How One Visionary Entrepreneur’s Legacy is Fueling the Next Generation of Startups

“Even if it goes really, really badly,” Damon DeVito (MBA ’94) once told a room of aspiring entrepreneurs, “you won’t die. You won’t bleed. You won’t even get a bruise. It’s just going to be a story.”

Delivered during a 2020 speaker series lecture, these words were part of DeVito’s message about the essential conversations founders must navigate — whether pitching an idea to investors, asking for help from potential collaborators or seeking customer feedback. He was addressing the hesitation that often holds entrepreneurs back: the fear of rejection, failure or embarrassment.

By reframing the stakes of these interactions, DeVito encouraged his audience to embrace action over inaction. “They’re not going to eat you,” he added. His message was clear: even the worst-case scenario amounted to a rejection or an awkward conversation. It wouldn’t cause lasting harm, but it would become a moment to reflect, recalibrate and try again. Or at the very least, a funny story.

This pragmatic yet empowering perspective exemplified DeVito’s teaching style: disarmingly direct, grounded in real-world experience and always focused on motivating action. As a lecturer at the University of Virginia Darden School of Business, where he taught the Venture Velocity course, DeVito inspired students to tackle entrepreneurial challenges head-on. Whether in the classroom or mentoring sessions, he emphasized that progress is built through learning — especially from moments that don’t go as planned.

A Life of Vision, Kindness and Generosity

Photo from 1993-94 Darden student directory.

Born in Troy, N.Y., in 1967, DeVito attended the Wharton School at the University of Pennsylvania before earning his MBA at Darden. As a recipient of the Samuel Forrest Hyde Scholarship — Darden’s highest student honor — Damon experienced firsthand how philanthropy can shape lives and futures.

Over his 31 years in Charlottesville, DeVito’s ventures were as varied as they were impactful. He was an angel investor, founder of The Club at Glenmore and Ferncroft Country Club, venture partner at Varsity Financial Group, and a driving force behind the Corner Fund, a rolling venture capital fund connecting UVA investors with startups. His work reflected a fearless pursuit of innovation and a deep commitment to his community.

Known for his generosity and kindness, DeVito worked tirelessly to nurture others, often bridging resources to help those at pivotal moments in their careers. One of his favorite sayings captured his forward-thinking spirit: “Do you know when the best time to plant a tree is? Yesterday. Do you know when the second-best time to plant a tree is? Today.”

Continuing the Legacy

A placard honoring DeVito at his tree dedication during the Class of 1994’s 30th reunion. (Photo by Jacob Chang-Rascle)

DeVito’s untimely passing in 2023 left a profound void but also galvanized the Darden community to celebrate his legacy. His work at Darden lives on in the Venture Velocity course, now taught by Jim Zuffoletti (MBA ’05) of the Batten Institute for Entrepreneurship, Innovation and Technology, who carries forward DeVito’s mission to empower aspiring entrepreneurs. During its 30th reunion, the Class of 1994 honored him with a tree dedication in the Tahija Arboretum & LaCross Botanical Gardens.

His mission continues through the newly established Damon DeVito Venture Velocity Fund. Created by J. Hunter Reichert (MBA ’94), Ian W. Ratcliffe (MBA ’94) and other members of the Class of 1994, the fund’s Fearless Founder Award supports students who embody the entrepreneurial ethos DeVito championed.

“Damon was a great friend and mentor to many people within the Darden community and the greater entrepreneurial ecosystem,” Reichert said. “He always had a passion for early-stage ventures and entrepreneurialism. His connection to Venture Velocity, the Batten Institute and ultimately Darden gave him a platform to work directly with like-minded people, including students. He was a great resource for these people because of the way he thought, the way he interacted and the way he held people accountable. That’s why he’s so missed today.”

DeVito hosts a Zoom mentoring session for his Venture Velocity class in 2022, where founders from around the world engaged with students. (Photo from personal LinkedIn account)

DeVito’s mentorship style was distinctive. “He would find an entrepreneur, and if they had the fire and drive he valued, he’d hold them accountable and also introduce them to people who could mentor them,” Reichert explained. “That mentorship was a big part of how he supported people.”

DeVito’s approach directly inspired the award’s criteria — courageous vision, resilient adaptability, emotional intelligence, collaboration and mentorship. “This is a way to honor Damon’s legacy and support the people he passionately worked with,” Reichert said. “The fund reflects his values perfectly.”

A Call to Action

Philanthropy shaped DeVito’s path, and now, philanthropy in his name will push future entrepreneurs forward. To learn more about how you can support the Damon DeVito Venture Velocity Fund, please get in touch with Samantha Hartog, senior associate vice president of advancement, at +1-434-981-4025 or HartogS@darden.virginia.edu.

DeVito, third from left, poses with students from his 2022 Venture Velocity class after their final session of company pitches. (Photo from personal LinkedIn account)