Faith Voinovich Recap

For this week of the Business Builder’s jam packed schedule, we were able to bring in Faith Voinovich, a Venture Associate at Ohio Innovation Fund. As a recent college graduate (2019), Faith decided to relate to us on a more personal level than usual by taking us through a timeline of where exactly she's been over the past 6 or so years. She then opened the floor with an ‘Ask Me Anything’ styled format Q&A. What you see below is the bulk of her shared knowledge. 

Faith started her entrepreneurship journey back in 2013 when she and her friends created a business during highschool. They discovered an issue that women had with inaccessibility to appropriate undergarments and bras for business attire. Determined to bring about change, Faith and her friends started Bra Fusion to produce just that. Although the company got leeway and support, Faith ultimately decided to pursue a chemical engineering degree at Ohio University instead of taking entrepreneurship on full time. 

Although Bra Fusion came to an end, she wanted entrepreneurship to still be a part of her life. In order to do this she became a member of the Stanford University Innovation Fellows Program over the course of her undergraduate career. This program championed her thoughts on design thinking, and taught her the importance of empathy and actually talking to the people affected by the problem you are trying to solve. She was able to raise over a million dollars through this program to fund and develop the first innovation space at Ohio University. This process came with a lot of red tape so during her time at Ohio University, she was also able to make it onto the Board of Trustees and see just exactly how the process of funding works and why it is such a complicated task. The program also led her to spend a summer giving back by teaching math and science to 8th graders in the Bronx. And of course, in order to not overwork her college experience, Faith was also able to study abroad in Barcelona for a summer and have the experience of a lifetime. 

To cap off her college experience, Faith interned for the Ohio Innovation Fund and eventually acquired a position there after graduating in 2019. Ohio Innovation Fund partners up with bold and disruptive founders who are looking to create the industries of the future, right here in Ohio. When Faith graduated, she had to decide if she was going to stay in the Midwest or move out to more popular areas for entrepreneurship. Something about Columbus stuck with her and she made the right decision to stay and build up this emerging market here. For that reason, Ohio Innovation Fund was the perfect fit for her. 

Ohio Innovation Fund is a triple impact fund that looks for three criteria. The first being that they are looking for venture capital level returns. Companies that have the ability to go out and scale very quickly. The second is that they look for these types of companies that are present in the backyards of universities. They do this in order to help support future students who want to join a startup and begin making a difference fresh out of college. The third is their student experience program that exposes students to the venture capital world.

Top 5 Ask Me Anything Questions

“How are Ohio Innovation Fund Internships different from the rest?”

• At OIF, you are not just getting coffee and doing busy work. You are actually working with the teams that OIF is investing in and offering meaningful value to these companies. One of the coolest things about OIF is that they place value and responsibility on their interns by giving them a voice. Go intern at OIF and gain valuable experience working with a startup. Go actually make a difference. 
  

“What advice do you have for aspiring students like us, who may want to rock the boat a little, but not have to go through university red tape to do so?”

• Abuse your power as a student. As a student you have the power to sometimes ask for forgiveness before asking for permission. You have the power to take a bold stand with minimal consequences that people such as faculty and staff just can’t do. Your enemies are slim to none as a student and when you use the resources and support given to you, rocking the boat becomes a whole lot easier. 
  

“What things do you wish you utilized more in college?”

• The friendliness and openness received from being a student. When you enter the ‘real world’, there is a pretty noticeable decrease in receptiveness compared to being a student. This decrease can come from working for an opposing business, lack of interest, etc., but the truth of the matter is there. Use your student powers and create your network now. Students are not seen as a threat and can have conversations with literally anyone. You would be shocked at the responses you get from cold calling or cold emailing heavy hitters of companies that you aspire to be a part of. You just have to do it.
• Another advantage is the accessibility to scholarships and funding that you have as a student. As a student, there are a lot of incredible opportunities for you to go out and differentiate from the pack, and these opportunities only become harder to get as you progress out of school. (Keep in mind that summer is the perfect time to pursue these opportunities as a student)
  

“Why did you major in Chemical Engineering?”

• Engineering teaches you how to solve problems, and although the problems you solve in undergrad have typically already been solved, it is the skills of learning how to critically think and solve problems that brings value. Faith had always been passionate about entrepreneurship so being able to take those acquired skills and apply them to businesses and startups was the perfect fit.
  

“How has your entrepreneurial experience helped you in the Venture Capital world?”

• Understanding the design thinking process and truly being able to understand what your problem is and how and why you’re going to solve it. This is a common struggle for entrepreneurs and when you can identify weak points in a business, due to previous experience as an entrepreneur, it adds incredible value. 
• The second is understanding the concept of pivoting and remodeling. You have to be aware of all the potential pathways that a companies product can take. When you are aware of these pathways and find a company that is receptive of the pathways as well, that company becomes investible. 

Ohio Innovation Fund is particularly receptive to students, whether it be an internship or an investment in a business idea, so make sure to check out what they’re all about at their website. If you have an idea or know someone who is serious about entrepreneurship and needs feedback, OIF is happy to look at pitch decks of students, critique them, and offer valuable feedback that will help grow your business/idea. They are even willing to conduct mock pitches with you and discuss how you can improve over a sit down meeting. They are the real deal people and this is a valuable resource that shouldn’t go unnoticed. When life hands you lemonade, drink that freaking lemonade. Never be afraid to start climbing that mountain of entrepreneurship. You would be amazed at the things that can happen when you simply just try. And with companies like Ohio Innovation Fund supporting you every step of the way, there’s no better time than now. Get climbing! 

Jared Musci

VP of Public Relations