This blog was written by Kira Farris, our Summer Associate.
This summer, I’ve had the privilege of working at JetBlue Ventures (JBV) as an investment associate. Most of my time has been devoted to sourcing startups, listening to founders’ pitches, conducting investment research, and enjoying many beautiful NYC sunrises, thanks to early morning flights! Here’s the path that led me to JBV and my key takeaways from this summer internship.
I’ve loved traveling for as long as I can remember. A fun fact — I was born abroad, so my first flight was at eight months old (apparently, I cried the entire time; apologies to those fellow passengers!). Growing up, I seized every opportunity to travel and always knew I would pursue a job that allowed me to travel in some capacity.
As a rising second-year MBA candidate at Michigan Ross, I aimed to immerse myself in all things entrepreneurship and venture capital, leading me to seek a summer internship that merged my professional and personal passions. Working at JBV has accomplished just that, teaching me so much about venture capital and the airline industry.
Here are my three main takeaways from my time working at JBV:
1. Traveler pain points can reveal potential investment opportunities in travel tech.
As someone new to the aviation industry, I hadn’t realized how bustling the travel environment is. People are on the move more than ever, mainly driven by a desire for reconnection post-COVID. While travelers wish to visit family and friends, they’re also seeking new experiences and checking destinations off their travel bucket lists.
However, anyone who has traveled this summer knows it hasn’t been a seamless experience. Airline operations have been affected by factors beyond their control, such as extreme weather events, the shortage of air traffic controllers, supply chain delays, and the ongoing pandemic. These pain points for travelers offer an opportunity to identify problems and focus on investments that enhance the customer journey.
2. Corporate Venture Capital (CVC) differs from VC in several key aspects.
This summer, I witnessed firsthand how Corporate Venture Capital (CVC) can substantially differ from a standalone venture fund. Running an airline on a daily basis involves significant logistics and coordination, and our primary role at JBV is to drive innovation at JetBlue. JBV acts as a strategic investor working closely with its business partners at JetBlue to understand how various technologies could benefit the parent company and improve the broader travel and aviation industry.
Regarding sourcing and deal flow, JBV has a specific investment niche with five main investment themes, narrowing the focus to areas where the team possesses deep subject matter expertise. JBV frequently collaborates with internal subject matter experts to evaluate investments and assess if JetBlue could gain from these technologies.
As a CVC, when listening to founder pitches, it’s crucial to comprehend the specific use case or benefit that would apply to JetBlue. For instance, it was fascinating to learn how JetBlue’s fuel team benefits from i6’s fuel management technologies, one of JBV’s portfolio companies.
3. To work in VC, being a connector and having subject matter expertise is valuable.
When working in VC, acting as a connector between startups and investors can be tremendously valuable for your career and your firm. The most significant advantage of doing this is building a strong network in the venture and startup ecosystem. Additionally, it involves sharing deal flow and investor opportunities.
Having subject matter expertise in an industry can also play a significant role in your success as an investor. For example, the niche in which JBV operates requires technical knowledge of aviation-related solutions and services. Technical expertise combined with general business acumen can help VCs provide meaningful value to portfolio companies. I’ve learned that it’s essential to start by expanding your network and business knowledge and demonstrating how you can add value to others.
Overall, the travel tech startup space is fascinating to be part of. My favorite part of this internship was gaining an insider’s understanding of the airline industry; additionally, I experienced the team’s move to a new office in downtown San Francisco and a milestone 50th investment! It’s been wonderful collaborating with the team this summer, and I am so grateful to JBV for this unique opportunity.
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