough value in return for the time and commitment we are asking from them?
that question changed our thinking.
a remote community can create connections.
a fellowship can create conversations.
but building a company requires much more than that.
founders need capital.
they need customers.
they need distribution.
they need introductions.
they need people who will challenge their thinking.
they need access to investors, partners, talent, and other founders.
and most importantly, they need people who have real skin in the game.
we realized that the format we had created wasn’t giving us the right structure to do all of this as well as we wanted.
we also learned about ourselves
this wasn’t only a lesson about founders.
it was a lesson about 16vc.
we are still building the company ourselves. we are figuring out where we can create the most value, which networks we can activate, which partnerships we can build, and how we can support founders beyond simply providing advice.
the fellowship exposed those gaps very clearly.
rather than continuing with a model because we had already started it, we decided to change it.
we believe that’s one of the most important things an early-stage company can do.
when the model isn’t working the way you hoped, listen to the evidence and change it.
from fellowship to accelerator
the next version of 16vc will be much more focused.
we are working toward a city-based and hybrid accelerator, initially focused on san francisco, new york, and london.
over time, we expect to expand into additional cities.
instead of trying to build a large global remote community, we want to work with a smaller group of approximately 20–25 founders and go much deeper with them.
the model we are building around is simple:
$200k upfront investment for selected companies.
hands-on support from the 16vc team.
help with distribution and customer introductions.
access to investors and ecosystem partners.
a strong community of founders building alongside each other.
and a demo day focused on the companies we back.
the investment is an important part of this.
when we invest in a company, we have skin in the game.
we aren’t just saying that we want to help.
we are financially invested in the outcome.
that creates a different relationship between the founder and 16vc.
if a founder needs a customer introduction, we should be trying to make it.
if they need help with distribution, we should be working on it.
if they are fundraising, we should be able to help connect them with the right investors.
if there is a partnership that could accelerate the company, we should be opening that door.
that’s the kind of relationship we want to build.
what happens to the fellowship founders?
the fellowship was not a failure.
it was an experiment.
and experiments are valuable when you are willing to learn from them.
we met founders we would never have met otherwise. we learned about companies across different markets. we saw different approaches to building. and we learned a great deal about what founders need from us.
some founders from the fellowship may be a strong fit for the next stage, and we will reach out to them directly.
the accelerator will also have an application process for founders who believe the new model is right for them.
being part of the fellowship will not automatically mean being selected for the accelerator.
the new program will be evaluated differently, based on factors such as stage, product, traction, market, location, and whether we believe 16vc can genuinely create value for the company.
but fellowship founders have something new applicants don’t.
we already know them.
we have seen their companies.
we have had conversations with them.
we have seen how they think and how they approach building.
that context matters.
the biggest lesson
the biggest lesson for us is actually quite simple.
if we want founders to commit deeply, we need to commit deeply too.
we cannot ask founders to give us their time, energy, and attention while giving them a model that doesn’t provide enough value in return.
the responsibility is on us to create an environment where the commitment makes sense.
that means capital.
that means access.
that means distribution.
that means introductions.
that means being available.
that means building a community that founders actually want to be part of.
and ultimately, it means having skin in the game.
the founder fellowship helped us understand that.
so we are taking what we learned and building the next version of 16vc around it.
this is still early.
we are still learning.
but we believe the next model can be significantly more valuable for founders and for 16vc.
the fellowship was the first chapter.
now we’re building the next one.
'if we want founders to commit deeply, we need to commit deeply too' is the harder standard to hold yourself to than it sounds. most products ask for trust before they've earned it and never revisit that. saying the model wasn't giving enough back, in public, and rebuilding it, is rarer than it should be.