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.
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.
If you are working on your first startup, this is the book for you. Hopefully, the Foreword I wrote reflects my belief in the quality and importance of this book.
My friends @willherman and @rajatbhargava put their hearts and souls into the creation of the first edition of The Startup Playbook, and it paid off. Over 13,000 people bought the book, it’s a 4.8-star review book on Amazon (with 100 reviews), and it sold out.
I’ve known Will since 1984 and Raj since 1993. Will and I made our first angel investment together in 1994 – in Raj’s first company NetGenesis (which went public in 1999). Since then, Will and I have made many investments together (including most of Raj’s company). Raj and I have done seven companies together, including his most recent company JumpCloud which is one of the fastest-growing B2B SaaS companies in our portfolio (and in Colorado.)
The book is Will and Raj’s how-to guide for building your startup from the ground up. It has a collection of the major lessons and shortcuts they learned starting 11 companies between them – a lot of successes, but some nasty failures too. They wrote the book to shift the odds of success in your favor. They share their tips, secrets, and advice in a frank, founder-to-founder discussion with you.
The Startup Playbook is not a recipe; it’s not a template; it’s not a list of tasks to do. It’s their insider’s guide to starting a company and running it successfully in those critical early months. It’s full of our advice, guidance, do’s, and don’ts from their years of experience as founders, investors, mentors, and advisors.
Today, I participated in the Juneteeneth 4.0 Celebration that was hosted by OHUB, ThePlug, and Living Cities and led by Rodney Sampson. In addition to being part of a panel, I made several commitments as part of the #RacialEquityEcosystemPledge. Here’s the fact sheet released by OHUB today.
I’ve agreed to:
- Do a monthly podcast called Equity.District with Rodney on racial equity in entrepreneurial ecosystems and other issues around racial equity in entrepreneurship.
- Help organize and co-host a Racial Equity conference inclusive of Rodney’s network, my network, and anyone else who wants to participate.
- Make a meaningful financial contribution to the OHUB Foundation from the Anchor Point Foundation. If you are able, I encourage you to donate as well.
- Make a meaningful financial contribution to at least two more Black-led ecosystem building organizations recommended by OHUB.
- Work with Rodney and the OHUB team on an ongoing campaign to raise money for Black ecosystem builders, funds, and founders.
The entire event is below. There’s a lot of awesome stuff in it.
In addition to the awesomeness, I made a mistake. Right after I spoke, I got a text from a White friend who is an entrepreneur I’ve invested in who watched the event live.
I immediately sent Rodney an email under the heading “I apologize for the microaggression.”
Apparently in my closing comments I said that you were “articulate” (I wasn’t aware that I used the word.) While I hadn’t seen this NY Times article I know that “articulate” is viewed as a microaggression.
So, regardless of whether it was intended, or you heard it, or anything else, I want to simply apologize.
You are incredible. You inspire me.
Rodney quickly responded:
Thanks for this. Tell your friend they are right. Apology accepted. However, in this case, I know that you meant “vocal in my leadership”. 🙂
We’ve got a lot of work to do. I’m up for it.
When I make a mistake, I try to own it, apologize, and learn from it. I’m far from perfect here, but Rodney’s response, by acknowledging my mistaking, quickly accepting my apology, and getting back to work with me motivates me even more to work with him!
I’ll be part of a fireside chat with Rodney Sampson (CEO, OHUB) and Ben Hecht (CEO, Living Cities) where, among other things, we’ll discuss the introduction of Racial Equity Pledge.
Rodney is one of the dozen or so Black colleagues that I reached out to and talked to over the last two weeks to learn more about what I could get involved in and immediately support with time and money. Ohub is one of those organizations and I’ve already learned a lot from Rodney, such as several different ways to think about changing the equation around racial inequity in tech. A framework I got from him that I immediately related to is his Economic Development Pyramid.
Rodney did an interview with CNBC several weeks ago that lit me up with enthusiasm for working with him.
Foundry Group is closed on Friday in celebration of Juneteenth. We had an email thread go around yesterday among the entire team discussing what we are doing tomorrow, which includes attending a number of Juneteenth events, along with reading and reflecting on racial injustice.
If you are available and interested, please join us for the Juneteeneth 4.0 Celebration.
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.
Over the past week, I’ve done a handful of podcasts to help entrepreneurs, leaders, and employees at startups to help think through how to respond in a crisis. I’ve requested that anything I do right now on this front is made public, so if anyone is interested, they can watch them.
The first, hosted by David Cohen, is with Scott Dorsey, Paul Berberian, and Berne Strom. Scott, Paul, Berne, and I are all “older entrepreneurs and investors” who have been through multiple crises dating back to 1987.
As a bonus, Fred Wilson also did a Panic with Friends with Howard which was excellent.
I’ve allocated a max one hour a day during the weekday for participating in creating content like this during the week as the Covid-19 crisis unfolds, but I’ll continue doing this as long as I feel like I have fresh things to contribute.
Recently, I read a well-written article in Fast Company by Jon Dishotsky titled We need to be more honest about what tech culture is doing to our mental health.
In it, he had a list of lessons he has learned over the years.
- Look out for your wake-up call
- Create routines that prioritize mental health
- Work in line with your body’s rhythm
- Make time for silence
- Find space to unplug
- Give your emotions credit
- Cultivate (and listen to) your inner circle
These mental health suggestions are all right on the money. I encourage you to go read the article if this is a topic that interests you.
I’m lazy blogging this week as I get ready to go on vacation for the July 4th holiday. So, here’s another set of videos to watch, which is the entire Street Level Startups series from Colorado Public Television. I’ve watched them all now and they are a great history of how the entrepreneurship scene in Colorado has evolved recently, along with a bunch of fun highlights of people and companies.
Street Level Startups: The New Gold Rush
Street Level Startups: When an Idea Strikes – Stories of Inspiration
Street Level Startups: Three Phases of a Startup
Street Level Startups: Mentorship & Integration
Street Level Startups: Startups to Watch