Categories
Blog

 “Black tech entrepreneurs are bridging the racial divide in the health care system”.

In 2021 the topic of wellness is one that is on everybody’s mind. We are also living in the age of “Web M.D,” and where distrust in the medical community is running rampant. One entrepreneur, though, has gone out of her way to change the system. Ashlee Wisdom has developed her own wellness operation, “Health in Her Hue” which is here to combat those 21st-century concerns.

The website connects patients with therapists, doulas, doctors, nurses, and whatever medical profession is needed. The website has seen thousands of users of color.

Wisdom got the idea for her app after breaking out in hives while working at a job while in graduate school.

“It was really bad,” Wisdom tells NPR. “My hand would just swell up, and I couldn’t figure out what it was.”

Wisdom’s allergist, a Caucasian lady, was likewise perplexed by the breakouts, telling her to take two Allegra every day to alleviate the discomfort. “I recall thinking that if she had been a Black lady, I would have told her a little more about my life,” Wisdom adds.

She was motivated to start an online community as a result of the experience. Her concept began as a simple one. She discovered health information in scholarly papers, looked for visually appealing photographs to accompany the text, and then shared the material on Instagram.

To view more on this article visit,

https://www.npr.org/sections/health-shots/2021/11/29/1056494505/how-black-tech-entrepreneurs-are-tackling-health-cares-race-gap

Categories
Blog

“Black entrepreneurs in Miami feel bypassed by the tech boom”.

The Miami Tech industry has been expanding and the city with its denizens are beginning to finally realize how big it truly is becoming. 

Black business owners are forging their own paths to success. Their goals are similar to those of other digital entrepreneurs, but they are more urgent: to build generational wealth while uplifting and strengthening Black and Brown communities through innovation, 

“I am leaning on the resources that I already have, and the relationships and resources that I do know work,” said Dani Spikes, founder of BeLoved Box, a monthly subscription self-care and beauty box company, which has now reached seven-figure sales numbers since its founding in 2016.

The Orlando Sentinel does a deep dive into how the Miami culture is adjusting to this new technological immigration. 

Link: https://www.orlandosentinel.com/news/florida/os-ne-black-entrepreneurs-in-miami-feel-bypassed-by-the-tech-boom-20211121-ej35m7mfnzgxrfmjasbojwkqpy-story.html

Categories
Blog

Founder Spotlight: Frederick Akpoghene

Frederick Akpoghene, the founder of JéGO Technologies, Inc., a Black-owned designer, and manufacturer of autonomous vehicles, including self-driving pods that connect consumers with services and products on the go, will launch a crowdfunding campaign on Start Engine for micro investors to invest on the same level as venture capitalists. JéGO also provides a smartphone platform where users can choose businesses that provide high-demand services like Flu Testing, COVID testing, IV therapy, and other local businesses, all of which can be delivered to their consumers utilizing the driverless JéGO pods, a moving vehicle for change.

BlackEnterprise leads the way with Akpoghene a man who has his eyes on the future. 

link https://www.blackenterprise.com/meet-the-founder-of-a-black-owned-self-driving-vehicle-startup-that-mobilizes-healthcare-services/

Categories
Blog

“Starting and Scaling a Small Business as a Minority Entrepreneur”.

Starting a business is a heavy endeavor that many that begin don’t see to the end as it is difficult if you are African American, Latino, or Hispanic. JPMorgan Chase has set aside low-cost loans for minority-owned firms in addition to the standard alternatives and sources of finance. The steps provided by PostNewsGroup will help mature your business into where you want it to be. 
Postnewsgroup link: https://www.postnewsgroup.com/starting-and-scaling-a-small-business-as-a-minority-entrepreneur/

Categories
Blog

“Crafting a pitch deck that can’t be ignored “

A big part of any process when pitching your company is the ceremonious “Pitch Deck”. It can make or break your startup. VCs, see thousands if not more in their careers so making your standout is not only a daunting task but a seemingly impossible one. 

So what is the answer to how to build an unforgettable deck? Well, the answer is simple. In an article done expertly by TechCrunch. Learn how to make your deck above a dozen better than the rest. 

TechCrunch has provided a winning formula that can’t be ignored.

Link: https://techcrunch.com/2021/10/28/crafting-a-pitch-deck-that-cant-be-ignored/

Categories
Blog

“How to Attract Top Tech Talent”.

Companies are finding it increasingly difficult to fill their staff with capable and creative workers, but this is especially true for those with technical abilities. Non-tech companies have raised their demand for these workers, even as tech behemoths like Facebook and Amazon want to hire thousands of them. To fill these positions at a time when highly-skilled people have numerous options, think about what skill sets are important, and make your organization more desirable to highly desirable employees.

In order to overcome these difficulties, there are steps that your company can take in order to avoid the pitfalls of an uninspired team and form a more productive business. 

HBR has provided a means so that you won’t run into the problem.

Link: https://hbr.org/2021/11/how-to-attract-top-tech-talent

Categories
Blog

“Venture Capital Fund founded by students”.

Self-described as the Nation’s first student-led venture capital fund. The Roberto C. Goizueta Center for Entrepreneurship and Innovation at Emory University’s Goizueta Business School has developed and officially announced the new fund. The goal of the fund is to provide money only to Black, Latino, and Native American entrepreneurs across the country. The funding vehicle comes as a growing number of organizations have begun new attempts to fight structural racial inequities in the nation’s corporate environment since early last year. It is necessary to take action. According to a press release, the fund was founded after students saw a gap in venture capital funding, with underrepresented minority founders obtaining less than 3% of venture capital investment in the United States.

Their research found that in Black, Latino, and Native American populations, persistent low wealth means fewer opportunities for personal or friends-and-family investment for companies. Furthermore, Black businesses face a roughly 20% greater incidence of loan rejection than white entrepreneurs.

Only 1% of VC-backed founders are African-American, and less than 2% are Latino. Furthermore, Black entrepreneurs frequently fail to secure venture capital funding.

The Goizueta Business School facilitated the creation of the new $1 million fund, which will allow students to research hundreds of minority entrepreneurs and decide if the investment can be offered. The first investments from the fund ranging from $5,000 to $50,000 are expected to occur in 2022.

Plans call for students to source between 100 and 200 companies each year and conduct due diligence. The fund will make investment recommendations to the Peachtree Investment Committee, consisting of Goizueta faculty, staff, and alumni According to reports, the fund will invest in companies that have at least one Black, Latino, or Native American founder. In addition, a founder must own a majority of the company’s stock.

Categories
Blog

Incubator v. Accelerator: Dawn of the founder

When you are a new founder you are undoubtedly getting hit with so much it all may be a little intimidating. For those of you who do not like an enterprise, there are so many decisions to make. One of the big things to know is the difference between an Incubator and an Accelerator.
Typically, startup accelerators work with founders for a certain period of time – usually three to six months – to ‘accelerate’ their growth and assist in the development of a firm that is investment-ready and scalable.

First, let’s talk about an Incubator. An Incubator is where a founder works with others, be they other entrepreneurs or otherwise in networking their idea and developing it into a market-ready and investable ready business. Incubators also differ as they tend to focus on specific geographical locations. An Incubator is similar to an Accelerator as entrepreneurs can gain access to industry experts who can provide guidance and training, as well as networking possibilities with other startups in the program, through incubators.

An Accelerator differs in that they provide or a new company with resources be they monetary or otherwise. But they are extremely competitive and accept only less than 10% of applicants. Things to consider when joining are “are you expanding slowly” or fastly and “are you willing to move”? Startup accelerators typically work with founders for a certain period of time – usually three to six months – to ‘accelerate’ their growth and assist in the development of a firm that is investment-ready and expandable.

These are the differences for any founder to know and the information needed to succeed.

Categories
Blog

Venture Capital may not be the only cure to your financial ailments

For any founder sources of capital are hard enough to come by as it is. Venture Capital is the most common and resourceful means of getting it. But what about the founders who dry up the well looking for the precious piece of gold that will lead them to bountiful success. There must be other means of reaching the holy grail of capital goals.

In an article done by TechCrunch Clearco co-founder and president Michele Romanow, and Pipe co-founder and co-CEO Harry Hurst. In the article, they sit down to discuss the various methods that firms can acquire funding and which would be the greatest channel for entrepreneurs.

However, Romanow and Hurst offered up that capital does not have to be “mutually exclusive.”

“I believe the largest companies in our portfolio are utilizing a variety of capital sources,” Romanow added. “I would advise you to conduct a study on what form of financing is appropriate for the stage of your business and the purpose for which it is being used. And I believe you’ll find that if you do that, you’ll end up being much less diluted at the end of the day. And you’ll find additional leverage over time, allowing you to scale much more quickly.”

According to Mathew, the majority of businesses are not a good fit for venture capital. “Venture investment is costly, and it comes with particular expectations depending on who you raise money from,” he said.

Romanow pointed out that whether a founder should seek venture capital or other forms of funding is primarily determined by their intended use of the funds. For example, if a firm needed money to buy inventory and advertising, venture financing would not be the ideal option. “It doesn’t make sense to give up significant equity at this level of the game to undertake something that’s a recurring and scalable expense with a fixed return,” Romanow said.

He explained that just because an investor rejects you once does not mean you should write them off permanently. Accel, according to Mathew, strives to be completely transparent with its feedback. “In fact, some of our best investments have come from saying to the creator, ‘No, not right now, but maybe later when you prove x, y, and z,’ and then revisiting,” he explained.
Misconceptions abound when it comes to venture capital and other alternative financing methods. One of the most common misconceptions about what Romanow’s organization does, according to her, is that it is the same as debt. “They possess your business if you don’t pay back your loan holders,” she warned. “So there’s a lot of risks there, and it’s late in the game.”

Original article done by TechCrunch: https://techcrunch.com/2021/10/03/why-and-when-startups-should-look-to-diverse-sources-of-capital/

Categories
Blog

Female Founders on the Rise

COVID-19 set the precedent for the future in terms of Venture Capital fundraising. But even though funding increased that does not mean that there was an increase in the diversity of those who are receiving it. As it pertains to gender though, the divide is getting slimmer and slimmer.

In research done by PitchBook, in the first three quarters of 2021, female-founded companies raised $40.4 billion in 2,661 agreements, nearly twice the $23.7 billion raised in 2019 and more than ten times the $3.6 billion raised in 2011. It’s a hollow victory though as companies run by women are valued lower than their male counterparts. Despite rising, venture capital totals in general, women-founded startups in the United States saw their deal count fall by 2% and total dollars invested in their businesses dip by 3% in 2020.

Female-founded businesses raised fewer dollars from fewer rounds as the venture capital pool grew wider. According to PitchBook, female founders closed 150 to 200 deals per quarter in 2019, valuing $700 million to $950 million. So the dealings are increasing. Female-founded businesses are racking up significant exit numbers, and their performance is improving quicker than the general market.

The exit value of female-founded firms based in the United States has reached $58.8 billion, up 144 percent from 2020, according to the PitchBook-NVCA report. Exit totals in the bigger domestic venture market have increased by a relatively modest 102 percent during the same time period. The number of exits documented also supports those excellent dollar results: So far this year, 223 domestic female-founded firms have exited, a 12 percent increase over last year.

The numbers are increasing and money is being exchanged in the right hands. But all in all, is it at an acceptable pace?

This story was originally covered by Tech Crunch

Female founders are making a buzzing, venture-backed comeback