1 00:00:00,880 --> 00:00:04,920 Speaker 1: Afrotech Conference is back and return to Eightstown, Houston, Texas, 2 00:00:04,960 --> 00:00:07,880 Speaker 1: from October twenty seven through thirty first, twenty twenty five 3 00:00:08,119 --> 00:00:08,920 Speaker 1: at the George R. 4 00:00:08,960 --> 00:00:10,039 Speaker 2: Brown Convention Center. 5 00:00:10,400 --> 00:00:12,840 Speaker 1: For years, Afrotech has been to go to experience for 6 00:00:12,920 --> 00:00:16,920 Speaker 1: black tech innovators, founders, engineers, creators and investors. 7 00:00:17,000 --> 00:00:18,000 Speaker 2: In twenty twenty. 8 00:00:17,720 --> 00:00:19,560 Speaker 1: Five is shaping up to be the biggest year yet, 9 00:00:19,800 --> 00:00:22,919 Speaker 1: though with fortyzery to ten hees expected. This year's conference 10 00:00:22,920 --> 00:00:26,160 Speaker 1: will feature five days of dynamic programming across six curator 11 00:00:26,239 --> 00:00:29,800 Speaker 1: stages from discovery to executive leadership. Join us to hear 12 00:00:29,840 --> 00:00:32,800 Speaker 1: from industry leaders at the forefront of change, learn from 13 00:00:32,840 --> 00:00:35,519 Speaker 1: top ten engineers and designers, and connect with recruiters from 14 00:00:35,520 --> 00:00:38,600 Speaker 1: nearly two hundred companies. This year, we're digging deeper into 15 00:00:38,640 --> 00:00:42,200 Speaker 1: what's next with tracks exploring AI and machine learning, med 16 00:00:42,240 --> 00:00:46,400 Speaker 1: tech and health equity, cybersecurity, climate tech, and much more. 17 00:00:46,600 --> 00:00:49,440 Speaker 1: Whether you're launching your first startup, pivoting into a new role, 18 00:00:49,680 --> 00:00:52,120 Speaker 1: or scaling as an execut there's something here for you. 19 00:00:52,400 --> 00:00:54,200 Speaker 2: Tickets and moving fast to keep your. 20 00:00:54,080 --> 00:00:57,720 Speaker 1: Spot out at afrotech Conference dot com. Before we get 21 00:00:57,760 --> 00:01:00,880 Speaker 1: into today's episode, we've got to celebrate eight the Black 22 00:01:00,920 --> 00:01:04,880 Speaker 1: Effect Podcast Network is turning five five years of powerful voices, 23 00:01:05,120 --> 00:01:08,880 Speaker 1: unforgettable moments in the community that keeps growing. This is 24 00:01:08,920 --> 00:01:11,880 Speaker 1: the power of the platform. Now let's get into it. 25 00:01:12,480 --> 00:01:13,520 Speaker 2: Black Tech, Green Money. 26 00:01:13,600 --> 00:01:15,679 Speaker 1: My name is Will Lucas, as you know, and I'm 27 00:01:15,680 --> 00:01:17,759 Speaker 1: so glad to be with you for another episode. 28 00:01:18,440 --> 00:01:19,959 Speaker 2: This one was gonna be a fun one for me. 29 00:01:20,160 --> 00:01:24,639 Speaker 1: I've known Berry for a long time and he's making major, 30 00:01:24,760 --> 00:01:27,680 Speaker 1: major moves. So Barry gibbns a managing partner at the 31 00:01:27,760 --> 00:01:31,880 Speaker 1: Lab Capital and he's a dynamic entrepreneur and technology innovator, 32 00:01:32,680 --> 00:01:35,120 Speaker 1: widely recognized for his work to bring parody to the 33 00:01:35,120 --> 00:01:39,600 Speaker 1: innovational economy. Collab Capital recently raised seventy five million for 34 00:01:39,680 --> 00:01:43,720 Speaker 1: fun two, bringing their total assets under management to one 35 00:01:43,800 --> 00:01:47,320 Speaker 1: hundred and twenty five million dollars. So if you need 36 00:01:47,880 --> 00:01:49,400 Speaker 1: a ten dollar loan, he's the. 37 00:01:49,360 --> 00:01:53,640 Speaker 3: Guy asked I can do ten. I can do ten. 38 00:01:55,280 --> 00:01:58,080 Speaker 3: It's good to see, very good to see you, brother. 39 00:01:58,440 --> 00:02:01,440 Speaker 2: Absolutely absolutely so. I want to go kind of back 40 00:02:01,480 --> 00:02:03,240 Speaker 2: to the beginning. So you said, when. 41 00:02:03,120 --> 00:02:06,680 Speaker 1: You guys started out, the Collab Capital was built to 42 00:02:06,760 --> 00:02:10,240 Speaker 1: be the firm you and Jule, your partner, wish you 43 00:02:10,320 --> 00:02:14,040 Speaker 1: had when you were starting out. What did the traditional 44 00:02:14,160 --> 00:02:17,880 Speaker 1: VC model get wrong back then for black founders? 45 00:02:19,240 --> 00:02:21,760 Speaker 4: Oh, man, that's a deep question, and it's so many 46 00:02:21,800 --> 00:02:28,000 Speaker 4: answers to that question. But I'll take it very like, 47 00:02:28,240 --> 00:02:30,320 Speaker 4: this seems like a thing that you wouldn't think about 48 00:02:30,400 --> 00:02:34,520 Speaker 4: or you wouldn't feel as important. But venture capitalists didn't 49 00:02:34,560 --> 00:02:39,640 Speaker 4: see black founders, and not like visibly seeing them. But 50 00:02:40,560 --> 00:02:43,000 Speaker 4: when you walk into a room as a black founder 51 00:02:43,560 --> 00:02:46,560 Speaker 4: and you're pitching your company, you know there's this thing 52 00:02:46,919 --> 00:02:49,560 Speaker 4: where you know, investors say that we know whether or 53 00:02:49,560 --> 00:02:51,480 Speaker 4: not we like to deal within the first ten minutes, 54 00:02:52,240 --> 00:02:54,600 Speaker 4: and for a black founder, we spend that first ten 55 00:02:54,639 --> 00:02:58,960 Speaker 4: minutes typically validating that we even deserve to be in 56 00:02:59,080 --> 00:03:02,200 Speaker 4: the room. And so, how can I get across to 57 00:03:02,280 --> 00:03:05,040 Speaker 4: you that my business is worth investing in If you 58 00:03:05,200 --> 00:03:07,520 Speaker 4: haven't even got over the point that there's a black 59 00:03:07,560 --> 00:03:10,440 Speaker 4: person sitting in front of you that has the ingenuity 60 00:03:10,480 --> 00:03:13,600 Speaker 4: and the intelligence to build this innovative product that they're 61 00:03:13,639 --> 00:03:16,600 Speaker 4: pitching to you, it's a lose, like you can't win 62 00:03:16,680 --> 00:03:19,640 Speaker 4: in that manner. And so when we say we wanted 63 00:03:19,639 --> 00:03:24,520 Speaker 4: to build the fund that we wanted, we just wanted 64 00:03:24,560 --> 00:03:27,320 Speaker 4: people to see black founders as what they were, which 65 00:03:27,360 --> 00:03:32,600 Speaker 4: is brilliant, innovative, educated, creative people that can build things 66 00:03:32,600 --> 00:03:36,280 Speaker 4: that will change the world. And that little tiny switch 67 00:03:36,280 --> 00:03:39,920 Speaker 4: in mentality allows us to go find alpha in places 68 00:03:39,960 --> 00:03:43,240 Speaker 4: where you know, other investors think that alpha doesn't exist. 69 00:03:50,600 --> 00:03:51,280 Speaker 3: Apologies. 70 00:03:51,760 --> 00:03:54,760 Speaker 4: Alpha is a term I'm not even sure when it 71 00:03:54,800 --> 00:03:57,440 Speaker 4: was created. We didn't use it back when I was building, 72 00:03:58,040 --> 00:04:01,720 Speaker 4: but it's a term that basically means there's the opportunity 73 00:04:02,000 --> 00:04:06,080 Speaker 4: to build an extremely valuable company. We call those companies alpha. 74 00:04:06,320 --> 00:04:08,760 Speaker 4: That's who you find the best returns and the best 75 00:04:08,760 --> 00:04:09,960 Speaker 4: investment opportunities. 76 00:04:10,400 --> 00:04:11,520 Speaker 2: Got it, Got it? 77 00:04:11,680 --> 00:04:15,440 Speaker 1: So I've heard it said that, you know, for VC, 78 00:04:15,640 --> 00:04:17,640 Speaker 1: you really don't know if you're a good VC until 79 00:04:17,680 --> 00:04:19,919 Speaker 1: like ten years in, because it takes that long to 80 00:04:20,000 --> 00:04:22,839 Speaker 1: really see how these companies shape out to shake out. 81 00:04:23,400 --> 00:04:27,760 Speaker 1: How would you describe the core thesis behind fund two and. 82 00:04:27,720 --> 00:04:30,520 Speaker 2: What like successes were you able to display. 83 00:04:30,160 --> 00:04:35,320 Speaker 1: In fund one that says to your investors, let me 84 00:04:35,320 --> 00:04:36,200 Speaker 1: get them to more money. 85 00:04:37,640 --> 00:04:37,880 Speaker 3: Yeah. 86 00:04:37,880 --> 00:04:41,440 Speaker 4: So, one big thing about being an emerging manager, particularly 87 00:04:41,560 --> 00:04:45,000 Speaker 4: first time fund manager, is that if you're able to 88 00:04:45,040 --> 00:04:47,719 Speaker 4: get through the gauntlet and raise the first fund, I know. 89 00:04:47,760 --> 00:04:51,520 Speaker 4: We'll get into that a little later. That the second 90 00:04:51,560 --> 00:04:54,200 Speaker 4: fund is really about did you do what you told 91 00:04:54,240 --> 00:04:56,640 Speaker 4: me you were going to do, because, as you mentioned, 92 00:04:56,680 --> 00:05:00,360 Speaker 4: to show true performance, we're typically going out and we're 93 00:05:00,400 --> 00:05:04,640 Speaker 4: raising starting the fundraise of a fund two, probably three years, 94 00:05:04,800 --> 00:05:07,120 Speaker 4: three and a half years after we've closed out on 95 00:05:07,200 --> 00:05:10,840 Speaker 4: Fund one, and the companies just don't move fast enough 96 00:05:10,880 --> 00:05:15,599 Speaker 4: in order to see true progress. We're not returning any 97 00:05:15,640 --> 00:05:17,640 Speaker 4: of the capital to most of the time, you haven't 98 00:05:17,640 --> 00:05:20,000 Speaker 4: returned any of the capital back to the investors, and 99 00:05:20,080 --> 00:05:23,480 Speaker 4: so the investors are looking for really two main things. 100 00:05:24,040 --> 00:05:25,640 Speaker 3: That is, did you do what you said you were 101 00:05:25,680 --> 00:05:26,160 Speaker 3: going to do. 102 00:05:26,600 --> 00:05:28,640 Speaker 4: We said that we built a fund that was going 103 00:05:28,680 --> 00:05:32,680 Speaker 4: to focus on black founders and building products in the 104 00:05:32,720 --> 00:05:36,920 Speaker 4: future of health, the future of care, and community infrastructure. 105 00:05:37,360 --> 00:05:38,080 Speaker 3: We did that. 106 00:05:38,400 --> 00:05:40,600 Speaker 4: We said that we were going to support those founders 107 00:05:40,600 --> 00:05:43,840 Speaker 4: because me and Joel have operational backgrounds and we will 108 00:05:43,880 --> 00:05:48,520 Speaker 4: be able to provide something different than maybe other metro 109 00:05:48,560 --> 00:05:51,440 Speaker 4: capitalists could not provide because they hadn't been in those trenches. 110 00:05:51,920 --> 00:05:54,600 Speaker 3: And we did that. And then the. 111 00:05:54,600 --> 00:05:58,400 Speaker 4: Second thing that investors or that at LP's look forward 112 00:05:58,440 --> 00:06:02,000 Speaker 4: to invest in that fund too is did you learn anything? 113 00:06:02,480 --> 00:06:04,000 Speaker 4: And this is where I think a lot of fund 114 00:06:04,080 --> 00:06:07,960 Speaker 4: managers fall a little bit because they're afraid to talk 115 00:06:08,000 --> 00:06:10,920 Speaker 4: about the things that they did wrong. And at the 116 00:06:11,040 --> 00:06:13,160 Speaker 4: end of the day, we're all getting no matter what 117 00:06:13,200 --> 00:06:15,440 Speaker 4: you do, the goal is to be getting better at 118 00:06:15,480 --> 00:06:18,120 Speaker 4: the thing that you're doing. You know, your podcast is 119 00:06:18,160 --> 00:06:20,679 Speaker 4: totally different produly than it was with your first. 120 00:06:20,560 --> 00:06:23,720 Speaker 3: Episode, and so and so. 121 00:06:23,760 --> 00:06:26,479 Speaker 4: If you can go into that fund too, and you 122 00:06:26,480 --> 00:06:28,599 Speaker 4: can tell your investor that this is what my diligence 123 00:06:28,640 --> 00:06:31,160 Speaker 4: process look like when you invested the first time, or 124 00:06:31,200 --> 00:06:33,520 Speaker 4: when I raised the first fund, and look at how 125 00:06:33,560 --> 00:06:36,720 Speaker 4: our diligence process has grown. We've added in better references, 126 00:06:36,760 --> 00:06:39,840 Speaker 4: We've added in better tooling to make better decisions on 127 00:06:39,880 --> 00:06:43,400 Speaker 4: our investment decisions. We've built out we've trained our investment 128 00:06:43,480 --> 00:06:47,400 Speaker 4: team to make better decisions. We've also made decisions that 129 00:06:47,440 --> 00:06:50,200 Speaker 4: we look back on and say, maybe we should look 130 00:06:50,240 --> 00:06:54,080 Speaker 4: at a founder differently in this vein the next time around, 131 00:06:54,240 --> 00:06:56,680 Speaker 4: or maybe we should look at a market differently. And 132 00:06:56,839 --> 00:06:59,359 Speaker 4: all of those learnings could turn out to be companies 133 00:06:59,400 --> 00:07:02,800 Speaker 4: that went to zero in fund one. But if you 134 00:07:02,920 --> 00:07:05,560 Speaker 4: learn from those and then you can show that progression 135 00:07:05,640 --> 00:07:09,840 Speaker 4: throughout the portfolio of your fund one, then you're able 136 00:07:09,880 --> 00:07:12,600 Speaker 4: to go into that meeting with the investors for fund 137 00:07:12,640 --> 00:07:16,000 Speaker 4: two and have a really good opportunity to raise that 138 00:07:16,080 --> 00:07:16,679 Speaker 4: second fund. 139 00:07:17,080 --> 00:07:18,960 Speaker 3: And then obviously the last thing is performance. 140 00:07:19,080 --> 00:07:22,520 Speaker 4: Like I said, maybe you do not have any distributions, 141 00:07:22,520 --> 00:07:25,679 Speaker 4: which is capital back to your investors, but you still 142 00:07:25,720 --> 00:07:29,640 Speaker 4: want to show that your portfolio companies are progressing, that 143 00:07:29,640 --> 00:07:33,720 Speaker 4: they're growing revenue, they're growing in triple digit growth year 144 00:07:33,840 --> 00:07:37,480 Speaker 4: over year, that they're able to raise capital from other investors, 145 00:07:37,720 --> 00:07:40,720 Speaker 4: that they're moving towards profitability. There are all these things 146 00:07:40,720 --> 00:07:43,480 Speaker 4: that you can juggle with the metrics to show, even 147 00:07:43,520 --> 00:07:46,760 Speaker 4: in the early stages, that your portfolio is moving in 148 00:07:46,880 --> 00:07:48,200 Speaker 4: the direction of success. 149 00:07:49,440 --> 00:07:52,480 Speaker 1: So interestingly, I love that you said, you know, there's 150 00:07:52,520 --> 00:07:55,720 Speaker 1: things different about my first episode than are different now 151 00:07:55,760 --> 00:07:58,320 Speaker 1: because my first episode I would have asked, you know, 152 00:07:58,600 --> 00:08:01,320 Speaker 1: being black and having those failures, what's the difference in 153 00:08:01,400 --> 00:08:04,480 Speaker 1: walking in because but that's an obvious question. But to 154 00:08:04,600 --> 00:08:07,520 Speaker 1: me now being a mature podcaster, I want to ask, 155 00:08:07,960 --> 00:08:12,040 Speaker 1: you know, there are things that you've learned in going 156 00:08:12,320 --> 00:08:15,080 Speaker 1: to raise money, and what's what you know I think 157 00:08:15,200 --> 00:08:18,800 Speaker 1: some start up ownders may not understand is just like 158 00:08:18,840 --> 00:08:22,280 Speaker 1: they're pitching to you, you're pitching to funders also, like 159 00:08:22,360 --> 00:08:25,600 Speaker 1: you're both pitching somebody. And so when you when you 160 00:08:25,640 --> 00:08:28,560 Speaker 1: go to you get with Jewel, you make the call, 161 00:08:28,720 --> 00:08:31,240 Speaker 1: hey Jewel, or Jewel calls you're like, yo, let's let's 162 00:08:31,520 --> 00:08:34,360 Speaker 1: fuel the fund. Or I call my dog and I'm like, yo, man, 163 00:08:34,400 --> 00:08:36,160 Speaker 1: let's let's go build a fund. We need to get 164 00:08:36,160 --> 00:08:39,960 Speaker 1: some capital out here. I see opportunity. What happens from there, 165 00:08:40,120 --> 00:08:42,440 Speaker 1: Like what is the process like from you making the 166 00:08:42,480 --> 00:08:44,880 Speaker 1: call to your homie being like let's start a VC 167 00:08:45,080 --> 00:08:48,920 Speaker 1: firm of a VC fund to the point to where 168 00:08:48,960 --> 00:08:51,439 Speaker 1: you're in a meeting, Like what's the in between? 169 00:08:51,600 --> 00:08:57,920 Speaker 4: Like, Oh, there's a lot of a lot of decision making. 170 00:08:58,760 --> 00:09:01,880 Speaker 4: I mean, picking your partner is the most important thing, right, 171 00:09:01,920 --> 00:09:04,480 Speaker 4: Like who is that phone call to? That's an extremely 172 00:09:04,520 --> 00:09:07,600 Speaker 4: important decision that you have to make because you're basically 173 00:09:07,640 --> 00:09:10,640 Speaker 4: signing up to be working with this person for a decade. 174 00:09:11,000 --> 00:09:14,520 Speaker 3: You know, most fun lives are ten years, and so 175 00:09:15,600 --> 00:09:17,680 Speaker 3: when you are starting a fund. 176 00:09:18,440 --> 00:09:20,560 Speaker 4: It's funny because I'll go back to a little bit 177 00:09:20,600 --> 00:09:23,920 Speaker 4: of my experience when I was building Masur at the 178 00:09:23,960 --> 00:09:27,400 Speaker 4: tail end of Monsieur. One of the reasons and with 179 00:09:27,760 --> 00:09:31,880 Speaker 4: drew with part pick we had. Really I'll speak just 180 00:09:31,880 --> 00:09:33,800 Speaker 4: to me because Duel's not here to tell her story. 181 00:09:33,840 --> 00:09:37,400 Speaker 4: But I had a very bad experience at the exit 182 00:09:37,559 --> 00:09:40,480 Speaker 4: of my company. There were a lot of things that 183 00:09:40,559 --> 00:09:43,880 Speaker 4: happened between me and my investors that I thought could 184 00:09:43,880 --> 00:09:46,520 Speaker 4: have been handled better, that I thought had I been 185 00:09:46,559 --> 00:09:49,720 Speaker 4: in the other seat, that I would have handled things 186 00:09:49,800 --> 00:09:52,920 Speaker 4: a lot differently, that was more beneficial, and that had 187 00:09:52,960 --> 00:09:55,920 Speaker 4: a little bit more heart towards the founder that had 188 00:09:55,960 --> 00:10:00,120 Speaker 4: put their blood, sweat and tears into this product. So 189 00:10:00,760 --> 00:10:04,480 Speaker 4: the first thing when I called Jewel to have this 190 00:10:04,559 --> 00:10:07,000 Speaker 4: first meeting and say, hey, is this something that you're 191 00:10:07,000 --> 00:10:09,960 Speaker 4: interested in, you have to have a hy like we 192 00:10:10,040 --> 00:10:14,800 Speaker 4: went into this deeply rooted in the problem because me 193 00:10:14,880 --> 00:10:18,800 Speaker 4: and Jewel had just experienced this issue and we wanted 194 00:10:18,840 --> 00:10:21,520 Speaker 4: to go out and solve it. And investors see that 195 00:10:21,960 --> 00:10:24,400 Speaker 4: whether you're starting a company or you're starting a fund, 196 00:10:24,760 --> 00:10:28,920 Speaker 4: they can see how passionate you are about said problem. 197 00:10:29,760 --> 00:10:33,600 Speaker 4: And so calling Jewel, We're having this meeting, and it 198 00:10:33,640 --> 00:10:36,800 Speaker 4: was immediate. I kN know Jewel for over ten years, right, 199 00:10:36,800 --> 00:10:39,959 Speaker 4: so I knew she was passionate about the problem as well. 200 00:10:40,400 --> 00:10:42,080 Speaker 3: But then it goes into what does this. 201 00:10:41,960 --> 00:10:44,680 Speaker 4: Thing look like, and we don't have enough time to 202 00:10:44,720 --> 00:10:47,880 Speaker 4: talk about all the different iterations and the things that 203 00:10:47,920 --> 00:10:50,760 Speaker 4: we tried, the things we didn't try. But one of 204 00:10:50,800 --> 00:10:54,160 Speaker 4: the things that we did very early on is that 205 00:10:54,640 --> 00:10:59,720 Speaker 4: we found a champion, a gentleman up in New York 206 00:10:59,800 --> 00:11:03,440 Speaker 4: name alparn Robinson, who is an OG in the investor space. 207 00:11:03,880 --> 00:11:05,160 Speaker 3: He's back many funds. 208 00:11:05,559 --> 00:11:11,760 Speaker 4: He runs a coaching platform, education platform for future venture 209 00:11:11,800 --> 00:11:16,280 Speaker 4: capitalists called BBCC. And we brought him in very early 210 00:11:16,320 --> 00:11:18,240 Speaker 4: on when our documents were rough, when we didn't know 211 00:11:18,280 --> 00:11:20,760 Speaker 4: what the hell we were doing. And you need someone 212 00:11:20,880 --> 00:11:22,520 Speaker 4: like that that's going to be real with you and 213 00:11:22,559 --> 00:11:24,040 Speaker 4: look you in the eye and say you have no 214 00:11:24,120 --> 00:11:26,680 Speaker 4: clue what you're doing, but let me bring you in 215 00:11:26,800 --> 00:11:29,560 Speaker 4: and tell you what you should be doing. And that 216 00:11:29,760 --> 00:11:33,680 Speaker 4: totally changed how fast we were able to build collab 217 00:11:33,760 --> 00:11:37,120 Speaker 4: and get it off the ground. And then the last 218 00:11:37,160 --> 00:11:38,880 Speaker 4: I know, we talked about just between the first meeting. 219 00:11:39,000 --> 00:11:43,160 Speaker 4: I'm going a little further in the first meeting. But 220 00:11:43,480 --> 00:11:45,800 Speaker 4: the other thing that I see fund managers doing now 221 00:11:45,840 --> 00:11:47,920 Speaker 4: that I think is super important. I'd be remiss if 222 00:11:47,920 --> 00:11:51,800 Speaker 4: I did not mention this is people are just jumping 223 00:11:51,840 --> 00:11:54,280 Speaker 4: off the cliff and I think they look at people 224 00:11:54,360 --> 00:11:56,400 Speaker 4: like Julie and I and they say, oh, well, Julian 225 00:11:56,440 --> 00:11:59,160 Speaker 4: Barry jumped in and just started a fund, and that 226 00:11:59,280 --> 00:12:02,680 Speaker 4: is not That could be no further away from the truth. 227 00:12:03,080 --> 00:12:05,720 Speaker 4: We did jump in with the idea of starting a fund. 228 00:12:06,480 --> 00:12:11,120 Speaker 4: But the part of the process that people maybe didn't 229 00:12:11,160 --> 00:12:14,080 Speaker 4: put two and two together is that we did not 230 00:12:14,200 --> 00:12:17,079 Speaker 4: have great track records. Jewel had a couple of angel investments. 231 00:12:17,320 --> 00:12:19,560 Speaker 4: I had an Angel investment, but we did not have long, 232 00:12:19,640 --> 00:12:21,720 Speaker 4: deep track records to be able to put in front 233 00:12:21,720 --> 00:12:27,720 Speaker 4: of investors, and so when Jewel took exactly the only 234 00:12:27,760 --> 00:12:32,800 Speaker 4: thing we had was our entrepreneurial experience, and so people 235 00:12:32,840 --> 00:12:35,040 Speaker 4: with people didn't see was that we actually had a 236 00:12:35,080 --> 00:12:38,600 Speaker 4: meeting before Jewel took the job at Google for startups. 237 00:12:38,880 --> 00:12:41,560 Speaker 4: We had a meeting before I took the job as 238 00:12:41,600 --> 00:12:46,600 Speaker 4: managing director of tech Stars as strategic things for us 239 00:12:46,640 --> 00:12:49,720 Speaker 4: to do to be able to get to the end product, 240 00:12:49,800 --> 00:12:53,640 Speaker 4: which was a fund. And so we had already started 241 00:12:53,640 --> 00:12:56,000 Speaker 4: collab when we took those roles, but we knew we 242 00:12:56,080 --> 00:12:58,240 Speaker 4: needed to do a little more to beef up our 243 00:12:58,320 --> 00:13:02,199 Speaker 4: resumes to successfully raise the first fund, and so there 244 00:13:02,200 --> 00:13:04,640 Speaker 4: were a lot of things that we learned along the way, 245 00:13:04,760 --> 00:13:08,040 Speaker 4: like track records, like you know how to put together 246 00:13:08,840 --> 00:13:12,760 Speaker 4: a proper L pack and talk about that's the advisory 247 00:13:13,040 --> 00:13:16,480 Speaker 4: committee for your limited partners. There were a lot of 248 00:13:16,559 --> 00:13:19,240 Speaker 4: things we just had no clue about that we learned 249 00:13:19,240 --> 00:13:22,199 Speaker 4: along that year, year and a half before Clad became 250 00:13:22,240 --> 00:13:25,679 Speaker 4: a real product in the market, and we had to 251 00:13:25,760 --> 00:13:30,560 Speaker 4: make those decisions along the way very strategically, And I 252 00:13:30,600 --> 00:13:32,560 Speaker 4: think that's why I love podcasts. A lot of times 253 00:13:32,600 --> 00:13:35,439 Speaker 4: people don't hear this full part of the story that 254 00:13:35,559 --> 00:13:37,800 Speaker 4: you have to go learn and you have to be 255 00:13:37,840 --> 00:13:40,160 Speaker 4: able to fund yourself. And so if you jump off 256 00:13:40,160 --> 00:13:43,400 Speaker 4: that cliff and you don't have the proper funding to 257 00:13:43,440 --> 00:13:45,400 Speaker 4: take care of you, and if you have a family 258 00:13:46,000 --> 00:13:49,160 Speaker 4: to feed yourself, it's a long road to get to 259 00:13:49,200 --> 00:13:51,880 Speaker 4: that first close to be able if you ever get 260 00:13:51,920 --> 00:13:54,480 Speaker 4: to a first close, to be able to get a 261 00:13:54,760 --> 00:13:56,920 Speaker 4: very tiny management feed to be able to take care 262 00:13:56,960 --> 00:13:59,440 Speaker 4: of yourself. And so all of these things we had 263 00:13:59,480 --> 00:14:02,120 Speaker 4: to put into our equation in order to get the 264 00:14:02,200 --> 00:14:04,840 Speaker 4: fund off the ground. And that started from that very 265 00:14:04,880 --> 00:14:08,040 Speaker 4: first early conversation of do we even want to do this? 266 00:14:08,400 --> 00:14:10,360 Speaker 2: Yeah, it is so much there. 267 00:14:10,400 --> 00:14:12,640 Speaker 1: I want to kind of translate what I'm what I 268 00:14:12,720 --> 00:14:15,600 Speaker 1: believe I heard you say for people who because I've 269 00:14:15,600 --> 00:14:17,000 Speaker 1: had people come to me like, yo, I want to 270 00:14:17,040 --> 00:14:19,400 Speaker 1: start a fund that they're asking me to start. They 271 00:14:19,480 --> 00:14:21,240 Speaker 1: just kind of talk about they want to start one 272 00:14:21,280 --> 00:14:25,040 Speaker 1: in their community. And what I'm hearing you say is 273 00:14:25,040 --> 00:14:26,960 Speaker 1: it not like, hey, we want to start a fund. 274 00:14:27,360 --> 00:14:30,280 Speaker 1: Let's see who we know at this teacher's retirement fund. 275 00:14:30,320 --> 00:14:31,640 Speaker 1: Let's call it in and see and if they'll give 276 00:14:31,720 --> 00:14:34,320 Speaker 1: us money, or let's go to anabisco and see if 277 00:14:34,320 --> 00:14:36,360 Speaker 1: they'll give us money. That's not what you're saying. What 278 00:14:36,440 --> 00:14:39,840 Speaker 1: you're saying is we went, we made some connections, and 279 00:14:39,880 --> 00:14:40,520 Speaker 1: we learned. 280 00:14:41,680 --> 00:14:41,920 Speaker 3: Yep. 281 00:14:43,000 --> 00:14:44,600 Speaker 2: So this this is this book. 282 00:14:45,120 --> 00:14:47,120 Speaker 1: If that statement reminds me of when you talked about 283 00:14:47,120 --> 00:14:50,000 Speaker 1: Malcolm Robinson this book to like it's called Who not How, 284 00:14:50,680 --> 00:14:53,440 Speaker 1: and it was like, you know, you could have just 285 00:14:53,680 --> 00:14:55,880 Speaker 1: when done a bunch of work, but you realize, there's 286 00:14:55,920 --> 00:14:58,480 Speaker 1: a person I need to connect with to show me 287 00:14:58,520 --> 00:14:58,880 Speaker 1: the game. 288 00:14:59,600 --> 00:15:02,280 Speaker 2: And so can you talk to the people who believe 289 00:15:03,320 --> 00:15:04,360 Speaker 2: that they have a record. 290 00:15:04,480 --> 00:15:06,560 Speaker 1: You've been an entrepreneur, you talked about that. I wanted 291 00:15:06,560 --> 00:15:09,120 Speaker 1: you to go a level deeper though, on Yeah, there 292 00:15:09,160 --> 00:15:11,080 Speaker 1: was a difference between me and being an entrepreneur and 293 00:15:11,080 --> 00:15:13,560 Speaker 1: me being somebody who can write checks. 294 00:15:14,800 --> 00:15:16,640 Speaker 2: Can you just talk a little bit more about that 295 00:15:16,680 --> 00:15:17,360 Speaker 2: in there. 296 00:15:18,560 --> 00:15:22,160 Speaker 4: Yes, I mean understanding numbers and being an investor. There 297 00:15:22,160 --> 00:15:24,360 Speaker 4: are a lot of people on Wall Street that understand 298 00:15:24,440 --> 00:15:28,200 Speaker 4: numbers really well. They're great with spreadsheets, they've been in 299 00:15:28,280 --> 00:15:34,200 Speaker 4: finance for twenty years. But if you haven't operated, particularly 300 00:15:34,240 --> 00:15:39,880 Speaker 4: at the early stages of a company, there are things 301 00:15:40,160 --> 00:15:43,320 Speaker 4: that you don't know need to happen, that need to happen. 302 00:15:44,480 --> 00:15:47,040 Speaker 4: And if you think back to the traditional days of 303 00:15:47,120 --> 00:15:50,800 Speaker 4: venture capital when it first started, it wasn't started by 304 00:15:52,360 --> 00:15:55,680 Speaker 4: folks off of Wall Street that were investment bankers. It 305 00:15:55,800 --> 00:15:59,160 Speaker 4: was started by entrepreneurs that it had success that then 306 00:15:59,200 --> 00:16:02,120 Speaker 4: said let's leave you this money to go find other 307 00:16:02,160 --> 00:16:07,000 Speaker 4: people that look like us, unfortunately, but more importantly, that 308 00:16:07,160 --> 00:16:10,240 Speaker 4: think like us, that have the ability to go find 309 00:16:10,360 --> 00:16:13,960 Speaker 4: the next great idea and build the next great widget. 310 00:16:14,440 --> 00:16:16,040 Speaker 3: That'll shifting industry. 311 00:16:16,560 --> 00:16:20,680 Speaker 4: And so the heart of venture capital has always been 312 00:16:20,760 --> 00:16:24,360 Speaker 4: with operators going to find other operators, and what it's 313 00:16:24,520 --> 00:16:28,000 Speaker 4: transformed to is that now has become a finance company 314 00:16:28,080 --> 00:16:31,920 Speaker 4: right like now this it's been kind of indoctrinated into 315 00:16:31,960 --> 00:16:35,080 Speaker 4: the traditional worlds of finance, and a lot of it 316 00:16:35,120 --> 00:16:38,360 Speaker 4: is traditional finance. We're looking at your income statements and 317 00:16:38,400 --> 00:16:41,840 Speaker 4: your balance sheet, so we're doing all the traditional finance things. 318 00:16:42,360 --> 00:16:45,840 Speaker 4: But when you're investing in, particularly in early stage companies, 319 00:16:46,560 --> 00:16:49,440 Speaker 4: there's something you're looking for in the founder to know 320 00:16:50,200 --> 00:16:52,440 Speaker 4: whether or not they have what it takes to make 321 00:16:52,480 --> 00:16:56,480 Speaker 4: it through the trenches of being an early stage founder. 322 00:16:57,000 --> 00:17:00,000 Speaker 4: There are things that you're looking for and how quickly 323 00:17:00,120 --> 00:17:03,640 Speaker 4: they're able to operate and iterate, how do they handle challenges. 324 00:17:05,440 --> 00:17:09,720 Speaker 3: You know, are they in a space in their life. 325 00:17:09,440 --> 00:17:12,359 Speaker 4: Where this is a great idea for them to do 326 00:17:12,400 --> 00:17:15,320 Speaker 4: it right this moment, Like, there are things as operators 327 00:17:15,320 --> 00:17:18,240 Speaker 4: that we have seen, and the other thing is an operator, 328 00:17:18,240 --> 00:17:20,560 Speaker 4: you're around a lot of other operators. So I'm not 329 00:17:20,720 --> 00:17:23,640 Speaker 4: just leaning into my experience. I'm leading into your experience. 330 00:17:23,760 --> 00:17:26,040 Speaker 4: I'm leaning into all the founders that were building things 331 00:17:26,040 --> 00:17:28,399 Speaker 4: when we were in the trenches right ten years ago, 332 00:17:28,960 --> 00:17:31,360 Speaker 4: because we talked to each other and we build relationships, 333 00:17:31,359 --> 00:17:34,680 Speaker 4: and so I'm not just leaning on to my world experiences, 334 00:17:34,920 --> 00:17:37,000 Speaker 4: but I'm thinking about all the things that my peers 335 00:17:37,000 --> 00:17:39,520 Speaker 4: went through, and now I'm able to take all of 336 00:17:39,560 --> 00:17:43,320 Speaker 4: that experience and hopefully help boost the founders that we 337 00:17:43,400 --> 00:17:46,000 Speaker 4: invest in so that they can skip over some of 338 00:17:46,040 --> 00:17:49,840 Speaker 4: those early steps because I'm seeing around corners. And a 339 00:17:49,880 --> 00:17:52,159 Speaker 4: great example of this we made an investment into a 340 00:17:52,200 --> 00:17:57,480 Speaker 4: company Blackmail. Founder has a doctor, one of the smartest 341 00:17:57,480 --> 00:18:02,720 Speaker 4: people I've ever met, NASA rockets scientists, and I told 342 00:18:02,760 --> 00:18:05,439 Speaker 4: him early on, I said, this is the type of 343 00:18:05,480 --> 00:18:08,480 Speaker 4: innovation that by the time you get to Series A, 344 00:18:09,200 --> 00:18:12,479 Speaker 4: somebody's going to try to remove you as CEO and 345 00:18:12,800 --> 00:18:14,720 Speaker 4: get you out of the way because there's a lot 346 00:18:14,760 --> 00:18:17,320 Speaker 4: of value in this and as you continue to bring 347 00:18:17,359 --> 00:18:21,080 Speaker 4: on investors, this is what is going to happen. I 348 00:18:21,119 --> 00:18:22,960 Speaker 4: thought it was going to be years down the line. 349 00:18:23,000 --> 00:18:26,000 Speaker 4: He called me like six months later and he was like, man, 350 00:18:26,040 --> 00:18:28,480 Speaker 4: you will never guess what happened. He's going out to 351 00:18:28,560 --> 00:18:31,680 Speaker 4: raise a bridge between a pre seed and a seed row. 352 00:18:32,600 --> 00:18:37,520 Speaker 4: He has didn't even got to the seed. And he's like, 353 00:18:37,640 --> 00:18:40,159 Speaker 4: they back channeled with my co founder, who was a 354 00:18:40,200 --> 00:18:43,640 Speaker 4: white woman, and tried to get her basic to turn 355 00:18:43,680 --> 00:18:47,679 Speaker 4: on him to say she wants to be the CEO 356 00:18:47,920 --> 00:18:50,359 Speaker 4: and to move him out of the way. And luckily 357 00:18:50,440 --> 00:18:53,480 Speaker 4: they handled it great. We got through it. But being 358 00:18:53,520 --> 00:18:56,439 Speaker 4: able to see around those corners, and particularly as a 359 00:18:56,480 --> 00:19:00,880 Speaker 4: black founder, we're able to bring those experiences and make 360 00:19:01,000 --> 00:19:03,800 Speaker 4: being a black founder, even though a lot of times 361 00:19:03,800 --> 00:19:05,879 Speaker 4: just look as a detriment, we're able to take our 362 00:19:05,960 --> 00:19:08,560 Speaker 4: experiences and turn it into a positive by beating them 363 00:19:08,560 --> 00:19:09,320 Speaker 4: at their own game. 364 00:19:10,720 --> 00:19:15,119 Speaker 1: Yeah, I want so can you add some clarity because 365 00:19:15,119 --> 00:19:19,840 Speaker 1: the way investment is positioned in many cases, it's like 366 00:19:19,920 --> 00:19:22,920 Speaker 1: we want to help founders, and you just. 367 00:19:22,920 --> 00:19:24,320 Speaker 2: Kind of added. 368 00:19:25,520 --> 00:19:28,439 Speaker 1: Reality in that this is about finance, This is about 369 00:19:28,560 --> 00:19:31,959 Speaker 1: dollars and cents, and so there's a balance there, and 370 00:19:32,440 --> 00:19:35,359 Speaker 1: we get marketed to like they want to help me 371 00:19:35,560 --> 00:19:38,200 Speaker 1: grow because they like me and they you know, they 372 00:19:38,280 --> 00:19:41,840 Speaker 1: like my idea, and what's really true that's that might 373 00:19:41,880 --> 00:19:45,359 Speaker 1: be true, but what's really true is opportunity has to 374 00:19:45,400 --> 00:19:48,240 Speaker 1: be there to ten x, twenty x, one hundred x 375 00:19:48,320 --> 00:19:52,520 Speaker 1: this investment. So can you can you give some clarity 376 00:19:52,600 --> 00:19:55,800 Speaker 1: for the entrepreneurs who might be confused just thinking the 377 00:19:55,800 --> 00:19:58,960 Speaker 1: people might want to help them and think that think 378 00:19:59,000 --> 00:20:01,760 Speaker 1: that mean not even but they think capital is about 379 00:20:01,800 --> 00:20:05,000 Speaker 1: helping them. Can you give them some clarity on what 380 00:20:05,080 --> 00:20:06,840 Speaker 1: this is actually about. 381 00:20:08,080 --> 00:20:13,960 Speaker 4: Who one of the biggest mistakes that I made as 382 00:20:13,960 --> 00:20:19,679 Speaker 4: a founder was believing that my investor was my friend. 383 00:20:22,040 --> 00:20:24,880 Speaker 4: And it's not saying that your investor cannot be your 384 00:20:24,960 --> 00:20:31,199 Speaker 4: friend outside of the business, but inside the confines of 385 00:20:31,240 --> 00:20:36,439 Speaker 4: that business, particularly if that investor has a fund because 386 00:20:36,480 --> 00:20:40,240 Speaker 4: they have to answer to LPs. So in the confines 387 00:20:40,280 --> 00:20:43,439 Speaker 4: of that business, their job is not to be your friend. 388 00:20:43,880 --> 00:20:47,480 Speaker 4: Their job is to be a good fiduciary, which means 389 00:20:47,680 --> 00:20:51,600 Speaker 4: there's the good stewards and good managers of the capital 390 00:20:51,680 --> 00:20:55,479 Speaker 4: that was given to them to then invest. And so 391 00:20:55,680 --> 00:20:57,879 Speaker 4: I think it's a mistake that I made as a founder, 392 00:20:57,920 --> 00:21:00,480 Speaker 4: and I tell my founders, I don't I think there's 393 00:21:00,600 --> 00:21:03,119 Speaker 4: anyone out there in the world that is an investor 394 00:21:03,200 --> 00:21:06,040 Speaker 4: that's going to have your back as much as I will. 395 00:21:06,680 --> 00:21:09,320 Speaker 4: I will put me up against andrel as well against 396 00:21:09,400 --> 00:21:12,160 Speaker 4: any other investor in the market, like we are going 397 00:21:12,200 --> 00:21:14,720 Speaker 4: to have your back, But there's going to come a 398 00:21:14,800 --> 00:21:18,880 Speaker 4: time where the friend talk and having your back, I'm 399 00:21:18,880 --> 00:21:21,760 Speaker 4: going to have to balance out what is the best 400 00:21:21,800 --> 00:21:25,520 Speaker 4: thing for the capital the million dollars that I gave you, 401 00:21:25,600 --> 00:21:29,240 Speaker 4: That becomes the most important thing at some point. And 402 00:21:29,400 --> 00:21:31,200 Speaker 4: I don't want you to place me in a position 403 00:21:31,359 --> 00:21:34,240 Speaker 4: where you expect me to make a decision for you 404 00:21:34,440 --> 00:21:37,280 Speaker 4: when I really need to make that decision for the 405 00:21:37,400 --> 00:21:40,880 Speaker 4: capital that I gave you. And this gets into board makeup, 406 00:21:41,560 --> 00:21:44,600 Speaker 4: which is where I made the mistake. Typically, your early stage, 407 00:21:44,960 --> 00:21:48,480 Speaker 4: you create a board. You want one preferred stock ie 408 00:21:48,640 --> 00:21:51,960 Speaker 4: the investor, you want one common stock ie the founder, 409 00:21:52,240 --> 00:21:55,399 Speaker 4: and then you want one independent. I chose my independent 410 00:21:55,440 --> 00:21:58,200 Speaker 4: to be an investor in my company that I thought 411 00:21:58,480 --> 00:22:01,440 Speaker 4: was going to be friendly because we had built this relationship. 412 00:22:01,760 --> 00:22:03,560 Speaker 4: But when it came down to it and we had 413 00:22:03,600 --> 00:22:08,760 Speaker 4: to make decisions, that investor investored and I didn't understand 414 00:22:08,800 --> 00:22:10,639 Speaker 4: it when I was a founder. But now that I'm 415 00:22:10,640 --> 00:22:13,080 Speaker 4: on this side, I have a lot more clarity, and 416 00:22:13,920 --> 00:22:16,560 Speaker 4: I'll take this one step deeper. From an education perspective, 417 00:22:17,520 --> 00:22:20,840 Speaker 4: I also believe that founders don't even really know what 418 00:22:20,920 --> 00:22:23,040 Speaker 4: that means. And this is where I spent a lot 419 00:22:23,040 --> 00:22:25,879 Speaker 4: of time in the last year of getting founders to 420 00:22:26,119 --> 00:22:29,840 Speaker 4: understand what even having an investor means. What are the 421 00:22:29,920 --> 00:22:34,480 Speaker 4: financial expectations that I have of you when I give 422 00:22:34,520 --> 00:22:37,840 Speaker 4: you that million dollar check. And so I've done it 423 00:22:37,880 --> 00:22:40,320 Speaker 4: with my founders, I've done it on other podcasts. I 424 00:22:40,359 --> 00:22:43,480 Speaker 4: do it very briefly here, but as an investor, my 425 00:22:43,640 --> 00:22:47,800 Speaker 4: job is to at the bare minimum give my investors 426 00:22:47,880 --> 00:22:51,200 Speaker 4: three times their money back. So for a fifty million 427 00:22:51,240 --> 00:22:55,520 Speaker 4: dollar fund, their minimal expectation for me, being in the 428 00:22:55,560 --> 00:22:59,040 Speaker 4: lower bracket of success, is giving them three x their 429 00:22:59,080 --> 00:23:01,720 Speaker 4: money back. I really want to be closer to five x, 430 00:23:01,920 --> 00:23:03,520 Speaker 4: Like that's where I really want to live, so I 431 00:23:03,520 --> 00:23:06,040 Speaker 4: can be top desciut kind of top investor in the 432 00:23:06,080 --> 00:23:09,720 Speaker 4: country kind of thing. So what that means for a 433 00:23:09,760 --> 00:23:13,439 Speaker 4: company is if I'm giving you a million dollars and 434 00:23:13,520 --> 00:23:17,560 Speaker 4: I'm only getting ten percent of your business, that means 435 00:23:17,640 --> 00:23:22,080 Speaker 4: the for you to return I'm calculating my decision on 436 00:23:22,240 --> 00:23:26,160 Speaker 4: you returning that whole hundred and fifty million, not returning 437 00:23:26,160 --> 00:23:30,439 Speaker 4: the million back to me, not even returning five million 438 00:23:30,480 --> 00:23:32,800 Speaker 4: back to me. Because at the end of the day, 439 00:23:33,720 --> 00:23:36,040 Speaker 4: I think all power law where the majority of our 440 00:23:36,040 --> 00:23:38,480 Speaker 4: returns are going to come from three or four companies. 441 00:23:38,840 --> 00:23:40,680 Speaker 4: So if I want to hit five X, I need 442 00:23:40,720 --> 00:23:42,960 Speaker 4: those three or four companies to at least give me 443 00:23:43,119 --> 00:23:44,840 Speaker 4: one times the fund. 444 00:23:45,160 --> 00:23:47,760 Speaker 3: So I need you to add minimum return fifty. 445 00:23:48,000 --> 00:23:49,600 Speaker 4: But I may be doing math to try to get 446 00:23:49,640 --> 00:23:52,159 Speaker 4: you to return one fifty and So you may have 447 00:23:52,200 --> 00:23:54,480 Speaker 4: a company that you're pitching me that you're like, it's 448 00:23:54,520 --> 00:23:57,879 Speaker 4: going to be one hundred million dollar company, and I'm like, 449 00:23:57,960 --> 00:24:01,960 Speaker 4: I agree, But after I get diluted in a couple 450 00:24:02,000 --> 00:24:04,600 Speaker 4: of rounds and I own ten percent, but now I 451 00:24:04,680 --> 00:24:09,600 Speaker 4: own seven, that one hundred million dollar company isn't going 452 00:24:09,680 --> 00:24:12,400 Speaker 4: to do much to move the needle, like that seven million. 453 00:24:12,240 --> 00:24:13,840 Speaker 3: Dollars ain't go like what is that going to do 454 00:24:13,960 --> 00:24:14,199 Speaker 3: for me? 455 00:24:14,920 --> 00:24:17,080 Speaker 4: When I need to give this back to my investors, 456 00:24:17,359 --> 00:24:21,040 Speaker 4: I need you to be a billion dollar company so 457 00:24:21,080 --> 00:24:23,600 Speaker 4: that I can get seventy million back. Right, So like 458 00:24:23,720 --> 00:24:27,320 Speaker 4: doing and getting them to understand what a billion dollar 459 00:24:27,359 --> 00:24:29,800 Speaker 4: company is and multiples and all that stuff. It's a 460 00:24:29,840 --> 00:24:32,840 Speaker 4: lot of math that goes in what to what makes 461 00:24:32,880 --> 00:24:35,639 Speaker 4: a company venture backable? And I don't think founders, I 462 00:24:35,760 --> 00:24:38,800 Speaker 4: know founders are not doing that math before they step 463 00:24:38,840 --> 00:24:40,760 Speaker 4: into a zoom call or meeting with me. 464 00:24:42,480 --> 00:24:45,520 Speaker 2: So I believe black people are special. That's why I'm here. 465 00:24:46,400 --> 00:24:48,680 Speaker 3: And so we are not special will. 466 00:24:50,080 --> 00:24:53,919 Speaker 1: Like likelives brother, and so we have not always been 467 00:24:53,960 --> 00:24:58,560 Speaker 1: able to take advantage of at that specialist capital wise, 468 00:24:59,040 --> 00:25:01,480 Speaker 1: we've not always been a to reap the rewards of it. 469 00:25:02,040 --> 00:25:06,160 Speaker 1: So what does it really take for us to turn 470 00:25:06,320 --> 00:25:08,639 Speaker 1: genius into generational wealth? 471 00:25:08,680 --> 00:25:09,440 Speaker 2: In your estimation? 472 00:25:10,400 --> 00:25:12,320 Speaker 3: Oh, I like how you I like how you took 473 00:25:12,359 --> 00:25:14,119 Speaker 3: the took the tagline. 474 00:25:14,160 --> 00:25:17,320 Speaker 4: I like that genius the generational wealth is one of 475 00:25:17,320 --> 00:25:19,480 Speaker 4: the coolest things I've ever heard. 476 00:25:19,600 --> 00:25:21,480 Speaker 3: You know, it's one of our taglines that collabse. 477 00:25:23,840 --> 00:25:28,480 Speaker 4: But what does it take to turn genius into generational wealth? 478 00:25:31,119 --> 00:25:33,400 Speaker 3: There are a lot of really smart people that are 479 00:25:33,440 --> 00:25:34,000 Speaker 3: dead broke. 480 00:25:36,560 --> 00:25:40,280 Speaker 4: Genius does not automatically mean that you are going to 481 00:25:40,320 --> 00:25:43,399 Speaker 4: be on the mountaintop, just like it's a lot of 482 00:25:43,440 --> 00:25:45,760 Speaker 4: great athletes that are sitting at home right now when 483 00:25:45,760 --> 00:25:49,480 Speaker 4: they thought they would be in the league. There's a 484 00:25:49,720 --> 00:25:52,320 Speaker 4: level and this is where that passion comes in for 485 00:25:52,359 --> 00:25:56,560 Speaker 4: solving your problem because there's a level of work ethic. 486 00:25:56,680 --> 00:25:59,119 Speaker 4: I'm probably going to say something that is unpopular in 487 00:25:59,200 --> 00:26:00,160 Speaker 4: twenty twenty five. 488 00:26:00,960 --> 00:26:01,120 Speaker 3: But. 489 00:26:03,160 --> 00:26:06,200 Speaker 4: Soft life doesn't exist when you want to be great, 490 00:26:07,840 --> 00:26:10,680 Speaker 4: when you want to build something that is long lasting, 491 00:26:10,680 --> 00:26:15,800 Speaker 4: that will outlast you brutal, there are no multiple vacations 492 00:26:15,800 --> 00:26:19,320 Speaker 4: of yea, that money should be being reinvested back into 493 00:26:19,359 --> 00:26:21,439 Speaker 4: your company. And I know we're in this mental health 494 00:26:21,680 --> 00:26:26,600 Speaker 4: you know, you know the soft life. The founders that 495 00:26:26,680 --> 00:26:29,960 Speaker 4: I see doing that aren't moving the needle. And I 496 00:26:29,960 --> 00:26:32,760 Speaker 4: think what happens is they see founders do that after 497 00:26:32,800 --> 00:26:35,200 Speaker 4: the founder has moved the needle and they say, oh, 498 00:26:35,280 --> 00:26:38,560 Speaker 4: it's founder's out here, you know, moved, got a beach 499 00:26:38,600 --> 00:26:41,720 Speaker 4: house and they kicking it on Instagram showing they went 500 00:26:41,760 --> 00:26:44,240 Speaker 4: to four different countries this year, but you didn't see 501 00:26:44,240 --> 00:26:47,800 Speaker 4: them twelve years ago when they didn't even leave their 502 00:26:47,840 --> 00:26:51,600 Speaker 4: city right let alone the country. And so there's a 503 00:26:51,600 --> 00:26:55,960 Speaker 4: certain level of grit and understanding of how much grit 504 00:26:56,040 --> 00:27:00,439 Speaker 4: it takes that turns that genius into generational wealth. But 505 00:27:00,640 --> 00:27:04,000 Speaker 4: even if you're a genius and you have the grit 506 00:27:04,320 --> 00:27:06,720 Speaker 4: and you can show that you have the grit, you 507 00:27:06,800 --> 00:27:10,080 Speaker 4: still have to build the right product. And so now 508 00:27:10,119 --> 00:27:12,480 Speaker 4: you have to get into is this product something that 509 00:27:12,520 --> 00:27:14,560 Speaker 4: people will pay for, that can grow and do one 510 00:27:14,640 --> 00:27:17,600 Speaker 4: hundred million dollars in revenue, two hundred million dollars in revenue? 511 00:27:17,760 --> 00:27:18,520 Speaker 3: Is it global? 512 00:27:18,680 --> 00:27:21,040 Speaker 4: How much money does it take to scale all of 513 00:27:21,080 --> 00:27:25,280 Speaker 4: these things right that go into is the business a 514 00:27:25,320 --> 00:27:29,560 Speaker 4: good business? And so then you say, Okay, I'm a genius, 515 00:27:29,920 --> 00:27:32,359 Speaker 4: I have grit, I'm ready to work as hard as anybody, 516 00:27:32,960 --> 00:27:36,800 Speaker 4: and I'm building this product that's in a great market. 517 00:27:37,480 --> 00:27:41,639 Speaker 4: The most unfortunate part is the one thing you really 518 00:27:41,640 --> 00:27:44,040 Speaker 4: can't control is that then you have to build it 519 00:27:44,080 --> 00:27:48,720 Speaker 4: at the right time. Timing is everything and being a 520 00:27:48,840 --> 00:27:52,120 Speaker 4: year too soon or a year too late. There are 521 00:27:52,160 --> 00:27:55,159 Speaker 4: companies that I've seen that they created this aout this 522 00:27:55,280 --> 00:28:00,919 Speaker 4: company three years ago. It takes off, But you created 523 00:28:00,960 --> 00:28:03,280 Speaker 4: in twenty twenty five, and now AI is eating it 524 00:28:03,320 --> 00:28:06,280 Speaker 4: in two weeks, right, And so you were three years 525 00:28:06,320 --> 00:28:08,680 Speaker 4: off of your schedule from probably having a rocket ship 526 00:28:08,960 --> 00:28:11,560 Speaker 4: and being one of the early acquisitions in the AI 527 00:28:11,680 --> 00:28:14,280 Speaker 4: time to now you build it three years later, and 528 00:28:14,320 --> 00:28:17,359 Speaker 4: you're a nothing burger because you built it three and 529 00:28:17,960 --> 00:28:20,240 Speaker 4: you're still smart, you still work your ass off, you 530 00:28:20,280 --> 00:28:22,520 Speaker 4: still didn't sleep and ate, you know, Papa John's every 531 00:28:22,600 --> 00:28:23,359 Speaker 4: day dominoes. 532 00:28:23,400 --> 00:28:23,840 Speaker 3: Every day. 533 00:28:24,080 --> 00:28:26,040 Speaker 4: You did all the things that you're supposed to do. 534 00:28:26,440 --> 00:28:29,240 Speaker 4: And so there are so many things along the way 535 00:28:29,280 --> 00:28:33,520 Speaker 4: that have to go right to create true generational wealth. 536 00:28:34,119 --> 00:28:36,960 Speaker 4: And that's why this is the riskiest capital that exists, 537 00:28:37,080 --> 00:28:39,240 Speaker 4: is because you need so many things to go right, 538 00:28:39,640 --> 00:28:42,200 Speaker 4: and why the power law exists and why we only 539 00:28:42,240 --> 00:28:44,920 Speaker 4: expect we don't go into this investing in thirty eight 540 00:28:44,920 --> 00:28:46,640 Speaker 4: companies thinking that only four of them are going to 541 00:28:46,640 --> 00:28:47,200 Speaker 4: be successful. 542 00:28:47,200 --> 00:28:49,040 Speaker 3: We think every company we invest in. 543 00:28:49,320 --> 00:28:52,640 Speaker 4: Has the opportunity to be a huge success and return 544 00:28:52,680 --> 00:28:55,360 Speaker 4: the fund, But the fact show that's not going to 545 00:28:55,360 --> 00:28:57,520 Speaker 4: be true because all those things have to go right 546 00:28:57,560 --> 00:29:00,840 Speaker 4: to create that generational wealth. We haven't even got into 547 00:29:00,840 --> 00:29:04,800 Speaker 4: being black and the inequities and like all that stuff 548 00:29:04,880 --> 00:29:08,920 Speaker 4: is this is just normal entrepreneurship. Then you throw in 549 00:29:09,120 --> 00:29:11,200 Speaker 4: all of the other things on top of that, and 550 00:29:11,240 --> 00:29:13,880 Speaker 4: it really takes a lot of intentionality from the entire 551 00:29:13,920 --> 00:29:17,440 Speaker 4: community and ecosystem to get through those barriers. And that's 552 00:29:17,560 --> 00:29:19,719 Speaker 4: one of the things that we pray and hope that 553 00:29:19,760 --> 00:29:21,920 Speaker 4: we are doing for the community as Collab Capital. 554 00:29:23,080 --> 00:29:25,680 Speaker 1: You said something phrase, you know, is it global? That 555 00:29:26,320 --> 00:29:28,560 Speaker 1: stuck out to me, and you know, we used to 556 00:29:28,560 --> 00:29:32,520 Speaker 1: talk about, you know, it's not enough for your your 557 00:29:32,520 --> 00:29:35,360 Speaker 1: homies to want what you're building. It's not enough for 558 00:29:35,400 --> 00:29:38,640 Speaker 1: your block or your city is at then it was like, 559 00:29:38,720 --> 00:29:41,240 Speaker 1: you know, it can at least it go national, But 560 00:29:41,520 --> 00:29:45,520 Speaker 1: you just talked about global, and so I wonder how 561 00:29:45,600 --> 00:29:49,040 Speaker 1: you would challenge us to not just think domestically anymore 562 00:29:49,480 --> 00:29:54,200 Speaker 1: when you have an international you know, import export of 563 00:29:54,440 --> 00:29:57,120 Speaker 1: both thought, ideas and products. 564 00:29:57,600 --> 00:29:58,760 Speaker 2: When it's so easy to do. 565 00:29:58,840 --> 00:30:02,200 Speaker 1: Now, is it enough of anymore just to be known 566 00:30:02,280 --> 00:30:03,920 Speaker 1: in the fifty States? 567 00:30:05,400 --> 00:30:08,560 Speaker 4: I mean, in some cases, yes, it can be enough 568 00:30:08,600 --> 00:30:13,520 Speaker 4: to create a unicorn by just being in the United States. 569 00:30:14,920 --> 00:30:17,680 Speaker 4: That being said, it is extremely difficult. I mean, you 570 00:30:17,760 --> 00:30:20,000 Speaker 4: have to get so many things right. You have to 571 00:30:20,000 --> 00:30:23,480 Speaker 4: find such a market need that is focused here in 572 00:30:23,520 --> 00:30:26,880 Speaker 4: the US that everybody that has that market need is 573 00:30:26,920 --> 00:30:29,080 Speaker 4: going to want to utilize. 574 00:30:28,880 --> 00:30:31,040 Speaker 3: Your services, right or your product. 575 00:30:31,680 --> 00:30:33,280 Speaker 4: But at the end of the day, we are a 576 00:30:34,320 --> 00:30:37,400 Speaker 4: I mean we're doing this zoom call from two different 577 00:30:37,400 --> 00:30:40,760 Speaker 4: I mean this podcast from two different states. You could 578 00:30:40,800 --> 00:30:43,920 Speaker 4: be in Bali right now and we could be doing 579 00:30:43,920 --> 00:30:44,560 Speaker 4: the same thing. 580 00:30:44,680 --> 00:30:44,840 Speaker 3: Right. 581 00:30:44,880 --> 00:30:50,000 Speaker 4: So information and ideas move so fast that not only 582 00:30:50,040 --> 00:30:52,880 Speaker 4: do you have to build something global, but you also 583 00:30:52,960 --> 00:30:56,760 Speaker 4: have to worry about global competition because those companies that 584 00:30:56,800 --> 00:31:01,880 Speaker 4: are being built in France and and you know, in 585 00:31:01,880 --> 00:31:05,480 Speaker 4: India and in you know, Ghana and all these other 586 00:31:05,520 --> 00:31:08,320 Speaker 4: places where founders that have all those same things to 587 00:31:08,400 --> 00:31:12,640 Speaker 4: turn to create generational wealth, they now have the ability 588 00:31:12,680 --> 00:31:14,960 Speaker 4: to get it right to the United States just like 589 00:31:15,040 --> 00:31:16,800 Speaker 4: you do. Just like you have the ability to get 590 00:31:16,800 --> 00:31:20,080 Speaker 4: your product into their country, and so you have to 591 00:31:20,200 --> 00:31:23,280 Speaker 4: be thinking globally when we do checks to see there 592 00:31:23,560 --> 00:31:27,120 Speaker 4: are there competitors, particularly if it's a pure software company, 593 00:31:27,360 --> 00:31:31,080 Speaker 4: We're looking everywhere to see are their competitors. Is their 594 00:31:31,160 --> 00:31:33,720 Speaker 4: room for you to grow this other into this other 595 00:31:33,880 --> 00:31:36,560 Speaker 4: content inner country, or is there already a market leader 596 00:31:36,600 --> 00:31:42,040 Speaker 4: there because you have When we think about creating unicorns 597 00:31:42,040 --> 00:31:46,440 Speaker 4: and getting to multi billion dollar valuations, you need millions 598 00:31:46,480 --> 00:31:50,120 Speaker 4: and millions and millions of customers typically to hit that point. 599 00:31:50,240 --> 00:31:52,920 Speaker 4: And so by creating something that's global, you just give 600 00:31:53,000 --> 00:31:56,760 Speaker 4: yourself a better chance at finding that when you're looking 601 00:31:56,760 --> 00:31:59,960 Speaker 4: through seven billion people versus three hundred and eighty four 602 00:32:00,040 --> 00:32:03,240 Speaker 4: hundred million people just here in the United States. 603 00:32:03,760 --> 00:32:06,760 Speaker 1: Have you been named to Ifrotech Future fifty you know, 604 00:32:07,000 --> 00:32:13,360 Speaker 1: celebrates you on that on and disrecognition, celebrates impact and influence. 605 00:32:14,800 --> 00:32:19,760 Speaker 1: How do you define those in your career today? 606 00:32:20,840 --> 00:32:25,640 Speaker 4: Oh Man, Influence is a tough one, but I get 607 00:32:25,720 --> 00:32:26,760 Speaker 4: I'll get to that one second. 608 00:32:27,320 --> 00:32:30,800 Speaker 3: Impact is the easy one for me. I want to 609 00:32:30,840 --> 00:32:34,920 Speaker 3: look up in you know, twenty years and I want to. 610 00:32:34,880 --> 00:32:38,040 Speaker 4: See a bunch of black folks with a bunch of 611 00:32:38,080 --> 00:32:40,520 Speaker 4: money that are maybe now sitting in the seat that 612 00:32:40,560 --> 00:32:46,160 Speaker 4: I'm sitting in today on Will Lucas's podcast, Black Tech, 613 00:32:46,240 --> 00:32:51,160 Speaker 4: Great Money, doing the fifteen year edition, And when you 614 00:32:51,200 --> 00:32:55,719 Speaker 4: ask them how they got here, they say, man, there 615 00:32:55,800 --> 00:32:58,920 Speaker 4: was this dude, there was this company, collap Capital, that 616 00:32:58,960 --> 00:33:01,840 Speaker 4: believed in me with nobody else did, and they wrote 617 00:33:01,840 --> 00:33:04,800 Speaker 4: me my first million dollar check. And if it wasn't 618 00:33:04,880 --> 00:33:06,720 Speaker 4: for that check, I would not be sitting in this 619 00:33:06,800 --> 00:33:09,840 Speaker 4: seat on this podcast talking to you today. And I 620 00:33:09,880 --> 00:33:12,480 Speaker 4: think that every single one of our founders have the 621 00:33:12,600 --> 00:33:15,640 Speaker 4: chance to do that, and unfortunately the majority of our 622 00:33:15,680 --> 00:33:19,080 Speaker 4: founders do have that story that their genius was not 623 00:33:19,200 --> 00:33:24,280 Speaker 4: seen as this golden opportunity. And we sit in this 624 00:33:24,320 --> 00:33:27,720 Speaker 4: space where we're able to absorb that genius and see 625 00:33:27,760 --> 00:33:30,440 Speaker 4: that genius and invest and for many times be the 626 00:33:30,520 --> 00:33:33,720 Speaker 4: largest check, in some cases, the only check that is 627 00:33:33,760 --> 00:33:35,360 Speaker 4: believing in some of these companies. 628 00:33:36,240 --> 00:33:38,840 Speaker 3: You know, we have a company. I'll get you again 629 00:33:38,840 --> 00:33:39,360 Speaker 3: into that later. 630 00:33:39,600 --> 00:33:41,440 Speaker 4: But on the impact side, that is what I would 631 00:33:41,520 --> 00:33:44,920 Speaker 4: like to see, because what happens is this is a 632 00:33:44,960 --> 00:33:47,920 Speaker 4: flywheel and we're playing the long game. And so when 633 00:33:47,920 --> 00:33:50,360 Speaker 4: we started this, we did not think that our impact 634 00:33:50,400 --> 00:33:53,800 Speaker 4: was going to be seen in you know, five years. 635 00:33:54,960 --> 00:33:58,680 Speaker 4: We have to let the cycles go through their their cycles. 636 00:33:58,720 --> 00:34:01,200 Speaker 4: And you mentioned it Earlier's a your cycle, twelve year 637 00:34:01,240 --> 00:34:04,479 Speaker 4: cycle from an investment to that company getting to an exit, 638 00:34:04,520 --> 00:34:08,200 Speaker 4: creating that generational wealth for that person to then go 639 00:34:08,280 --> 00:34:12,200 Speaker 4: and reinvest and then create their cycle. And so this 640 00:34:12,280 --> 00:34:14,000 Speaker 4: is something that is going to be a twenty thirty 641 00:34:14,080 --> 00:34:16,040 Speaker 4: year impact. But I think we're doing a great job. 642 00:34:16,680 --> 00:34:20,840 Speaker 4: And influence, man, I think I hate that word. This 643 00:34:20,840 --> 00:34:23,360 Speaker 4: is why I'm not on social media a lot, because 644 00:34:23,560 --> 00:34:27,160 Speaker 4: I think it's gotten a bad rap. I don't really 645 00:34:27,200 --> 00:34:30,120 Speaker 4: like the word anymore. But I think when you influence 646 00:34:30,200 --> 00:34:35,560 Speaker 4: just means leadership. It means how are you, how are 647 00:34:35,600 --> 00:34:38,919 Speaker 4: you bringing yourself to the table so that someone else 648 00:34:39,080 --> 00:34:41,880 Speaker 4: is able to look at you and learn from you 649 00:34:41,960 --> 00:34:45,400 Speaker 4: and bring themselves to their table better, right, And so 650 00:34:45,680 --> 00:34:48,120 Speaker 4: that's just leadership to me, and I think I'm doing 651 00:34:48,160 --> 00:34:49,839 Speaker 4: a good job of that. I mean, time will tell. 652 00:34:50,440 --> 00:34:52,960 Speaker 4: But it's kind of similar to the impact, Like I 653 00:34:53,080 --> 00:34:56,560 Speaker 4: want my influence to be that I am pushing people 654 00:34:56,800 --> 00:35:00,319 Speaker 4: to make better and more impactful decisions, that by looking 655 00:35:00,400 --> 00:35:03,600 Speaker 4: at me, that I'm influencing people to do things a 656 00:35:03,600 --> 00:35:07,439 Speaker 4: little different. I'm influencing my white investor peers to look 657 00:35:07,480 --> 00:35:10,840 Speaker 4: at pots that they may not have looked in before. 658 00:35:11,280 --> 00:35:15,000 Speaker 4: I'm influencing founders to think with bigger visions because of 659 00:35:15,040 --> 00:35:18,520 Speaker 4: the conversations that they're having with me. And so I 660 00:35:18,560 --> 00:35:22,000 Speaker 4: think that that influence by just being a good person 661 00:35:22,200 --> 00:35:25,759 Speaker 4: and exuding leadership in the spaces that I'm in will 662 00:35:25,840 --> 00:35:28,799 Speaker 4: ultimately lead to that deeper impact and ultimately lead to 663 00:35:28,840 --> 00:35:31,520 Speaker 4: all of us hopefully not having to have these conversations 664 00:35:31,560 --> 00:35:32,160 Speaker 4: at some point. 665 00:35:32,200 --> 00:35:33,120 Speaker 3: Hopefully we're still. 666 00:35:32,920 --> 00:35:35,520 Speaker 4: Alive, but we don't have to have these conversations about 667 00:35:36,239 --> 00:35:37,840 Speaker 4: needing to do things for black people. 668 00:35:39,719 --> 00:35:42,880 Speaker 1: Finally, you know, you once wrote a book called Plan 669 00:35:42,960 --> 00:35:48,040 Speaker 1: B Sucks. If you could add a new chapter to 670 00:35:48,120 --> 00:35:50,360 Speaker 1: that book, knowing what you know now, what would it 671 00:35:50,400 --> 00:35:50,800 Speaker 1: be called? 672 00:35:51,719 --> 00:35:51,959 Speaker 2: Who? 673 00:35:52,440 --> 00:36:00,520 Speaker 5: You didn't send that one over? That is, I wasn't 674 00:36:00,640 --> 00:36:07,440 Speaker 5: ready if I could add a new chapter. 675 00:36:08,840 --> 00:36:13,560 Speaker 4: Oh man, oh plan these sucks work on your dreams, 676 00:36:13,640 --> 00:36:17,560 Speaker 4: not your bosses. Man, that was a long time ago. 677 00:36:18,719 --> 00:36:19,600 Speaker 4: Which chapter? 678 00:36:21,760 --> 00:36:22,960 Speaker 3: Damn? You got me with this one. 679 00:36:26,680 --> 00:36:29,000 Speaker 2: I want this to be like just a braw authentic. 680 00:36:29,040 --> 00:36:31,040 Speaker 1: I mean, you wrote the book and you've lived a 681 00:36:31,120 --> 00:36:34,239 Speaker 1: life since, so we can take a moment to kind 682 00:36:34,239 --> 00:36:36,040 Speaker 1: of just give you a moment to think about this. 683 00:36:37,200 --> 00:36:39,720 Speaker 4: You know what the crazy part is is I wrote 684 00:36:39,760 --> 00:36:44,200 Speaker 4: that book at a time where before influencers, before you 685 00:36:44,440 --> 00:36:47,880 Speaker 4: had these these mics, And I wrote it at a 686 00:36:47,880 --> 00:36:50,400 Speaker 4: time where I was preaching from the mountaintops that I 687 00:36:50,440 --> 00:36:52,799 Speaker 4: could find that nobody should have a real job and 688 00:36:52,800 --> 00:36:55,759 Speaker 4: everybody should just go quit their job and work for themselves. 689 00:36:56,160 --> 00:36:58,400 Speaker 3: Anything. I think totally different now. 690 00:36:59,719 --> 00:37:03,920 Speaker 4: As a person who started companies, it is extremely hard. 691 00:37:05,160 --> 00:37:07,280 Speaker 3: And one I also need to hire people. 692 00:37:07,280 --> 00:37:09,680 Speaker 4: So if everyone quits their job and I'm the person 693 00:37:09,719 --> 00:37:11,840 Speaker 4: starting companies, who do I get to work for me? 694 00:37:12,040 --> 00:37:13,920 Speaker 3: Right? So the maths just didn't. 695 00:37:13,680 --> 00:37:15,919 Speaker 4: Math from where we wrote that book, But I think 696 00:37:15,960 --> 00:37:21,360 Speaker 4: it came from the heart of doing something that is influential, 697 00:37:21,400 --> 00:37:25,040 Speaker 4: that is impactful, like what is your dream? And I 698 00:37:25,040 --> 00:37:27,239 Speaker 4: think maybe I don't know if it's a chapter, but 699 00:37:27,360 --> 00:37:29,759 Speaker 4: I think something that I would have ingrained throughout the 700 00:37:29,800 --> 00:37:31,920 Speaker 4: book is that you're. 701 00:37:35,200 --> 00:37:35,720 Speaker 3: The plan. 702 00:37:37,400 --> 00:37:39,680 Speaker 4: It doesn't have to be like how you get your income, right, 703 00:37:39,680 --> 00:37:42,640 Speaker 4: It doesn't have to be around jobs. It was really 704 00:37:42,680 --> 00:37:45,640 Speaker 4: more so about finding something that you deeply care about 705 00:37:46,000 --> 00:37:48,799 Speaker 4: and go do that thing. You can do that in 706 00:37:48,920 --> 00:37:51,960 Speaker 4: many different ways. You can sit on nonprofit boards, you 707 00:37:52,000 --> 00:37:54,759 Speaker 4: can start a nonprofit. You can go work at a 708 00:37:54,800 --> 00:37:58,799 Speaker 4: company that is deeper into solving that problem so that 709 00:37:58,880 --> 00:38:01,120 Speaker 4: you can jump in and bring and your ingenuity, your 710 00:38:01,120 --> 00:38:04,200 Speaker 4: skill sets, and your experience to somebody who's already fifty 711 00:38:04,280 --> 00:38:06,840 Speaker 4: yards down and helped take it the other fifty yards. 712 00:38:07,040 --> 00:38:07,239 Speaker 3: Right. 713 00:38:07,239 --> 00:38:10,680 Speaker 4: There are so many ways that you can work on 714 00:38:10,760 --> 00:38:14,680 Speaker 4: your plan A. And the Plan Be sucks part was 715 00:38:14,760 --> 00:38:19,080 Speaker 4: really just about don't get caught for forty years doing 716 00:38:19,120 --> 00:38:23,120 Speaker 4: something that you hate or that doesn't bring you happiness 717 00:38:23,160 --> 00:38:26,960 Speaker 4: and joy, that doesn't bring impact without ever trying to 718 00:38:27,120 --> 00:38:30,799 Speaker 4: find that joy, right, And so I think that will 719 00:38:30,840 --> 00:38:32,800 Speaker 4: be a little bit of the shift of the narrative 720 00:38:32,920 --> 00:38:36,640 Speaker 4: is that it's not just about it's not about quitting 721 00:38:36,680 --> 00:38:40,000 Speaker 4: your job. It's about finding you and doing the thing 722 00:38:40,040 --> 00:38:42,280 Speaker 4: that you will put I don't know what people prescribe 723 00:38:42,320 --> 00:38:45,520 Speaker 4: to religiously, but for me, it's about finding the thing 724 00:38:45,600 --> 00:38:48,000 Speaker 4: that God put me here to do. And when I 725 00:38:48,120 --> 00:38:50,840 Speaker 4: leave and go visit Him at the Pearly Gates, I 726 00:38:50,880 --> 00:38:52,319 Speaker 4: want to be able to go to that gate with 727 00:38:52,440 --> 00:38:55,840 Speaker 4: nothing left and say everything that you put into me 728 00:38:56,080 --> 00:38:59,120 Speaker 4: to leave down here, that I left all of it 729 00:38:59,280 --> 00:39:02,080 Speaker 4: down there and that's that plan A, Like, what is 730 00:39:02,160 --> 00:39:04,840 Speaker 4: that thing that you need to do to fulfill that 731 00:39:05,040 --> 00:39:09,160 Speaker 4: spiritual glass so that you were right with yourself and 732 00:39:09,200 --> 00:39:12,520 Speaker 4: write with whatever being that you believe in. And I 733 00:39:12,560 --> 00:39:14,319 Speaker 4: believe that I found that in the work that I'm 734 00:39:14,320 --> 00:39:16,920 Speaker 4: doing with collab, and I just hope that I'm giving 735 00:39:16,920 --> 00:39:20,040 Speaker 4: it everything that I can. And like I said, when 736 00:39:20,080 --> 00:39:21,960 Speaker 4: I get up there, I can say, hey, I found 737 00:39:21,960 --> 00:39:24,520 Speaker 4: my plan A and I gave it everything that I had. 738 00:39:25,600 --> 00:39:28,920 Speaker 2: Well, you gave that answer everything. So that was really good, man. 739 00:39:28,960 --> 00:39:32,919 Speaker 1: I appreciate you taking that one, man, Barry Givens, thank 740 00:39:32,960 --> 00:39:35,960 Speaker 1: you so much, man, Thank you so much, man. 741 00:39:35,800 --> 00:39:38,200 Speaker 4: Thank you for having me, and kudos to you. I 742 00:39:38,239 --> 00:39:41,200 Speaker 4: was trying to remember, well we the first we were 743 00:39:41,239 --> 00:39:43,960 Speaker 4: one of the first episodes I feel when you first. 744 00:39:43,680 --> 00:39:46,839 Speaker 2: Started, Oh for sure, for sure, and I. 745 00:39:46,800 --> 00:39:48,160 Speaker 4: Was trying to look back to see if we were 746 00:39:48,280 --> 00:39:49,880 Speaker 4: number one. I couldn't remember. I don't think we were 747 00:39:49,960 --> 00:39:52,920 Speaker 4: number one, close to it. And so to be here, 748 00:39:53,400 --> 00:39:56,160 Speaker 4: you know, for the second round, Man, it's good to 749 00:39:56,160 --> 00:40:00,400 Speaker 4: see you still thriving, killing it, seeing your podcast and 750 00:40:00,440 --> 00:40:03,120 Speaker 4: people loving it doing numbers, and so kudos to you 751 00:40:03,239 --> 00:40:05,279 Speaker 4: for providing this platform. 752 00:40:05,800 --> 00:40:08,040 Speaker 3: Kudos to Afrotech for not. 753 00:40:08,040 --> 00:40:11,520 Speaker 4: Just you know, giving us this this these kudos, but 754 00:40:11,640 --> 00:40:14,640 Speaker 4: all the other black fund manager that are out there 755 00:40:14,640 --> 00:40:16,439 Speaker 4: in the trenches doing the work. 756 00:40:16,440 --> 00:40:17,600 Speaker 3: Because this work is hard. 757 00:40:17,680 --> 00:40:20,920 Speaker 4: It's people fighting against us every day to slow us down, 758 00:40:21,239 --> 00:40:23,359 Speaker 4: throwing bricks in the road so we can trip up. 759 00:40:24,040 --> 00:40:26,960 Speaker 4: And it's a lot of us out there that are 760 00:40:27,080 --> 00:40:29,800 Speaker 4: trying to do right by our community. 761 00:40:30,200 --> 00:40:31,640 Speaker 3: And I'll take I take a little bit. 762 00:40:31,600 --> 00:40:36,200 Speaker 4: Of privilege just to say how important it is for 763 00:40:36,520 --> 00:40:39,800 Speaker 4: us right now as black fund managers. I know everyone 764 00:40:39,840 --> 00:40:43,600 Speaker 4: doesn't understand the VC world, but there was something that 765 00:40:43,760 --> 00:40:49,200 Speaker 4: happened in twenty twenty when the George Floyd situation unfolded. 766 00:40:49,239 --> 00:40:51,680 Speaker 4: He was murdered and the video came out and all 767 00:40:51,760 --> 00:40:55,600 Speaker 4: these you know, performative dollars came into the market. There 768 00:40:55,640 --> 00:40:58,200 Speaker 4: were a lot of fund managers that were funded during 769 00:40:58,239 --> 00:41:00,839 Speaker 4: that time and they took advantage. I'm happy we were 770 00:41:00,880 --> 00:41:03,840 Speaker 4: one of them. Now we've kind of moved out of 771 00:41:03,840 --> 00:41:06,080 Speaker 4: those black dollars and we're into the evergreen dollars, so 772 00:41:06,080 --> 00:41:09,480 Speaker 4: we're in a good spot. But the importance of that 773 00:41:09,560 --> 00:41:12,920 Speaker 4: comment is that now that we're under fire, the macro 774 00:41:13,000 --> 00:41:15,880 Speaker 4: environment is not great. But you mentioned going out to 775 00:41:15,920 --> 00:41:18,399 Speaker 4: raise the fund two and then the fund three. We 776 00:41:18,480 --> 00:41:21,960 Speaker 4: are now that vintage of fund managers that raise the 777 00:41:22,000 --> 00:41:24,760 Speaker 4: money during that time. We're now on the hot seat, 778 00:41:25,320 --> 00:41:27,840 Speaker 4: and our industry is going to look at that time 779 00:41:28,120 --> 00:41:30,239 Speaker 4: and they're going to say, look at all this money 780 00:41:30,280 --> 00:41:33,799 Speaker 4: that we gave to black people, And if we're not successful, 781 00:41:34,080 --> 00:41:36,399 Speaker 4: there's going to be a narrative that is written for 782 00:41:36,480 --> 00:41:40,680 Speaker 4: decades about black fund managers and black founders and. 783 00:41:40,600 --> 00:41:41,759 Speaker 3: What they're able to do. 784 00:41:42,239 --> 00:41:45,920 Speaker 4: And so this is just a severely and deeply important time, 785 00:41:46,040 --> 00:41:49,359 Speaker 4: not just for us as fund managers, before the entire ecosystem. 786 00:41:50,000 --> 00:41:51,920 Speaker 4: And so I just want to say to the founders, like, 787 00:41:52,080 --> 00:41:55,520 Speaker 4: keep building dope shit to my other fund managers, keep 788 00:41:55,560 --> 00:41:58,719 Speaker 4: your head up, keep working to people around us in 789 00:41:58,760 --> 00:42:02,840 Speaker 4: the ecosystems supporting. If you see a black fund manager 790 00:42:02,960 --> 00:42:05,680 Speaker 4: or a black or a black founder that's building something, 791 00:42:06,120 --> 00:42:09,680 Speaker 4: download the app, use their product, because we are in 792 00:42:09,920 --> 00:42:12,319 Speaker 4: hard times right now, and if we don't make it 793 00:42:12,360 --> 00:42:15,480 Speaker 4: happen in the next four to five years, we may 794 00:42:15,600 --> 00:42:19,839 Speaker 4: never see the holy grail of black dollars going into 795 00:42:19,840 --> 00:42:22,239 Speaker 4: black companies that we want to see. Because we are 796 00:42:22,239 --> 00:42:24,680 Speaker 4: in that space right now and we have to be right. 797 00:42:25,000 --> 00:42:28,000 Speaker 4: We have to be right right now, and so please 798 00:42:28,040 --> 00:42:31,799 Speaker 4: continue to support, keep supporting the podcast, keep giving people 799 00:42:31,800 --> 00:42:34,799 Speaker 4: a voice because people need to hear these stories, so 800 00:42:34,880 --> 00:42:35,480 Speaker 4: appreciate you. 801 00:42:36,200 --> 00:42:39,640 Speaker 1: Follow us on socials at Black Effect, join the conversation 802 00:42:39,719 --> 00:42:43,200 Speaker 1: with Hastag Black Effect turns five, and keep supporting. 803 00:42:42,800 --> 00:42:44,200 Speaker 2: The voices that shift the culture. 804 00:42:44,680 --> 00:42:47,040 Speaker 1: Black Tach Green Money is a production to Blavity appro 805 00:42:47,200 --> 00:42:50,399 Speaker 1: Tech's a Black Effect podcast Networking night Hire Media. It's 806 00:42:50,440 --> 00:42:51,920 Speaker 1: produced by Morgan Debonne and me. 807 00:42:52,320 --> 00:42:55,239 Speaker 2: Well Lucas, with the additional production support. 808 00:42:54,920 --> 00:42:58,120 Speaker 1: By Kate McDonald, Sarah Hurgan, and Jaden McGee. Special thank 809 00:42:58,160 --> 00:43:00,520 Speaker 1: you to Michael Davis and Love Beach. Learn more about 810 00:43:00,520 --> 00:43:02,880 Speaker 1: my guessing other Techni showup as an innovator's. 811 00:43:02,400 --> 00:43:06,120 Speaker 2: At afrotech dot Com. Video version this episode will drop to. 812 00:43:06,120 --> 00:43:08,920 Speaker 1: Black Tech Green Money on YouTube, So tap in to 813 00:43:09,080 --> 00:43:11,000 Speaker 1: join your Black Tech Green Money shure. 814 00:43:11,040 --> 00:43:14,560 Speaker 2: This is somebody, Go get your money that some luck. 815 00:43:16,560 --> 00:43:20,640 Speaker 1: Afrotech Conference is back and return to Eightstown, Houston, Texas 816 00:43:20,640 --> 00:43:23,560 Speaker 1: from October twenty seventh through thirty first, twenty twenty five 817 00:43:23,880 --> 00:43:24,560 Speaker 1: the George R. 818 00:43:24,600 --> 00:43:25,720 Speaker 2: Brown Convention Center. 819 00:43:26,040 --> 00:43:28,520 Speaker 1: For years, Afrotech has been the go to experience for 820 00:43:28,600 --> 00:43:33,080 Speaker 1: black tech, innovators, founders, engineers, creators, You Investors in twenty 821 00:43:33,120 --> 00:43:34,880 Speaker 1: twenty five is shaping up to be the biggest year 822 00:43:34,960 --> 00:43:38,560 Speaker 1: yet though, with forty thousand attendees expected. This year's conference 823 00:43:38,600 --> 00:43:41,840 Speaker 1: will feature five days of dynamic programming across six curator 824 00:43:41,880 --> 00:43:45,680 Speaker 1: stages discovery to executive leadership. Join us to hear from 825 00:43:45,680 --> 00:43:48,680 Speaker 1: industry leaders at the forefront of change, learn from top 826 00:43:48,680 --> 00:43:51,399 Speaker 1: ten engineers and designers, and connect with recruiters from nearly 827 00:43:51,440 --> 00:43:54,520 Speaker 1: two hundred companies. This year, we're digging deeper into what's 828 00:43:54,600 --> 00:43:58,160 Speaker 1: next with tracks exploring AI and machine learning, mad tech 829 00:43:58,200 --> 00:44:02,520 Speaker 1: and health, equity, CyberSecure, climbate tech, and much more. Whether 830 00:44:02,520 --> 00:44:05,120 Speaker 1: you're mounting your first startup, pivoting into a new road, 831 00:44:05,360 --> 00:44:07,719 Speaker 1: or scaling as an execut there's something here for you. 832 00:44:08,040 --> 00:44:10,359 Speaker 1: Take us and moving fast to keep your spot nowt 833 00:44:10,360 --> 00:44:12,200 Speaker 1: at Atfrotech Conference dot com