Incoming intern with almost no chance for a return offer
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Yes, you should always be networking, I think the fund you will be at will not take it personally when both parties know slim chance of full-time offer.
Needless to say, do a great job on your internship, so you leave a good impression. Industry people know each other, 1) your next employer could call these guys to ask for a view on you 2) the founder of your internship fund could make some calls to get you placed for full-time if you performed.
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