A quick update and overview of Midway Ventures (by Henry Fortes Timmermann and Sofia Castro)
During my time at UChicago and Midway Ventures, I’ve often been asked what our club does. Initially, I thought this was due to a lack of research on the Registered Student Organization (RSO). However, I soon realized that there is very little available information online about what we do. When we ask the traditional question, “Why Midway?” we are often met with the same response: “I looked online and didn’t find much, but…”. The need for clarity was also humorously highlighted when someone pointed out during an interview that my picture wasn’t even on the Midway website and asked if I was in the organization. Midway’s most recent updates are shared on Instagram through the events we host, but apart from some LinkedIn profiles highlighting individual members’ contributions, our online presence is limited.
This blog aims to clarify three key aspects: what our goals are, what Midway Ventures can offer startups looking to work with us, and who we are for those interested in recruiting.
What We Offer Startups: Midway Ventures engages in a diverse array of activities, with a primary focus on pro-bono consulting for startups and venture capitalists. We source our startups through our extensive network within the UChicago ecosystem, often collaborating with Midway alumni, current members, or startups that reach out to us directly. Additionally, we proactively seek out high-potential startups outside of the UChicago community.
Consulting for these startups can take many forms. Over the past year, we have modeled finances, projected revenues, conducted competitive analyses, identified potential markets for expansion, and more. We also offer organized events for startups, our most recent one with bellie, like pitch deck reviews and product tastings.
While I won’t delve into the specifics of our startup selection process, it is managed by our Director of Outreach, who handles sourcing and screening potential clients before presenting them to the presidents. This role involves identifying startups that align with our club’s current interests and Midway’s focus on very early-stage ventures. Over the past two years, we have collaborated with companies across diverse sectors, including consumer packaged goods (CPG), healthcare, and real estate. Midway does not favor any particular industry, as we have explored more industries than we have yet to engage with.
As mentioned above, we hosted a tasting and pitch review event for bellie. We offer similar services, tailored for current members, to all startups. We host a variety of events, including:
Pitch Deck Review and Product Testing - Similar to the event we held for bellie, these sessions allow startups to receive feedback on their pitch decks and test their products.
Joint Networking Events - This past quarter, we hosted a joint networking event with Learn to Fly Ventures (LTF) and Dorm Room Fund (DRF), bringing together aspiring entrepreneurs and founders to enjoy refreshments and connect. This event was a huge success and we met many founders (which is also a great way to network with LTF, Midway, and DRF leadership).
Information Sessions - These sessions are designed for prospective members, where we discuss the RSO and offer advice. Attendance is crucial, as we use a QR code to track participation, which is considered during the application process. Additionally, we provide critical advice for the written part of the application. Huge points if you stay after and talk with us / ask actual questions. Again, many of our new members got a foot in the door with this.
CVCC - We host the annual Chicago Venture Capital Competition (CVCC), where students form groups to evaluate startups sourced through the UChicago network and draft term sheets, which are then evaluated by prominent Chicago-based VCs. The format typically includes an introduction to the startups, a 5-minute session with your team per startup, time to draft term sheets, and presentations to the VCs. This competition is open to all UChicago students. If you apply to Midway and are not accepted, we still encourage you to participate. Many of our current members initially participated in the CVCC, placed well, and used it as an entry point. This event is also an excellent opportunity to network with both startups (including those from Booth) and VCs. Personally, I secured an internship through someone I met at the CVCC during my first year.
Networking Events / Site Visits - Midway internally hosts site visits and networking events to provide our members with valuable industry exposure and connections. This past quarter, we visited the Chicago BCG office and had a Midway alumnus at Google discuss his career in Product Management. We host numerous events each quarter across various fields, offering insights and networking opportunities in different industries. Our alumni secure positions in top banks, consulting firms, and other prestigious organizations, resulting in a diversified alumni network. These alumni are very happy to engage with and mentor Midway members, further enriching our community and expanding our professional reach.
Future Events - We aim to host more pitch competitions, networking events, and panels to continue fostering a strong entrepreneurial community.
Who we are: Midway Ventures is a registered student organization on the UChicago campus. We are a tightly-knit group from different corners of the globe, and our interests are just as diverse. When we aren’t focused on our academic work, we’re engaged in projects with startups, running educational events, co-hosting pitch competitions, and fostering meaningful connections.
Midway is a relatively small club with around 60 total members and 30 active members (defined as new members, those active on projects, and leadership). We are a very social group, hosting general meetings each week and new member education sessions, which involve a quarter-long educational program for new members. Additionally, we organize several social events each quarter, ranging from house parties to picnics, where many of our members form strong friendships.
Our members come from a wide range of majors, reflecting their diverse interests. Some are focused on the VC side, majoring in Economics, while others are more interested in the startup side, majoring in anything from STEM subjects to Creative Writing.
Our Goal: It was recently pointed out to me that one of the reasons Stanford is so successful in the VC/startup community is due to its proximity to many prominent VCs who come down to Stanford to network. While this may be obvious to some, it is a critical point. UChicago’s past lack of startups isn’t due to a lack of creators.
In the past quarter alone, since Marcus Chandra and I became co-presidents of Midway, we have seen significant successes. For example, bellie won 2nd place in the CNVC, raising $300K, and Freestyle Cloud was accepted into Y Combinator’s S24 batch. These are just a few of the many startups I have encountered. Numerous others are emerging from Booth, the NVC, and the college.
Through Midway’s consulting, we aim to lower the opportunity cost of starting a company by providing essential support and services, thereby reducing the initial workload for founders. Additionally, Midway hosts networking events to connect aspiring entrepreneurs with industry leaders and venture capitalists.
Our goal is to build a thriving startup ecosystem at UChicago by leveraging our network, providing robust support to early-stage startups, and fostering connections between aspiring entrepreneurs and the VC community. We aim to bridge the gap and create an environment where innovative ideas can flourish and gain the necessary backing to succeed.