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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy nom the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fined nearly

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Speaker 1: one thousand dollars a day, imprisoned, and deported. You will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump, America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security.

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Speaker 3: I'm Marian Simon. Everybody.

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Speaker 4: I've run the Fearless Fund along with my partner Leanna Parsons,

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Speaker 4: and we run the nation's first venture capital fund that's

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Speaker 4: built by women of color for women of color, excuse me,

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Speaker 4: So we invest.

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Speaker 3: Black and brown women.

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Speaker 4: So we've invested in Asian women, Latino women, but of

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Speaker 4: course we have definitely invested in many black women. We've

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Speaker 4: made over forty one investments. We've invested in over twenty

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Speaker 4: six million dollars in investment capital. At our foundation, we

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Speaker 4: have awarded over three hundred and fifty grants and we're

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Speaker 4: over four million and grant dollars, and we've raised much

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Speaker 4: more money than we have deployed because we are also

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Speaker 4: in a fundraising cycle for our fund too. We were

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Speaker 4: hit with a lawsuit on August second by ever Bloom,

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Speaker 4: the conservative legal strategists who stopped affirmative action at the

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Speaker 4: collegiate level back in June in the Supreme Court.

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Speaker 3: His next federal lawsuit and target.

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Speaker 4: Was us and looked up and we had a lawsuit

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Speaker 4: out of no where like August second. My life just

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Speaker 4: changed and we lawyered up, of course, in order to

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Speaker 4: deal with this situation.

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Speaker 3: But it is real.

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Speaker 4: They are trying to stop diversity, equity and inclusion funding

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Speaker 4: across all corporations. They are trying to instill fear to

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Speaker 4: stop millions and billions of dollars from getting in the

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Speaker 4: hands of people of color, mail and female as well

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Speaker 4: as women, and it's it's honestly just quite disturbing. They're

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Speaker 4: trying to use us as a small company as like

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Speaker 4: a baseline case to say, if we can set present

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Speaker 4: here by knocking them off, we can go get everybody else.

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Speaker 5: So I got you got a question yes number one

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Speaker 5: as an audience and as a show, what can we

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Speaker 5: do to support you in this fight? I do want

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Speaker 5: to have the conversation tonight on if venture capital scale

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Speaker 5: is broken? But why do you think this is happening now?

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Speaker 5: In number two? As a show, what can we do

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Speaker 5: to support you in this fight?

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Speaker 4: Thank you so much? Why do I pins this sat

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Speaker 4: happening now? There's been a lot of reversal of rights

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Speaker 4: at a very rapid rate. Row versus Wade was reversed,

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Speaker 4: Affirmative action has just been reversed, and now they're trying

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Speaker 4: to stop minority funding, which for me that is just

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Speaker 4: very detrimental. The government already stopped its funding for its

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Speaker 4: minority grants. They've also already stopped their minority certifications put.

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Speaker 3: Them on pause. Why now I think.

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Speaker 4: People are trying to reverse the economic progress that a

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Speaker 4: lot of people made post George Floyd. So that's also

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Speaker 4: why now why now we're in an election cycle upcoming?

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Speaker 4: That's another why now. Our lawsuit states that they are

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Speaker 4: claiming or a legend were discriminating according to the Civil

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Speaker 4: Rights Act of eighteen sixty six, not nineteen sixty four eighteen,

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Speaker 4: which was put in place right post slavery of eighteen

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Speaker 4: sixty five. And this Civil Rights Act states that we

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Speaker 4: as people of color, can enter contracts. So this is

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Speaker 4: about our economic freedom, and for anybody to try to

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Speaker 4: flip that on its head, it's very dangerous.

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Speaker 3: We need everybody to receive their funding.

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Speaker 4: On a whole other I will definitely break down what

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Speaker 4: venture capital is for anybody who doesn't know. So venture

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Speaker 4: capital is just exchanging cash for ownership. What we do

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Speaker 4: looks like Shark Tank. People come to us with their

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Speaker 4: business and we say, hey, what do you want. They say,

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Speaker 4: we want fifty five hundred thousand dollars in exchange for

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Speaker 4: teen percent ownership of our company. So it looks just

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Speaker 4: like Shark Tank cash for ownership. You hear cash for equity.

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Speaker 4: We work in the space of job creation. We work

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Speaker 4: in the space of reducing the wealth gap. And I

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Speaker 4: can get into how all that plays into this, but

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Speaker 4: everybody on here knows the wealth gap is just widening

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Speaker 4: and widening, and by like twenty fifty three is what

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Speaker 4: they claim will be at zero for black people. But

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Speaker 4: I can break down how venture capital plays a direct

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Speaker 4: role in this whole wealth gap situation.

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Speaker 3: But what oh you saying, gopher now in yes, go ahead, Okay.

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Speaker 4: The technology industry is the world's largest wealth producing industry.

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Speaker 4: This is on just a basic level. It is backed

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Speaker 4: by venture capital. Tech is very capital intensive to build,

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Speaker 4: and venture capitalists back it. So you have nine white

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Speaker 4: male of our industry that are investors in VC and

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Speaker 4: they pretty much have put most of the money into

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Speaker 4: white male startups. So therefore the returns are then doing

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Speaker 4: just like this, the white male investors, white male starps.

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Speaker 4: And because it's the world's largest wealth producing industry, it's

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Speaker 4: making the wealth gap get.

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Speaker 3: Wider and wider and wider.

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Speaker 4: Because if this one right here of this circle just

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Speaker 4: keeps going around and around around, they keep making more

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Speaker 4: money and more money, more money. It's the world's artest

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Speaker 4: wealth producing industry. It keeps widening and widening and widening.

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Speaker 4: Faster and faster and faster. We have to participate in

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Speaker 4: this process of investing in tech and creating tech in

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Speaker 4: order to be part of the world's largest wealth producing industry.

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Speaker 4: So there's that sixty two trillion dollar industry PEBC.

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Speaker 3: It's a huge industry.

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Speaker 4: It's primarily backed by pension funds, endowments, insurance companies. So

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Speaker 4: pension funds are like the bulk of what backs the investors.

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Speaker 4: Pension funds are built off of careers like teachers, police officers, firemen.

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Speaker 4: A lot of careers were dominated by people of color

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Speaker 4: working there. So you've got the people of color work,

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Speaker 4: and you've got the pension funds that are backed by

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Speaker 4: these people. And then this money goes up to ninety

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Speaker 4: two percent white men, and then goes up to the

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Speaker 4: white startups. And then when does it go back to

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Speaker 4: the bottom of the people of color whose back suspension

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Speaker 4: funds were built off of. When does that take place?

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Speaker 4: So that's why this wealth gap keeps getting wider and

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Speaker 4: wider and wider. And I always said that after fund too,

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Speaker 4: which is what the fundsack we're now raising, I always said, Aaron,

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Speaker 4: you have to pause and get into some policy work.

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Speaker 4: Once you finish closing that fund because I got to

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Speaker 4: change some laws down here. We need some minority mandates

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Speaker 4: that say, if you want to basically build the backs

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Speaker 4: off of this money off these people, we need to

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Speaker 4: go back into that community, just point blank. It's like

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Speaker 4: when you have a mayor. I grew up in Detroit, Michigan,

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Speaker 4: and Mayor Combing Young when I was a kid, he

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Speaker 4: made every contract reflect the demographics of the city Atlanta.

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Speaker 4: I live in Atlanta, and now we got like a

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Speaker 4: thirty percent minority mandate. I'm like, for what we sixty

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Speaker 4: percent minority? Yeah, minority mandate.

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Speaker 3: We needs to be exact.

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Speaker 4: So we need some policies that says this money has

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Speaker 4: to go right back into those communities.

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Speaker 3: What people can do today, and I'm so sorry.

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Speaker 4: For being long winded, go ahead, but what people can

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Speaker 4: do is go to Fearless Freedomnow dot org. They can

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Speaker 4: sign our petition. We have thousands of thousands of people.

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Speaker 4: What we're doing is collecting all of this data because

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Speaker 4: we are also not just I guess you would say

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Speaker 4: we're probably just the first target in this. Since then,

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Speaker 4: they have sued multiple and multiple people. Hopefully this case

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Speaker 4: gets dismissed.

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Speaker 3: Soon.

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Speaker 4: I have to go to federal court tomorrow morning. Hopefully

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Speaker 4: this can get dismissed soon. But whoever is the next target,

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Speaker 4: I would like to be able to pass this on

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Speaker 4: to say here is a resource you know that can

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Speaker 4: also help. It's just ridiculous, but you can make donations

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Speaker 4: to our foundation because right now there may be corporations

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Speaker 4: that are like, hey, we may not want to touch

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Speaker 4: a litigation. And both of our companies have been built

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Speaker 4: off the backs of corporate dollars. We're back by Jpmore, Chase, America, MasterCard, PayPal,

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Speaker 4: and a host of others. They investors in our fund

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Speaker 4: or their donors in our foundation, or and or somewhat both.

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Speaker 4: So if you want to donate to our foundation, you

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Speaker 4: have that option there too. But definitely sign a petition

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Speaker 4: because that's what we can say, the data of the

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Speaker 4: people that are upset with this and that would like

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Speaker 4: to take a stance with us' so.

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Speaker 6: A WHT So I mean you can inside on what

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Speaker 6: you just said. You can hear the purpose of why

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Speaker 6: this fund needs to be created. Correct me if I'm wrong,

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Speaker 6: But the lawsuit is focusing on the Phillis Funds, strivers

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Speaker 6: grant contests, specifically, so talk about what that is and

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Speaker 6: why they're specifically attacking that.

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Speaker 4: Most definitely two things we are being though, that's what

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Speaker 4: they're saying. We're being all of the entities are being sued.

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Speaker 3: Let me be clear on that.

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Speaker 4: They out suit on the foundation, the fund, the management company,

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Speaker 4: and the GP and this is public information, so all

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Speaker 4: the entities are being sued.

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Speaker 6: Earners, what's up. You ever walk into a small business

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Speaker 6: and everything just works like the checkout is fast, the

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Speaker 6: receipts or digital tipping is a breeze, and you're out

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from l Salvador

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Speaker 1: accused of murdering a Texas man Venezuelan charged with filming

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Speaker 1: and selling child pornography in Michigan. These are just some

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Speaker 1: of the heinous migrant criminals caught because of President Donald J.

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Speaker 1: Trump's leadership. I'm Christy Noman, the United States Secretary of

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Speaker 1: Homeland Security. Under President Trump, attempted illegal border crossings are

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Speaker 1: at the lowest levels ever recorded, and over one hundred

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Speaker 1: thousand illegal aliens have been arrested. If you are here illegally,

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Speaker 1: your next you will be fined nearly one thousand dollars

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Speaker 1: a day, imprisoned, and deported. You will never return. But

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Speaker 1: if you register using our CBP home app and leave now,

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Speaker 1: you could be allowed to return legally. Do what's right.

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Speaker 1: Leave now. Under President Trump, America's laws, border and families

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Speaker 1: will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland.

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Speaker 3: Security, they targeted the Strivers Grant contest.

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Speaker 4: It's a partnership we have at MasterCard, and through that

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Speaker 4: contest we award. The commitment is that MasterCard has to

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Speaker 4: the blame black community. It awards black women with this grant.

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Speaker 4: We're the funded the administrators for this grant and they've

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Speaker 4: picked that one out because it says black. I mean,

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Speaker 4: it just is what it is. Our thesis, like I said,

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Speaker 4: is black and brown. But they picked that one out

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Speaker 4: because MasterCard has a commitment to the black community.

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Speaker 7: So all right, so this is something that you can't

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Speaker 7: they're trying to say, you can't say it's for black

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Speaker 7: because you can. You can give money to whatever you want, right,

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Speaker 7: like you said, the white the white v VC firms

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Speaker 7: are mostly only funding white businesses. So if you if

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Speaker 7: it didn't say black, and you just donate, if you

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Speaker 7: just gave it, not donate, if you invested it with

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Speaker 7: black businesses, you can do that and there's no problem,

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Speaker 7: right for.

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Speaker 4: Shot, You were actually you were actually right, because that

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Speaker 4: side is a donation, that's a that's a grant program

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Speaker 4: that's on the foundation side, and the VC side of

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Speaker 4: course invest.

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Speaker 3: But you are correct, you are correct there.

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Speaker 4: But the reason why people have these commitments is really

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Speaker 4: just due to the disparities. You know, there's many other

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Speaker 4: black programs, there's many other Latina programs, and many other

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Speaker 4: Jewish programs.

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Speaker 3: It exists because of the disparities.

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Speaker 4: I mean, black women get a fraction of a percent

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Speaker 4: of funding, whether you're talking VC, debt based finance and

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Speaker 4: grants or anything. So black and brown women combined are

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Speaker 4: still at a fraction of a percent. Black people as

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Speaker 4: a whole are still definitely under two percent.

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Speaker 7: Yeah, so you're saying that you shouldn't even have to

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Speaker 7: It's okay to just say it's for black people. It's

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Speaker 7: not a problem. It's not discriminating against somebody else if

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Speaker 7: you're just saying that this is something that is set

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Speaker 7: up for a certain group of people.

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Speaker 4: Yeah, as far as I'm concerned, But I can I desired.

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Speaker 4: What is interesting about this is I actually desire the

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Speaker 4: same world that the plan.

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Speaker 3: If it's same.

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Speaker 4: He's saying that, oh, we want to take race out

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Speaker 4: of it.

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Speaker 3: I'd love to live in that world.

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Speaker 2: That would be amazing. I love that would be incredible.

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Speaker 3: Actually want what you want.

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Speaker 4: I would love to live in that world where we

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Speaker 4: don't have to have programs for black people, or have

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Speaker 4: programs for people of color, or have programs for latinas.

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Speaker 3: I would like to live in that world too.

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Speaker 4: But because we don't live in an equitable society, that's

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Speaker 4: why these programs are created.

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Speaker 3: But what's your outcome of what you desire? I desire

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Speaker 3: that too.

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Speaker 5: I've been saying for a long time the venture capital

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Speaker 5: is broken, especially for this reason because the big twelve

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Speaker 5: Airbnb coin base audacity like none of them have any

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Speaker 5: black founders. Can you tell us, like how much increase

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Speaker 5: we would see in GDP if more black and brown

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Speaker 5: founders were given capital and then we're led to the

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Speaker 5: i PO eventually at.

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Speaker 2: The end of the day.

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Speaker 3: Yeah, that's that's what people are concerned about.

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Speaker 4: Yep, that's why I'm so glad you asked that question

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Speaker 4: because when you that's why I also gave that circle

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Speaker 4: of how it's going from here to here to here

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Speaker 4: and not going there. The second you empower more black

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Speaker 4: founders with more capital and fusion, you now have more

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Speaker 4: wealth creation that will then go back into our communities.

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Speaker 4: You have more job creation that goes back into our communities.

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Speaker 4: You start to reduce the wealth gap, which is why

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Speaker 4: we're in the business doing the stuff that we're doing. Anyway,

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Speaker 4: as an Angel investor, the thesis for the Fearless Fund

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Speaker 4: just happens to be women of color. But as an

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Speaker 4: Angel investor, I invest in black males all the time.

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Speaker 4: I'm on plenty of cap tables. I got checks all

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Speaker 4: the time in that area.

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Speaker 3: Because that is the reality. We will help reduce.

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Speaker 4: The wealth gap by investing in our black founders.

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Speaker 6: D Can you talk about the lawsuits being filed in

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Speaker 6: the state of Georgia.

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Speaker 3: That is correct, in the eleventh District. It's a federal court, right.

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Speaker 6: I wanted to go about the intentionality of where that

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Speaker 6: the lawsuits being fouled, because I think that's important. The

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Speaker 6: trickle down effect of how Supreme Court now could you know,

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Speaker 6: come into play and the effects of that and who's

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Speaker 6: been placed in those positions.

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Speaker 3: Were sure, you're exactly right.

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Speaker 4: We've noticed that the plaintiff will file cases in areas

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Speaker 4: where they think that the judges are in their favor.

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Speaker 4: I don't know why we were targeted in particular, but

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Speaker 4: that's somebody's that That has been people's theory.

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Speaker 3: They're like, oh, they're in Georgia.

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Speaker 4: And the way the federal courts work is that, you know,

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Speaker 4: the they basically the judges are picked on a lottery,

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Speaker 4: so it's the luck of the draw of who you get.

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Speaker 7: So you mentioned something about the pension system, and Robert

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Speaker 7: Smith has said before what he thinks that it should

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Speaker 7: be a mandate of like.

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Speaker 2: Let's say, if it's.

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Speaker 7: Teachers of New York City's pension and twenty five percent

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Speaker 7: of teachers are black, then twenty five percent of the

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Speaker 7: capital should be managed by black fund managers. So as

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Speaker 7: far as that is, that is that something you to

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Speaker 7: talk about legislation? Is that something that is like could

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Speaker 7: be legislation as far as you know public funds and

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Speaker 7: how how would that actually work as far as that

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Speaker 7: is concerned.

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Speaker 4: No, you you hit the nail on the head. The

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Speaker 4: reason why is because the public sector is governed by

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Speaker 4: the government. So that's why I was saying policies need

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Speaker 4: to be put in place.

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Speaker 3: You gave a perfect example.

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Speaker 4: If twenty five percent of the teachers is black, we

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Speaker 4: need twenty five percent of their money going to black

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Speaker 4: fund managers, and not just the black fund managers, black

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Speaker 4: fund managers that are investing in black businesses. Just because

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Speaker 4: you get a black fund manager doesn't necessarily mean that

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Speaker 4: it's going into a black business. So we got to

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Speaker 4: make sure it's going all the way around. But you

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Speaker 4: are correct, we're going to need some policies put in place,

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Speaker 4: some put in place, and some minority mandates that reflect

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Speaker 4: the demographics of the people, even in the city, that

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Speaker 4: reflected the demographics of the contracts. Every city should be

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Speaker 4: functioning like that. Every pentry fund should be functioning like that.

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Speaker 4: Any public entity should be serving the people that are there.

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Speaker 4: It should be serving the people that are there fairly.

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Speaker 5: Yeah, when you're cutting checks as an angel, like, what

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Speaker 5: are you looking for in a startup that will make

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Speaker 5: you say, I have to be a part of this

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Speaker 5: business or they're in the industry that I'm really attracted

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Speaker 5: to Because I'm sure some people tonight want to be

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Speaker 5: able to be in contact with you or get funded

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Speaker 5: for the business.

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Speaker 2: So what are you looking for in a superstar.

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Speaker 4: Startup and a superstar startup? It's no different than at

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Speaker 4: the fund. We look at how strong the brand story

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Speaker 4: is because that's what we know other investors will buy into.

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Speaker 4: We look at how strong the product is, how strong

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Speaker 4: the team is, because once you sell something, can you

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Speaker 4: actually execute on it. We look at the traction. You know,

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Speaker 4: intraction can mean a lot of things. It could be

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Speaker 4: social media following, it could be email lists, it could

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Speaker 4: be sales, it could be a lot of different things.

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Speaker 4: But you got to be at approved traction, attraction and

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Speaker 4: brand story. You already got my ear. The other things

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Speaker 4: we have to look into further. If it's a preseat deal,

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Speaker 4: meaning they have no revenue. You're literally betting on the founder.

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Speaker 4: There is a level of I would say intuition that

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Speaker 4: definitely goes into this, and there are some people, in

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Speaker 4: my opinion who may be a little bit more rough

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Speaker 4: around the edges. But I'm like, if you got the

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Speaker 4: hustle and you got the grit, we could put some

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Speaker 4: corporate folks around you. Yeah, but if you got the

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Speaker 4: because the hustle and the grit, I can't go I

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Speaker 4: can't go hire.

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Speaker 5: I can't find that.

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Speaker 3: Yeah, I can't go hire that.

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Speaker 4: But if I know you got the tenacity that you're

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Speaker 4: gonna be resilient and you're gonna weather the.

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Speaker 3: Storm, I'm like, Okay, I can work with that.

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Speaker 4: But yeah, So there's a level of what's on paper

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Speaker 4: and there's still a level of intuition.

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Speaker 6: Are you able to share some of the companies that

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Speaker 6: you invested in. I know that there's a former alumni

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Speaker 6: of our show, Pinky Cold.

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Speaker 4: Oh yes, I definitely can, and they're even also on

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Speaker 4: our website Fearless That Fun. So we've invested in Slutty Vegan,

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Speaker 4: the Lit Bar, Partake thirteen, a whole, a lot of

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Speaker 4: I would say, I take pride. And when I see

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Speaker 4: that women of color lists pop up a lot.

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Speaker 3: Yeah, I mean we dominate that list.

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Speaker 4: So I take pride like our girls have been on

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Speaker 4: the cover from the Inks to the They're on everybody's

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Speaker 4: Forbes list.

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Speaker 3: They've made Time one hundred.

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Speaker 4: I saw Pinky just made it, but others have made

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Speaker 4: it too, has made the Time one hundred lists like

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Speaker 4: they are. These girls are rock stars. They are running

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Speaker 4: multimillion dollar businesses. They are growing and scaling at rapid rates.

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Speaker 4: They are doing awesome. I'm very proud of what we've

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Speaker 4: invested in.

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Speaker 1: An illegal alien from Guatemala charged with raping a child

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Speaker 1: in Massachusetts. An MS thirteen gang member from El Salvador

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Speaker 1: accused of murdering a Texas man of Venezuelan charged with

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Speaker 1: filming and selling child pornography in Michigan. These are just

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Speaker 1: some of the heinous migrant criminals caught because of President

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Speaker 1: Donald J. Trump's leadership. I'm Christy Noman, the United States

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Speaker 1: Secretary of Homeland Security. Under President Trump, Attempted illegal border

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Speaker 1: crossings are at the lowest levels ever recorded, and over

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Speaker 1: one hundred thousand illegal aliens have been arrested. If you

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Speaker 1: are here illegally, your next you will be fine nearly

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Speaker 1: one thousand dollars a day. Imprisoned and deported, you will

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Speaker 1: never return. But if you register using our CBP home

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Speaker 1: app and leave now, you could be allowed to return legally.

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Speaker 1: Do what's right. Leave now. Under President Trump America's laws,

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Speaker 1: border and families will be protected.

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Speaker 2: Sponsored by the United States Department of Homeland Security,