1 00:00:00,080 --> 00:00:04,360 Speaker 1: We've had conversations here at Avro Tech with some of 2 00:00:04,400 --> 00:00:10,280 Speaker 1: the most incredible founders, technologies, scientists, dreamers and vcs, and 3 00:00:10,280 --> 00:00:13,160 Speaker 1: I'm excited to bring you today a talk between Blavity 4 00:00:13,240 --> 00:00:16,959 Speaker 1: CEO Morgan Dubon and Olan Douglas, who was one of 5 00:00:17,000 --> 00:00:20,919 Speaker 1: the first financiers to raise over a hundred fifty million 6 00:00:20,960 --> 00:00:25,880 Speaker 1: dollars for his fund at Motley Fool Ventures. He serves 7 00:00:25,920 --> 00:00:28,600 Speaker 1: his managing partner at Motley full Ventures, which is an 8 00:00:28,640 --> 00:00:33,000 Speaker 1: early stage technology based venture fund focused on companies at 9 00:00:33,000 --> 00:00:36,720 Speaker 1: this series A level for any wanted to see suite 10 00:00:36,800 --> 00:00:40,560 Speaker 1: who's looking to find that next elevation. Olan talks about 11 00:00:40,640 --> 00:00:44,600 Speaker 1: being a CFO, he transforming into a VC and raising 12 00:00:44,640 --> 00:00:48,760 Speaker 1: one of the largest funds on record to invest in startups. 13 00:00:48,800 --> 00:00:51,800 Speaker 1: We are going to talk all about Motley Fool and 14 00:00:52,000 --> 00:00:54,920 Speaker 1: his entire journey. UM. You all may not know this, 15 00:00:55,000 --> 00:00:57,600 Speaker 1: but he was one of the first people to raise 16 00:00:57,680 --> 00:01:04,160 Speaker 1: over a hundred fifty million dollars for financing and fund UM. 17 00:01:04,360 --> 00:01:06,600 Speaker 1: So why don't you tell us a little bit about yourself? 18 00:01:06,600 --> 00:01:09,800 Speaker 1: Where are you from, where you raised UM, and then 19 00:01:09,800 --> 00:01:13,880 Speaker 1: we'll get into it. Okay, Yes, and I'm Olden Douglas 20 00:01:14,240 --> 00:01:18,040 Speaker 1: and right now I'm managing director of Motley Fool Ventures. 21 00:01:18,280 --> 00:01:21,560 Speaker 1: I was born in Baltimore, Maryland, um in Steel considered 22 00:01:21,560 --> 00:01:27,080 Speaker 1: Baltimore my home. My background is in accounting and finance. 23 00:01:27,520 --> 00:01:33,440 Speaker 1: I was worked at KPMG a few large banks and 24 00:01:33,480 --> 00:01:37,720 Speaker 1: then came to the Motley Fool about almost twenty years ago. 25 00:01:38,160 --> 00:01:40,480 Speaker 1: And for most of the time at the Motley Pool 26 00:01:41,000 --> 00:01:43,880 Speaker 1: prior to launching the fund, I was their chief financial officer. 27 00:01:45,200 --> 00:01:47,120 Speaker 1: To tell us a little bit about Motley Fool, I 28 00:01:47,400 --> 00:01:50,400 Speaker 1: personally been investing since I was a little girl, probably 29 00:01:50,400 --> 00:01:54,320 Speaker 1: like thirteen or fourteen years old, and I remember Motley Fool. 30 00:01:54,480 --> 00:01:57,120 Speaker 1: I used to read Motley Fool all only the free stuff, 31 00:01:57,160 --> 00:02:02,680 Speaker 1: because you know, and then I read UM Black Enterprise. 32 00:02:02,760 --> 00:02:06,600 Speaker 1: They used to have like a stock section UM. And 33 00:02:06,640 --> 00:02:09,359 Speaker 1: then I had a Charles Schwab account and so you know, 34 00:02:09,440 --> 00:02:12,040 Speaker 1: charl Schwab has all the little ratings and things. I 35 00:02:12,080 --> 00:02:15,160 Speaker 1: used to read those. UM tell me about the Motley 36 00:02:15,200 --> 00:02:17,160 Speaker 1: Fool like for those of people who don't know what 37 00:02:17,400 --> 00:02:19,920 Speaker 1: is like the business, and then we'll get into you know, 38 00:02:19,960 --> 00:02:23,600 Speaker 1: the fund for sure. So the business of the Motley 39 00:02:23,639 --> 00:02:26,960 Speaker 1: Fool is helping people to learn how to invest in 40 00:02:27,040 --> 00:02:30,600 Speaker 1: the stock market. And it's really interesting, Morgan in the 41 00:02:30,760 --> 00:02:34,160 Speaker 1: sense that when you think about all the opportunities to 42 00:02:34,720 --> 00:02:39,840 Speaker 1: create wealth, um, the stock market, I believe is probably 43 00:02:39,840 --> 00:02:45,480 Speaker 1: the most democratized. Access to wealth is by far t 44 00:02:45,639 --> 00:02:48,359 Speaker 1: D eight emlitary does not care what you look like, 45 00:02:48,639 --> 00:02:52,200 Speaker 1: and they don't ask. They don't care, right Schwab doesn't care, 46 00:02:52,280 --> 00:02:54,680 Speaker 1: Robin Hood doesn't there There are none of the barriers 47 00:02:54,720 --> 00:02:57,640 Speaker 1: that you have when I just real estate investing and 48 00:02:57,720 --> 00:02:59,840 Speaker 1: someone has to sell you that I don't have to 49 00:02:59,840 --> 00:03:01,920 Speaker 1: call all up Tim Cooked to buy Apple, you know, 50 00:03:01,919 --> 00:03:03,880 Speaker 1: in the fact about try he wouldn't talk to me. 51 00:03:04,240 --> 00:03:07,120 Speaker 1: It really is. It's something and with some of the 52 00:03:07,200 --> 00:03:12,679 Speaker 1: changes now, we're making it access even better. Um well, 53 00:03:12,880 --> 00:03:15,359 Speaker 1: through the stock market, if you have a long term horizon, 54 00:03:15,600 --> 00:03:18,280 Speaker 1: is really just a fantastic opportunity. And that's what the 55 00:03:18,280 --> 00:03:21,680 Speaker 1: Motley Fool does is teaches people how to find stocks 56 00:03:21,720 --> 00:03:23,680 Speaker 1: and do it in a way where you're not competing 57 00:03:24,360 --> 00:03:27,519 Speaker 1: necessarily with the pros who are doing on a daily basis, 58 00:03:27,560 --> 00:03:31,720 Speaker 1: which is a long term um uh investing horizon where 59 00:03:31,720 --> 00:03:36,880 Speaker 1: you're investing in great companies. That's awesome. UM So let's 60 00:03:36,920 --> 00:03:39,720 Speaker 1: talk a little bit about your journey, and you know, 61 00:03:39,760 --> 00:03:42,400 Speaker 1: being CFO of the Motley Fool is a huge deal. 62 00:03:42,600 --> 00:03:44,560 Speaker 1: And I know a lot of people that are watching 63 00:03:44,600 --> 00:03:47,560 Speaker 1: this probably have corporate paths as well as when they 64 00:03:47,560 --> 00:03:49,920 Speaker 1: started off in the corporate world and then now are 65 00:03:49,960 --> 00:03:52,600 Speaker 1: interested in being an entrepreneur have started their business because 66 00:03:52,600 --> 00:03:55,680 Speaker 1: we're on the founder stage. UM, I feel like all 67 00:03:55,720 --> 00:03:58,480 Speaker 1: my friends you raise funds, really feel like entrepreneurs for 68 00:03:58,480 --> 00:04:02,720 Speaker 1: the first time. So fired to that you were, like, 69 00:04:03,040 --> 00:04:06,040 Speaker 1: you know, a huge operator of a big entity. Tell 70 00:04:06,080 --> 00:04:07,960 Speaker 1: me a little bit about that journey, like what made 71 00:04:07,960 --> 00:04:11,040 Speaker 1: you decide to go on this career track and um, 72 00:04:11,320 --> 00:04:12,600 Speaker 1: one of the kind of things that you do at 73 00:04:12,640 --> 00:04:16,400 Speaker 1: c CFO. Okay, that's interesting. I'll tell you a story 74 00:04:16,400 --> 00:04:19,560 Speaker 1: about how I, uh joined aboutly for well, I was 75 00:04:19,560 --> 00:04:24,320 Speaker 1: working in the in the banking industry and uh, back there, 76 00:04:24,360 --> 00:04:28,200 Speaker 1: you had United Weight campaigns and um, you people were 77 00:04:28,320 --> 00:04:32,159 Speaker 1: very much encouraged to participate in United Weight campaigns. And 78 00:04:32,200 --> 00:04:36,039 Speaker 1: I remember this moment when someone came to me and said, Uh, 79 00:04:36,160 --> 00:04:42,039 Speaker 1: we're running a campaign. We're encouraging everyone to participate. You 80 00:04:42,080 --> 00:04:44,120 Speaker 1: don't have to, but we just want you to know 81 00:04:44,200 --> 00:04:45,800 Speaker 1: that if you don't, we're gonna give your name to 82 00:04:45,839 --> 00:04:49,480 Speaker 1: the CEO of the company. Oh my gosh, all right, well, 83 00:04:49,520 --> 00:04:51,839 Speaker 1: I don't know, I don't know how voluntary that's said. 84 00:04:53,520 --> 00:04:55,839 Speaker 1: And um, I tend to be someone who likes to 85 00:04:57,160 --> 00:04:59,920 Speaker 1: change from within the system, right, So I'm not gonna 86 00:05:00,000 --> 00:05:02,479 Speaker 1: I'm not gonna start a revolution and burn the place down, 87 00:05:02,520 --> 00:05:04,520 Speaker 1: but you know I'm gonna you know. So I said 88 00:05:04,560 --> 00:05:07,679 Speaker 1: to myself, well, no, this is you know, this is crap. 89 00:05:07,760 --> 00:05:09,760 Speaker 1: But if I'm gonna do this, I'm gonna do it 90 00:05:09,800 --> 00:05:11,560 Speaker 1: the right way. And I know this company called the 91 00:05:11,600 --> 00:05:15,240 Speaker 1: Motley Fool, and they teach you how to invest in 92 00:05:15,880 --> 00:05:18,280 Speaker 1: charities to ensure that you can do the research on them. 93 00:05:18,279 --> 00:05:23,000 Speaker 1: And you find ones where the money goes to um 94 00:05:23,080 --> 00:05:27,719 Speaker 1: to the charity and not just two administrations. And um 95 00:05:27,760 --> 00:05:32,000 Speaker 1: I looked up United Black Charities and one of the 96 00:05:32,000 --> 00:05:34,680 Speaker 1: things about the pool says, it's checked the job wanted 97 00:05:34,680 --> 00:05:37,000 Speaker 1: boards because you want to make sure they're not changing 98 00:05:37,000 --> 00:05:39,840 Speaker 1: out of directors, so it's not in transition some more, 99 00:05:39,960 --> 00:05:42,119 Speaker 1: you're not in Black charities. I'm looking for the job boys. 100 00:05:42,120 --> 00:05:43,800 Speaker 1: And what do I see as an ad for the 101 00:05:43,839 --> 00:05:47,360 Speaker 1: Motley Fool? You know, like wow, it's like I don't 102 00:05:47,360 --> 00:05:50,360 Speaker 1: even know you were in my neighborhood there in Alexandria, Virginia. 103 00:05:50,400 --> 00:05:52,640 Speaker 1: At that time, I was in a suburb. I was like, man, 104 00:05:52,680 --> 00:05:57,960 Speaker 1: that's crazy. Um, and then I applied, and as it 105 00:05:57,960 --> 00:05:59,600 Speaker 1: turns out, they were doing a radio show at a 106 00:05:59,680 --> 00:06:02,919 Speaker 1: confer prints that beacon. So I said, well, let me 107 00:06:02,960 --> 00:06:06,080 Speaker 1: go to this conference and check them out and see 108 00:06:06,200 --> 00:06:08,880 Speaker 1: see how these guys are behind the scenes, you know. 109 00:06:08,920 --> 00:06:11,120 Speaker 1: And it was crazy and uh. And so first of all, 110 00:06:11,120 --> 00:06:14,160 Speaker 1: I went. They were speaking at the end of the conference. 111 00:06:14,240 --> 00:06:16,320 Speaker 1: It was like a two day big conference, so I 112 00:06:16,360 --> 00:06:18,120 Speaker 1: went at the end so I didn't have to pay, 113 00:06:18,200 --> 00:06:21,120 Speaker 1: so I could just go to they They were kind 114 00:06:21,120 --> 00:06:22,840 Speaker 1: of closing at that point, and they were doing the 115 00:06:23,000 --> 00:06:26,160 Speaker 1: radio show live, and I said, well, these guys seem 116 00:06:26,200 --> 00:06:28,960 Speaker 1: like they're really fun and interesting, but I want to 117 00:06:28,960 --> 00:06:33,000 Speaker 1: see how they treat their employees when the cameras go off, 118 00:06:33,000 --> 00:06:34,520 Speaker 1: like doing the breaks. Did they turn in the crust 119 00:06:34,520 --> 00:06:37,000 Speaker 1: of the crown clown with like smoking cigarettes? And you know, 120 00:06:37,440 --> 00:06:39,000 Speaker 1: it cursed me right out, and I said, I'm just 121 00:06:39,000 --> 00:06:42,560 Speaker 1: gonna sit in the audience and um, see what happens. 122 00:06:42,920 --> 00:06:45,480 Speaker 1: And so I got there. I'm sitting there and watching 123 00:06:45,480 --> 00:06:47,640 Speaker 1: them doing the show. They're they're pretty much the way 124 00:06:47,680 --> 00:06:51,920 Speaker 1: they are beforehand. And then the first commercial break comes, 125 00:06:53,160 --> 00:06:56,120 Speaker 1: everyone takes a break. They come out and they said, okay, everybody, 126 00:06:56,120 --> 00:06:58,120 Speaker 1: before we do anything, I just want to do something else. 127 00:06:58,160 --> 00:07:00,760 Speaker 1: Let me bring up our producers so and so and 128 00:07:00,760 --> 00:07:02,839 Speaker 1: he said, and his mom and dad in the audience. 129 00:07:02,880 --> 00:07:04,680 Speaker 1: So let's I'll say hi to their mom and dad. 130 00:07:04,720 --> 00:07:06,720 Speaker 1: And I was like, wow, this kind of this is 131 00:07:06,800 --> 00:07:08,960 Speaker 1: when like no one was looking. The cameras ran on, 132 00:07:09,080 --> 00:07:11,480 Speaker 1: it wasn't being filmed. I'm said, wow, that's pretty cool. 133 00:07:12,040 --> 00:07:14,960 Speaker 1: And then um, I'm sitting there and here my arms folded, 134 00:07:15,080 --> 00:07:17,000 Speaker 1: just really kind of checking them out. And the next 135 00:07:17,000 --> 00:07:20,040 Speaker 1: commercial break comes and a guy walks up to me 136 00:07:20,040 --> 00:07:21,200 Speaker 1: and he says, hey, you know, what can you do 137 00:07:21,280 --> 00:07:24,080 Speaker 1: me a favor? I love you to read this promote 138 00:07:24,080 --> 00:07:28,320 Speaker 1: promo for our advertiser. Like well, I mean, like, I 139 00:07:28,360 --> 00:07:30,960 Speaker 1: don't know, you're sitting there like cool. So somewhere there's 140 00:07:30,960 --> 00:07:34,480 Speaker 1: a promoe from me hawking Crispy Cream on the Motley 141 00:07:34,520 --> 00:07:38,800 Speaker 1: fool from a from like two thousand, Chiece Housing and 142 00:07:39,160 --> 00:07:43,480 Speaker 1: something like that. So that was my introduction. I met 143 00:07:43,520 --> 00:07:47,880 Speaker 1: the founders at the meeting. I had a I got 144 00:07:47,960 --> 00:07:50,720 Speaker 1: past per screen an interview. I go into the office 145 00:07:50,720 --> 00:07:52,600 Speaker 1: the brothers of Tom and Dave. I go in, I 146 00:07:52,640 --> 00:07:55,640 Speaker 1: see them. I called David Tom and Tom David, you know, 147 00:07:57,160 --> 00:07:59,920 Speaker 1: and um, it was interesting, but I got through that 148 00:08:00,000 --> 00:08:06,120 Speaker 1: at I started UM in January two tho one. In 149 00:08:06,160 --> 00:08:09,960 Speaker 1: my second day at the company, I went in and 150 00:08:10,120 --> 00:08:15,280 Speaker 1: had to tell them that they had too many people. 151 00:08:16,560 --> 00:08:19,560 Speaker 1: My title was Director of Financial Planning and Budgeting. And 152 00:08:19,800 --> 00:08:24,040 Speaker 1: was there a CFL Yes, Uh, they were there was 153 00:08:24,080 --> 00:08:25,840 Speaker 1: a CFO, right, and we were kind of you know, 154 00:08:25,840 --> 00:08:28,600 Speaker 1: any transitioning. But I was coming in with like kind 155 00:08:28,640 --> 00:08:31,920 Speaker 1: of strong financial analysis background, Like financial planning is kind 156 00:08:31,920 --> 00:08:35,160 Speaker 1: of a lot of what I had done. UM. And 157 00:08:35,200 --> 00:08:36,880 Speaker 1: it was one of those situations and it was public 158 00:08:36,920 --> 00:08:39,160 Speaker 1: at the time. You could probably look it up. But 159 00:08:39,559 --> 00:08:44,240 Speaker 1: we we had like five months of runway and I 160 00:08:44,320 --> 00:08:47,079 Speaker 1: was like and people, I was like, guys, I mean 161 00:08:48,040 --> 00:08:51,640 Speaker 1: and it was really collegial placed in you guys like everyone, 162 00:08:51,720 --> 00:08:55,160 Speaker 1: but you know, we gotta this is we just this 163 00:08:55,240 --> 00:08:59,440 Speaker 1: is not working, you know. And that started, um, you know, 164 00:08:59,600 --> 00:09:04,960 Speaker 1: and that started maybe like nine months of restructuring a 165 00:09:04,960 --> 00:09:07,040 Speaker 1: company where we went from over four hundred to under 166 00:09:07,040 --> 00:09:11,600 Speaker 1: a hundred UM and really formed the foundation what we're doing. 167 00:09:12,160 --> 00:09:13,319 Speaker 1: And the only thing I want to add to that, 168 00:09:13,360 --> 00:09:16,040 Speaker 1: which is really actually I felt over time, is that 169 00:09:16,080 --> 00:09:18,199 Speaker 1: the story is true, that's kind of how it happened. 170 00:09:18,200 --> 00:09:20,640 Speaker 1: But what's what gets lost that a little bit is 171 00:09:20,640 --> 00:09:24,920 Speaker 1: that there's no way someone can walk into a company 172 00:09:25,000 --> 00:09:28,800 Speaker 1: in two days later kind of delivered that message with confidence, 173 00:09:28,880 --> 00:09:31,600 Speaker 1: without a lot of help and support from people who 174 00:09:31,600 --> 00:09:35,280 Speaker 1: were already there and so, you know, and it just 175 00:09:35,360 --> 00:09:37,880 Speaker 1: kind of speaks to the caliber of the company and 176 00:09:37,880 --> 00:09:39,520 Speaker 1: the people that were then. A lot of those people 177 00:09:39,520 --> 00:09:43,600 Speaker 1: who helped me to be helped basically an unknown person 178 00:09:43,720 --> 00:09:47,959 Speaker 1: to come in and be successful are still there today, 179 00:09:48,000 --> 00:09:49,640 Speaker 1: which is really kind of cool. Well, there's a couple 180 00:09:49,679 --> 00:09:51,040 Speaker 1: of things that I want to highlight for our appro 181 00:09:51,120 --> 00:09:54,960 Speaker 1: tech community. One, you're a hustler. You were our friends 182 00:09:55,280 --> 00:09:58,960 Speaker 1: didn't buy a ticket. Shout out to anybody watching this 183 00:09:59,000 --> 00:10:01,000 Speaker 1: who didn't actually buy a take it to afro Tech 184 00:10:01,040 --> 00:10:05,520 Speaker 1: because you're still here. I'm taking my CEO hat off. 185 00:10:05,640 --> 00:10:08,600 Speaker 1: I support you because at the end of the day, 186 00:10:09,320 --> 00:10:12,520 Speaker 1: we as a people, doors aren't always open, right and 187 00:10:12,559 --> 00:10:18,840 Speaker 1: you can't let ticket prices, you know, permission asking lines. 188 00:10:18,960 --> 00:10:20,600 Speaker 1: You know, I'd be at a club. You're like, you 189 00:10:20,640 --> 00:10:23,000 Speaker 1: know what, guys, we're not waiting in this line. We're 190 00:10:23,000 --> 00:10:25,040 Speaker 1: gonna go to the front and just make sure before 191 00:10:25,320 --> 00:10:28,400 Speaker 1: we stand on this line. Right. So that's one thing 192 00:10:28,440 --> 00:10:30,320 Speaker 1: I love about our people, and I think it's just 193 00:10:30,320 --> 00:10:34,880 Speaker 1: so indicative of your entrepreneurial spirit. And UM, you know, 194 00:10:34,880 --> 00:10:37,920 Speaker 1: I don't want to overlook that because sometimes and oftentimes 195 00:10:37,960 --> 00:10:41,680 Speaker 1: in tech and definitely a corporate spaces, you have to 196 00:10:41,800 --> 00:10:44,360 Speaker 1: really show up. You have to be aggressive. And you 197 00:10:44,400 --> 00:10:48,040 Speaker 1: were politely aggressive, right, but you you had a mission 198 00:10:48,080 --> 00:10:52,120 Speaker 1: in mind, right, And I think that that is, um, 199 00:10:52,120 --> 00:10:54,400 Speaker 1: really admirable. You know that you've been able, you were 200 00:10:54,440 --> 00:10:57,120 Speaker 1: able to navigate through and I imagine that's often how 201 00:10:57,160 --> 00:10:59,640 Speaker 1: your career has gone. You're kind of like, hey, I'm here. 202 00:11:00,160 --> 00:11:02,160 Speaker 1: So I just wanted to call that out because I 203 00:11:02,160 --> 00:11:04,560 Speaker 1: think many many people watching are kind of feel the 204 00:11:04,600 --> 00:11:09,440 Speaker 1: same way. And I've had similar stories. Um so CFO 205 00:11:09,559 --> 00:11:14,240 Speaker 1: you come, CFO. UM, stabilize the business, you know, build 206 00:11:14,480 --> 00:11:19,040 Speaker 1: build into cash flow positive. Uh. Many many media companies 207 00:11:19,520 --> 00:11:23,040 Speaker 1: are not successful. Um do you all consider yourself a 208 00:11:23,040 --> 00:11:27,320 Speaker 1: media company? First? I don't know, Uh, not really. I 209 00:11:27,360 --> 00:11:29,199 Speaker 1: think one of the interesting things about the month when 210 00:11:29,240 --> 00:11:32,439 Speaker 1: you take the name is that obviously you're you're you're 211 00:11:32,440 --> 00:11:34,720 Speaker 1: screaming to the world that you don't take yourself seriously, 212 00:11:34,760 --> 00:11:36,920 Speaker 1: but then you're also saying that you're kind of not 213 00:11:36,960 --> 00:11:39,960 Speaker 1: going to fit into a box. And so people call 214 00:11:40,040 --> 00:11:43,200 Speaker 1: us a media company, sometimes financial services. We don't know 215 00:11:43,240 --> 00:11:46,600 Speaker 1: if there's really a title that fits the monthly fool, 216 00:11:46,640 --> 00:11:48,600 Speaker 1: but we don't really care about that, you know, it's 217 00:11:48,600 --> 00:11:51,720 Speaker 1: just we just want to help people UM and you 218 00:11:51,760 --> 00:11:54,720 Speaker 1: know it's it's a smarter, happier, and richer We're company 219 00:11:54,760 --> 00:11:57,400 Speaker 1: that's trying to make people smarter, happier, and richer and 220 00:11:57,440 --> 00:12:02,480 Speaker 1: whatever whatever box makes you comfortable dealing with us is 221 00:12:02,559 --> 00:12:05,120 Speaker 1: the box will be like, we're not offended by being 222 00:12:05,120 --> 00:12:11,120 Speaker 1: called the media company. That amazing. So let's fast forward. 223 00:12:11,360 --> 00:12:16,360 Speaker 1: So you raised a fantastic fun It launched in over 224 00:12:16,480 --> 00:12:18,960 Speaker 1: eight hundred LPs, which is quite rare for a fund 225 00:12:19,000 --> 00:12:23,240 Speaker 1: of that guys, UM, I believe at least our women 226 00:12:23,480 --> 00:12:28,920 Speaker 1: LPs also fantastic. So tell me about the road to 227 00:12:30,559 --> 00:12:34,160 Speaker 1: UM and I believe to raise it in under a year, 228 00:12:34,200 --> 00:12:39,600 Speaker 1: which is also unheard of. Folks like insane statistics and 229 00:12:40,400 --> 00:12:44,960 Speaker 1: he's a black man, right, not fun, So so tell 230 00:12:45,040 --> 00:12:47,600 Speaker 1: me tell me the journey to that, like, how did 231 00:12:47,640 --> 00:12:51,319 Speaker 1: you what? How did how did we get here? Yeah? 232 00:12:51,360 --> 00:12:55,320 Speaker 1: It was It was interesting and I think the genesis 233 00:12:55,320 --> 00:13:00,760 Speaker 1: of it was twofold UM back in can't rememben the 234 00:13:00,800 --> 00:13:06,160 Speaker 1: exact time frame, but UH, prior to launching the venture fund, 235 00:13:06,160 --> 00:13:09,439 Speaker 1: we made a little pilot program internally. That pilot program 236 00:13:09,520 --> 00:13:12,120 Speaker 1: had its genesis and we had a Demotley Fool. We 237 00:13:12,160 --> 00:13:16,719 Speaker 1: had a subsidiary in the United Kingdom UM that it 238 00:13:16,880 --> 00:13:19,520 Speaker 1: was also in the financial services. It was closer to 239 00:13:19,600 --> 00:13:21,880 Speaker 1: like a Nerd Wallet type of company, where the Motley 240 00:13:21,960 --> 00:13:25,240 Speaker 1: Fool is more about kind of like the investments and ideas. 241 00:13:25,720 --> 00:13:27,360 Speaker 1: And that was fine at the time, but we had 242 00:13:27,400 --> 00:13:30,480 Speaker 1: wanted to focus the brand a little bit more and 243 00:13:30,679 --> 00:13:33,400 Speaker 1: be more about kind of less on the advertising side 244 00:13:33,440 --> 00:13:37,160 Speaker 1: more and the subscriptions and asset management. And so we 245 00:13:37,200 --> 00:13:41,640 Speaker 1: needed to make a change in that business. And the 246 00:13:41,760 --> 00:13:45,160 Speaker 1: long story short, instead of shutting that business down, we 247 00:13:45,240 --> 00:13:50,360 Speaker 1: decided to UH organize a structure and management buyout. We 248 00:13:50,400 --> 00:13:55,439 Speaker 1: sold it to the company and we retained UM as 249 00:13:55,520 --> 00:13:57,400 Speaker 1: kind of owners, so it was like a friendly management 250 00:13:57,400 --> 00:13:59,880 Speaker 1: buyout instead of laying out vote a bunch of people 251 00:14:00,040 --> 00:14:03,240 Speaker 1: actually created a company with entrepreneurs. They went on to 252 00:14:03,280 --> 00:14:07,080 Speaker 1: sell the company years later, and we made multiples of 253 00:14:07,559 --> 00:14:09,800 Speaker 1: the shutdown costs and say every much lives made a 254 00:14:09,840 --> 00:14:11,680 Speaker 1: few millionaires. You know. So it's really kind of a 255 00:14:11,720 --> 00:14:14,520 Speaker 1: good story. And that got me thinking about I gotta 256 00:14:14,520 --> 00:14:20,040 Speaker 1: say about what this private company thing is interesting? And uh, 257 00:14:20,400 --> 00:14:24,280 Speaker 1: shortly after, our CEO, Tom Gardner, he had an idea. 258 00:14:24,960 --> 00:14:26,760 Speaker 1: He wants to go to company. He looks at his 259 00:14:26,840 --> 00:14:31,720 Speaker 1: leadership team, he feels like he has a kind of 260 00:14:31,760 --> 00:14:33,480 Speaker 1: trust in him. He says, for all of us, I'm 261 00:14:33,480 --> 00:14:36,920 Speaker 1: going to allocate a million knowledge to each of you. 262 00:14:37,720 --> 00:14:40,160 Speaker 1: Go off in experiment with something that you think can 263 00:14:40,200 --> 00:14:43,480 Speaker 1: be big for the company in the future. Put together 264 00:14:43,520 --> 00:14:46,320 Speaker 1: your plan and come presented to us. We like it, 265 00:14:46,360 --> 00:14:49,880 Speaker 1: We'll try it, you know. And so everyone, just four 266 00:14:50,000 --> 00:14:54,080 Speaker 1: or five of us, went off. I came back with, Hey, 267 00:14:54,800 --> 00:14:56,560 Speaker 1: I kind of like this. Uh you know that if 268 00:14:56,640 --> 00:14:58,440 Speaker 1: you love me, I love luck, they love money thing. 269 00:14:58,520 --> 00:15:00,760 Speaker 1: Let me see if we can do some more private 270 00:15:00,760 --> 00:15:06,680 Speaker 1: company investing. Um. They said yes, And so we did that, 271 00:15:07,160 --> 00:15:09,640 Speaker 1: uh for a few years, for about four or five years. 272 00:15:09,640 --> 00:15:11,960 Speaker 1: We had some pretty good returns, a couple of exits, 273 00:15:12,680 --> 00:15:17,440 Speaker 1: and the time came to either go back to my 274 00:15:17,520 --> 00:15:21,280 Speaker 1: day job full time or um or kind of do 275 00:15:21,400 --> 00:15:23,440 Speaker 1: this seriously. And I will tell you a little bit 276 00:15:23,440 --> 00:15:27,000 Speaker 1: longer version because it cracks me up and it's it's 277 00:15:27,120 --> 00:15:32,320 Speaker 1: um are reflecting on what I learned and and my 278 00:15:32,360 --> 00:15:37,040 Speaker 1: experiences sometimes I really enjoyed. But I wanted to continue 279 00:15:37,080 --> 00:15:38,720 Speaker 1: to do the fund and all honestly, I wanted to 280 00:15:38,720 --> 00:15:41,560 Speaker 1: continue do the fund as a high project. I wanted Thomas, 281 00:15:41,800 --> 00:15:43,680 Speaker 1: can you just allocate some more money off in the 282 00:15:43,680 --> 00:15:47,280 Speaker 1: balance sheet so I continue being the CFO and I 283 00:15:47,320 --> 00:15:49,600 Speaker 1: can do this and we'll build it over time and 284 00:15:49,640 --> 00:15:53,800 Speaker 1: we'll get to where we need to go. And uh, 285 00:15:54,120 --> 00:15:57,760 Speaker 1: Tom was basically that's stupid, and he's like that's it's 286 00:15:57,800 --> 00:16:00,600 Speaker 1: like I and this is shortened, and this is what 287 00:16:00,680 --> 00:16:03,280 Speaker 1: I heard, not what he said. This is what I 288 00:16:03,400 --> 00:16:05,280 Speaker 1: was like, this is stupid. Oh it's like I got 289 00:16:05,400 --> 00:16:08,680 Speaker 1: big plans, I got big dreams, you know. And it 290 00:16:08,840 --> 00:16:10,720 Speaker 1: was what I really love about it, and it really 291 00:16:10,720 --> 00:16:14,760 Speaker 1: strengthened our relationship is that I always felt like he 292 00:16:14,800 --> 00:16:17,400 Speaker 1: hated my idea, but he loved me like I never 293 00:16:17,480 --> 00:16:19,960 Speaker 1: felt like it was me because what he was saying 294 00:16:19,960 --> 00:16:22,880 Speaker 1: is like, stop playing about that stupid thing and come 295 00:16:22,960 --> 00:16:25,640 Speaker 1: do some big stuff with me, right, And I know, 296 00:16:25,760 --> 00:16:27,480 Speaker 1: but this is big. This is gonna be big. Is 297 00:16:27,480 --> 00:16:31,240 Speaker 1: that stupid? You're not thinking big enough? Come come do 298 00:16:31,320 --> 00:16:35,640 Speaker 1: some real stuff. And finally, um, you know, we go 299 00:16:35,760 --> 00:16:38,000 Speaker 1: back and forth and he's really pushing me to kind 300 00:16:38,000 --> 00:16:41,360 Speaker 1: of be my best in retrospect. I was so angry 301 00:16:41,400 --> 00:16:46,080 Speaker 1: at him at the time, but uh, finally he comes 302 00:16:46,080 --> 00:16:48,440 Speaker 1: and he said, all right, look, here's the deal. You 303 00:16:48,480 --> 00:16:51,800 Speaker 1: go hire somebody and they can work for you, and 304 00:16:51,880 --> 00:16:54,360 Speaker 1: they can play with this venture capital thing on the side, 305 00:16:54,400 --> 00:16:56,560 Speaker 1: and let's go like rock the world, right, you know 306 00:16:56,680 --> 00:17:00,640 Speaker 1: which some which my ideas? Right? And um? And I said, 307 00:17:00,760 --> 00:17:02,600 Speaker 1: what is what would be big for you? Tom? And 308 00:17:02,600 --> 00:17:04,560 Speaker 1: like said, it's big in a bit of capital? He said, no, 309 00:17:04,640 --> 00:17:06,360 Speaker 1: don't I don't you know I want to do I'm 310 00:17:06,359 --> 00:17:08,399 Speaker 1: gonna do a hundred million dollars. That's big. That's like, 311 00:17:09,080 --> 00:17:10,840 Speaker 1: you gotta do a hundred million dollars. Like, I don't know, 312 00:17:10,920 --> 00:17:13,480 Speaker 1: that's not what you asked me. What was big? And 313 00:17:13,520 --> 00:17:15,520 Speaker 1: I was like all right? And so he said, so 314 00:17:15,600 --> 00:17:17,440 Speaker 1: go find somebody to do your thing and you can 315 00:17:17,480 --> 00:17:20,160 Speaker 1: they can report to you, and let's let's go chase 316 00:17:20,200 --> 00:17:22,919 Speaker 1: a hundred million dollar ideas together. You know, want to 317 00:17:23,040 --> 00:17:27,480 Speaker 1: want to see IFO side And um, so I said, okay, 318 00:17:27,520 --> 00:17:31,000 Speaker 1: that sounds like a reasonable compromise and um, you know, 319 00:17:31,119 --> 00:17:33,320 Speaker 1: so I go out and I think, and then I 320 00:17:33,400 --> 00:17:36,000 Speaker 1: come back to him, SAI, all right, Tom, this is awesome. 321 00:17:36,520 --> 00:17:39,600 Speaker 1: I found someone to go after that, a hundred million 322 00:17:39,600 --> 00:17:42,040 Speaker 1: dollars bench. You're fine, And he said, oh, that's kind 323 00:17:42,040 --> 00:17:49,000 Speaker 1: of cool. Who I was like, like me, He was 324 00:17:49,040 --> 00:17:52,600 Speaker 1: like what. I was like, yeah. He was like, I mean, 325 00:17:52,760 --> 00:17:54,880 Speaker 1: and I have been I have been CFO for fourteen years, 326 00:17:54,880 --> 00:17:59,280 Speaker 1: so like, seriously, I mean it's probably way overdue getting 327 00:17:59,280 --> 00:18:04,120 Speaker 1: out of that seat, moving on and um and so 328 00:18:04,240 --> 00:18:06,080 Speaker 1: he so, you know, we went back and forth and 329 00:18:06,119 --> 00:18:09,040 Speaker 1: that we read on it and he said, um, you 330 00:18:09,080 --> 00:18:11,280 Speaker 1: know you want to you want to launch an early 331 00:18:11,280 --> 00:18:13,359 Speaker 1: stage fund. To understand that, I guess they are roughly 332 00:18:13,400 --> 00:18:16,760 Speaker 1: six seven early stage with your funds. He was like, 333 00:18:17,520 --> 00:18:20,719 Speaker 1: I don't want a venture fund number six hundred and 334 00:18:20,720 --> 00:18:24,920 Speaker 1: forty nine of six hundred and fifty, that's just the same. 335 00:18:25,000 --> 00:18:28,399 Speaker 1: He said, that's no, So do it. You know, I 336 00:18:28,440 --> 00:18:31,800 Speaker 1: need something that's interesting and different, you know, And that 337 00:18:31,960 --> 00:18:33,560 Speaker 1: and that kind of started us to what we could do. 338 00:18:33,560 --> 00:18:36,200 Speaker 1: Somebody looked at our assets. We looked at our liabilities, 339 00:18:36,240 --> 00:18:40,399 Speaker 1: if you will, on a liability side, first time fund 340 00:18:40,400 --> 00:18:44,160 Speaker 1: for the company, first time fund manager myself, and then 341 00:18:44,280 --> 00:18:46,240 Speaker 1: being a fund man of color, and even two years 342 00:18:46,240 --> 00:18:48,199 Speaker 1: I mean, the world is completely different now than it 343 00:18:48,280 --> 00:18:51,679 Speaker 1: was like two years ago. I could I couldn't. I mean, 344 00:18:51,760 --> 00:18:56,160 Speaker 1: we made some initial for rays on institutional side, and 345 00:18:56,359 --> 00:18:58,520 Speaker 1: I couldn't even get people to tell me what I 346 00:18:58,600 --> 00:19:02,240 Speaker 1: was doing wrong. Whether it's a couple of things, because 347 00:19:02,480 --> 00:19:05,320 Speaker 1: there might be people watching who have aspirations to also 348 00:19:05,359 --> 00:19:07,679 Speaker 1: have their own fund. A lot of people are watching 349 00:19:07,720 --> 00:19:10,359 Speaker 1: the news and they see a black fund announced every 350 00:19:10,400 --> 00:19:16,119 Speaker 1: five minutes, right, I'll bellion dollar funds, a billion dollars 351 00:19:16,160 --> 00:19:19,520 Speaker 1: funds as you as you and I know just because 352 00:19:19,520 --> 00:19:22,119 Speaker 1: you would announced a fifty million dollar fun or a 353 00:19:22,200 --> 00:19:25,040 Speaker 1: hundred million dollar fun or a billion dollar fund that 354 00:19:25,080 --> 00:19:29,239 Speaker 1: doesn't necessarily raised. And a lot of people in the 355 00:19:29,280 --> 00:19:31,680 Speaker 1: media and I try to tell the protect team this, 356 00:19:31,760 --> 00:19:34,000 Speaker 1: I'm like, you gotta look back. You gotta look back 357 00:19:34,000 --> 00:19:35,800 Speaker 1: and see, well, how much have they raised? Or when 358 00:19:35,800 --> 00:19:38,119 Speaker 1: we cover the story, you gotta ask great of the 359 00:19:38,119 --> 00:19:40,199 Speaker 1: fifty how much you have committed or how much you 360 00:19:40,280 --> 00:19:42,600 Speaker 1: have raised, right, and are you doing are you already 361 00:19:42,600 --> 00:19:46,119 Speaker 1: actively investing? So a couple of couple of things. I 362 00:19:46,160 --> 00:19:49,040 Speaker 1: just wanted to highlight that so that as entrepreneurs who 363 00:19:49,080 --> 00:19:51,199 Speaker 1: are interacting with vcs, I think it's so important that 364 00:19:51,240 --> 00:19:54,119 Speaker 1: we know how to ask the questions. You know, you 365 00:19:54,119 --> 00:19:56,119 Speaker 1: don't want to go after a VC who doesn't actually 366 00:19:56,119 --> 00:19:59,840 Speaker 1: have the money or hasn't fully raised, because you're wasting 367 00:19:59,880 --> 00:20:03,119 Speaker 1: your time and in fact, oftentimes they're using your decks, 368 00:20:03,440 --> 00:20:08,239 Speaker 1: in your report, your information to go raise the money. Right, Um, 369 00:20:08,640 --> 00:20:10,920 Speaker 1: is the conversation we could have later, but I think 370 00:20:11,920 --> 00:20:13,239 Speaker 1: you know. So that's that's when the one thing I'm 371 00:20:13,240 --> 00:20:15,920 Speaker 1: gonna highlight is like two. And then the second thing 372 00:20:16,040 --> 00:20:19,960 Speaker 1: is you did a pilot. When team did a pilot 373 00:20:20,200 --> 00:20:23,560 Speaker 1: for four to five years, and as as a thirty 374 00:20:23,640 --> 00:20:25,560 Speaker 1: year old, the idea of doing a pilot for four 375 00:20:25,600 --> 00:20:32,800 Speaker 1: to five yearsles like no, never, that's a lifetime for me, right. 376 00:20:32,960 --> 00:20:35,800 Speaker 1: So I think that's another thing is sometimes we see 377 00:20:35,840 --> 00:20:38,199 Speaker 1: the we see the press, we see the headlines, we 378 00:20:38,240 --> 00:20:41,760 Speaker 1: see the result, we see the US, but we don't 379 00:20:41,760 --> 00:20:47,680 Speaker 1: oftentimes know how long, how much hard work, how much trust. Um, 380 00:20:47,720 --> 00:20:51,240 Speaker 1: you know you are incredibly experienced top one percent of 381 00:20:51,280 --> 00:20:54,680 Speaker 1: one percent of one percent type person in this country 382 00:20:55,040 --> 00:20:58,200 Speaker 1: and certainly within our community. And UM, so one just 383 00:20:58,320 --> 00:21:01,600 Speaker 1: want to highlight that as well because we're oftentimes like 384 00:21:01,680 --> 00:21:06,600 Speaker 1: fast you know, gratification kind of occasionally. So those are 385 00:21:06,600 --> 00:21:13,200 Speaker 1: the two things. Now getting into the operations in the structure. UM, 386 00:21:13,720 --> 00:21:17,679 Speaker 1: tell me about the process of fundraising. So you just 387 00:21:17,760 --> 00:21:23,679 Speaker 1: mentioned UH institutional investors. So traditional VC funds for that 388 00:21:23,720 --> 00:21:26,440 Speaker 1: are at the over a hundred million dollars. I just say, 389 00:21:26,680 --> 00:21:29,919 Speaker 1: typically have institutional investors, which would be like give us 390 00:21:29,920 --> 00:21:35,720 Speaker 1: some examples, So institutional investors would be uh, like endowments, 391 00:21:35,760 --> 00:21:38,800 Speaker 1: like people may go to their alma mater to their 392 00:21:38,880 --> 00:21:42,159 Speaker 1: endowment to get that UM. Sometimes pension funds would be 393 00:21:42,240 --> 00:21:45,680 Speaker 1: larger their their folks like camebriage associates and others, which 394 00:21:45,680 --> 00:21:51,040 Speaker 1: are capital allocators that introduce you to UH institution. Sometimes 395 00:21:51,040 --> 00:21:55,359 Speaker 1: the corporations are investing in funds. Now, but you're talking 396 00:21:55,400 --> 00:22:00,439 Speaker 1: about big large companies that have allocate that some of 397 00:22:00,480 --> 00:22:05,639 Speaker 1: their money to invest in other funds in that strategy. UM. 398 00:22:05,680 --> 00:22:07,480 Speaker 1: And we just weren't and we just weren't connected to 399 00:22:07,520 --> 00:22:09,719 Speaker 1: I don't I don't well I do now, but at 400 00:22:09,760 --> 00:22:12,440 Speaker 1: the time, I didn't know anyone in that world. And 401 00:22:12,520 --> 00:22:16,240 Speaker 1: I mean like zero um and the and the rest 402 00:22:16,240 --> 00:22:21,200 Speaker 1: of the mon lead executive team, the money fool did um. 403 00:22:21,240 --> 00:22:24,560 Speaker 1: But um yeah, that just wasn't you know, how to 404 00:22:24,640 --> 00:22:26,720 Speaker 1: approach them about This was something that you know, I 405 00:22:26,800 --> 00:22:29,280 Speaker 1: just didn't have a lot of those those connections. And 406 00:22:29,359 --> 00:22:32,480 Speaker 1: I think it's interesting with the Moleful, at least I 407 00:22:32,560 --> 00:22:38,400 Speaker 1: found this, uh, I mean a very supportive company, but um, 408 00:22:38,600 --> 00:22:41,360 Speaker 1: you gotta work, you know. It's just like I mean, 409 00:22:41,880 --> 00:22:46,320 Speaker 1: our founders are extremely well connected, and what I have 410 00:22:46,440 --> 00:22:49,400 Speaker 1: learned over the years is that they value their reputation 411 00:22:49,680 --> 00:22:53,880 Speaker 1: and to like I value their reputation. So if I'm 412 00:22:53,880 --> 00:22:55,560 Speaker 1: going to go to them and ask them to open 413 00:22:55,640 --> 00:22:58,119 Speaker 1: up their network, I need to make sure that I 414 00:22:58,200 --> 00:23:01,160 Speaker 1: have something that is worth the of them putting their 415 00:23:01,200 --> 00:23:05,880 Speaker 1: reputation behind, you know, right, And so don't put them 416 00:23:05,920 --> 00:23:09,399 Speaker 1: in a position where they had to compromise themselves because 417 00:23:09,440 --> 00:23:13,080 Speaker 1: I haven't done my homework right and that sort of thing. 418 00:23:13,240 --> 00:23:16,159 Speaker 1: So um, So I needed to come up with a 419 00:23:16,240 --> 00:23:21,560 Speaker 1: solid plan to raise money that didn't rely on them 420 00:23:21,640 --> 00:23:25,520 Speaker 1: making personal endorsements for something that quite frankly, they didn't 421 00:23:25,560 --> 00:23:31,400 Speaker 1: really know what's going to be successful in that right? Um? Yeah. 422 00:23:31,440 --> 00:23:34,560 Speaker 1: So what we looked at. What we did have is, um, 423 00:23:34,600 --> 00:23:37,640 Speaker 1: we had the history of the Mouthful, We had all 424 00:23:37,680 --> 00:23:43,720 Speaker 1: of these subscribers in. What we said to ourselves was, well, 425 00:23:44,040 --> 00:23:46,400 Speaker 1: everybody is expecting to do things different. And we had 426 00:23:46,400 --> 00:23:48,080 Speaker 1: a focus group and it was so funny. I was 427 00:23:48,200 --> 00:23:50,720 Speaker 1: just so nervous and we had to focus with. We 428 00:23:51,280 --> 00:23:57,280 Speaker 1: laid out, um, what we were gonna do. We're very conservative. 429 00:23:57,320 --> 00:23:58,760 Speaker 1: We wanted to make sure that people understood that this 430 00:23:58,840 --> 00:24:02,160 Speaker 1: is a new journey and not going to take any risk. Everything. 431 00:24:03,359 --> 00:24:05,960 Speaker 1: We laid it out and some of the people that 432 00:24:06,000 --> 00:24:08,680 Speaker 1: came to me, someone went back to Tom and there 433 00:24:08,760 --> 00:24:11,320 Speaker 1: was like, that is so boring. I just can't. I 434 00:24:11,320 --> 00:24:13,359 Speaker 1: don't even I have no interest at all. You know. 435 00:24:13,359 --> 00:24:16,520 Speaker 1: It's just like go back and come back with something 436 00:24:16,560 --> 00:24:21,240 Speaker 1: that's gonna be fun and interesting. And you know, from 437 00:24:21,240 --> 00:24:25,400 Speaker 1: a produciary standpoint, you always worry about losing your clients money, 438 00:24:25,400 --> 00:24:27,959 Speaker 1: and I certainly see it from I certainly worry about that. 439 00:24:29,880 --> 00:24:32,560 Speaker 1: But these people are adults, you know, and if I 440 00:24:32,560 --> 00:24:34,680 Speaker 1: if I go to that, and it's not that nature 441 00:24:34,760 --> 00:24:38,440 Speaker 1: capital is is a gambler, but there are certain things 442 00:24:38,480 --> 00:24:41,280 Speaker 1: that you do that a higher risk. You know you don't. 443 00:24:41,560 --> 00:24:43,920 Speaker 1: You don't get on a roller coaster and then complain 444 00:24:44,000 --> 00:24:48,320 Speaker 1: because it's not Mr Toads while ride right, You're going 445 00:24:48,400 --> 00:24:50,399 Speaker 1: a roller coaster because you want the rill of a 446 00:24:50,480 --> 00:24:55,520 Speaker 1: roller coaster, and it's just being able to um except 447 00:24:55,560 --> 00:24:58,400 Speaker 1: that people. You could present what you want to do 448 00:24:58,560 --> 00:25:01,840 Speaker 1: and allow people to opt in or out. You don't 449 00:25:01,880 --> 00:25:05,359 Speaker 1: have to be overly worried about whether they understand, you know, 450 00:25:05,520 --> 00:25:07,440 Speaker 1: risk or not. There's something that that don't go. For 451 00:25:07,440 --> 00:25:10,120 Speaker 1: the most part, they do. So we said, um, well, 452 00:25:10,240 --> 00:25:11,800 Speaker 1: this is what we're gonna do. Instead of that traditional 453 00:25:11,840 --> 00:25:15,639 Speaker 1: model where I find an anchor LP and then I 454 00:25:15,760 --> 00:25:18,280 Speaker 1: find a few small people around them, I set them 455 00:25:18,280 --> 00:25:19,960 Speaker 1: on the side and make the money I do my thing, 456 00:25:20,080 --> 00:25:22,800 Speaker 1: I said, why don't we go out and get smaller 457 00:25:22,880 --> 00:25:25,040 Speaker 1: checks from a lot of people, and then instead of 458 00:25:25,119 --> 00:25:27,560 Speaker 1: keeping them an arms, just bring them in, make them 459 00:25:27,560 --> 00:25:30,080 Speaker 1: part of our community, and let's see what we can 460 00:25:30,119 --> 00:25:34,080 Speaker 1: do together. You know, because you know, I don't know everything. 461 00:25:34,080 --> 00:25:36,560 Speaker 1: I certainly only know close everything, but maybe be plus 462 00:25:36,600 --> 00:25:39,320 Speaker 1: eight hundred other people, maybe we can figure out some 463 00:25:39,400 --> 00:25:41,960 Speaker 1: things together, you know, in a lot faster time than 464 00:25:42,000 --> 00:25:45,000 Speaker 1: we than we did. And so we did the raising 465 00:25:45,800 --> 00:25:50,760 Speaker 1: two steps. The first step was, um, about three months, 466 00:25:51,880 --> 00:25:54,359 Speaker 1: very old school. You know, we got got a list 467 00:25:54,400 --> 00:26:02,280 Speaker 1: of native subscribers hi well Nuggas boleyful benches only two 468 00:26:02,359 --> 00:26:07,760 Speaker 1: years ago, right, I mean phone calls Yeah, yeah we 469 00:26:07,800 --> 00:26:12,080 Speaker 1: did yeah and so yeah, I had four calls a day, 470 00:26:12,600 --> 00:26:15,240 Speaker 1: five me in a week. And that was and and 471 00:26:15,280 --> 00:26:20,800 Speaker 1: I had a woman working with me helping me. She's awesome. Um, 472 00:26:20,840 --> 00:26:23,920 Speaker 1: if I was kind of behind, we were kind of behind. 473 00:26:23,960 --> 00:26:29,399 Speaker 1: She we just add more meetings to colendar. Yeah, she 474 00:26:29,600 --> 00:26:33,239 Speaker 1: was like, we just is gonna happen, right, And we 475 00:26:33,280 --> 00:26:36,720 Speaker 1: did that. We raised forty million that way and about it. 476 00:26:36,840 --> 00:26:40,080 Speaker 1: But we did some interesting things that were just different. 477 00:26:40,160 --> 00:26:42,800 Speaker 1: And like when we talked to people, we knew we 478 00:26:42,800 --> 00:26:47,480 Speaker 1: had amount has a large audience. We knew that relatively speaking, um, 479 00:26:47,600 --> 00:26:50,719 Speaker 1: they were limited number of slots available and fun. So 480 00:26:50,800 --> 00:26:53,480 Speaker 1: we talked to people. We just asked them that and 481 00:26:53,480 --> 00:26:56,280 Speaker 1: did they want to make a reservation. It was non binding. 482 00:26:56,800 --> 00:26:59,320 Speaker 1: What it did was it guaranteed them a spot. They 483 00:26:59,320 --> 00:27:01,840 Speaker 1: didn't have to take it, but it let us know 484 00:27:02,720 --> 00:27:04,760 Speaker 1: how we were doing and where we were doing right 485 00:27:05,160 --> 00:27:08,560 Speaker 1: investment In the first that first chune. The minimum the 486 00:27:08,640 --> 00:27:12,119 Speaker 1: first chune was a hundred. We had two classes, a 487 00:27:12,200 --> 00:27:14,320 Speaker 1: hundred thousand and two hundred and fifty thousand. Most of 488 00:27:14,320 --> 00:27:15,960 Speaker 1: the first class we were trying to get people with 489 00:27:16,000 --> 00:27:20,040 Speaker 1: that two dollar commitment, but they could they could put 490 00:27:20,040 --> 00:27:23,800 Speaker 1: the reservation in forever for whatever they wanted. UM, credited investor, 491 00:27:23,840 --> 00:27:26,919 Speaker 1: they are, how does that work? And any individual investor 492 00:27:26,960 --> 00:27:30,719 Speaker 1: a fund can't. And because we have a fund structure 493 00:27:30,720 --> 00:27:33,240 Speaker 1: where we knew we can go over the most people 494 00:27:33,400 --> 00:27:36,600 Speaker 1: hear about the fund. There is another level that allows 495 00:27:36,640 --> 00:27:39,040 Speaker 1: you um to have up to two thousand people in 496 00:27:39,160 --> 00:27:42,320 Speaker 1: your fund. But in order to do that, UM, you 497 00:27:42,359 --> 00:27:45,040 Speaker 1: have to have a minimum five million dollar network to 498 00:27:45,119 --> 00:27:47,440 Speaker 1: kind of get into the Funday, so the bar goes 499 00:27:47,520 --> 00:27:52,119 Speaker 1: up higher. Unfortunately, we have a large audience and UM, 500 00:27:52,119 --> 00:27:55,640 Speaker 1: you know, so we just went uh, you know, dolling 501 00:27:55,680 --> 00:27:58,560 Speaker 1: for I feel like a lot of people like, great, 502 00:27:58,560 --> 00:28:01,480 Speaker 1: I'm going to crowdfund my act fund. I'm like, hold on, now, 503 00:28:01,560 --> 00:28:07,080 Speaker 1: there are some requirements, right, yes, exactly, all right, the 504 00:28:07,119 --> 00:28:12,199 Speaker 1: system isn't necessarily built for us, but that's really helpful 505 00:28:12,240 --> 00:28:15,560 Speaker 1: to know. And so fast forward to today. You've got 506 00:28:16,480 --> 00:28:22,000 Speaker 1: hundred fifty million in uh under management UM, any second 507 00:28:22,040 --> 00:28:24,399 Speaker 1: fund on the horizon, or how how far are you 508 00:28:24,400 --> 00:28:27,800 Speaker 1: through the hundred fifty million? UM, So we're about halfway 509 00:28:27,840 --> 00:28:29,880 Speaker 1: through the hundred and fifty million. When I was saying 510 00:28:29,880 --> 00:28:32,840 Speaker 1: with that, that first forty million was kind of manual. 511 00:28:33,160 --> 00:28:36,960 Speaker 1: We took like a six weeks and automated everything, everything 512 00:28:36,960 --> 00:28:40,320 Speaker 1: that we learned, everything we did, everything we've we've figured out. 513 00:28:40,760 --> 00:28:44,360 Speaker 1: We then automated and then raised another hundred and ten 514 00:28:44,760 --> 00:28:46,800 Speaker 1: in the next twelve weeks, so two and halfs times. 515 00:28:46,800 --> 00:28:48,320 Speaker 1: And I was like, and I probably the first time, 516 00:28:48,320 --> 00:28:51,400 Speaker 1: I probably did a couple of hundred calls. The second time, 517 00:28:51,440 --> 00:28:54,200 Speaker 1: I probably did a dozen. But what was the automation? 518 00:28:54,280 --> 00:28:58,959 Speaker 1: Was it like literal like email drips? Was it um 519 00:28:59,320 --> 00:29:03,200 Speaker 1: documented and presentation webinars? Like? What did automation mean for you? 520 00:29:03,880 --> 00:29:06,240 Speaker 1: It ad meant everything. Instead of doing phone calls, we 521 00:29:06,280 --> 00:29:09,120 Speaker 1: did emails the questions that I was asking the phone calls. 522 00:29:09,280 --> 00:29:12,280 Speaker 1: You know, we had questions, frequently asked questions. UM. We 523 00:29:12,320 --> 00:29:15,200 Speaker 1: did videos so that we were you know, answering up 524 00:29:15,200 --> 00:29:19,040 Speaker 1: front of questions that we had UM at that point, 525 00:29:19,280 --> 00:29:20,600 Speaker 1: like I found is at the end of the day, 526 00:29:20,880 --> 00:29:24,280 Speaker 1: David Gardner wanted to found was my first lp Tom Gardner, 527 00:29:24,320 --> 00:29:26,360 Speaker 1: the other founder was my last LPCE. We we woked 528 00:29:26,400 --> 00:29:28,320 Speaker 1: into the say the nighte Little the Gardener hug there. 529 00:29:30,280 --> 00:29:34,320 Speaker 1: But yeah, but the documentation we did videos on how 530 00:29:34,360 --> 00:29:37,320 Speaker 1: to fill out the documents. We you know, the we 531 00:29:37,360 --> 00:29:40,400 Speaker 1: did had to do some verifications. Those were automated, which 532 00:29:40,400 --> 00:29:44,400 Speaker 1: just kind of automated everything. And so two years in 533 00:29:45,360 --> 00:29:50,520 Speaker 1: we're thinking about what would be our next UM products. 534 00:29:50,640 --> 00:29:53,040 Speaker 1: You know, we're just in the in the initial phase 535 00:29:53,120 --> 00:29:54,920 Speaker 1: of of thinking do you want to do a larger 536 00:29:54,920 --> 00:29:57,320 Speaker 1: fun do we wanted to do a different fund. We're 537 00:29:57,360 --> 00:30:00,800 Speaker 1: still figuring about it, figuring out what's in important for us, 538 00:30:01,040 --> 00:30:02,880 Speaker 1: um more than I said, we're not going to launch 539 00:30:02,880 --> 00:30:07,480 Speaker 1: a fun until we have proof that we know what 540 00:30:07,520 --> 00:30:09,840 Speaker 1: we're doing right. And so we've been your funds. You 541 00:30:09,840 --> 00:30:14,160 Speaker 1: need a couple of years before the information start us 542 00:30:14,160 --> 00:30:17,640 Speaker 1: to come out about whether how you're performing relative to 543 00:30:17,720 --> 00:30:21,960 Speaker 1: your to your cohort. So two thousand eighteen information is 544 00:30:22,040 --> 00:30:26,480 Speaker 1: just starting to come out. So it's very preliminary, but um, 545 00:30:26,520 --> 00:30:30,000 Speaker 1: I would say it seems positive. So it's positive enough 546 00:30:30,000 --> 00:30:32,680 Speaker 1: that we would uh, you know, feel confident going out 547 00:30:32,680 --> 00:30:34,480 Speaker 1: and saying that you know, we can raise a larger fund, 548 00:30:35,080 --> 00:30:38,840 Speaker 1: having more and better institutional story. We've we figured out 549 00:30:38,880 --> 00:30:43,200 Speaker 1: how to kind of work with out all peas. But 550 00:30:43,280 --> 00:30:45,640 Speaker 1: there's there's probably one or two things that we're thinking 551 00:30:45,680 --> 00:30:49,280 Speaker 1: about for the year. UM. We're also thinking about the 552 00:30:49,360 --> 00:30:53,480 Speaker 1: idea of of of an a network for credit investors 553 00:30:53,480 --> 00:30:56,880 Speaker 1: to allow you to invest in specific deals, but it 554 00:30:56,920 --> 00:31:00,520 Speaker 1: will be different, There would be differ and in what's 555 00:31:00,520 --> 00:31:04,479 Speaker 1: out there. Now, let's get into the fund. UM. You know, 556 00:31:04,600 --> 00:31:07,320 Speaker 1: as someone who's raised all the way up to my 557 00:31:07,400 --> 00:31:09,840 Speaker 1: Series A and kind of in pre series B R 558 00:31:09,840 --> 00:31:12,480 Speaker 1: Series B territory, UM, I think one of the things 559 00:31:12,480 --> 00:31:16,120 Speaker 1: that was challenging for me was finding people to lead. 560 00:31:16,640 --> 00:31:20,360 Speaker 1: Everybody wants to invest in black founders, especially when you 561 00:31:20,400 --> 00:31:23,520 Speaker 1: have certain metrics and you kind of get your business 562 00:31:23,520 --> 00:31:26,640 Speaker 1: into the place where you've got all the milestones. UM, 563 00:31:26,680 --> 00:31:31,120 Speaker 1: but very few people want to lead and or can lead. UM. 564 00:31:31,320 --> 00:31:34,480 Speaker 1: So do you all with a hunter freteen million dollar fund? 565 00:31:34,480 --> 00:31:38,480 Speaker 1: Imagine you have some minimum investment criteria? What is your 566 00:31:38,800 --> 00:31:40,800 Speaker 1: what is your structure in terms of how you guys 567 00:31:40,800 --> 00:31:44,600 Speaker 1: evaluate investments? Do you all lead investments? UM? For those 568 00:31:44,600 --> 00:31:47,920 Speaker 1: in the room who might be pre Series A, what's 569 00:31:47,960 --> 00:31:52,240 Speaker 1: what's like your your stage as well, right, and so um, 570 00:31:52,280 --> 00:31:53,800 Speaker 1: you know, depending on where you are in a country 571 00:31:53,800 --> 00:31:58,320 Speaker 1: that that the stage uhacular changes. But generally Series A 572 00:31:58,480 --> 00:32:02,200 Speaker 1: investors are some things that some hard numbers to say, 573 00:32:02,400 --> 00:32:04,200 Speaker 1: is that we're looking for companies that have at least 574 00:32:04,200 --> 00:32:07,160 Speaker 1: a half million dollars of trailing revenue and then and 575 00:32:07,200 --> 00:32:10,760 Speaker 1: then are growing. Our minimum check size is a half 576 00:32:10,800 --> 00:32:13,920 Speaker 1: million dollars. We but we have put up to five 577 00:32:14,000 --> 00:32:18,120 Speaker 1: million into a company uh in initial investment, and we 578 00:32:18,160 --> 00:32:20,440 Speaker 1: have the ability to put up the fifteen million dollars 579 00:32:20,440 --> 00:32:23,800 Speaker 1: into a single company. So when we come in, we generally, 580 00:32:24,120 --> 00:32:26,760 Speaker 1: you know, the typical would be to write that one 581 00:32:26,840 --> 00:32:29,360 Speaker 1: the two million dollar check, and then the next round 582 00:32:29,400 --> 00:32:31,320 Speaker 1: we may be writing a three to four million allar check. 583 00:32:31,360 --> 00:32:32,800 Speaker 1: That next round we can write and find a six 584 00:32:32,840 --> 00:32:36,800 Speaker 1: million dollar check. So we're looking to along to relationships 585 00:32:37,240 --> 00:32:39,920 Speaker 1: with people that we can grow with and support, and 586 00:32:40,560 --> 00:32:42,880 Speaker 1: we try to be very clear about what our expectations are. 587 00:32:42,960 --> 00:32:44,800 Speaker 1: So if we invest in gravity, we're like, you know what, 588 00:32:45,840 --> 00:32:49,040 Speaker 1: when we had to talk about investing in gravity, I 589 00:32:49,080 --> 00:32:52,080 Speaker 1: would say to you, you know, these are are this 590 00:32:52,200 --> 00:32:54,480 Speaker 1: is the projections you gave us. You know, if you're 591 00:32:54,520 --> 00:32:57,840 Speaker 1: on long the trackage productions. You can assume that we're 592 00:32:57,840 --> 00:33:01,120 Speaker 1: gonna be there to support you and subsequent round. So you, 593 00:33:01,160 --> 00:33:04,320 Speaker 1: as a founder, just one less thing to worry about, 594 00:33:04,400 --> 00:33:06,480 Speaker 1: right with the with the capital raising, because you it 595 00:33:06,480 --> 00:33:08,880 Speaker 1: would be very clear what we do. We actually write 596 00:33:08,880 --> 00:33:12,120 Speaker 1: what's called a bright light memo, where when we invest, 597 00:33:12,280 --> 00:33:14,880 Speaker 1: we give a memo to the founders says, all right, 598 00:33:14,920 --> 00:33:17,240 Speaker 1: we're not going to turn over all of our research features, 599 00:33:17,320 --> 00:33:19,800 Speaker 1: but these are all the things that came up in 600 00:33:19,840 --> 00:33:22,320 Speaker 1: the team, what we like, what we were concerned about, 601 00:33:22,880 --> 00:33:25,120 Speaker 1: what it's like for us to be a partner, which 602 00:33:25,120 --> 00:33:27,600 Speaker 1: you can expect from us, and what you can count 603 00:33:27,640 --> 00:33:30,920 Speaker 1: on from us, And we give that to you before 604 00:33:30,960 --> 00:33:33,120 Speaker 1: we give you our money. So if we don't necessarily 605 00:33:33,120 --> 00:33:35,640 Speaker 1: say look, here's the right limmo is all on the 606 00:33:35,680 --> 00:33:39,240 Speaker 1: table right now. Um, you know, we're excited to be 607 00:33:39,480 --> 00:33:41,720 Speaker 1: part of the team, but we want you to be 608 00:33:41,800 --> 00:33:45,200 Speaker 1: comfortable with this before, you know, before we get to 609 00:33:45,200 --> 00:33:47,880 Speaker 1: a point where it's hard to turn back. I love that. 610 00:33:48,000 --> 00:33:50,520 Speaker 1: I don't think only one of my investors is adverse 611 00:33:50,600 --> 00:33:53,000 Speaker 1: that that kind of expectation up front of like, these 612 00:33:53,000 --> 00:33:54,760 Speaker 1: are the places we can be helpful. This is my 613 00:33:54,800 --> 00:33:58,080 Speaker 1: expectation of you. This is where, um, you can call 614 00:33:58,400 --> 00:34:01,760 Speaker 1: and we can help it out. UM. I also love 615 00:34:01,800 --> 00:34:04,240 Speaker 1: the idea of really pre committing to the follow on 616 00:34:04,280 --> 00:34:06,640 Speaker 1: because I think that that often winds up being a 617 00:34:06,720 --> 00:34:10,200 Speaker 1: challenge for people. Yeah, and raise that money, and then 618 00:34:10,600 --> 00:34:12,800 Speaker 1: people look and say, oh, it looks like your investors 619 00:34:12,840 --> 00:34:16,239 Speaker 1: didn't follow on. Is there something wrong right? And it's like, well, no, 620 00:34:16,600 --> 00:34:18,799 Speaker 1: if they're not a big enough fund. Sometimes that's not 621 00:34:18,840 --> 00:34:22,520 Speaker 1: always the case, right, But I think this is a 622 00:34:22,640 --> 00:34:26,560 Speaker 1: huge advantage. But why someone would consider having your money 623 00:34:26,640 --> 00:34:30,040 Speaker 1: over another big Yeah. We we we look forward to 624 00:34:30,120 --> 00:34:33,400 Speaker 1: follow on and I would say we're leading in participating. 625 00:34:33,440 --> 00:34:37,640 Speaker 1: I think we always try to find uh places where 626 00:34:37,680 --> 00:34:39,920 Speaker 1: when we invest, we can add more value than just 627 00:34:40,040 --> 00:34:44,879 Speaker 1: a capital um in those places where for us thinks 628 00:34:44,960 --> 00:34:47,400 Speaker 1: it all kinds of signals a stent in venture capital, 629 00:34:48,040 --> 00:34:51,839 Speaker 1: and we like to lead in situations where not only 630 00:34:51,920 --> 00:34:56,359 Speaker 1: internally but externally it makes sense. Oh, I see why leading. 631 00:34:56,360 --> 00:34:59,600 Speaker 1: You know, Monticoles investing in Bravity and Maybia Company, I 632 00:34:59,640 --> 00:35:02,200 Speaker 1: cann stand why they're leading that and you can see 633 00:35:02,200 --> 00:35:05,480 Speaker 1: how we can add um value. But we do take 634 00:35:06,239 --> 00:35:10,680 Speaker 1: leading very seriously. We understand the dynamics of that. UM, 635 00:35:10,719 --> 00:35:14,640 Speaker 1: And you're right. Not everyone is able to do were 636 00:35:14,680 --> 00:35:17,480 Speaker 1: comfortable during the level of due diligence that requires. And 637 00:35:17,520 --> 00:35:19,680 Speaker 1: I think most of the time people just are afraid 638 00:35:19,719 --> 00:35:30,359 Speaker 1: to UM set the valuations for sure. UM. So so 639 00:35:30,600 --> 00:35:32,839 Speaker 1: we're we're winding down on time. I want to do 640 00:35:33,360 --> 00:35:38,480 Speaker 1: a quick fast round on a few different things. So UM, First, 641 00:35:38,680 --> 00:35:43,279 Speaker 1: in terms of books, you read, podcasts, you listen to 642 00:35:43,400 --> 00:35:46,799 Speaker 1: information that you digest. What are the things like on 643 00:35:46,800 --> 00:35:48,960 Speaker 1: a regular basis where what are the tabs open on 644 00:35:49,000 --> 00:35:55,200 Speaker 1: your computer? That is funny? UM, I don't do nearly 645 00:35:55,239 --> 00:35:58,239 Speaker 1: as much like reading its books as I should. I 646 00:35:58,320 --> 00:36:00,439 Speaker 1: always say I'm going to I've read of the first 647 00:36:00,520 --> 00:36:06,120 Speaker 1: chapter about five books and get back through them. But 648 00:36:06,719 --> 00:36:12,720 Speaker 1: I voracistly read like um, almost any kind of business 649 00:36:12,719 --> 00:36:15,279 Speaker 1: news that comes through CNBC, you can't see it. I'm 650 00:36:15,320 --> 00:36:17,399 Speaker 1: a little it's not on now, but there's my little 651 00:36:17,440 --> 00:36:21,000 Speaker 1: iPad I see IFBC runs constantly on to day and 652 00:36:21,000 --> 00:36:24,040 Speaker 1: it's not there. I just I'm the type of person 653 00:36:24,160 --> 00:36:28,400 Speaker 1: where I feel like, um, I'm always putting together a puzzle. 654 00:36:28,960 --> 00:36:31,840 Speaker 1: So I really enjoyed just like bits of information that 655 00:36:31,880 --> 00:36:36,040 Speaker 1: are just completely uncorrelated and potentially But then sometimes they 656 00:36:36,080 --> 00:36:38,719 Speaker 1: just all kind of come together and things that this 657 00:36:38,840 --> 00:36:43,440 Speaker 1: makes sense. I'm I'm just constant reading tidbits of information. 658 00:36:43,440 --> 00:36:47,719 Speaker 1: Is probably every email they get sent. I mean I 659 00:36:47,760 --> 00:36:49,680 Speaker 1: have I alight, here's a little something for you that 660 00:36:49,800 --> 00:36:54,280 Speaker 1: I'm just way too personal and in actually embarrassing. I 661 00:36:54,360 --> 00:37:02,200 Speaker 1: have five thousand unread emails in my ni wow because 662 00:37:02,239 --> 00:37:04,799 Speaker 1: I sent an email. So here's the trick. I'll just 663 00:37:04,800 --> 00:37:07,160 Speaker 1: tell everyone. If you send an emails and you don't 664 00:37:07,160 --> 00:37:10,680 Speaker 1: get an answer in two days, you may want to 665 00:37:10,719 --> 00:37:14,760 Speaker 1: send it a game. Yeah, that's about I get about. 666 00:37:14,840 --> 00:37:18,759 Speaker 1: I get around a hundred emails a day. I try 667 00:37:18,800 --> 00:37:21,320 Speaker 1: to stay on top of it. But so don't do 668 00:37:21,520 --> 00:37:23,320 Speaker 1: things I want. If you don't hit a couple of days, 669 00:37:23,560 --> 00:37:26,160 Speaker 1: you may want me. Don't take it personal. It's just 670 00:37:27,600 --> 00:37:33,640 Speaker 1: it's not anyway. That's great. Um. What are your thoughts 671 00:37:33,680 --> 00:37:38,880 Speaker 1: on just the state of black vcs and black founders? Um? 672 00:37:38,960 --> 00:37:40,839 Speaker 1: What progress have you seen in the last couple of years? 673 00:37:40,840 --> 00:37:42,960 Speaker 1: Were you hopeful that we can still have some opportunity 674 00:37:43,000 --> 00:37:44,920 Speaker 1: for improvement? Where do you Where do you think we 675 00:37:44,960 --> 00:37:49,160 Speaker 1: as founders need to continue to improve? Sure? I think 676 00:37:49,640 --> 00:37:51,359 Speaker 1: for me, when I found it, I see it a 677 00:37:51,400 --> 00:37:55,799 Speaker 1: lot of improvement in it is. I think we just 678 00:37:55,840 --> 00:37:59,799 Speaker 1: need to understand venture capital better. I think the fact 679 00:37:59,840 --> 00:38:03,239 Speaker 1: that matter is venture capital is not for everyone. And 680 00:38:03,280 --> 00:38:06,760 Speaker 1: the more that we can educate um our black founders 681 00:38:06,760 --> 00:38:09,520 Speaker 1: on what it means to be in venture capital and 682 00:38:09,600 --> 00:38:13,880 Speaker 1: to make sure that they're calibrating their goals and expectations 683 00:38:14,080 --> 00:38:16,560 Speaker 1: along with the industry, I think it's important. The other 684 00:38:16,600 --> 00:38:19,600 Speaker 1: thing is, yeah, man as black, but we kind of 685 00:38:19,600 --> 00:38:23,040 Speaker 1: don't have a choice. But I'm very hopeful of the 686 00:38:23,080 --> 00:38:25,879 Speaker 1: times right now. We ourselves, even though we are first 687 00:38:25,880 --> 00:38:30,040 Speaker 1: time fun We've initiated a program where we're investing in 688 00:38:30,160 --> 00:38:33,520 Speaker 1: other emerging dcs. We're gonna allocate part of our fund 689 00:38:34,160 --> 00:38:37,279 Speaker 1: to investing under vcs just because we want to help 690 00:38:37,320 --> 00:38:39,840 Speaker 1: strengthen the ecosystem and we think there's some great ideas 691 00:38:39,840 --> 00:38:41,560 Speaker 1: out there. I mean it said we said that spot. 692 00:38:41,560 --> 00:38:44,080 Speaker 1: It's a shame that I didn't know you were you 693 00:38:44,080 --> 00:38:46,080 Speaker 1: were you were raising for your round. We shouldn't at 694 00:38:46,120 --> 00:38:50,680 Speaker 1: least kind of conversation and what Being a big proponent 695 00:38:50,760 --> 00:38:53,200 Speaker 1: of community, I just know we can't do it ourselves. 696 00:38:53,200 --> 00:38:55,319 Speaker 1: I just can't do everything myself. We have to reach 697 00:38:55,320 --> 00:39:00,200 Speaker 1: out and work together in order to create some I'm 698 00:39:00,400 --> 00:39:05,680 Speaker 1: where great talent can be highlighted and discovered and funded 699 00:39:05,800 --> 00:39:08,400 Speaker 1: because I know it's out there. That's great. So you 700 00:39:08,400 --> 00:39:10,920 Speaker 1: guys are investing in funds now, so you're becoming the 701 00:39:11,000 --> 00:39:14,359 Speaker 1: fund of the funds, which is yeah, that's a small 702 00:39:14,440 --> 00:39:19,520 Speaker 1: cohde but yeah, but yeah, and black funds, black funds 703 00:39:19,520 --> 00:39:22,680 Speaker 1: so underrepresented. UM so we're looking at it's either funds 704 00:39:22,719 --> 00:39:28,000 Speaker 1: that are either UM run by underrepresented um dcs or 705 00:39:28,040 --> 00:39:31,120 Speaker 1: have investment thesis where they're focusing underrepresented pounders. Because I 706 00:39:31,160 --> 00:39:34,359 Speaker 1: think that that's what told one to day. I like, um, 707 00:39:34,480 --> 00:39:36,799 Speaker 1: I like black Panther. I also like black spider Man, 708 00:39:37,760 --> 00:39:41,400 Speaker 1: just like I like I want people of color and 709 00:39:41,440 --> 00:39:44,440 Speaker 1: traditional roles and then also celebrating what we have the 710 00:39:44,520 --> 00:39:46,560 Speaker 1: special about our culture. I think both of those are 711 00:39:46,600 --> 00:39:52,680 Speaker 1: important and so I love that great analogy ready for 712 00:39:52,719 --> 00:39:59,200 Speaker 1: everybody block so super exciting. UM any final tips one, 713 00:39:59,360 --> 00:40:02,400 Speaker 1: just tips for or the young black founder who is 714 00:40:02,880 --> 00:40:05,279 Speaker 1: you know they've got their seed round done. You know, 715 00:40:05,360 --> 00:40:08,280 Speaker 1: maybe they raised eight hundred thousand dollars a million point 716 00:40:08,320 --> 00:40:11,520 Speaker 1: five maybe up to two million. They're feeling good, they're 717 00:40:11,560 --> 00:40:15,239 Speaker 1: paying their employees, maybe they got their first office. UM. 718 00:40:15,320 --> 00:40:18,840 Speaker 1: You had to pick ups along the way, right, What 719 00:40:19,000 --> 00:40:21,439 Speaker 1: is it is your advice for those people who are 720 00:40:21,640 --> 00:40:25,000 Speaker 1: getting ready to try to hit their Series A milestones 721 00:40:25,680 --> 00:40:27,600 Speaker 1: so that they are the pre Series A Mileston so 722 00:40:27,640 --> 00:40:30,919 Speaker 1: they can go out to raise the A. I think 723 00:40:31,000 --> 00:40:34,359 Speaker 1: for companies, and this is from my experience before being 724 00:40:34,360 --> 00:40:39,000 Speaker 1: in venture capital after it is focus on the operations. 725 00:40:39,040 --> 00:40:42,839 Speaker 1: If your business is working, you will attract capital. I mean, 726 00:40:42,840 --> 00:40:44,640 Speaker 1: there are some people who are good at fundraising but 727 00:40:44,719 --> 00:40:48,319 Speaker 1: then struggle to make the business move, and you may 728 00:40:48,400 --> 00:40:51,120 Speaker 1: win in the short term with that strategy, um, but 729 00:40:51,239 --> 00:40:53,600 Speaker 1: if you focus on the long term and focus on 730 00:40:53,680 --> 00:40:57,040 Speaker 1: operations and building a great business, it may take a 731 00:40:57,120 --> 00:40:58,880 Speaker 1: little bit longer, but you're going to be in so 732 00:40:59,000 --> 00:41:02,080 Speaker 1: much better position. Even have so many more options, and 733 00:41:03,040 --> 00:41:05,920 Speaker 1: you want to get to that point faster where you 734 00:41:05,960 --> 00:41:09,280 Speaker 1: can choose the uvcs that want to invest in your company, 735 00:41:10,160 --> 00:41:13,120 Speaker 1: as opposed to the other way around where everyone starts 736 00:41:13,280 --> 00:41:15,960 Speaker 1: where you know, you want money from anywhere, which is 737 00:41:16,040 --> 00:41:18,640 Speaker 1: a very dangerous place to be in, but there's no 738 00:41:18,800 --> 00:41:22,399 Speaker 1: you know, kind of other alternatives. Love for the young 739 00:41:22,480 --> 00:41:26,000 Speaker 1: black woman in the in the audience who is wants 740 00:41:26,040 --> 00:41:29,240 Speaker 1: to raise her first twenty million dollar fund first thirty 741 00:41:29,239 --> 00:41:32,800 Speaker 1: million dollar fund. Um, let's say she's working at Google, 742 00:41:32,880 --> 00:41:37,239 Speaker 1: she's got her operational experience. Um, what would you say 743 00:41:37,280 --> 00:41:39,080 Speaker 1: to her? What are the things she needs to consider 744 00:41:39,239 --> 00:41:42,600 Speaker 1: as she goes on that pathway? And this is this 745 00:41:42,680 --> 00:41:45,360 Speaker 1: is easier said than done. I do recognize this, but 746 00:41:45,520 --> 00:41:47,680 Speaker 1: I think in the same way. So I tend to 747 00:41:47,680 --> 00:41:50,400 Speaker 1: see a big wall and before I run into it, 748 00:41:50,440 --> 00:41:52,120 Speaker 1: I say, we cannot go around this thing, you know, 749 00:41:54,239 --> 00:41:57,160 Speaker 1: going into it? And I would say, stee, if you 750 00:41:57,200 --> 00:41:59,400 Speaker 1: can first find your tribe, Like if you're going out 751 00:41:59,400 --> 00:42:01,800 Speaker 1: there trying to launch your fun, you're trying to do something, 752 00:42:02,000 --> 00:42:05,799 Speaker 1: See if you can find the people who you think 753 00:42:06,160 --> 00:42:09,239 Speaker 1: your message is going to resonate with it. Yes, yes, 754 00:42:09,280 --> 00:42:11,600 Speaker 1: it's great to go that traditional route that everyone is 755 00:42:11,600 --> 00:42:14,319 Speaker 1: telling you, but that that may or may not be 756 00:42:14,400 --> 00:42:17,840 Speaker 1: open to you. Right, UM, go find find find your people, 757 00:42:17,920 --> 00:42:20,520 Speaker 1: find the people who your message is going to resonate with, 758 00:42:20,600 --> 00:42:24,480 Speaker 1: and start to have some conversations with them. Yeah. Amazing, 759 00:42:24,800 --> 00:42:26,799 Speaker 1: Well all and this has been so fun. I can 760 00:42:26,920 --> 00:42:30,000 Speaker 1: keep going on and on. Thank you for time today. 761 00:42:30,680 --> 00:42:33,799 Speaker 1: Afro tech community, tell us where where can you find 762 00:42:33,840 --> 00:42:35,880 Speaker 1: Where can the appro tech community find you? Where can 763 00:42:35,920 --> 00:42:39,520 Speaker 1: they reach out which did they follow? How can they 764 00:42:39,640 --> 00:42:42,719 Speaker 1: pitch you and the scene? Yes? What I would say 765 00:42:42,760 --> 00:42:45,560 Speaker 1: is you can. It's very similar. You can send a 766 00:42:45,560 --> 00:42:49,760 Speaker 1: an email to info at full Ventures dot com. Um, 767 00:42:49,880 --> 00:42:53,680 Speaker 1: we read everything, you know. Eventually I get around there everything, 768 00:42:53,719 --> 00:42:57,040 Speaker 1: but the team reads everything. Um, you know, tell them 769 00:42:57,080 --> 00:42:59,480 Speaker 1: that you know you heard me on afro tech and 770 00:43:00,040 --> 00:43:02,960 Speaker 1: reach out and we do. We do conversations with all 771 00:43:03,200 --> 00:43:06,680 Speaker 1: um with wide ranges of entrepreneurs depending on stage, whether 772 00:43:06,680 --> 00:43:09,360 Speaker 1: we're investing or not. In fact, we love to create 773 00:43:09,400 --> 00:43:14,000 Speaker 1: relationships with people. Um. We we're not looking to invest 774 00:43:14,120 --> 00:43:16,160 Speaker 1: right now. There may be something that we do later. 775 00:43:16,239 --> 00:43:19,520 Speaker 1: And then my other dream is to become part of 776 00:43:19,520 --> 00:43:22,200 Speaker 1: the ecosystem so that when I find great founders, we 777 00:43:22,280 --> 00:43:26,839 Speaker 1: can make the right introductions to them, whether it's side 778 00:43:27,080 --> 00:43:42,399 Speaker 1: I have no interest in fighting obile crimes. Black Tech 779 00:43:42,440 --> 00:43:44,279 Speaker 1: Green Money is a production the Black of the Aiff 780 00:43:44,360 --> 00:43:47,880 Speaker 1: Road Tech in Black Effect Podcast Network and r Media, 781 00:43:48,120 --> 00:43:49,960 Speaker 1: and it is produced by Morgan du Bond and me 782 00:43:50,480 --> 00:43:53,799 Speaker 1: Well Lucas. Within this now production support but I love 783 00:43:53,840 --> 00:43:57,680 Speaker 1: beacham Rista Lewis supposed to thank you to Michael Davis, 784 00:43:57,760 --> 00:44:01,680 Speaker 1: Jermain Hall and Vanescess Serrano. Learn more about my guests 785 00:44:01,680 --> 00:44:05,360 Speaker 1: and other tech devestruck as the innovatives at afrotech dot com. 786 00:44:05,560 --> 00:44:08,359 Speaker 1: Enjoy your black tech. Green Money gives a five star 787 00:44:08,480 --> 00:44:12,680 Speaker 1: rating on iTunes, Go get your Money. He's in love.