Tag: black lives matter
Several people pointed me at Hadiyah Mujhid, the Founder and CEO of HBCUvc. We talked a few times and I offered to support HBCUvc in any way that she wanted. She asked me to support the expansion of HBCUvc’s VC Lab and Fund.
HBCUvc is seeking to expand its VC Lab and Fund program that invests in Black, Indigenous, and Latinx entrepreneurs building technology companies. The fund is managed by university students participating in HBCUvc’s Fellowship programs. Fellows originate and execute startup investments under the supervision of HBCUvc’s investment committee, a team of experienced venture capital investors.
Currently, while there are similar funding organizations for other universities, there are no funding groups affiliated with investing or supporting entrepreneurs from the HBCU ecosystem. For perspective:
- Dorm Room Fund (First Round Capital university fund targets Penn, Yale, Stanford),
- Rough Draft Ventures (General Catalyst university fund targets Harvard)
- Big Red Ventures (Student-run fund at Cornell)
- House Fund (Fund focuses on supporting entrepreneurs from Berkeley ecosystem)
The lab and fund builds on the foundation laid in HBCUvc’s fellowship programs and provides direct investing experience for the fellows with the following goals:
- Provide financial and technical support to emerging Black, Indigenous, and Latinx technology entrepreneurs
- Create experiential pathways for the next generation of Black, Indigenous, and Latinx venture capitalists,
- Close data gaps on capital allocation strategies best applicable to Black, Indigenous, and Latinx entrepreneurs
- Create a revenue opportunity for HBCUvc to sustain educational programming through returns
Primary learnings for the fellows include:
- Originating investment opportunities
- Conducting due diligence
- Syndicating transactions
- Executing transactions
- Supporting founders and portfolio companies
Expansion of the VC Lab and Fund will help bridge this funding gap, support more entrepreneurs, and provide venture experience to create a pipeline of Black and Brown VCs.
Austin Clements was one of the Black VCs I reached out to after George Floyd was murdered with the question, “What are two things you are involved in that I can support with time, money, and influence?” I knew Austin from his time at TenOneTen Ventures (we are an LP) and I reconnected with him when he joined the Kauffman Fellows Program (Class 25).
Among other things, he told me about Grid110 and why he was helping create and lead Grid110’s new program in South LA.
Grid110 is a non-profit with a mission is to foster the most thriving, inviting and inclusive community for entrepreneurs in Los Angeles. They believe that anyone with the goal of becoming an entrepreneur should have the chance to pursue it and receive support along the way. Their work impacts individuals who are often overlooked by traditional entrepreneurial ecosystems, making the the entrepreneurial path more equitable, inclusive and accessible.
I committed to providing funding for the program at the end of the call. Since then, the program has launched with its inaugural class and has been up and running since July.
Over 90% of the selected companies are led by Black and Latinx founders, and the majority of founders are women. The companies are wide ranging — from CPG products to B2B SaaS, from early childhood support all the way to death care services, from for-profit Co-Ops to non-profit boutiques. Some are first time entrepreneurs right out of college, others have long track records of shaping business and culture.
Tonight, I’m doing a virtual AMA with the program. I’m very looking forward to it.
Amy and I, through our Anchor Point Foundation, underwrote a new video series on PBS 12 called From Moment to Movement.
From the trailer:
Tensions around race relations have been simmering for centuries in the U.S. Now they’re now at a boiling point. Meanwhile, President Trump’s administration is treating Black Lives Matters protestors like domestic terrorists. Millions of Americans, especially Black Americans, continue to rally to make their voices heard. From Moment to Movement” aims to give a platform to African American voices and dismantle systemic racism.
The host, Tamara Banks, reached out to me shortly after George Floyd was murdered. She showed me a few of the pilot episodes, including an interview with Brandon Carter and an interview with Amy E. Brown. After watching them, I thought they were great and important and agreed to underwrite the whole series.
Two a week will be dropping on the PBS 12 website for the next few weeks. They are currently in production to be broadcast on TV as well.
Tamara – thank you for doing this and putting it out there.
Founded by James Oliver, the ParentPreneur Foundation empowers Black people to be the best parents and entrepreneurs possible providing them money, tools, resources, and social capital.
I’ve known James for several years. After George Floyd was murdered, James was one of my Black friends who I called up and asked, “What are two things you are involved in that I can support with time, money, and influence?”
We talked about a couple of things, but when he started speaking about his dream to start a non-profit to help Black entrepreneurs who were also parents, I knew what I’d be supporting.
James is the perfect person to undertake this endeavor because he is acutely aware of the pain of parents who are entrepreneurs. James participated in the gener8tor accelerator and founded his startup, WeMontage.com when his now seven-year-old twins were born prematurely and weighed only two pounds each. During that difficult time, he was living 1,000 miles from family and friends, so he didn’t have much support.
Amy and I don’t have kids, so I listen to my friends who are entrepreneurs with kids about their experiences. Rather than assume their challenges are the same as mine, I recognize I have it easier in many ways, and enjoyed and learned from James’ book The More You Hustle, The Luckier You Get.
In our conversation about this new foundation, James told me that being a parent and an entrepreneur is hard, but being a Black ParentPreneur is even harder.
“Black people don’t have the same resources as many of our White ParentPreneur counterparts. Many of us are first-generation college graduates, and we don’t have a relative we can call to give us money to hold us over until we can get enough traction with our business. Further, we generally don’t have the social capital to execute our good ideas or even imagine what is possible.”
Hence, the ParentPreneur Foundation, which James started a month ago. The inaugural cohort was recently announced and had ten Black ParentPreneurs who each received $1,000. The foundation also provides access to resources to improve beneficiary businesses and parenting lifestyles.
I’m excited about supporting James in the work he’s doing to help address issues of economic inequality in the Black entrepreneur community while helping strengthen families.
Please consider making a tax-deductible donation or connect with James to offer resources for the foundation’s beneficiaries.
And if you’re a Black ParentPreneur, join the foundation’s online private community.
Shortly after George Floyd was murdered, I started calling Black VC and entrepreneur friends asking them “what are two things you are involved in that I can immediately support with time and money.”
Arlan Hamilton was my first call. In addition to asking me to spend more time with Backstage Capital portfolio companies and founders, she told me about a non-profit called Cover that she created in 2016 with Bryan Landers and Dianne Cherrez.
Arlan decided to give away copies of startup and investing books to help more people gain access to content that could change their career path.
Venture Deals was one of the books that Arlan gave away and she has occasionally talked about how impactful the book was to her own journey to learn about and become a VC.
I love to read. Arlan loves to read. And Arlan appreciates the power of books to help people learn. And, it’s even fun to see how people get Arlan’s attention using Backstage Capital and Venture Deals together.
Cover 1.0 was giving away books. Cover 2.0 started with the following tweet and shifted to gifting $500 to recipients to help them reach their goals.
With this new approach, Cover allowed access to knowledge (books, courses…), networks (introductions, memberships…), and opportunities (events, job applications…) to those who are working hard to achieve great things.
For Cover 3.0, Arlan is including the Covid crisis in the mix to include Covid-related help. For example, PPE–especially for high-risk, low-resourced places like prisons and other non-profits, higher education and experiences for Black women, and resources for displaced Black students.
In addition to financially supporting Cover 3.0 at a level to support 100 gifts, I’m going to donate 100 copies of Venture Deals to Cover 3.0 to give away to each recipient.
If you want to support Cover 3.0, please Donate any amount. I’m confident that Arlan and team will put it to good use.
Arlan – you inspire me and so many others. Thank you.
On Monday, June 1st, I told Amy that I wanted to engage deeply in helping eliminate racism in the United States.
I’ve been involved in gender inequity issues since I joined the National Center for Women & Information Technology board in 2005 shortly after it was formed. 15 years later, I’ve learned an enormous amount about gender, especially in tech, and while I am nowhere near finished on that particular journey, I feel that I understand and can be helpful in my role as a male advocate (or “male ally”) in eliminating gender inequity in tech and entrepreneurship.
While Amy and I have been philanthropically supporting social justice issues for over 20 years through our foundation, I don’t feel like I’ve engaged in a meaningful way. I have an enormous amount to learn about racial inequality in our country and my network for and advocacy of Black entrepreneurs and investors is woefully inadequate.
In my discussion with Amy, we decided to personally fund and get involved in at least 10 initiatives right away, which I defined as “by the end of June.” I’ve spent several hours a day each day since last Monday reaching out to Black friends I know with one question.
“What are two initiatives you are involved in right now that I could put time and/or money into in support of you and your activities?”
In each case, I offered money along with a desire to actively engage in support of them and their activities. This is not “I’ll do a mentor call with you” or “Email me anytime you have a question” but an open-ended “tell me what I can do to help you execute a particular initiative.”
The conversations have been excellent and extremely enlightening. Given that almost all of them were with people I already knew, I don’t need to do any diligence on the organizations they are asking me to get involved in as their reference credibility is enough for me. In a few cases, I had inbound from people I didn’t know and I also chose several of them to engage with.
Right now, these are philanthropic contributions to non-profit organizations or sponsorships for people going through some kind of program (non-profit and for-profit). This is a completely separate initiative from investment activity with my partners at Foundry Group, which we’ll be talking about more soon once we’ve made clear decisions about what we are going to do over the next few years.
My first of these commitments is to the Zane Access Inaugural Pre-Capital Program Cohort. I got an email from Shila Nieves Burney asking if I would donate 20 copies of Venture Deals. I responded yes and asked if there was anything else I could do to help their first cohort. Shila responded that they’d love to do an AMA and asked if I would be willing to underwrite the tuition for one of the founders, as there were eight in the program who were accepted but would have to forgo the opportunity to join the program due to the financial investment obligation.
I told Shila that I’d do the AMA and underwrite all eight founders who were not in a position to make the investment. I wanted to ensure that no founder who reached the high barrier to be accepted into the program would have to turn it down due to financial concerns.
I’ll be doing the AMA early in the program, so my hope is that I’ll get to know some of the founders, can help them throughout the program, and then connect them into some of my networks proactively where appropriate.
In my previous post, I said that for a while I’ll include one powerful thing each day that I read about racial injustice and Black Lives Matter. Today’s is from Donna Harris, a long time friend who I met through our work on the Startup America Partnership. She’s the co-founder of 1776 and now runs Builders and Backers. When I read her post The Hurt is Everywhere I cried (a “Jerry Colonna induced type of cry.”)
The hurt is everywhere. In every community. If you don’t see it, it just means you’re not talking to the people who are experiencing it.
That’s where we must start. We cannot create a society where all men are truly equal and every community flourishes if we don’t understand how badly the deck is stacked against so many of us and listen to and acknowledge the deep anguish that causes. Then, all of us must commit to repairing the broken places. In our nation. But also in our families, in our schools, and on the streets of our own neighborhoods. To that end, the next time you see a black man walking down your street, stay on the same side of the road and say hello.
Please go read The Hurt is Everywhere.
While I was trying to get my soul to reset a little yesterday, I worried about short attention spans. As humans, we naturally have short attention spans that are amplified by the extremely short attention span of the media.
We are at the beginning of two new crises intermingled with multiple other crises we are dealing with as a result of Covid. The four crises that Covid has amplified (so far) are health, economic, mental health, and racial inequality. But they are not the only crises we are dealing with (anyone remember gender inequity, especially in tech, or #MeToo?)
Sustained leadership to address each crisis – over the long term – is required. I’m committed to that and I encourage everyone else who is writing, listening, talking, and trying to affect positive change to make a long term committment.
I’ve seen many posts and a few videos from white male CEOs talking to their companies about Black Lives Matter. I thought this one, from Bryan Leach, CEO of iBotta, was spectacular.
Emmanuel Acho was even better.