1 00:00:00,080 --> 00:00:02,360 Speaker 1: Season two of the Black Tech, Green Money podcast is 2 00:00:02,400 --> 00:00:05,600 Speaker 1: brought to you by Lexis for over thirty years. Lexus 3 00:00:05,600 --> 00:00:08,200 Speaker 1: May Driveway is the place to celebrate with the December 4 00:00:08,240 --> 00:00:11,959 Speaker 1: to Remember Sales event. Find exclusive offers on popular Lexus 5 00:00:12,000 --> 00:00:16,759 Speaker 1: models now through January four. Experience Amazing and You Alexis Dealer, 6 00:00:18,680 --> 00:00:26,000 Speaker 1: afro Tech, San Francisco, California. Michael Cybel, CEO at the 7 00:00:26,040 --> 00:00:30,080 Speaker 1: renowned accelerated Ye Combinator, is on stage fielding questions and 8 00:00:30,120 --> 00:00:33,000 Speaker 1: gets asked a dual sided question from a solo founder 9 00:00:33,080 --> 00:00:36,320 Speaker 1: about one well, having no team prohibit her from getting 10 00:00:36,320 --> 00:00:40,199 Speaker 1: into y C into how to successfully raise money in 11 00:00:40,280 --> 00:00:45,199 Speaker 1: Silicon Valley. I think the valley is marketed extremely poorly. 12 00:00:46,120 --> 00:00:49,360 Speaker 1: I think that the tech funding mark world is marketed 13 00:00:49,440 --> 00:00:52,600 Speaker 1: really poorly. And let me be specific. There's the idea 14 00:00:52,600 --> 00:00:55,200 Speaker 1: that you come out to the valley and you have 15 00:00:55,320 --> 00:00:57,640 Speaker 1: a business and you can raise millions of dollars to 16 00:00:57,720 --> 00:01:02,440 Speaker 1: make that business huge. Um, that's a lie. That's straight 17 00:01:02,520 --> 00:01:04,880 Speaker 1: up a lie. And if you think about it, if 18 00:01:04,920 --> 00:01:07,680 Speaker 1: you're a venture capitalists and you have hundreds of millions 19 00:01:07,680 --> 00:01:10,640 Speaker 1: dollars to give out money, you like that lie. I'd 20 00:01:10,760 --> 00:01:15,040 Speaker 1: rather have everyone come to me everyone come here and 21 00:01:15,080 --> 00:01:18,160 Speaker 1: basically be able to say no to people, then to 22 00:01:18,240 --> 00:01:19,960 Speaker 1: have people trying to figure out what they talk to 23 00:01:20,000 --> 00:01:23,840 Speaker 1: me or not. So the question that you have to 24 00:01:23,880 --> 00:01:26,679 Speaker 1: think about is where are you in the set of 25 00:01:26,720 --> 00:01:31,880 Speaker 1: businesses where you can raise money. So, if you think 26 00:01:31,920 --> 00:01:34,120 Speaker 1: about it right, the only reason why people are willing 27 00:01:34,160 --> 00:01:37,160 Speaker 1: to give millions of dollars to startups is because they 28 00:01:37,200 --> 00:01:40,960 Speaker 1: think they can make tens or hundreds of millions back. 29 00:01:41,640 --> 00:01:43,600 Speaker 1: That's the only reason. It's not has anything to do 30 00:01:43,640 --> 00:01:46,280 Speaker 1: with your dreams or your aspirations, or what you want 31 00:01:46,319 --> 00:01:48,800 Speaker 1: to do in the world, or your customers are doing good. 32 00:01:49,440 --> 00:01:52,960 Speaker 1: None of that ship is important. When someone hands you 33 00:01:53,040 --> 00:01:55,880 Speaker 1: million dollars, they want to see ten back. And it 34 00:01:55,960 --> 00:01:58,920 Speaker 1: turns out that across all different types of businesses there's 35 00:01:58,960 --> 00:02:02,560 Speaker 1: only a very all sliver that can do that. It's 36 00:02:02,640 --> 00:02:04,880 Speaker 1: unreasonable a business should be able to do that. You 37 00:02:05,000 --> 00:02:07,480 Speaker 1: can have extremely successful restaurant that can't do that. You're 38 00:02:07,480 --> 00:02:10,200 Speaker 1: canna have extremely spressul retail store. You can never. Tons 39 00:02:10,320 --> 00:02:14,840 Speaker 1: of tons of extremely successful businesses cannot produce that. So 40 00:02:16,080 --> 00:02:19,079 Speaker 1: I think the question is if you want to access 41 00:02:19,120 --> 00:02:22,680 Speaker 1: the capital here, how close can you look to a 42 00:02:22,680 --> 00:02:27,320 Speaker 1: company that can produce that. I'm Will Lucas and this 43 00:02:27,480 --> 00:02:30,440 Speaker 1: is black tech, green money. I'm gonna ask you to 44 00:02:30,440 --> 00:02:32,160 Speaker 1: see to some of the biggest names, some of the 45 00:02:32,200 --> 00:02:35,400 Speaker 1: brightest minds and brilliant ideas. If you have black in 46 00:02:35,480 --> 00:02:38,320 Speaker 1: building or simply using tech to secure your bag, this 47 00:02:38,440 --> 00:02:46,400 Speaker 1: podcast is for you. Mercedes Vents is partner at light 48 00:02:46,440 --> 00:02:49,720 Speaker 1: Speed Ventures, a multi stage venture capital firm with offices 49 00:02:49,760 --> 00:02:53,120 Speaker 1: around the world. Previously, she served as an executive at 50 00:02:53,160 --> 00:02:56,280 Speaker 1: a VR startup and a general manager at General Assembly, 51 00:02:56,320 --> 00:02:58,720 Speaker 1: which was acquired in twenty eighteen, where she oversaw a 52 00:02:58,800 --> 00:03:02,880 Speaker 1: multimillion dollars in this line. She's an African American of Bermulian, 53 00:03:03,000 --> 00:03:06,360 Speaker 1: Grenadian and Colombian heritage, and was named forty under forty 54 00:03:06,400 --> 00:03:10,639 Speaker 1: for tech diversity. I ask Mercedes about what industry accelerations 55 00:03:10,639 --> 00:03:14,680 Speaker 1: are happening because of COVID that interests her as an investor. Yeah, 56 00:03:14,800 --> 00:03:17,280 Speaker 1: there's been so many accelerations. I think one of the 57 00:03:17,280 --> 00:03:19,600 Speaker 1: biggest ones that probably we all feel in our day 58 00:03:19,600 --> 00:03:23,720 Speaker 1: to day life is the e commerce acceleration. You know, 59 00:03:23,720 --> 00:03:25,720 Speaker 1: if as much as we all use Amazon and think 60 00:03:25,720 --> 00:03:28,680 Speaker 1: about how big of a company that is e commerce 61 00:03:29,040 --> 00:03:32,520 Speaker 1: and the penetration as percentage of total retail sales in 62 00:03:32,520 --> 00:03:36,040 Speaker 1: the US was actually really small even pre pandemic. You know, 63 00:03:36,120 --> 00:03:39,800 Speaker 1: we're talking single digits creeping into double digits, and during 64 00:03:39,840 --> 00:03:42,440 Speaker 1: the pandemic, depending on which category you look at, some 65 00:03:42,440 --> 00:03:45,040 Speaker 1: people will say it doubled. Some people will say it 66 00:03:45,280 --> 00:03:47,400 Speaker 1: when I went up to thirty pc. Some people today 67 00:03:47,400 --> 00:03:50,440 Speaker 1: I went up to it grew a lot, and and 68 00:03:50,480 --> 00:03:53,160 Speaker 1: that's we're still it's a minority of the of the 69 00:03:53,200 --> 00:03:56,280 Speaker 1: sales that are happening. That's a huge transformation. I think 70 00:03:56,480 --> 00:03:59,760 Speaker 1: we all probably saw it happening and continuing to happen 71 00:03:59,760 --> 00:04:02,800 Speaker 1: in the future. Another one is just around the way 72 00:04:02,960 --> 00:04:05,520 Speaker 1: we do work. You know, we've heard of the that 73 00:04:05,720 --> 00:04:08,440 Speaker 1: this phrase the future of work many times, or people 74 00:04:08,480 --> 00:04:11,720 Speaker 1: talk about distributed teams and remote teams and how people 75 00:04:11,720 --> 00:04:14,200 Speaker 1: are going to be able to work from anywhere in 76 00:04:14,240 --> 00:04:16,320 Speaker 1: the world and we won't need offices, And that was 77 00:04:16,320 --> 00:04:18,000 Speaker 1: always kind of a little bit of a pipe dream 78 00:04:18,080 --> 00:04:20,800 Speaker 1: that people talked about, and maybe a couple, you know, 79 00:04:20,920 --> 00:04:24,440 Speaker 1: very lucky, adventurous people were nomads and worked wherever they wanted, 80 00:04:24,720 --> 00:04:27,039 Speaker 1: but it wasn't the reality for most of us. And 81 00:04:27,240 --> 00:04:30,280 Speaker 1: nowadays now we're all working from home, people have, you know, 82 00:04:30,360 --> 00:04:33,039 Speaker 1: at least where I'm at in San Francisco, people have 83 00:04:33,320 --> 00:04:37,880 Speaker 1: put their you know, apartment rents and and and and left. 84 00:04:38,200 --> 00:04:40,240 Speaker 1: And so I think this is something where we're fundingly 85 00:04:40,240 --> 00:04:43,520 Speaker 1: going to reimagine what the workplace is like. And the 86 00:04:43,800 --> 00:04:46,680 Speaker 1: and and COVID has really accelerated what it means to 87 00:04:46,760 --> 00:04:50,880 Speaker 1: just do work. So those are two areas. There's a 88 00:04:50,880 --> 00:04:53,120 Speaker 1: lot more, but those, I mean, even also as we 89 00:04:53,160 --> 00:04:55,880 Speaker 1: think about travel. Um, that's another one that he actually 90 00:04:55,920 --> 00:04:58,680 Speaker 1: think it's a little interesting to touch on because you know, 91 00:04:59,279 --> 00:05:02,240 Speaker 1: even when we think back to nine eleven, the Sprina 92 00:05:02,279 --> 00:05:05,280 Speaker 1: and eleven travel and post line eleven travel, how we 93 00:05:05,360 --> 00:05:08,640 Speaker 1: thought about security very differently, We're now going to think 94 00:05:08,640 --> 00:05:13,480 Speaker 1: about health as a very different requirement for travel. And 95 00:05:13,640 --> 00:05:15,480 Speaker 1: you know, I'm going to actually somewhere in a few 96 00:05:15,520 --> 00:05:18,279 Speaker 1: days and had to go get a nasal swab, and 97 00:05:18,320 --> 00:05:20,320 Speaker 1: so I think it's just, you know, maybe was that 98 00:05:20,360 --> 00:05:24,000 Speaker 1: the acceleration of what we would think for travel. Actually 99 00:05:24,000 --> 00:05:26,120 Speaker 1: a lot of experts in the travel industry have been 100 00:05:26,120 --> 00:05:28,839 Speaker 1: thinking about this for years. How do you what is 101 00:05:28,880 --> 00:05:32,440 Speaker 1: the future of health and travel? And yeah, we've accelerated 102 00:05:32,440 --> 00:05:36,880 Speaker 1: into that really quickly too. For particularly um, where's the 103 00:05:36,880 --> 00:05:39,320 Speaker 1: opportunity then, particularly when you talk about the future of 104 00:05:39,320 --> 00:05:42,360 Speaker 1: work and being distributed, and even the retail side. When 105 00:05:42,360 --> 00:05:47,320 Speaker 1: I think about, um, anybody building retail, in director, consumer 106 00:05:47,440 --> 00:05:50,880 Speaker 1: or whatever, you're competing against the amazon ification of everything 107 00:05:50,880 --> 00:05:54,240 Speaker 1: because consumer expectations are now so high. You know, you 108 00:05:54,240 --> 00:05:56,320 Speaker 1: expect to get it the same day or the next day. 109 00:05:56,440 --> 00:05:59,200 Speaker 1: So it continues to impress me. You know that you 110 00:05:59,240 --> 00:06:01,480 Speaker 1: can be on a see and you know you can 111 00:06:01,480 --> 00:06:03,560 Speaker 1: build a large following, you can be on shop you 112 00:06:03,560 --> 00:06:05,640 Speaker 1: build your own shopify and do your own thing because 113 00:06:05,680 --> 00:06:09,560 Speaker 1: of the expectation. I wonder how you look at if 114 00:06:09,560 --> 00:06:13,640 Speaker 1: you're if you're looking at retail opportunities and other, um 115 00:06:14,080 --> 00:06:18,800 Speaker 1: sort of e commerce opportunities, what is required from those 116 00:06:18,839 --> 00:06:22,479 Speaker 1: startups or form from those entrepreneurs and inventors to be 117 00:06:22,560 --> 00:06:26,800 Speaker 1: able to compete in the landscape that is being in 118 00:06:26,920 --> 00:06:31,520 Speaker 1: many ways formed by Amazon. Yeah, I think it's I 119 00:06:31,560 --> 00:06:34,400 Speaker 1: think retail businesses have such a hard time right now. 120 00:06:34,480 --> 00:06:36,520 Speaker 1: I mean, depending on where they are in the country, 121 00:06:36,960 --> 00:06:39,880 Speaker 1: some of them can't even be open right now. There 122 00:06:39,920 --> 00:06:43,159 Speaker 1: are startups that are starting to focus on you know, 123 00:06:43,200 --> 00:06:45,440 Speaker 1: and and some of these have gotten quite big. The 124 00:06:45,480 --> 00:06:48,240 Speaker 1: shopifies of the world that are tools and services that 125 00:06:48,360 --> 00:06:51,440 Speaker 1: enable these smaller businesses the at seas of the world 126 00:06:51,520 --> 00:06:53,479 Speaker 1: like you spoke about, that allowed them to have a 127 00:06:53,680 --> 00:06:57,320 Speaker 1: direct channel with their customer and not to rely just 128 00:06:57,400 --> 00:07:00,440 Speaker 1: on foot traffic. There's also even a new trend of 129 00:07:01,000 --> 00:07:05,000 Speaker 1: startups that are focused on UM live streaming shopping. They 130 00:07:05,000 --> 00:07:09,600 Speaker 1: actually these are really big businesses in China. UM companies 131 00:07:09,640 --> 00:07:13,600 Speaker 1: like uh j d Live and Talbao and Pendlo dwell UM. 132 00:07:13,680 --> 00:07:16,320 Speaker 1: These are companies that, you know, some of them allow 133 00:07:16,680 --> 00:07:20,440 Speaker 1: the small business owner to you know, video kind of 134 00:07:20,440 --> 00:07:23,480 Speaker 1: like QVC. I was thinking a home shopping network, That's 135 00:07:23,480 --> 00:07:27,040 Speaker 1: what I was exactly, and do it all via app 136 00:07:27,080 --> 00:07:28,480 Speaker 1: and say hey, here's what I have in my store. 137 00:07:28,600 --> 00:07:30,800 Speaker 1: Do you like this, how about this vintage jacket? How 138 00:07:30,840 --> 00:07:33,840 Speaker 1: about this you know, craftsman thing, and then just have 139 00:07:33,960 --> 00:07:38,160 Speaker 1: people directly sell it right from that. And so these 140 00:07:38,240 --> 00:07:41,480 Speaker 1: ideas haven't taken off in America quite yet, but there 141 00:07:41,520 --> 00:07:44,040 Speaker 1: are startups that are kind of working to even that 142 00:07:44,120 --> 00:07:47,680 Speaker 1: playing field. Particularly when you think about education. I know 143 00:07:47,760 --> 00:07:50,880 Speaker 1: you're big and you know, very passionate about the education UM. 144 00:07:50,960 --> 00:07:53,720 Speaker 1: You had said the future of Kate twelve is a 145 00:07:53,760 --> 00:07:56,080 Speaker 1: world of personalized learning and you and you were and 146 00:07:56,120 --> 00:07:59,680 Speaker 1: this was a post about COVID, but Kate twelve technology 147 00:08:00,000 --> 00:08:04,760 Speaker 1: option has lagged the broader market. What's changing about education, 148 00:08:04,880 --> 00:08:10,320 Speaker 1: particularly regards to the new opportunity at COVID provides everything. 149 00:08:11,120 --> 00:08:14,480 Speaker 1: Everything has changed about G twelve um, you know, and 150 00:08:14,480 --> 00:08:16,840 Speaker 1: I always used to kind of ponder the question of 151 00:08:16,840 --> 00:08:23,000 Speaker 1: why has education been slower to adapt technology than other industries. Also, 152 00:08:23,040 --> 00:08:25,960 Speaker 1: I think this is healthcare is another industry where that's 153 00:08:25,960 --> 00:08:28,240 Speaker 1: been the case. When there's these industries that are very 154 00:08:28,320 --> 00:08:32,160 Speaker 1: much so service based, very heavily people oriented. You know, 155 00:08:32,200 --> 00:08:35,559 Speaker 1: they employed between healthcare and education, they employ some of 156 00:08:35,600 --> 00:08:38,240 Speaker 1: the two of the largest professions in the United States 157 00:08:38,480 --> 00:08:42,360 Speaker 1: three million teachers, way more nurses than that. And when 158 00:08:42,400 --> 00:08:45,840 Speaker 1: you think about this, you know, there their their service 159 00:08:45,920 --> 00:08:48,680 Speaker 1: is actually hard to automate and hard to replicate. When you, 160 00:08:48,679 --> 00:08:50,440 Speaker 1: you know, go through a top ten list of what 161 00:08:50,480 --> 00:08:52,600 Speaker 1: are the jobs that are going to be most AI 162 00:08:52,800 --> 00:08:56,320 Speaker 1: or automation proof, teaching is always out there and in 163 00:08:56,360 --> 00:08:59,160 Speaker 1: the top because it's really hard thing to do. I 164 00:08:59,200 --> 00:09:03,160 Speaker 1: don't think people rehiat teachers nearly enough for the multitude 165 00:09:03,160 --> 00:09:06,000 Speaker 1: of tasks that they're accomplishing it once. I mean they're 166 00:09:06,120 --> 00:09:10,920 Speaker 1: caring for individual and managing their emotional state. They're making 167 00:09:10,920 --> 00:09:14,199 Speaker 1: sure that they are paying attention and focused and engaged. 168 00:09:14,480 --> 00:09:17,960 Speaker 1: They're trying to convey information that in a way that's 169 00:09:18,000 --> 00:09:20,800 Speaker 1: interesting and unique to them. And they're doing that for 170 00:09:21,720 --> 00:09:24,800 Speaker 1: people at once who often are you know, so young 171 00:09:24,880 --> 00:09:28,720 Speaker 1: that this is actually really difficult. Thanks for them. Um so, 172 00:09:28,720 --> 00:09:32,920 Speaker 1: so teachers do heroin, they're they're heroes. They do amazing stuff. 173 00:09:33,720 --> 00:09:37,280 Speaker 1: But I think I think in terms of u uh, 174 00:09:37,320 --> 00:09:39,760 Speaker 1: in terms of a tech and where we're going with 175 00:09:39,920 --> 00:09:42,720 Speaker 1: Cage twelve and what COVID is gonna allow. I mean, 176 00:09:43,360 --> 00:09:46,560 Speaker 1: everyone got sent home. Now all these teachers are having 177 00:09:46,559 --> 00:09:49,280 Speaker 1: to figure out all those tasks I described they do. 178 00:09:49,880 --> 00:09:52,520 Speaker 1: How do they do that from the screen? It's actually 179 00:09:52,960 --> 00:09:55,680 Speaker 1: almost impossible to do a lot of that from the screen. 180 00:09:56,240 --> 00:09:59,000 Speaker 1: But what I think COVID does give us an opportunity 181 00:09:59,000 --> 00:10:00,960 Speaker 1: that given that the north normal way they do their 182 00:10:01,000 --> 00:10:03,760 Speaker 1: job is so hard, we have to have technology, We 183 00:10:03,840 --> 00:10:06,800 Speaker 1: have to have tools come in to help aid them. 184 00:10:06,840 --> 00:10:10,200 Speaker 1: And I do firmly believe that to get to the 185 00:10:10,240 --> 00:10:14,280 Speaker 1: goal of personalized learning, which is a world where every 186 00:10:14,360 --> 00:10:18,679 Speaker 1: child is met exactly on their level for the information 187 00:10:18,720 --> 00:10:22,559 Speaker 1: they need that's you know, curated to their interests. For example, 188 00:10:22,559 --> 00:10:25,920 Speaker 1: if someone was teaching me, you know, back in elementary school, 189 00:10:25,960 --> 00:10:28,679 Speaker 1: they would have done a lot about like animals and nature, 190 00:10:29,000 --> 00:10:30,880 Speaker 1: and they would have done a lot about music and 191 00:10:30,920 --> 00:10:33,800 Speaker 1: singing and like if they could have framed every chemistry 192 00:10:33,880 --> 00:10:36,880 Speaker 1: lesson with those type of you know, inputs, I would 193 00:10:36,880 --> 00:10:41,200 Speaker 1: have probably been really good at chemistry. Um, but you know, 194 00:10:41,280 --> 00:10:44,640 Speaker 1: like understanding what everyone needs and being able to pull 195 00:10:44,679 --> 00:10:46,160 Speaker 1: them along there. So to go back to what I 196 00:10:46,200 --> 00:10:50,079 Speaker 1: was saying, basically, to really have that work with live 197 00:10:50,320 --> 00:10:52,600 Speaker 1: people and teachers, you're going to have to have one 198 00:10:52,600 --> 00:10:55,040 Speaker 1: on one you know, you would you can't do that 199 00:10:55,080 --> 00:10:57,720 Speaker 1: to twenty people at once. And since it's not possible 200 00:10:57,760 --> 00:11:01,520 Speaker 1: to have one to one teacher to students everywhere, I 201 00:11:01,520 --> 00:11:06,480 Speaker 1: mean unless every single adult practically becomes a teacher, you know, 202 00:11:06,800 --> 00:11:09,520 Speaker 1: we're gonna need technology and tools, and I think what 203 00:11:09,600 --> 00:11:13,200 Speaker 1: COVID is allowed is opened up this possibility for people 204 00:11:13,240 --> 00:11:17,040 Speaker 1: to use those tools and for students to start interacting 205 00:11:17,080 --> 00:11:19,839 Speaker 1: with technology in a way that does curate their needs 206 00:11:19,880 --> 00:11:22,280 Speaker 1: more to them. Their parents are going, Okay, rather than 207 00:11:22,320 --> 00:11:25,200 Speaker 1: just your one teacher teaching you this, I have all 208 00:11:25,280 --> 00:11:28,360 Speaker 1: of my you know lessons and all of the different 209 00:11:28,360 --> 00:11:30,920 Speaker 1: resources I found online, and I know which ones are 210 00:11:30,920 --> 00:11:33,240 Speaker 1: best for my kids, and so they're starting to pull 211 00:11:33,280 --> 00:11:36,160 Speaker 1: those in. So everyone's getting a little bit closer to 212 00:11:36,440 --> 00:11:41,360 Speaker 1: personalized learning. UM. You have background in finance and obviously 213 00:11:41,360 --> 00:11:44,440 Speaker 1: worked out a VC back startup well in a very 214 00:11:44,440 --> 00:11:47,959 Speaker 1: diverse cultural background. And when you think about the unique 215 00:11:48,040 --> 00:11:50,440 Speaker 1: value you may bring to a company as an investor, 216 00:11:50,920 --> 00:11:54,120 Speaker 1: I guess first what verticals are you interested in? And 217 00:11:54,160 --> 00:11:56,880 Speaker 1: then what do you believe is the value you uniquely 218 00:11:56,960 --> 00:12:00,960 Speaker 1: add to the companies that you invest in. I hope 219 00:12:01,000 --> 00:12:03,040 Speaker 1: I had a lot of value. UM. We'll have to 220 00:12:03,040 --> 00:12:06,679 Speaker 1: ask the founders I've invested in UM, but I invest 221 00:12:06,760 --> 00:12:10,280 Speaker 1: in fintech, ed tech, ed tech, slash, future of work, 222 00:12:10,480 --> 00:12:16,000 Speaker 1: and consumer consumers quite broad. It can mean anything, experience, economies, 223 00:12:16,080 --> 00:12:19,760 Speaker 1: social media, e commerce, new ways to do retail, all 224 00:12:19,800 --> 00:12:23,400 Speaker 1: of that UM, and of those three sectors, I mean, 225 00:12:23,400 --> 00:12:25,680 Speaker 1: I'm really passionate about all of them. I worked, as 226 00:12:25,720 --> 00:12:28,440 Speaker 1: you you know, talked about earlier, in d tech for 227 00:12:28,559 --> 00:12:30,480 Speaker 1: several years. I've worked in the space in one way 228 00:12:30,520 --> 00:12:33,280 Speaker 1: or another, as academic or as an operator, as investor 229 00:12:33,320 --> 00:12:36,000 Speaker 1: for the last eight years. Fintech is something I think 230 00:12:36,480 --> 00:12:39,840 Speaker 1: that I'm super passionate about, just because financial inclusion, especially 231 00:12:39,920 --> 00:12:42,360 Speaker 1: for our people, is such an imperative. If we want 232 00:12:42,360 --> 00:12:46,480 Speaker 1: to see equality and economic prosperity, A lot of that 233 00:12:46,640 --> 00:12:50,319 Speaker 1: is to come through an advasion and finance, financial products 234 00:12:50,400 --> 00:12:53,040 Speaker 1: and consumer I mean most of the businesses that all 235 00:12:53,080 --> 00:12:55,520 Speaker 1: of the businesses I worked at as a startup operator 236 00:12:55,520 --> 00:12:58,040 Speaker 1: when I was, you know, leading UM, these big teams 237 00:12:58,040 --> 00:13:00,840 Speaker 1: were all consumer businesses. So I just to understand and 238 00:13:00,880 --> 00:13:04,240 Speaker 1: know their their playbooks a bit better. And in terms 239 00:13:04,240 --> 00:13:06,880 Speaker 1: of oh your second question, in terms of UM, you 240 00:13:06,920 --> 00:13:10,120 Speaker 1: know what what value right provide? I think it's part 241 00:13:10,160 --> 00:13:13,559 Speaker 1: of the value it provides one having been an operator, 242 00:13:13,679 --> 00:13:17,400 Speaker 1: I you know, there's wonderful vcs that have done financed 243 00:13:17,400 --> 00:13:21,400 Speaker 1: their whole time, But for me, it's I don't I 244 00:13:21,440 --> 00:13:25,720 Speaker 1: don't know that you can truly have the empathy that 245 00:13:26,160 --> 00:13:28,800 Speaker 1: is really required to connect with the founder on that 246 00:13:28,920 --> 00:13:32,200 Speaker 1: level if you haven't gone through the trenches of what 247 00:13:32,559 --> 00:13:35,800 Speaker 1: they're going through. I think back to my early days, 248 00:13:35,880 --> 00:13:38,240 Speaker 1: I've worked at startups. Well, I've also founded my own 249 00:13:38,280 --> 00:13:41,720 Speaker 1: small business. UM it was a consulting business, not venture backed. 250 00:13:41,880 --> 00:13:44,320 Speaker 1: It's a little bit different, but I've worked at VC 251 00:13:44,440 --> 00:13:48,560 Speaker 1: backed startups that were you know, five people, ten people, 252 00:13:48,720 --> 00:13:51,560 Speaker 1: twenty people. When I started my own business it was 253 00:13:51,640 --> 00:13:55,240 Speaker 1: one person. So like the very very early stuff of like, wow, 254 00:13:55,760 --> 00:13:58,400 Speaker 1: I have to be on the customer support hotline for 255 00:13:58,440 --> 00:14:00,640 Speaker 1: eight hours today because there's no one else to do it, 256 00:14:00,760 --> 00:14:04,400 Speaker 1: you know, and just the drain. And I remember working 257 00:14:04,440 --> 00:14:07,760 Speaker 1: sixteen hour days, like starting at eight am, working until 258 00:14:07,800 --> 00:14:10,840 Speaker 1: three am. I guess that's longer than sixteen hours. I 259 00:14:10,840 --> 00:14:14,880 Speaker 1: mean working working these these crazy, crazy hours, And I 260 00:14:14,920 --> 00:14:16,959 Speaker 1: mean that empathy when you talked to the founder and 261 00:14:17,000 --> 00:14:18,320 Speaker 1: you go, hey, like, you know, we gotta get your 262 00:14:18,400 --> 00:14:21,480 Speaker 1: KPIs in order, we gotta get your financial metrics and everything. 263 00:14:21,920 --> 00:14:24,320 Speaker 1: If you don't realize at the same time they're sitting 264 00:14:24,360 --> 00:14:26,440 Speaker 1: there super tired because they were up on the customer 265 00:14:26,480 --> 00:14:30,480 Speaker 1: support tickets until four am last night, you know, it's 266 00:14:30,480 --> 00:14:32,400 Speaker 1: hard to have that level empathy. So so I think 267 00:14:32,400 --> 00:14:34,760 Speaker 1: that's one thing that I bring. And then too, I 268 00:14:34,800 --> 00:14:36,640 Speaker 1: think also for a lot of the founders that I 269 00:14:36,720 --> 00:14:38,760 Speaker 1: work with, UM, I don't know, I feel like I 270 00:14:38,800 --> 00:14:42,680 Speaker 1: have in some ways a bit of a under dog mentality. 271 00:14:43,040 --> 00:14:44,880 Speaker 1: I feel like I don't think I was supposed to 272 00:14:45,000 --> 00:14:47,600 Speaker 1: end up in VC that definitely wasn't a thing I 273 00:14:47,640 --> 00:14:50,920 Speaker 1: was thinking about until a few years ago. And so 274 00:14:51,160 --> 00:14:54,000 Speaker 1: to me, a lot of the VC and tech world, 275 00:14:54,040 --> 00:14:56,560 Speaker 1: even though I've worked in you know, startups for a while, 276 00:14:56,800 --> 00:14:59,880 Speaker 1: it still feels very foreign. And so I really connect 277 00:15:00,040 --> 00:15:05,680 Speaker 1: with founders that I think don't find themselves fully represented 278 00:15:06,040 --> 00:15:09,640 Speaker 1: by the tech industry. And so a lot of founders 279 00:15:09,640 --> 00:15:11,480 Speaker 1: have told me I'm a little bit of a more 280 00:15:11,520 --> 00:15:15,040 Speaker 1: welcoming and uh, someone who said you're a really nice 281 00:15:15,160 --> 00:15:20,360 Speaker 1: VC to that point too, And I'm glad you mentioned that, 282 00:15:20,400 --> 00:15:22,720 Speaker 1: because I think about when people like you are in 283 00:15:22,760 --> 00:15:24,560 Speaker 1: a room. Let's say you're at an AFRO Tech or 284 00:15:24,840 --> 00:15:27,000 Speaker 1: let's say you're not an advertech, but you're at any 285 00:15:27,000 --> 00:15:29,800 Speaker 1: other conference tech conference besides the AFRO Tech honestly, and 286 00:15:30,520 --> 00:15:33,600 Speaker 1: there's you know, two or three startup founders in there, 287 00:15:33,600 --> 00:15:36,920 Speaker 1: and you're the only black VC and probably many rooms 288 00:15:36,920 --> 00:15:39,120 Speaker 1: that you go in. How is it how do you 289 00:15:39,200 --> 00:15:44,600 Speaker 1: manage the expectation of that person who may assume that 290 00:15:44,640 --> 00:15:49,040 Speaker 1: you get where they're coming from when you have, like, 291 00:15:49,080 --> 00:15:51,640 Speaker 1: how do you manage the savior part of this? Because 292 00:15:51,680 --> 00:15:54,120 Speaker 1: you're you may be the only person that gets where 293 00:15:54,120 --> 00:15:57,200 Speaker 1: they're coming from and having to balance that with you know, 294 00:15:57,240 --> 00:16:00,000 Speaker 1: giving them what they need even though they're they're ready 295 00:16:00,040 --> 00:16:02,200 Speaker 1: for VC, if they're not ready for VC, being real 296 00:16:02,240 --> 00:16:04,720 Speaker 1: with them helping them dive along the path when you 297 00:16:04,760 --> 00:16:09,880 Speaker 1: can't be savior for everybody. Yeah, that's a really interesting question, 298 00:16:09,880 --> 00:16:12,360 Speaker 1: and I don't think anyone's asked me that before. I 299 00:16:12,480 --> 00:16:14,800 Speaker 1: view it is. Look, I mean, I get a ton 300 00:16:14,840 --> 00:16:18,280 Speaker 1: of cold emails, a ton of cold LinkedIn messages. There's 301 00:16:18,400 --> 00:16:21,480 Speaker 1: there's a lot of outreach, and especially for any cold emails, 302 00:16:21,520 --> 00:16:23,640 Speaker 1: if I know it's somebody from our community, I'm going 303 00:16:23,680 --> 00:16:25,120 Speaker 1: to try and go out of my way to make 304 00:16:25,160 --> 00:16:28,720 Speaker 1: sure to respond to the message. There's just not enough 305 00:16:28,800 --> 00:16:32,080 Speaker 1: access and there's not enough people that respond to the 306 00:16:32,160 --> 00:16:34,760 Speaker 1: networks in VC that you need to get in to 307 00:16:35,040 --> 00:16:37,800 Speaker 1: even have someone look at your startup. The barrier for 308 00:16:37,880 --> 00:16:40,200 Speaker 1: that is so high that that's the first thing I 309 00:16:40,240 --> 00:16:42,280 Speaker 1: try and do is just at least provide some access. 310 00:16:42,320 --> 00:16:44,680 Speaker 1: Even if it's not going to be a yes, it's 311 00:16:44,880 --> 00:16:47,000 Speaker 1: you know, going to be Hey, let's get feedback. If 312 00:16:47,000 --> 00:16:50,040 Speaker 1: you want to, you know, hear more about why it 313 00:16:50,120 --> 00:16:51,920 Speaker 1: wasn't a fit. I'm happy to hop on the phone 314 00:16:51,960 --> 00:16:54,520 Speaker 1: and tell you more about that. And I think there's 315 00:16:54,680 --> 00:16:57,560 Speaker 1: a really delicate balance. I also try and strike between 316 00:16:57,960 --> 00:17:01,040 Speaker 1: you know, being real with someone until him, hey, this 317 00:17:01,120 --> 00:17:03,680 Speaker 1: isn't a fit. You're maybe not ready for this stage 318 00:17:03,720 --> 00:17:08,359 Speaker 1: of investing, and also just being real, you know, nice 319 00:17:08,400 --> 00:17:11,160 Speaker 1: and human and realizing not everyone wants you to tell them, 320 00:17:11,240 --> 00:17:13,920 Speaker 1: you know, like, no, this isn't this isn't a bit, 321 00:17:14,000 --> 00:17:16,520 Speaker 1: and this is very about some people just wanted to talk. 322 00:17:16,680 --> 00:17:19,480 Speaker 1: And I actually was on the phone with a man 323 00:17:19,560 --> 00:17:23,000 Speaker 1: from Louisiana a couple of weeks ago, where very quickly 324 00:17:23,040 --> 00:17:26,400 Speaker 1: into the call, I realized, oh, this there. They don't 325 00:17:26,400 --> 00:17:29,640 Speaker 1: have really any context about Silicon Valley. But you know, 326 00:17:30,440 --> 00:17:32,920 Speaker 1: I think I realized, like part way through the call 327 00:17:32,960 --> 00:17:34,920 Speaker 1: it wasn't exactly the purpose of what he was trying 328 00:17:34,920 --> 00:17:36,520 Speaker 1: to get out. You don't want to hear about me 329 00:17:36,560 --> 00:17:38,560 Speaker 1: telling him like the KPIs need to be this, and 330 00:17:38,560 --> 00:17:39,600 Speaker 1: this is what it needs to look like, and this 331 00:17:39,760 --> 00:17:42,119 Speaker 1: I need to present your pitch, Like sometimes he just 332 00:17:42,160 --> 00:17:45,240 Speaker 1: wants to be heard from somebody who in his mind 333 00:17:45,359 --> 00:17:48,720 Speaker 1: was a tech person and he was also a tech person, 334 00:17:48,760 --> 00:17:50,960 Speaker 1: and he wanted to just kind of talk about business 335 00:17:51,480 --> 00:17:53,720 Speaker 1: and and so sometimes I also try to allow myself 336 00:17:53,720 --> 00:17:56,399 Speaker 1: to have that compassion of just like don't try and 337 00:17:56,440 --> 00:18:03,520 Speaker 1: go in with you know, feedback, yeah too much exactly, Um, 338 00:18:03,560 --> 00:18:06,159 Speaker 1: what's your philosophy? Then on those companies that you do 339 00:18:06,240 --> 00:18:11,200 Speaker 1: engage with, on how engaged you are with those companies, 340 00:18:11,240 --> 00:18:13,680 Speaker 1: because you know, some vcs can be super in the weeds, 341 00:18:14,160 --> 00:18:16,560 Speaker 1: you know, almost walking hand in hand with with the 342 00:18:16,560 --> 00:18:19,520 Speaker 1: executive team, you know, particularly at the early stages, and 343 00:18:19,520 --> 00:18:21,919 Speaker 1: I get that, and some just show up for board meetings, 344 00:18:22,000 --> 00:18:26,399 Speaker 1: you know, like what's worked well for you. I always 345 00:18:26,440 --> 00:18:31,280 Speaker 1: ask my founders what their preferred cadence and communication style is, 346 00:18:31,640 --> 00:18:34,960 Speaker 1: because sometimes they want to connect every week. Sometimes they 347 00:18:35,000 --> 00:18:38,000 Speaker 1: want to connect every two weeks, every month. You know. 348 00:18:38,080 --> 00:18:40,280 Speaker 1: Some founders, more of the are more of the type 349 00:18:40,280 --> 00:18:42,400 Speaker 1: of like, hey I got the capital, I'll talk to you. 350 00:18:42,600 --> 00:18:47,680 Speaker 1: And others are you know, really want a lot of feedback. 351 00:18:47,720 --> 00:18:50,600 Speaker 1: And so I try and in the first three months 352 00:18:50,680 --> 00:18:52,960 Speaker 1: or so, give them that option to kind of set 353 00:18:53,000 --> 00:18:55,240 Speaker 1: their own And then if I start to feel like 354 00:18:55,280 --> 00:18:57,439 Speaker 1: we're not talking enough, which this has just happened with 355 00:18:57,480 --> 00:18:59,359 Speaker 1: one of my founders, I'll be like, hey, can we 356 00:18:59,359 --> 00:19:01,240 Speaker 1: talk a little bit more? Can we chat? Like set 357 00:19:01,240 --> 00:19:03,560 Speaker 1: a standing call every week, every other week or so, 358 00:19:04,200 --> 00:19:07,040 Speaker 1: um so, so I really try to let them lead 359 00:19:07,200 --> 00:19:09,040 Speaker 1: on that. And also I was just thinking too to 360 00:19:09,160 --> 00:19:11,960 Speaker 1: your your last question, Um, just something else I want 361 00:19:12,000 --> 00:19:15,320 Speaker 1: to mention to about the access and um, you know, 362 00:19:16,000 --> 00:19:19,520 Speaker 1: speaking of founders. Actually, wasn't tech Crunch disrupt a couple 363 00:19:19,520 --> 00:19:22,040 Speaker 1: of days ago. I think one of the things that 364 00:19:22,960 --> 00:19:26,080 Speaker 1: I try and there's there's a language of Silicon Valley, 365 00:19:26,160 --> 00:19:30,480 Speaker 1: there's terminology, there's kind of expected rules of engagement and norms, 366 00:19:30,800 --> 00:19:34,160 Speaker 1: and I think those are things that especially to anyone listening, 367 00:19:34,240 --> 00:19:37,000 Speaker 1: you know, on on this if if you're curious about 368 00:19:37,240 --> 00:19:39,119 Speaker 1: you know you're getting you feel like you're getting stuck 369 00:19:39,160 --> 00:19:42,320 Speaker 1: at a certain process with investors are getting stuck in 370 00:19:42,680 --> 00:19:45,560 Speaker 1: feedback cycles and you're not really understanding why you're getting 371 00:19:45,600 --> 00:19:47,760 Speaker 1: the same thing, Like, feel free to reach out because 372 00:19:47,800 --> 00:19:51,280 Speaker 1: there is there are these cultural norms that are not 373 00:19:51,400 --> 00:19:54,320 Speaker 1: obvious if you're you know, not smacking Matt Dab in 374 00:19:54,320 --> 00:19:56,560 Speaker 1: the middle of VC every day. And that's something I 375 00:19:56,600 --> 00:19:59,479 Speaker 1: always also try and connect with founders on is you know, 376 00:20:00,440 --> 00:20:06,000 Speaker 1: demystifying what vcs mean when they say different things. Yeah, 377 00:20:06,119 --> 00:20:09,400 Speaker 1: I mean you make me think about Um, I'm gonna 378 00:20:09,440 --> 00:20:13,520 Speaker 1: say this, the privilege you know, non melanated. You know, 379 00:20:13,760 --> 00:20:17,120 Speaker 1: founders may come to VC with like, look, they don't 380 00:20:17,119 --> 00:20:19,720 Speaker 1: have maybe not have the same sentiment. You know, black 381 00:20:19,720 --> 00:20:22,440 Speaker 1: people and minorities come with you know, where we're looking. 382 00:20:22,600 --> 00:20:25,439 Speaker 1: We're hoping somebody gives us a deal, and you know, 383 00:20:25,480 --> 00:20:27,520 Speaker 1: our counterparts may feel like, you know, you're lucky if 384 00:20:27,560 --> 00:20:30,320 Speaker 1: you can get in on my deal. Right, And so 385 00:20:31,320 --> 00:20:33,280 Speaker 1: to that end, number one, I think we we do 386 00:20:33,400 --> 00:20:37,320 Speaker 1: have to work on changing that philosophy that we you know, 387 00:20:37,440 --> 00:20:40,440 Speaker 1: too many of us hold. Because it is an interview 388 00:20:40,520 --> 00:20:45,200 Speaker 1: you too, right as as a VC. So with that stated, 389 00:20:45,640 --> 00:20:49,360 Speaker 1: what are good from your perspective, interview you questions because 390 00:20:49,400 --> 00:20:52,200 Speaker 1: you're gonna be you know, spitballing questions to the founder 391 00:20:52,240 --> 00:20:54,840 Speaker 1: on again, what are those KPI s? You know, what's 392 00:20:54,840 --> 00:20:57,280 Speaker 1: your runway look like it, what's what's the hiring stack 393 00:20:57,359 --> 00:20:59,119 Speaker 1: look like in et cetera, what's the tech stack look like? 394 00:20:59,640 --> 00:21:03,360 Speaker 1: But what questions that in your experience have you found 395 00:21:03,600 --> 00:21:06,480 Speaker 1: really really good founders ask you at the stages of 396 00:21:06,520 --> 00:21:09,359 Speaker 1: when you're doing due diligence and etcetera. That's such a 397 00:21:09,400 --> 00:21:12,560 Speaker 1: good question. I think the you're right, the best founders 398 00:21:12,600 --> 00:21:15,520 Speaker 1: do create well. One they're really good at storytelling. They 399 00:21:15,920 --> 00:21:18,840 Speaker 1: wrap people around their fingers, they have investors tripping over 400 00:21:19,080 --> 00:21:21,360 Speaker 1: each other to get into the round, like you said, 401 00:21:21,560 --> 00:21:25,600 Speaker 1: and they're also really good um at in addition to 402 00:21:25,640 --> 00:21:28,760 Speaker 1: that storytelling kind of weaving this this scarcity kind of 403 00:21:28,840 --> 00:21:30,800 Speaker 1: sense of saying like, hey, there's a lot of people 404 00:21:30,800 --> 00:21:32,399 Speaker 1: who want to like let me in a in a 405 00:21:32,520 --> 00:21:35,400 Speaker 1: kind way, not in a kind of like bluffing way, 406 00:21:35,440 --> 00:21:37,600 Speaker 1: but I think that the questions that they tend to 407 00:21:37,640 --> 00:21:39,920 Speaker 1: then have the leverage once they've that, you know, laid 408 00:21:39,960 --> 00:21:43,359 Speaker 1: some of this foundation to to really um and I 409 00:21:43,359 --> 00:21:46,080 Speaker 1: think people should do this anytime, but there are founders 410 00:21:46,119 --> 00:21:48,119 Speaker 1: who kind of set up this thing where they have 411 00:21:48,359 --> 00:21:52,000 Speaker 1: the upper hand by a long shot. Um that you know, 412 00:21:52,040 --> 00:21:54,000 Speaker 1: some of the questions I think that you want to 413 00:21:54,000 --> 00:21:56,800 Speaker 1: really ask and people point blank assets and calls all 414 00:21:56,800 --> 00:21:58,040 Speaker 1: the time, you think you alway should have just like 415 00:21:58,600 --> 00:22:02,680 Speaker 1: how do you help your founders? And that should be 416 00:22:02,800 --> 00:22:05,760 Speaker 1: super standard question that a VC should be able to answer, 417 00:22:05,840 --> 00:22:08,840 Speaker 1: Like watch if they have a ready answer. First off, 418 00:22:08,920 --> 00:22:11,840 Speaker 1: does it sounds like they're thinking while they're talking. If 419 00:22:11,840 --> 00:22:15,640 Speaker 1: they are, that's probably an issue, you know, And are 420 00:22:15,720 --> 00:22:19,080 Speaker 1: they also able to give specific tactical advice. And then 421 00:22:19,119 --> 00:22:21,960 Speaker 1: after you know, they'll probably talk in generality. Some of 422 00:22:21,960 --> 00:22:24,359 Speaker 1: them might go into specifics, but after you try to 423 00:22:24,440 --> 00:22:27,720 Speaker 1: ask them, how do you help your founders? Ask them 424 00:22:27,760 --> 00:22:29,760 Speaker 1: for some examples. Okay, can you tell me about a 425 00:22:29,760 --> 00:22:33,439 Speaker 1: couple of examples from your portfolio where you know you 426 00:22:33,520 --> 00:22:35,800 Speaker 1: helped your founders on some of those things. And you 427 00:22:35,840 --> 00:22:38,359 Speaker 1: don't have to, you know, tell them all the specifics, 428 00:22:38,400 --> 00:22:41,679 Speaker 1: but you know, just give some some sense. Um. I 429 00:22:41,760 --> 00:22:44,760 Speaker 1: really love getting those questions from founders. The other thing 430 00:22:45,280 --> 00:22:47,720 Speaker 1: I that you actually asked me a question earlier that 431 00:22:47,760 --> 00:22:50,000 Speaker 1: a lot of founders asked in terms of like how 432 00:22:50,040 --> 00:22:51,919 Speaker 1: are you as a board member? How involved do you 433 00:22:51,960 --> 00:22:56,320 Speaker 1: want to be? Because there's especially this can be one 434 00:22:56,320 --> 00:22:59,200 Speaker 1: of the downsides of being a former operator VC. Sometimes 435 00:22:59,280 --> 00:23:01,879 Speaker 1: former operator or vcs really want to get deep in 436 00:23:01,880 --> 00:23:06,280 Speaker 1: your business building get all right. They want to be 437 00:23:06,359 --> 00:23:08,560 Speaker 1: rolling up their sleeves. They want to be on the you, 438 00:23:08,760 --> 00:23:10,400 Speaker 1: which can be nice, but it can be a little 439 00:23:10,400 --> 00:23:12,600 Speaker 1: bit too much. And so I think getting a sense 440 00:23:12,640 --> 00:23:16,240 Speaker 1: of like what are their expectations around how often they're 441 00:23:16,280 --> 00:23:18,840 Speaker 1: going to chat? I always say, like I follow your lead. 442 00:23:19,080 --> 00:23:20,840 Speaker 1: A lot of bcs are going to say that they're 443 00:23:20,880 --> 00:23:23,400 Speaker 1: gonna say, well, look, this is I set meetings every 444 00:23:23,400 --> 00:23:25,800 Speaker 1: single week. You know, I'm gonna back in the pre 445 00:23:25,880 --> 00:23:28,680 Speaker 1: COVID times like I'll come by your office once a week, 446 00:23:28,720 --> 00:23:30,840 Speaker 1: and you know, and that might be not what you 447 00:23:30,880 --> 00:23:33,000 Speaker 1: want as a founder. Um So, I think those are 448 00:23:33,040 --> 00:23:51,000 Speaker 1: a couple of good questions to hit on. Season two 449 00:23:51,000 --> 00:23:53,119 Speaker 1: of the Black Tech Green Money Podcast is brought to 450 00:23:53,160 --> 00:23:56,000 Speaker 1: you by Lexis and the December to Remember sales event 451 00:23:56,480 --> 00:24:00,080 Speaker 1: from graduation parades to birthday parties. This year, driveways, whole that, 452 00:24:00,240 --> 00:24:04,560 Speaker 1: some new traditions. Here's the celebrating them all experience amazing 453 00:24:04,800 --> 00:24:09,760 Speaker 1: at your Alexis dealer. Mercedes is an early stage investor, 454 00:24:10,359 --> 00:24:13,960 Speaker 1: But what does that actually mean? Early stage? For some 455 00:24:14,320 --> 00:24:18,920 Speaker 1: it can mean idea stage. For others, some traction or 456 00:24:19,240 --> 00:24:23,400 Speaker 1: twenty thirty thousand dollars a month in revenue. It means 457 00:24:23,480 --> 00:24:28,240 Speaker 1: different things that different people. Mercedes speaks on it. Yeah, 458 00:24:28,280 --> 00:24:32,320 Speaker 1: early stage for me is probably closer to what early 459 00:24:32,760 --> 00:24:35,240 Speaker 1: really the earliest founders would consider mid stage, even though 460 00:24:35,240 --> 00:24:38,600 Speaker 1: that's not a thing. Um So, I'm investing mostly at 461 00:24:38,640 --> 00:24:42,800 Speaker 1: this series A. That's kind of like my target investment area. 462 00:24:42,920 --> 00:24:45,199 Speaker 1: That's when you know, if you're enterprise sass business, you 463 00:24:45,200 --> 00:24:47,760 Speaker 1: have one million and air are If you're a consumer 464 00:24:47,800 --> 00:24:50,040 Speaker 1: business you you know e commerce, you might have six 465 00:24:50,080 --> 00:24:53,400 Speaker 1: to twelve million and annual revenue. These are rough benchmarks, 466 00:24:53,400 --> 00:24:57,320 Speaker 1: not you know, set numbers, UM. And for me, what 467 00:24:57,400 --> 00:24:59,560 Speaker 1: it means that series A is that your post product 468 00:24:59,640 --> 00:25:03,480 Speaker 1: market bit. You've already found your sales engine and your 469 00:25:03,560 --> 00:25:06,359 Speaker 1: channel and you're starting to take off and you're really 470 00:25:06,359 --> 00:25:09,280 Speaker 1: growing the business. And now it's about how do I 471 00:25:09,320 --> 00:25:12,280 Speaker 1: add on resources? How do I add on talent to 472 00:25:12,320 --> 00:25:15,600 Speaker 1: continue what's working and make it work. Other people when 473 00:25:15,600 --> 00:25:19,199 Speaker 1: they say early stage, they might mean seed, which a 474 00:25:19,240 --> 00:25:22,199 Speaker 1: silicon valley seed versus maybe a rest of the country 475 00:25:22,280 --> 00:25:24,560 Speaker 1: or rest of the old seed can also mean different things, 476 00:25:24,960 --> 00:25:27,280 Speaker 1: or they might even now there's a new category preseed 477 00:25:27,720 --> 00:25:30,840 Speaker 1: because we now, what are we going to call it next? 478 00:25:32,359 --> 00:25:34,359 Speaker 1: Because seeds are out a million dollars now until we 479 00:25:34,400 --> 00:25:38,119 Speaker 1: can valley. Yeah. I mean I see founders raising four 480 00:25:38,160 --> 00:25:42,199 Speaker 1: million dollar seeds all the time, um, and you know it, 481 00:25:42,680 --> 00:25:44,600 Speaker 1: a lot of people are also doing where they raised 482 00:25:44,640 --> 00:25:48,080 Speaker 1: two seed rounds and then a series day. Because I 483 00:25:48,200 --> 00:25:53,760 Speaker 1: just think the expectations for what people are expecting out 484 00:25:53,760 --> 00:25:56,400 Speaker 1: of a series they continue to grow and grow and girl. 485 00:25:56,440 --> 00:25:59,400 Speaker 1: But it's it's interesting, it depends on this sector actually 486 00:25:59,400 --> 00:26:04,119 Speaker 1: in fintach where companies are raising at their raising Series 487 00:26:04,160 --> 00:26:08,960 Speaker 1: A at much lower revenue threshold and benchmarks than than 488 00:26:09,000 --> 00:26:11,840 Speaker 1: almost any enterprise or consumer companies. But for most of 489 00:26:11,880 --> 00:26:14,960 Speaker 1: the enterprise and consumer companies, they're you know, looking for 490 00:26:15,040 --> 00:26:19,480 Speaker 1: a later in later stage with particular respect to black 491 00:26:19,480 --> 00:26:22,280 Speaker 1: founders um. And you said, like you said, you're investing 492 00:26:22,280 --> 00:26:26,600 Speaker 1: at you know, the A round um primarily with respect 493 00:26:26,600 --> 00:26:29,040 Speaker 1: to black founders, which I know you you got interventure 494 00:26:29,119 --> 00:26:33,480 Speaker 1: to work with marginalized communities and etcetera. Are there really 495 00:26:33,640 --> 00:26:37,920 Speaker 1: enough black founders at the A round stage to make 496 00:26:38,000 --> 00:26:41,399 Speaker 1: that mission that personal mission you have or you know, 497 00:26:41,640 --> 00:26:45,480 Speaker 1: the global mission for our culture viable? Like do we 498 00:26:45,560 --> 00:26:49,000 Speaker 1: have enough black founders that are positioning themselves for the 499 00:26:49,040 --> 00:26:51,359 Speaker 1: A round And if if we're not, where are we 500 00:26:51,440 --> 00:26:54,439 Speaker 1: falling off as an equal system to prepare people for that? 501 00:26:55,760 --> 00:26:57,760 Speaker 1: I think the A round is probably one of the 502 00:26:57,800 --> 00:27:00,920 Speaker 1: hardest rounds for black founders to ray is at least 503 00:27:00,960 --> 00:27:04,880 Speaker 1: this is what I'm seeing. And there are certain categories 504 00:27:04,880 --> 00:27:09,640 Speaker 1: where there's more black founders concentrated than others. For example, fintech. 505 00:27:09,840 --> 00:27:12,400 Speaker 1: There's actually a lot of black founders in in fintech, 506 00:27:12,480 --> 00:27:14,720 Speaker 1: I feel relative to the rest, probably because they know 507 00:27:14,800 --> 00:27:18,280 Speaker 1: the story firsthand from their communities about financial inclusion and 508 00:27:18,320 --> 00:27:22,560 Speaker 1: it's importance. Another sector where I see a lot of 509 00:27:22,600 --> 00:27:25,640 Speaker 1: black founders is in a lot of things related to culture, 510 00:27:26,000 --> 00:27:30,359 Speaker 1: obviously um levity itself, you know, in his black founders, 511 00:27:30,680 --> 00:27:34,520 Speaker 1: and I think that's another great space entertainment. UM. So 512 00:27:34,600 --> 00:27:37,000 Speaker 1: when you in those sectors, know there's not a dearth 513 00:27:37,000 --> 00:27:39,920 Speaker 1: of founders. At Series A, I see tons all the time, 514 00:27:40,600 --> 00:27:43,159 Speaker 1: UM and a lot of the other sectors, it's a 515 00:27:43,160 --> 00:27:47,560 Speaker 1: little bit more hit for miss UM. And you know, 516 00:27:47,720 --> 00:27:51,280 Speaker 1: I don't have the answer on why that round that 517 00:27:51,480 --> 00:27:54,520 Speaker 1: is so difficult for for founders to raise, but my 518 00:27:54,960 --> 00:27:58,439 Speaker 1: thought is that it's because it's often the first big 519 00:27:58,480 --> 00:28:03,320 Speaker 1: institutional round. Seed rounds can be you know, compromised of 520 00:28:03,440 --> 00:28:05,159 Speaker 1: a lot of angels, it can be a lot of 521 00:28:05,240 --> 00:28:08,239 Speaker 1: kind of early funds. There's a lot of um, you know, 522 00:28:08,920 --> 00:28:14,119 Speaker 1: fifty hundred thousand dollar checks, two fifty dollar checks that 523 00:28:14,200 --> 00:28:16,760 Speaker 1: make it into seed rounds, and so a lot of 524 00:28:16,760 --> 00:28:19,000 Speaker 1: black founders are able to do that. And then at 525 00:28:19,040 --> 00:28:21,679 Speaker 1: the Series A, that's the first big round where like 526 00:28:21,680 --> 00:28:26,760 Speaker 1: an established normally silicon valley, you know, institution that's been 527 00:28:26,760 --> 00:28:29,479 Speaker 1: around for a while, and honestly, one I don't think 528 00:28:29,520 --> 00:28:32,639 Speaker 1: their their networks are at most of these big firms 529 00:28:32,720 --> 00:28:35,560 Speaker 1: are conducive to black vote because there's no black folt 530 00:28:35,640 --> 00:28:38,960 Speaker 1: working at them um And to you know, I think 531 00:28:39,000 --> 00:28:42,960 Speaker 1: that it's the scrutiny level is really high, and anytime 532 00:28:43,040 --> 00:28:45,720 Speaker 1: the scrutiny level for around is really high, a lot 533 00:28:45,760 --> 00:28:49,800 Speaker 1: of bias creeps in because you're purposely trying to scrutinize 534 00:28:49,800 --> 00:28:52,000 Speaker 1: everything hard and so you start making a lot of 535 00:28:52,000 --> 00:28:55,640 Speaker 1: like well, you know, like there's always something wrong with 536 00:28:55,680 --> 00:28:58,160 Speaker 1: the carry fag business. But it's how much you get 537 00:28:58,200 --> 00:29:02,000 Speaker 1: yourself to believe that it's okay that there's something wrong 538 00:29:02,040 --> 00:29:04,080 Speaker 1: with that that that business. And I'm not sure that 539 00:29:04,120 --> 00:29:07,720 Speaker 1: all marginalized and and minority founders are given the benefit 540 00:29:07,760 --> 00:29:09,880 Speaker 1: of the doubt when there's is that thing that's wrong 541 00:29:09,920 --> 00:29:13,560 Speaker 1: with the business. You had mentioned in the previous interview 542 00:29:13,600 --> 00:29:16,280 Speaker 1: that you wanted to be a VC too, among other things, 543 00:29:16,360 --> 00:29:18,560 Speaker 1: be a part of the change UM. As you were 544 00:29:18,920 --> 00:29:21,600 Speaker 1: introduced to the world of business finance, you know, cost 545 00:29:21,640 --> 00:29:25,080 Speaker 1: of capital and etcetera. That things that you previously didn't know, right, 546 00:29:25,640 --> 00:29:28,760 Speaker 1: and but the white guys knew it. And how do 547 00:29:28,840 --> 00:29:32,040 Speaker 1: you view your role as an investor to think more 548 00:29:32,040 --> 00:29:36,040 Speaker 1: holistically about investments, particularly because you're targeting these, you know, 549 00:29:36,400 --> 00:29:40,120 Speaker 1: um communities, marginalized communities. How do you think about that 550 00:29:40,640 --> 00:29:43,760 Speaker 1: when you have to think more than just about returns since, 551 00:29:43,800 --> 00:29:46,640 Speaker 1: as you mentioned, your passion is the marginalized community. Yeah, 552 00:29:46,680 --> 00:29:49,560 Speaker 1: I mean, I actually do believe. I'm very big of 553 00:29:49,600 --> 00:29:52,200 Speaker 1: the double bottom line of the all of the B corps. 554 00:29:52,440 --> 00:29:55,320 Speaker 1: I do believe that you can do build really big 555 00:29:55,360 --> 00:29:58,400 Speaker 1: businesses by doing good. And so you know, when you 556 00:29:58,440 --> 00:30:01,440 Speaker 1: think about especially in education and fintech, two of the 557 00:30:01,640 --> 00:30:04,560 Speaker 1: sectors where I invest the most, you to build a 558 00:30:04,640 --> 00:30:07,840 Speaker 1: really big business, you have to serve the full population, 559 00:30:07,960 --> 00:30:10,800 Speaker 1: you know. I'm I would never, not would never, because 560 00:30:10,840 --> 00:30:13,320 Speaker 1: I don't want to say never, but I can't really 561 00:30:13,360 --> 00:30:17,200 Speaker 1: I see myself investing in an education company that only serves, 562 00:30:17,280 --> 00:30:19,360 Speaker 1: you know, the top ten percent, because it's just going 563 00:30:19,440 --> 00:30:21,640 Speaker 1: to be a small market, you know. And so I 564 00:30:21,640 --> 00:30:24,160 Speaker 1: think that if you're going to build these outcome businesses 565 00:30:24,200 --> 00:30:25,960 Speaker 1: that we're looking for at light speed, we're looking for 566 00:30:26,040 --> 00:30:29,400 Speaker 1: one billion dollar businesses, two billion five you know, billion 567 00:30:29,440 --> 00:30:31,200 Speaker 1: dollar companies that you have to be able to serve 568 00:30:31,240 --> 00:30:34,440 Speaker 1: the whole population. So I don't view necessarily as an 569 00:30:34,920 --> 00:30:39,120 Speaker 1: either or. UM glad you. I'm glad you mentioned that 570 00:30:39,160 --> 00:30:42,360 Speaker 1: because it segways nicely into another courte I heard you 571 00:30:42,400 --> 00:30:45,320 Speaker 1: talk about was from Jeremy lou who's your one of 572 00:30:45,320 --> 00:30:48,920 Speaker 1: your bosses, who who hired you. Um, he was interested 573 00:30:48,920 --> 00:30:52,920 Speaker 1: in increasing diversity among women investors, rachel minorities in et cetera. 574 00:30:53,200 --> 00:30:56,320 Speaker 1: And he's a consumer investor you talked about, Um, he 575 00:30:56,400 --> 00:30:59,720 Speaker 1: was the first investor first check in the snapchat. Um, 576 00:30:59,760 --> 00:31:02,680 Speaker 1: if a company has a large percentage of black women 577 00:31:02,960 --> 00:31:07,440 Speaker 1: Latinos in their their audience spaces, largely those things they 578 00:31:07,440 --> 00:31:09,880 Speaker 1: have the presented to drive culture and there's probably you know, 579 00:31:09,920 --> 00:31:13,280 Speaker 1: a great a lot of opportunity with those And this 580 00:31:13,360 --> 00:31:15,440 Speaker 1: was something that resonated with you, per you know, the 581 00:31:15,760 --> 00:31:19,520 Speaker 1: interview that saw and how has this sort of you know, 582 00:31:19,920 --> 00:31:22,840 Speaker 1: investing bias in this in this respect of good bias, 583 00:31:22,960 --> 00:31:27,000 Speaker 1: you know, impacted what's important to you. You really read 584 00:31:27,080 --> 00:31:32,280 Speaker 1: my different vodcasts and interviews. I feel very honored you 585 00:31:32,360 --> 00:31:34,600 Speaker 1: read all these. Yeah, I mean that was that was 586 00:31:34,640 --> 00:31:36,480 Speaker 1: one of the things and in the vein of what 587 00:31:36,520 --> 00:31:38,240 Speaker 1: you were talking about earlier, you know, make sure that 588 00:31:38,280 --> 00:31:41,520 Speaker 1: founders you interview the vcs when you're talking to them, 589 00:31:41,520 --> 00:31:44,720 Speaker 1: because you're signing up for a tenure partnership really in marriage, 590 00:31:44,880 --> 00:31:47,320 Speaker 1: then you want to know that you like this person too. 591 00:31:47,480 --> 00:31:49,280 Speaker 1: I thought about the same thing when I was going 592 00:31:49,320 --> 00:31:52,120 Speaker 1: in and interviewing for VC firms. You know, I was 593 00:31:52,160 --> 00:31:56,280 Speaker 1: looking for a firm that was inclusive, that was going 594 00:31:56,440 --> 00:32:01,680 Speaker 1: to view the world. And it's somewhat similar way I did. 595 00:32:01,720 --> 00:32:03,560 Speaker 1: I didn't mean that we have to agree on everything, 596 00:32:03,760 --> 00:32:05,280 Speaker 1: but I don't want to be shut down. You know, 597 00:32:05,360 --> 00:32:08,520 Speaker 1: every single time I mentioned the importance of working with 598 00:32:08,560 --> 00:32:11,000 Speaker 1: black people and trying to elevate black founders, like, if 599 00:32:11,000 --> 00:32:12,480 Speaker 1: that was going to be the case, it wasn't going 600 00:32:12,520 --> 00:32:15,240 Speaker 1: to be the right firm for me. And so actually, um, 601 00:32:15,280 --> 00:32:18,200 Speaker 1: when I was interviewing, I pitched theay. You know, Jeremy 602 00:32:18,200 --> 00:32:20,680 Speaker 1: asked me to pitch a couple of different companies and 603 00:32:20,760 --> 00:32:24,280 Speaker 1: I pitched, um, what a couple of companies, one of 604 00:32:24,320 --> 00:32:28,040 Speaker 1: which was a hair we've company. And you know, for me, 605 00:32:28,160 --> 00:32:30,040 Speaker 1: this was kind of like one of my little test 606 00:32:30,240 --> 00:32:32,720 Speaker 1: that was in my interview process with a lot of firms, 607 00:32:32,840 --> 00:32:35,680 Speaker 1: was like, what's your response to me pitching you know 608 00:32:35,880 --> 00:32:38,960 Speaker 1: a hair we've company that's primarily used by black women, Like, 609 00:32:39,440 --> 00:32:43,520 Speaker 1: do you immediately question whether this is a market that 610 00:32:43,600 --> 00:32:45,840 Speaker 1: has any potential or do you kind of are you 611 00:32:45,880 --> 00:32:49,240 Speaker 1: open minded and or do you or do you go Wow? Yeah, 612 00:32:49,280 --> 00:32:51,760 Speaker 1: I actually know the research and I've seen the big 613 00:32:51,800 --> 00:32:54,280 Speaker 1: businesses can be built in this space. And you know, 614 00:32:54,760 --> 00:32:57,440 Speaker 1: I got a lot of varying responses, but particularly at 615 00:32:57,520 --> 00:32:59,720 Speaker 1: light speed, I was really touched that there was a 616 00:32:59,760 --> 00:33:02,560 Speaker 1: lot of enthusiasm and kind of the response I was 617 00:33:02,600 --> 00:33:05,120 Speaker 1: looking for. In addition to that, lie because a lot 618 00:33:05,160 --> 00:33:07,800 Speaker 1: of women investors. Um, I think we're at up to 619 00:33:07,840 --> 00:33:13,479 Speaker 1: maybe ten or eleven out of investment partners in San 620 00:33:13,560 --> 00:33:16,400 Speaker 1: Francisco that are women, which is totally different than a 621 00:33:16,400 --> 00:33:18,320 Speaker 1: lot of firms. So start, I'm getting a bit off track, 622 00:33:18,440 --> 00:33:21,320 Speaker 1: but one that was what attracted to me and I 623 00:33:21,360 --> 00:33:24,800 Speaker 1: related to your earlier question and then in terms of sorry, 624 00:33:24,920 --> 00:33:26,960 Speaker 1: just to make sure I understood the rest of your 625 00:33:27,040 --> 00:33:28,920 Speaker 1: question as well, Yeah, I'm just thinking I think about 626 00:33:28,960 --> 00:33:34,040 Speaker 1: the bias you know, of looking for you know, marginalized founders, 627 00:33:34,040 --> 00:33:36,160 Speaker 1: and how that plays into a part of how you 628 00:33:36,160 --> 00:33:41,200 Speaker 1: think about it. Yeah, exactly. So as consumer investors, what 629 00:33:41,360 --> 00:33:43,600 Speaker 1: the quote kind of Jeremy had said, and he said 630 00:33:43,600 --> 00:33:46,600 Speaker 1: this well before I ever m you know, joined was 631 00:33:46,680 --> 00:33:49,320 Speaker 1: that what we're looking for a lot of the times 632 00:33:49,600 --> 00:33:52,320 Speaker 1: is we're looking for a consumer company that has tapped 633 00:33:52,360 --> 00:33:56,520 Speaker 1: into pop culture. Because often companies that are able to 634 00:33:56,560 --> 00:33:59,360 Speaker 1: gain a foothold and tap into an element of pop 635 00:33:59,360 --> 00:34:02,400 Speaker 1: culture or goal going to just have these natural lips. 636 00:34:02,440 --> 00:34:04,640 Speaker 1: It's going, you know, they're going to sustain a lot better. 637 00:34:04,720 --> 00:34:07,200 Speaker 1: If you're fighting for every you know, user that you 638 00:34:07,240 --> 00:34:09,600 Speaker 1: acquire and try to explain your relevance. It's it's a 639 00:34:09,640 --> 00:34:12,479 Speaker 1: lot harder of a business. But when you really tap 640 00:34:12,560 --> 00:34:16,479 Speaker 1: that thread, businesses take off. And what we've seen time 641 00:34:16,520 --> 00:34:19,879 Speaker 1: and time again is that these companies that have very 642 00:34:19,880 --> 00:34:22,680 Speaker 1: early in their their user to the directorate, like maybe 643 00:34:22,719 --> 00:34:25,080 Speaker 1: they are at ten thousand, maybe they're fifty thousand, a 644 00:34:25,120 --> 00:34:29,840 Speaker 1: hundred thousand users, that oftentimes the user base tends to 645 00:34:29,920 --> 00:34:32,880 Speaker 1: be more heavily slanted toward women, and it tends to 646 00:34:32,960 --> 00:34:36,480 Speaker 1: be more heavily slanted toward black and Latino people. And 647 00:34:36,560 --> 00:34:39,360 Speaker 1: so it's you know, I don't think it's a big 648 00:34:39,920 --> 00:34:42,480 Speaker 1: um shocking statement to say that a lot of the 649 00:34:42,560 --> 00:34:46,360 Speaker 1: culture in the US is driven by black and brown people. 650 00:34:46,560 --> 00:34:49,400 Speaker 1: That's where a lot of music, Hollywood entertainment. It's not 651 00:34:49,440 --> 00:34:52,760 Speaker 1: the only one, but it's a large, large, outsized portion 652 00:34:53,040 --> 00:34:57,040 Speaker 1: of the of the kind of sphere. And so as investors, 653 00:34:57,080 --> 00:35:00,520 Speaker 1: we find the same thing to be true in consumer 654 00:35:00,520 --> 00:35:02,400 Speaker 1: businesses that take off. This is what we saw on 655 00:35:02,440 --> 00:35:06,279 Speaker 1: Snapchat early on. This is what we see in um 656 00:35:06,280 --> 00:35:09,239 Speaker 1: in Cameo, another investment of ours kind of all of 657 00:35:09,280 --> 00:35:12,960 Speaker 1: these companies that have this kind of you know, trend 658 00:35:13,000 --> 00:35:15,200 Speaker 1: where they've just picked up and everyone's talking about it. 659 00:35:15,239 --> 00:35:17,880 Speaker 1: People are you know, it's in the becomes part of 660 00:35:17,920 --> 00:35:20,600 Speaker 1: the lingua franca at at work. People are just talking 661 00:35:20,680 --> 00:35:23,560 Speaker 1: about it. So that's something we always love for. I 662 00:35:23,560 --> 00:35:40,120 Speaker 1: think it's yeah, like you said, good bye us. Season 663 00:35:40,160 --> 00:35:42,399 Speaker 1: two of the Black Tech, Green Money Podcast is brought 664 00:35:42,400 --> 00:35:45,600 Speaker 1: to you by Lexus, known for celebrating driveway moments for 665 00:35:45,640 --> 00:35:48,520 Speaker 1: over thirty years, Lexus invites you to create more with 666 00:35:48,640 --> 00:35:51,520 Speaker 1: exclusive offers on the most popular Lexus models. At the 667 00:35:51,560 --> 00:35:56,120 Speaker 1: December to Remember Sales event, experience Amazing at You Alexis Dealer, 668 00:35:56,400 --> 00:35:58,480 Speaker 1: I was talking with Tristan Walker and Walker and co 669 00:35:58,800 --> 00:36:02,040 Speaker 1: maker Rebevel about this same thing about his statement was, 670 00:36:02,200 --> 00:36:05,839 Speaker 1: as you just mentioned, black culture drives all global culture. Um, 671 00:36:05,840 --> 00:36:09,800 Speaker 1: what you're thinking about music, fashion, food, and etcetera. And 672 00:36:10,200 --> 00:36:12,720 Speaker 1: you know, particularly because of the audience that we're talking 673 00:36:12,760 --> 00:36:16,240 Speaker 1: to now, it's how do you then, as a startup 674 00:36:16,280 --> 00:36:20,360 Speaker 1: founder communicate that to potential investors. You don't want to 675 00:36:20,400 --> 00:36:22,160 Speaker 1: walk in like, Yo, I'm black. I got the thing, 676 00:36:22,360 --> 00:36:25,000 Speaker 1: you know, and because we drive this, you gotta fund me, Like, 677 00:36:25,040 --> 00:36:28,400 Speaker 1: how do you communicate that in a way? Um? Because 678 00:36:28,400 --> 00:36:30,719 Speaker 1: there are still people that you have to educate right 679 00:36:30,800 --> 00:36:34,840 Speaker 1: on on our impact and our opportunity. Yeah, this is where, 680 00:36:34,880 --> 00:36:37,200 Speaker 1: you know, going back to the point earlier, the translating 681 00:36:37,200 --> 00:36:40,760 Speaker 1: and the deciphering the Silicon Valley language kind of code switching, 682 00:36:40,800 --> 00:36:42,680 Speaker 1: something that a lot of black people are very familiar 683 00:36:42,719 --> 00:36:44,640 Speaker 1: with and do in their everyday life when they're talking 684 00:36:44,680 --> 00:36:47,839 Speaker 1: in there, you know, with their friends versus when they're 685 00:36:47,840 --> 00:36:50,640 Speaker 1: speaking at work. There's something's very similar for when you're 686 00:36:50,640 --> 00:36:54,240 Speaker 1: speaking to Silicon Valley investors versus when you're maybe talking 687 00:36:54,239 --> 00:36:57,719 Speaker 1: about your business to your customers. And I think you know, 688 00:36:57,840 --> 00:37:00,279 Speaker 1: some of the ways that you can can phrase this is, 689 00:37:00,600 --> 00:37:03,000 Speaker 1: you know, if you maybe You're not going to walk 690 00:37:03,000 --> 00:37:05,719 Speaker 1: into the meeting saying exactly what you said, but you 691 00:37:05,719 --> 00:37:09,200 Speaker 1: want to say, hey, we have a super engaged audience base. 692 00:37:09,440 --> 00:37:11,800 Speaker 1: This is the daily active users, this is a monthly 693 00:37:11,800 --> 00:37:15,040 Speaker 1: active users. This is how much session time they're spending 694 00:37:15,160 --> 00:37:17,680 Speaker 1: every day in the app. This is how many friends 695 00:37:17,680 --> 00:37:20,520 Speaker 1: they're inviting. This is how you know, it's it's the 696 00:37:20,600 --> 00:37:24,040 Speaker 1: type of things that are the effects and results of 697 00:37:24,239 --> 00:37:26,359 Speaker 1: having a lot of this this culture. And you can 698 00:37:26,400 --> 00:37:28,239 Speaker 1: also talk about that maybe some of the results, but 699 00:37:28,280 --> 00:37:30,680 Speaker 1: here's also the way I have access to get to 700 00:37:30,760 --> 00:37:33,080 Speaker 1: the right people a lot of times. You know, black 701 00:37:33,080 --> 00:37:35,560 Speaker 1: people are very very good at having access to a 702 00:37:35,560 --> 00:37:38,880 Speaker 1: lot of different interesting people, and frame that is like, 703 00:37:38,920 --> 00:37:40,920 Speaker 1: this is my go to market strategy. This is my 704 00:37:41,000 --> 00:37:44,560 Speaker 1: user acquisition channel. You know, I'm using slightly different terms, 705 00:37:44,640 --> 00:37:46,719 Speaker 1: but it's the same thing as saying I have a 706 00:37:46,760 --> 00:37:48,759 Speaker 1: tight network of a ton of people. I can hit 707 00:37:48,800 --> 00:37:52,719 Speaker 1: them up any time a lot and so and they 708 00:37:52,760 --> 00:37:56,480 Speaker 1: got the exactly and so, you know, it's it's just 709 00:37:56,560 --> 00:37:58,520 Speaker 1: being able to match up some of those words and 710 00:37:58,560 --> 00:38:01,719 Speaker 1: be like I have a very sapisticated user requisition strategy 711 00:38:01,880 --> 00:38:03,800 Speaker 1: where I will be able to get a low customer 712 00:38:03,840 --> 00:38:10,200 Speaker 1: cost of acquisition you know it. So yeah, we just 713 00:38:10,239 --> 00:38:27,400 Speaker 1: need some of that. Translating black Tech green Money is 714 00:38:27,400 --> 00:38:30,440 Speaker 1: a production of Blackvity. Afro Tech is produced by Morgan 715 00:38:30,520 --> 00:38:34,160 Speaker 1: Dubon and me Well Lucas, with additional production support by 716 00:38:34,200 --> 00:38:37,640 Speaker 1: Love Beach and Raven near Board. Special thank you to 717 00:38:37,680 --> 00:38:40,200 Speaker 1: Michael Davis. It's the car savan Yan, you know, like 718 00:38:40,320 --> 00:38:43,640 Speaker 1: the wine. Yes, that's his real name. Learn more about 719 00:38:43,640 --> 00:38:46,479 Speaker 1: my guests and other technis represent innovators at afro tech 720 00:38:46,520 --> 00:38:50,680 Speaker 1: dot com. Go get your money, Peace and love