Happy Pre, Present, and Post-Finals Week to All Students That Celebrate It

Hello Girls Into VC! Happy Finals Week to those of you in the thick of it, congratulations to those who survived it, and good luck for those who still have it. Whether you're surviving on dining hall coffee, color-coded Notion boards, or all-nighters like us, this one is for you. We'll keep it tight and concise this week.

🗓️ Agenda of the Week

• W.W.W. (Weekly Words of Wisdom)

• 📈 Market Pulse: May 5-12

• VC Lesson: Convertible Notes

• Upcoming Community Events

• Opportunities

W.W.W. (Weekly Words of Wisdom)

"Every exit is an entry somewhere else." — Tom Stoppard

Finals signal an ending to your semester. No matter how they went, take full advantage of the time you have this summer to do something new, recharge your battery, and go all in on learning what makes you passionate within the world of VC.

This week's challenge: Write down one thing you're leaving behind this semester and one thing you're carrying into summer. Could be a habit, a mindset, a relationship. Doesn't need to be deep. Just name it.

Market Peek

New section! A quick look at what markets were doing while you were studying.

The big story this week was hard to miss. The S&P 500 jumped 2.3% and the Nasdaq climbed 4.5% for the week. Both indexes are now up six weeks in a row, their longest winning streak since 2024. Records are being broken while you're pulling all-nighters (fittingly). CNBC

What drove it? A few things. Strong earnings, falling oil prices, and optimism around a potential U.S.-Iran deal all pushed stocks higher, with the S&P 500 and Nasdaq both closing at all-time highs on Friday. Oil has been the wildcard all spring. WTI crude dropped over 3% mid-week on hopes of a peace deal that could eventually reopen the Strait of Hormuz, which has been closed since the conflict started in February. CNBCTheStreet

On the AI front, something worth paying attention to: investors are becoming more selective about AI spending. Over the past year, companies were often rewarded simply for investing heavily in AI, but now the market wants proof that those investments are actually driving growth and profits. Alphabet saw strong momentum because investors believe its AI strategy is translating into real business results, while Meta faced pushback after raising its AI spending plans despite beating earnings expectations. The market is getting more discerning about AI spend, which is honestly worth paying attention to. Crestwood Advisors

And then there's SpaceX. They confidentially filed IPO paperwork with the SEC last month, with a roadshow planned for June 8, and are targeting roughly a $1.75 trillion valuation, which would make it the largest IPO in U.S. history by a wide margin. Worth knowing if you're heading into VC spaces this summer. The Motley Fool

One macro thing to keep on your radar: inflation is at 3.3% year-over-year and is expected to climb further, which makes it harder for the Fed to cut rates. With Powell's term ending May 15 and his replacement still in confirmation, there's real uncertainty about where rates go from here. Something to follow. Edward Jones

VC Lesson: What Is a Convertible Note?

When a very early-stage startup needs money, founders and investors run into the same problem: how do you set a price for something that barely exists yet?

A lot of them land on something called a convertible note.

Here's how it works. Instead of buying a piece of the company outright, an investor lends the startup money. Real debt, with an IOU. But instead of getting paid back in cash, that loan converts into equity at the startup's next official funding round. The investor is basically saying: "I'll give you $100K now, and when you raise your Series A, my loan turns into shares."

Two things make this worth it for the investor who takes the early risk:

Discount rate. Because the investor showed up before anyone knew if this startup would survive, they get to buy into the next round at a lower price than new investors, usually 10-25% off.

Valuation cap. This is a ceiling on the price at which the note converts. So if an investor puts in money with a $5M cap and the startup later raises at a $20M valuation, the early investor still converts as if the company was worth $5M. Same dollars, way more shares.

Why do founders like it? No need to fight over a valuation when you have zero revenue and one PowerPoint. It buys time. Why do early investors like it? They get rewarded for showing up first.

One thing to know: if the startup never raises another round, the note never converts, and there might not be much to show for it. Not risk-free, just a smarter way to handle uncertainty early on.

Convertible notes are everywhere at pre-seed and seed. If you're going into a VC role this summer, you'll probably see one in your first week.

Upcoming Community Events

1. GIVC takes over Boston Tech Week — May 26

On May 26 between 4-7 PM, GIVC is bringing together women founders, aspiring VCs, and operators for a high-energy evening in Boston.

Female founders, this is your sign to apply. We’re selecting 8 women founders/builders to participate in a live sprint hackathon, build an MVP using Gamma, and pitch to investors for live feedback. Founder applications close May 16 at 11:59 PM ET: apply

🏆 Top 3 founder pitches win free Lovable Pro accounts + API credits

What's in store:
✨ A live builder sprint powered by Gamma
🎤 Founder pitches + investor feedback
💡 A VC panel on breaking into venture
☕ A free Gammatcha cart (yes, matcha is on us!)

Founder applications close May 16 at 11:59 PM ET: apply
Want to attend on May 26? RSVP here: apply

Huge thank you to our incredible partners helping bring this to life: Gamma, TECH WEEK by a16z, Lovable, SVB, ListenToHer, Eraina Ferguson, and Samaira Banga 💥

2. Chloe Capital Founder Fellowship Showcase — May 28

Investors, founders, and ecosystem builders, this one is for you! Chloe Capital is hosting an exclusive evening at the intersection of innovation, capital, and community. Learn more and register here.

3. Foundry by Wix Ventures

For the founders in the community: Foundry is a 2-day program to help you refine your product, improve UX, build smarter with AI, and sharpen your go-to-market. All participants get free credits from Anthropic, OpenAI, Google Cloud, Cloudflare, Base44, and more. Apply here.

Opportunities

For those still finding your footing: there is no single path into VC, and the doors are open to those who show up.

1. HOF Capital — VC Investment Intern (Manhattan, NY) HOF is a global multi-stage VC firm with $10B+ AUM and a portfolio that includes SpaceX, OpenAI, Neuralink, Anthropic, and xAI. Internships run 3-12 months and are open year-round. Best suited for: current undergrads with strong academics and a genuine interest in early-stage tech. Apply here.

2. age1 — Venture Fellow (San Francisco or Boston) age1 is an early-stage VC fund backing founders working on extending healthy human lifespan. The fellow role covers sourcing, diligence, community building, and content creation. Full-time or part-time. Best suited for: anyone passionate about biotech and longevity who wants close proximity to the investment team. Apply here.

3. FM — Innovation Analyst II (Providence, RI / Norwood, MA) FM is a nearly 200-year-old mutual insurance company and this role sits inside their innovation team, covering VC, venture client, and product incubation work across climate, AI, and deep tech. Best suited for: candidates with 2+ years in VC, PE, investment banking, or corporate finance. Apply here.

4. BGV — VC Analyst Intern (San Francisco) An internship-level role starting in September for students who want their first real exposure to early-stage investing on the West Coast. Best suited for: undergrads or recent grads. Apply here.

5. RA Capital Management — TechAtlas Healthcare Associate (Boston) RA Capital is a healthcare-focused investment firm and this TechAtlas role goes deep on technology mapping and diligence in life sciences. Best suited for: candidates with a science or healthcare background looking to break into VC. Apply here.

Good luck on finals, GIVC. You've earned it!

The Girls Into VC Team 💖