Barry Diller’s IAC has long favored passion over pedigree, building a better world over building a resume. IAC’s award-winning Fellows program was founded on the belief that internships should be accessible based on merit, not connections, and recognizing that talent is evenly distributed but opportunity is not. Despite the widespread belief in expanding opportunity, America’s internship-industrial complex still disproportionately favors privileged students by giving access and opportunity to the students who already have both.
The IAC Fellows program aims to do it differently by helping high-achieving students from historically and systematically underrepresented communities become galvanizing forces in our society through an immersive internship program. Unlike typical internship programs that merely train, IAC Fellows strives to make a real impact on individuals’ lives and career trajectories. The program engages the full person through paid internships across IAC’s portfolio, a range of academic stipends and financial aid, unique educational and cultural field trips, and opportunities to build lasting relationships.
The concept of the IAC Fellows Program evolved from years of collaboration with local charitable partners and others at the forefront of education reform and economic development. IAC thread together these efforts and built upon them to create a model that would truly impact lives, one student at a time. The program was built on four pillars: (1) a paid internship at one of IAC’s brands, (2) educational, cultural, and career-building experiences, (3) mentorship from leading industry professionals, and (4) access to multiple financial resources.
IAC Fellows are encouraged to participate in the program each year for up to four years, discovering and honing their passions and professional aspirations as they take on new internships across IAC. Should a Fellow accept a position at IAC upon graduation, IAC will pay 100% of their student debt after three years of employment. Additional highlights of the program include educational and cultural field trips, 1:1 mentorship with IAC executives, and an $8,000 bonus intended for academic-related expenses.
Recently IAC identified that many college students, especially those from underrepresented communities, face financial pressures that pose a risk to their academic success. According to data from GradGuard’s 2022 College Confidence Index, more than half (53%) of college students stated that they would not be able to afford the cost of an extra semester if they had to take a leave of absence due to a medical emergency, and 44% say they might consider withdrawing due to a current financial situation. IAC heard this need echoed from its community and partners and saw that this type of support was not offered anywhere else. In response, IAC recently launched the Hardship Relief Fund, which grants eligible applicants with emergency cash grants up to $10,000. The initiative aims to serve Fellows who face unexpected and severe hardships–such as emergency medical situations, disasters or sudden job loss in their family–in an accessible, responsive, and confidential way.
One IAC Fellow Hardship Relief Fund recipient said, “This grant has been a beacon of hope during a tumultuous period in my academic journey. Because of this crucial support, I was able to complete my semester with my full focus on my studies, unburdened by the weight of financial stress. This fund not only alleviated immediate financial concerns but also empowered me to perform to the best of my abilities, ensuring that my academic progress remained uninterrupted.”
Fellows walk away from the program feeling confident that they belong at a place like IAC, and feel better equipped to make that future a reality. This past year, IAC saw a 140% increase in applications year-over-year and welcomed 23 students for a nine-week internship that collectively represented 15 departments across IAC businesses.
Following the 2023 program, Fellows cite the program’s high touch nature and sense of community as immensely valuable at this stage in their education and career development, becoming enthusiastic advocates of the program.
When asked to describe her time in the program, 2023 IAC Fellow Crystal Liu said, “IAC Fellows has opened so many doors for me. I met successful industry leaders, ambitious peers, and supportive managers/mentors. I learned new technical skills and honed my communication, teamwork, and leadership skills. And most importantly, I gained clarity and direction!”
