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 --> 00:00:05,640 Speaker 1: brought to you by Lexus, who's been celebrating driveway moments 3 00:00:05,760 --> 00:00:08,280 Speaker 1: for over thirty years with a Lexus December to Remember 4 00:00:08,360 --> 00:00:11,040 Speaker 1: Sales event when you can find exclusive offers on the 5 00:00:11,080 --> 00:00:15,319 Speaker 1: most popular Lexus models. Experience Amazing at your Alexis Dealer, 6 00:00:17,120 --> 00:00:24,239 Speaker 1: Afro Tech, Oakland, California. Grammy Award winning rapper Commen is 7 00:00:24,280 --> 00:00:27,640 Speaker 1: sharing the stage with music producer Kareem Riggins and musician 8 00:00:27,760 --> 00:00:32,040 Speaker 1: Robert Glasberg. Common shares knowledge on a type of mentality 9 00:00:32,120 --> 00:00:34,800 Speaker 1: and behavior that he feels might hold us back in 10 00:00:34,880 --> 00:00:38,400 Speaker 1: Hollywood and tech, but in his experience, this way of 11 00:00:38,400 --> 00:00:41,760 Speaker 1: doing business has helped us in the music industry, and 12 00:00:41,800 --> 00:00:44,760 Speaker 1: he encourages us to embrace it for our success in 13 00:00:44,760 --> 00:00:47,760 Speaker 1: the tech world. I was just having this conversation with 14 00:00:47,840 --> 00:00:50,280 Speaker 1: a couple of my friends yesterday, and I was talking 15 00:00:50,280 --> 00:00:53,360 Speaker 1: about how in the film industry it's such a blessing 16 00:00:53,400 --> 00:00:56,720 Speaker 1: to come from hip hop because like I carried the 17 00:00:56,800 --> 00:00:59,160 Speaker 1: hip hop mentality to the film industry, and a lot 18 00:00:59,240 --> 00:01:01,840 Speaker 1: of people in the film industry you don't go by 19 00:01:01,880 --> 00:01:04,840 Speaker 1: these certain rules where it's like, Okay, you don't call 20 00:01:04,880 --> 00:01:07,760 Speaker 1: this person because let the agent call them, or you 21 00:01:07,800 --> 00:01:09,800 Speaker 1: don't go up in the process person and say, man, 22 00:01:09,840 --> 00:01:11,640 Speaker 1: I love your work or I want to be great 23 00:01:11,680 --> 00:01:14,240 Speaker 1: at this, so how can we work together. It's like 24 00:01:14,280 --> 00:01:17,399 Speaker 1: all these rules that you get in in the film industry, 25 00:01:17,440 --> 00:01:19,240 Speaker 1: and you probably have some of those rules in the 26 00:01:19,280 --> 00:01:22,880 Speaker 1: tech industry that I feel like coming from hip hop 27 00:01:23,319 --> 00:01:26,880 Speaker 1: and hip hop is our culture that if we apply that, 28 00:01:27,080 --> 00:01:29,440 Speaker 1: I feel like we are able to move forward faster 29 00:01:29,800 --> 00:01:32,880 Speaker 1: and move forward more efficiently. And some of those things 30 00:01:32,880 --> 00:01:35,320 Speaker 1: are just being able to be authentic in any room 31 00:01:35,400 --> 00:01:38,240 Speaker 1: you go to. You know, initially going into rooms, I 32 00:01:38,480 --> 00:01:40,600 Speaker 1: used to go in and think I have to be 33 00:01:40,760 --> 00:01:43,039 Speaker 1: something else, but then I realized I could just be 34 00:01:43,120 --> 00:01:45,560 Speaker 1: my hip hop self, my black south Side self, and 35 00:01:45,600 --> 00:01:48,680 Speaker 1: it was all good, you know. Um. And I think 36 00:01:48,720 --> 00:01:50,680 Speaker 1: part of that is the hip hop that gotta come 37 00:01:50,680 --> 00:01:53,000 Speaker 1: out of you when you in the tech industry, not 38 00:01:53,120 --> 00:01:57,680 Speaker 1: changing yourself for anybody, also thinking, as Rob said, collaboratively 39 00:01:58,040 --> 00:02:00,240 Speaker 1: and not feeling like this person is again to me, 40 00:02:00,560 --> 00:02:05,720 Speaker 1: also doing the unconventional things. Hip hop has always been revolutionary, unconventional, 41 00:02:06,000 --> 00:02:08,600 Speaker 1: So why by by those rules come with with the 42 00:02:08,639 --> 00:02:12,280 Speaker 1: ideas that go against the grain. Let's let's the CEO 43 00:02:12,440 --> 00:02:14,320 Speaker 1: s no man, We're about to do it like this, 44 00:02:14,680 --> 00:02:16,959 Speaker 1: and this is how it's gonna come off and and build. 45 00:02:17,280 --> 00:02:19,720 Speaker 1: One thing hip hop has always done was build things 46 00:02:19,760 --> 00:02:21,880 Speaker 1: from the ground up. You know a lot of I've 47 00:02:21,880 --> 00:02:25,160 Speaker 1: come from the underground of hip hop. And if you 48 00:02:25,160 --> 00:02:27,760 Speaker 1: can build things like when people not listening to your 49 00:02:27,800 --> 00:02:30,760 Speaker 1: ideas or or taking heat to it, a big corporation 50 00:02:30,840 --> 00:02:33,560 Speaker 1: is not supporting, or you don't have funders, figure out 51 00:02:33,560 --> 00:02:35,480 Speaker 1: how you can feel that from the ground up and 52 00:02:35,520 --> 00:02:37,359 Speaker 1: make that noise and don't be afraid to go on 53 00:02:37,440 --> 00:02:39,720 Speaker 1: people's face and say here's my thing. Check it out. 54 00:02:39,919 --> 00:02:42,919 Speaker 1: It's dope, good love, much love. And I think that's 55 00:02:42,960 --> 00:02:45,560 Speaker 1: the hip hop energy that we can bring to the 56 00:02:45,560 --> 00:02:48,720 Speaker 1: tech industry, into film industries and other industries we go to. 57 00:02:51,040 --> 00:02:54,720 Speaker 1: I'm Will Lucas. This is Black Tech, Green Money. I 58 00:02:54,760 --> 00:02:56,560 Speaker 1: want to introduce you to some of the biggest names, 59 00:02:56,720 --> 00:02:59,960 Speaker 1: some of the brightest minds and brilliant ideas. If you're 60 00:03:00,040 --> 00:03:02,639 Speaker 1: black and buildings or simply using tech to secure your back, 61 00:03:03,200 --> 00:03:10,359 Speaker 1: this podcast is for you. The D M. Magi is 62 00:03:10,400 --> 00:03:14,800 Speaker 1: the founder and CEO of hbc UVC, a nonprofit mobilizing 63 00:03:14,840 --> 00:03:18,120 Speaker 1: the next generation of venture capitalists to increase access to 64 00:03:18,200 --> 00:03:21,840 Speaker 1: capital for communities historically overlooked. She brings it in the 65 00:03:21,919 --> 00:03:25,280 Speaker 1: section of experience as a black woman software engineer and 66 00:03:25,360 --> 00:03:29,600 Speaker 1: technical founder. I as Adea with respect of her talents 67 00:03:29,600 --> 00:03:31,840 Speaker 1: and skills and the many other things she could be doing, 68 00:03:32,400 --> 00:03:35,840 Speaker 1: why undertake the challenge of helping black students at HBCUs 69 00:03:36,240 --> 00:03:41,040 Speaker 1: find their way in to venture capital. It was sounds wrong, 70 00:03:41,080 --> 00:03:43,760 Speaker 1: but this is not the company that I wanted to start. 71 00:03:44,640 --> 00:03:48,160 Speaker 1: It just it just wasn't UM. But it kept, uh, 72 00:03:48,440 --> 00:03:51,240 Speaker 1: you know, it was an issue that I kept seeing 73 00:03:51,800 --> 00:03:55,600 Speaker 1: rising up all the time and in no matter where 74 00:03:55,640 --> 00:03:58,960 Speaker 1: I was in my journey and my career journey. UM. 75 00:03:59,000 --> 00:04:04,800 Speaker 1: You know this this this concept of not only lack 76 00:04:05,240 --> 00:04:09,400 Speaker 1: of or you know, lack of access to to capital, 77 00:04:09,520 --> 00:04:14,320 Speaker 1: but also this concept of UM tech companies that are 78 00:04:14,360 --> 00:04:18,080 Speaker 1: growing and building wealth and creating wealth, but creating wealth 79 00:04:18,440 --> 00:04:20,440 Speaker 1: for people who don't look like the communities that I 80 00:04:20,520 --> 00:04:24,599 Speaker 1: come from. Right, So, whether it started from media and 81 00:04:24,600 --> 00:04:28,560 Speaker 1: a software engineer at a tech company and realizing that 82 00:04:28,600 --> 00:04:31,440 Speaker 1: I was the only black woman UM in those ranks 83 00:04:32,040 --> 00:04:36,000 Speaker 1: UM and hearing you know, maybe like ten years ago, 84 00:04:36,040 --> 00:04:38,440 Speaker 1: a lot of the discussions coming out from some of 85 00:04:38,480 --> 00:04:42,080 Speaker 1: the rising but in tech companies at the time, like 86 00:04:42,160 --> 00:04:46,600 Speaker 1: the booking Googles and how they weren't able to attract 87 00:04:47,200 --> 00:04:50,520 Speaker 1: talent that you know, talent for people who look like me, 88 00:04:51,160 --> 00:04:52,880 Speaker 1: and all the way to the point where we were 89 00:04:52,920 --> 00:04:59,160 Speaker 1: running black founders UM and hearing the statistics about how uh, 90 00:04:59,480 --> 00:05:02,320 Speaker 1: black fail just were only receiving one percent of fiure capital. 91 00:05:02,600 --> 00:05:04,880 Speaker 1: And so it just seems like every point in my career, 92 00:05:05,200 --> 00:05:09,760 Speaker 1: this uh, this uh, this concept of equity and inclusion 93 00:05:09,839 --> 00:05:14,120 Speaker 1: kept coming up. Um. And then from my perspective, to me, 94 00:05:14,200 --> 00:05:18,479 Speaker 1: there were very clear avenues and so there was like 95 00:05:18,520 --> 00:05:21,400 Speaker 1: a horizon solution, but I felt like it was being 96 00:05:21,440 --> 00:05:25,359 Speaker 1: constantly ignored to the point UM. And I say that 97 00:05:25,400 --> 00:05:29,320 Speaker 1: as a person who graduated from from an HBCU and 98 00:05:29,360 --> 00:05:32,440 Speaker 1: when I graduated this is a while ago now, but 99 00:05:32,480 --> 00:05:35,640 Speaker 1: when I graduated, you know, I would say that half 100 00:05:35,640 --> 00:05:37,440 Speaker 1: of my class of and I think there was like 101 00:05:37,520 --> 00:05:40,880 Speaker 1: forty people at that time that majored in computer science, 102 00:05:41,240 --> 00:05:44,080 Speaker 1: half of them were black women, you know, in the 103 00:05:44,160 --> 00:05:47,440 Speaker 1: graduating class. Again, this was two thousand, two thousand and 104 00:05:47,480 --> 00:05:50,280 Speaker 1: one when I when I graduated, UM, So to me, 105 00:05:50,320 --> 00:05:54,599 Speaker 1: it just felt silly in every place that I was 106 00:05:54,640 --> 00:05:59,839 Speaker 1: walking into people were saying that there there weren't enough 107 00:06:00,000 --> 00:06:04,120 Speaker 1: people who looked like me. But yet, for my view 108 00:06:04,120 --> 00:06:06,680 Speaker 1: of my lens, I was in the whole squad of 109 00:06:06,720 --> 00:06:10,039 Speaker 1: people who look like me. Um. And so you know, 110 00:06:10,080 --> 00:06:12,960 Speaker 1: I got to the point where it's like, you know, 111 00:06:13,000 --> 00:06:15,760 Speaker 1: it doesn't make sense. You know, there's there's whole communities 112 00:06:15,760 --> 00:06:20,200 Speaker 1: of talented and graduty of black people, talented black people 113 00:06:20,240 --> 00:06:23,880 Speaker 1: sitting at HBCUs. Why isn't it Why aren't people like 114 00:06:23,960 --> 00:06:27,919 Speaker 1: spending enough time nurturing and relationships there? Um. And to 115 00:06:28,000 --> 00:06:30,440 Speaker 1: the point, like I said, it wasn't anything that I 116 00:06:30,480 --> 00:06:32,159 Speaker 1: wanted to start it. It was something that I just 117 00:06:32,240 --> 00:06:35,200 Speaker 1: kept proposing too. Like I would go into all these 118 00:06:35,200 --> 00:06:37,000 Speaker 1: different firms and they say, oh, could you help me 119 00:06:37,040 --> 00:06:38,000 Speaker 1: with this? Could you help me with this? And I 120 00:06:38,040 --> 00:06:40,440 Speaker 1: was like, why don't you do this? Why don't you 121 00:06:40,480 --> 00:06:43,359 Speaker 1: just do this? And then they just wouldn't do it, 122 00:06:43,440 --> 00:06:46,760 Speaker 1: and they got really frustrating to the point where I 123 00:06:46,839 --> 00:06:50,040 Speaker 1: was just like, you know, I guess I have to 124 00:06:50,080 --> 00:06:54,840 Speaker 1: do it. I love that. And then because you pinpointed, 125 00:06:54,920 --> 00:06:57,120 Speaker 1: you know, being a founder and not seeing you know, 126 00:06:57,600 --> 00:07:01,520 Speaker 1: enough funding for black companies that that because and because 127 00:07:01,520 --> 00:07:03,919 Speaker 1: of what you're working on today with you know, creating 128 00:07:03,960 --> 00:07:07,680 Speaker 1: more opportunities for black vcs and creating a pipeline. It 129 00:07:07,720 --> 00:07:10,600 Speaker 1: shows me that you see, like their systemic issues with 130 00:07:10,680 --> 00:07:15,040 Speaker 1: regards to this whole thing. What is it about or 131 00:07:15,080 --> 00:07:19,840 Speaker 1: what black ideas are? What ideas are we uniquely positioned 132 00:07:19,840 --> 00:07:22,800 Speaker 1: to solve that are not getting funded because we don't 133 00:07:22,840 --> 00:07:28,640 Speaker 1: have black vcs looking at our deals there there some 134 00:07:28,720 --> 00:07:36,400 Speaker 1: of the easy answers are products that mainly you know, 135 00:07:36,520 --> 00:07:41,440 Speaker 1: support us, right the wide spectrum. The easy topics are, 136 00:07:41,600 --> 00:07:47,240 Speaker 1: you know, products that support having texture care or darker skin. Right. 137 00:07:47,720 --> 00:07:51,480 Speaker 1: But if you go even beyond that, um, there, it 138 00:07:51,560 --> 00:07:57,040 Speaker 1: goes into AI and how we're viewed or you know, 139 00:07:58,880 --> 00:08:01,600 Speaker 1: camera sensors are and um and how they pick up 140 00:08:01,760 --> 00:08:05,680 Speaker 1: darker skin right, um and so so that impacts the 141 00:08:05,960 --> 00:08:11,400 Speaker 1: entire industry. Right if I and I say this boldly 142 00:08:11,520 --> 00:08:16,280 Speaker 1: that you know, people with darker skin are the global majority, right, 143 00:08:16,880 --> 00:08:20,280 Speaker 1: So it's it's hard for anyone to build a product 144 00:08:20,360 --> 00:08:25,280 Speaker 1: in AI or you know without considering the global majority. 145 00:08:25,600 --> 00:08:26,880 Speaker 1: You know, so it's like, how are you building a 146 00:08:26,920 --> 00:08:30,559 Speaker 1: global company when you're not having people from the global 147 00:08:30,600 --> 00:08:34,319 Speaker 1: majority sitting at the decision. He can say, what are 148 00:08:34,320 --> 00:08:36,720 Speaker 1: the barial to successful black species. Why do we not 149 00:08:36,800 --> 00:08:40,199 Speaker 1: have more? I remember seeing, UM it's Richard Kirby did 150 00:08:40,240 --> 00:08:42,240 Speaker 1: a study a couple of years ago and he said, 151 00:08:42,240 --> 00:08:45,760 Speaker 1: you of VC firms don't have a single black investor. 152 00:08:47,440 --> 00:08:50,360 Speaker 1: Black investors in the industry are at the associate level, 153 00:08:50,520 --> 00:08:53,080 Speaker 1: which is like the lowest level in the VC firm, 154 00:08:53,160 --> 00:08:55,920 Speaker 1: and only two percent of VC partners are black. Like, 155 00:08:56,080 --> 00:08:59,360 Speaker 1: what what is happening in the industry that creates this 156 00:08:59,520 --> 00:09:06,320 Speaker 1: despair and this inability it seemingly to progress? Right? Uh 157 00:09:06,360 --> 00:09:09,000 Speaker 1: So one, there's there's there's there's something to to know. 158 00:09:09,120 --> 00:09:12,040 Speaker 1: Like one of the VC industry is still a relatively 159 00:09:12,160 --> 00:09:15,079 Speaker 1: new industry if we think about it as an industry, right, 160 00:09:15,480 --> 00:09:20,120 Speaker 1: it was evolved in the past. You know, forty years, 161 00:09:20,200 --> 00:09:23,280 Speaker 1: fifty six, fifty sixty years since has been around. UM. 162 00:09:23,320 --> 00:09:26,320 Speaker 1: The way that it was originally formed was a little 163 00:09:26,360 --> 00:09:30,199 Speaker 1: bit different, you know, UM in terms of what money 164 00:09:30,240 --> 00:09:32,560 Speaker 1: could enter into VC. You know, a lot of it 165 00:09:32,640 --> 00:09:35,920 Speaker 1: rooted in in wealth, right, and so the early investors 166 00:09:36,080 --> 00:09:39,360 Speaker 1: were investing from their own pockets. UM. And then when 167 00:09:39,360 --> 00:09:42,000 Speaker 1: we can talk about you know, you know the history 168 00:09:42,200 --> 00:09:45,720 Speaker 1: of the United States and what has happened which has 169 00:09:45,760 --> 00:09:49,760 Speaker 1: created wealth in that police in this country. Right. But 170 00:09:49,840 --> 00:09:56,880 Speaker 1: then after seventy nine when the when the regular regulation 171 00:09:57,000 --> 00:10:02,120 Speaker 1: change and like pension funds were able to invest in 172 00:10:02,120 --> 00:10:05,520 Speaker 1: in UM in VC funds, and you know, you have 173 00:10:05,640 --> 00:10:08,360 Speaker 1: now opened up the source of just who is investing, 174 00:10:08,440 --> 00:10:10,440 Speaker 1: who are the LPs, who are the limited partners who 175 00:10:10,480 --> 00:10:16,920 Speaker 1: are coming into uh VC um you know you still 176 00:10:16,960 --> 00:10:22,080 Speaker 1: have before that. Now people people who are like, there's 177 00:10:22,120 --> 00:10:24,400 Speaker 1: this opportunity to manage these funds. Right, You're no longer 178 00:10:24,480 --> 00:10:26,600 Speaker 1: just invest in your own fund, but your manage and 179 00:10:26,679 --> 00:10:29,040 Speaker 1: other people's fund And part of that is looking to 180 00:10:29,080 --> 00:10:32,120 Speaker 1: see who has the track record to do it right. Um. 181 00:10:32,200 --> 00:10:36,520 Speaker 1: And so because of that relatively new because of that 182 00:10:36,600 --> 00:10:39,840 Speaker 1: relatively I guess short history, and that short history that's 183 00:10:39,840 --> 00:10:44,559 Speaker 1: already ranked anchored on wealth and relationships. Uh you know it. 184 00:10:45,120 --> 00:10:47,320 Speaker 1: You know, we weren't part of that history. And so 185 00:10:47,440 --> 00:10:51,560 Speaker 1: within the last maybe like ten years, you know, there 186 00:10:51,800 --> 00:10:56,000 Speaker 1: is now an opportunity for us to get into this industry. 187 00:10:56,000 --> 00:10:58,160 Speaker 1: But it still is a barrier because vcs who are 188 00:10:58,240 --> 00:11:01,600 Speaker 1: running their own funds uh um, there's there's a lot 189 00:11:01,600 --> 00:11:04,280 Speaker 1: of money that you have to put in yourself, you 190 00:11:04,400 --> 00:11:06,839 Speaker 1: invest it. So there's still bad barriers, there is the 191 00:11:06,920 --> 00:11:09,960 Speaker 1: safe to say that you're building the next generation of vcs, 192 00:11:11,200 --> 00:11:15,000 Speaker 1: I hope. So this is this is my vision that UM, 193 00:11:15,040 --> 00:11:17,840 Speaker 1: as we look at the VC industry and how it's evolved, 194 00:11:17,880 --> 00:11:20,400 Speaker 1: and how the structure of the VC is involved evolved, 195 00:11:20,880 --> 00:11:24,960 Speaker 1: it is UM I would say, it's akin to you know, 196 00:11:25,120 --> 00:11:29,040 Speaker 1: roughly fifteen years ago, we are it became a lot 197 00:11:29,080 --> 00:11:31,520 Speaker 1: easier to build software companies. You know, they were like 198 00:11:32,320 --> 00:11:35,520 Speaker 1: you know, cop services like Heroku, and then everyone could 199 00:11:35,520 --> 00:11:39,200 Speaker 1: spend up a software company at that time. The structure 200 00:11:39,200 --> 00:11:43,320 Speaker 1: of BC is is changing rapidly and greatly even like 201 00:11:43,720 --> 00:11:45,520 Speaker 1: I think within the last week's we see this this 202 00:11:45,600 --> 00:11:50,600 Speaker 1: concept of rolling funds right and which allows which is 203 00:11:50,679 --> 00:11:53,920 Speaker 1: changing the pattern of Hey, if I set up a fund, 204 00:11:54,360 --> 00:11:56,800 Speaker 1: I need X amount of money for lawyers, I need 205 00:11:56,880 --> 00:11:59,200 Speaker 1: X amount of money to put in UM now I 206 00:11:59,240 --> 00:12:03,360 Speaker 1: can get to us find an opportunity to manage funds 207 00:12:03,440 --> 00:12:06,480 Speaker 1: in a creative way, build well for that off of that, 208 00:12:07,000 --> 00:12:10,439 Speaker 1: and then um you know, recycle that into the funds. 209 00:12:10,440 --> 00:12:12,959 Speaker 1: So I think as the VC industry has changed and 210 00:12:13,000 --> 00:12:16,480 Speaker 1: there's an opportunity for us who have previously been left 211 00:12:16,480 --> 00:12:18,600 Speaker 1: out to be a part of it and help grow 212 00:12:18,640 --> 00:12:21,800 Speaker 1: it in shape itself, hoping to definitely grow the next 213 00:12:21,800 --> 00:12:24,520 Speaker 1: set of investors who will go back and invest in 214 00:12:24,559 --> 00:12:27,040 Speaker 1: their own communities. Yeah. Well to a couple of points 215 00:12:27,080 --> 00:12:29,160 Speaker 1: that you mentioned there. You mentioned first that you know, 216 00:12:29,679 --> 00:12:31,400 Speaker 1: in order to do a lot of these things, you 217 00:12:31,440 --> 00:12:35,520 Speaker 1: come in with your own capital, right. And secondarily, many 218 00:12:35,640 --> 00:12:37,959 Speaker 1: many would say or argue that you know, the best 219 00:12:38,040 --> 00:12:41,560 Speaker 1: vcs are former operators, you know of of startups. So 220 00:12:41,640 --> 00:12:45,640 Speaker 1: when you target um people in HBCUs, who are you 221 00:12:45,640 --> 00:12:48,400 Speaker 1: know or just coming out of an HBC. You probably 222 00:12:48,400 --> 00:12:51,360 Speaker 1: haven't started a business before, probably don't have the capital. 223 00:12:51,760 --> 00:12:56,400 Speaker 1: How is that done successfully? Then? Yeah? For us, we 224 00:12:56,480 --> 00:12:59,520 Speaker 1: see this as a long term goal. Like a lot 225 00:12:59,520 --> 00:13:02,000 Speaker 1: of vc look at their their funds as like a 226 00:13:02,040 --> 00:13:05,320 Speaker 1: tenure project, but they won't see the results in ten years. 227 00:13:05,320 --> 00:13:08,400 Speaker 1: I see the same thing when I'm working with current 228 00:13:08,440 --> 00:13:13,679 Speaker 1: students who are at HBCUs UM or who are recently graduated. 229 00:13:13,840 --> 00:13:16,720 Speaker 1: Right our goal at least with the we have different 230 00:13:17,200 --> 00:13:20,600 Speaker 1: uh programs, but with our core program, the HPC Fellowship, 231 00:13:20,960 --> 00:13:23,480 Speaker 1: this is like a pure exposure in terms of building 232 00:13:23,520 --> 00:13:27,040 Speaker 1: these networks right now where they are um, finding out 233 00:13:27,040 --> 00:13:29,080 Speaker 1: who the founders are in their community, right now and 234 00:13:29,120 --> 00:13:32,439 Speaker 1: building that relationship over the next five or six years. 235 00:13:32,640 --> 00:13:36,320 Speaker 1: If we take a to take a student who understands 236 00:13:36,360 --> 00:13:41,320 Speaker 1: the concept of um fiture capital and supporting entrepreneurs, and 237 00:13:41,440 --> 00:13:44,160 Speaker 1: he is a junior and he just now has a 238 00:13:44,240 --> 00:13:46,559 Speaker 1: lens for that, and he has a lens for who 239 00:13:46,559 --> 00:13:48,800 Speaker 1: are the entrepreneurs on his campus, and he spent the 240 00:13:48,840 --> 00:13:52,520 Speaker 1: next five years building that strong relationship with them and 241 00:13:52,559 --> 00:13:56,080 Speaker 1: watching these entrepreneurs pivot or pivot until they get to 242 00:13:56,120 --> 00:13:59,160 Speaker 1: the point where they have product market. Bit he's been 243 00:13:59,200 --> 00:14:01,480 Speaker 1: in there since day one, and so now he has 244 00:14:01,559 --> 00:14:05,559 Speaker 1: access to proprietary deal flow. And so that's the way 245 00:14:05,559 --> 00:14:10,199 Speaker 1: that we're thinking about this um vcs A relationship be industry. 246 00:14:10,720 --> 00:14:13,640 Speaker 1: So we get them thinking about relationships right now and 247 00:14:13,800 --> 00:14:15,920 Speaker 1: understand that you know me take you to to three 248 00:14:16,000 --> 00:14:19,360 Speaker 1: years even five years uh to to find some of 249 00:14:19,360 --> 00:14:22,200 Speaker 1: these founders who are are going to kind of like 250 00:14:22,640 --> 00:14:25,200 Speaker 1: hit that growth that you want. But we want you 251 00:14:25,240 --> 00:14:28,240 Speaker 1: to start thinking about it now. At the end of 252 00:14:28,280 --> 00:14:30,640 Speaker 1: the program, you know, because I don't, I'm gonna ask 253 00:14:30,680 --> 00:14:33,480 Speaker 1: you to divulge a little bit about how the program works. 254 00:14:34,000 --> 00:14:35,680 Speaker 1: What am I ready to do? Am I ready to 255 00:14:35,760 --> 00:14:37,520 Speaker 1: launch my own fund? Am I ready to go get 256 00:14:37,520 --> 00:14:40,360 Speaker 1: a job as an analyst or an associate, had a fund. 257 00:14:40,520 --> 00:14:44,320 Speaker 1: What am I able to do after I've completed this program? Yeah, 258 00:14:44,320 --> 00:14:48,800 Speaker 1: the two biggest things that you have when you complete 259 00:14:48,800 --> 00:14:52,000 Speaker 1: the program um and also we make a I used 260 00:14:52,000 --> 00:14:54,520 Speaker 1: to work complete but like that's the official core requirements. 261 00:14:54,520 --> 00:14:56,280 Speaker 1: So we also think that this is a journey throughout 262 00:14:56,320 --> 00:14:59,560 Speaker 1: your career that we stay with you. But it is 263 00:14:59,720 --> 00:15:04,560 Speaker 1: it is definitely uh expanded mindset of an industry that 264 00:15:04,680 --> 00:15:08,280 Speaker 1: was previously invisible to them. And then the second thing 265 00:15:08,960 --> 00:15:12,520 Speaker 1: um that is available to them is you know there 266 00:15:12,560 --> 00:15:16,600 Speaker 1: are we do have like internship opportunities, analyst opportunities that 267 00:15:16,600 --> 00:15:19,880 Speaker 1: they're able to go in. We we state we offer 268 00:15:19,920 --> 00:15:22,080 Speaker 1: these opportunities, but we also are very clear that this 269 00:15:22,160 --> 00:15:26,080 Speaker 1: is not our destination, this is not our endpoint for you. Um, 270 00:15:26,120 --> 00:15:28,760 Speaker 1: we hope that you take this enhance my mindset and 271 00:15:28,800 --> 00:15:30,640 Speaker 1: if you go to go in SATs right there and 272 00:15:30,760 --> 00:15:32,320 Speaker 1: make some money there, or how do you start angel 273 00:15:32,400 --> 00:15:35,640 Speaker 1: investing in the net student years? Right? Um, if you 274 00:15:35,680 --> 00:15:38,960 Speaker 1: go to a Google, how do you start looking at 275 00:15:39,400 --> 00:15:42,000 Speaker 1: you know, the people that you're working with and seeing 276 00:15:42,320 --> 00:15:45,200 Speaker 1: who's going to be the bounder to spend up right, 277 00:15:45,560 --> 00:15:47,240 Speaker 1: and so I think the biggest thing that they take 278 00:15:47,240 --> 00:15:51,680 Speaker 1: away is this enhanced mindset and this this this lens 279 00:15:51,760 --> 00:15:54,080 Speaker 1: of what to look for as well as how to 280 00:15:54,160 --> 00:16:12,360 Speaker 1: build these relationships. Season two of the Black Tech Green 281 00:16:12,400 --> 00:16:14,800 Speaker 1: Money Podcast is brought to you by Lexus and the 282 00:16:14,880 --> 00:16:19,120 Speaker 1: December to Remember sales event. From graduation parades to birthday parties. 283 00:16:19,160 --> 00:16:23,000 Speaker 1: This year Driveways hosted some new traditions. Here's to celebrating 284 00:16:23,000 --> 00:16:27,960 Speaker 1: them all. Experience amazing at your Alexis dealer. Here's the 285 00:16:28,040 --> 00:16:31,240 Speaker 1: camp I'm in. I'm not asking big tech companies, venture 286 00:16:31,280 --> 00:16:33,760 Speaker 1: capital firms or anybody else for that mataphor see that 287 00:16:33,840 --> 00:16:37,400 Speaker 1: their table. I figure I can build my own. I'm 288 00:16:37,440 --> 00:16:40,600 Speaker 1: also not against other efforts to advocate for our seats. 289 00:16:41,480 --> 00:16:45,560 Speaker 1: In my mind, these ideologies can coexist. With that said, 290 00:16:45,800 --> 00:16:48,400 Speaker 1: should we even be building our own VC firms instead 291 00:16:48,400 --> 00:16:51,760 Speaker 1: of asking for seats at the table that DA speaks 292 00:16:51,800 --> 00:16:57,880 Speaker 1: on it? You know, it is my desire props that 293 00:16:57,960 --> 00:17:01,920 Speaker 1: we create more of our own birth right. Um, And 294 00:17:02,000 --> 00:17:06,399 Speaker 1: I think cut people coming out of my program, you know, 295 00:17:06,480 --> 00:17:09,520 Speaker 1: I think that there are people rolling out who are 296 00:17:09,560 --> 00:17:13,000 Speaker 1: aiming for creating that that firm within two years. There 297 00:17:13,040 --> 00:17:16,480 Speaker 1: are other people, though, who I think you're going to 298 00:17:16,600 --> 00:17:19,040 Speaker 1: take a different approach, and I think that that's fine, 299 00:17:19,440 --> 00:17:22,600 Speaker 1: you know, and maybe they're going to traditional firms and 300 00:17:22,600 --> 00:17:25,560 Speaker 1: and and learning the ins and outs and and learning 301 00:17:26,400 --> 00:17:29,120 Speaker 1: how to change the way that they do investing from 302 00:17:29,160 --> 00:17:32,520 Speaker 1: the inside. UM, I always push because it's my my 303 00:17:32,600 --> 00:17:35,040 Speaker 1: preference that go ahead and go into inside and learn 304 00:17:35,080 --> 00:17:37,000 Speaker 1: all of those secrets and then come out and disrupt it, 305 00:17:37,400 --> 00:17:43,240 Speaker 1: um and build your own but um, but absolutely, uh, 306 00:17:43,240 --> 00:17:46,720 Speaker 1: you know, my goal is to see more black founded 307 00:17:47,119 --> 00:17:50,960 Speaker 1: uh gep biture firms or or or black gps which 308 00:17:50,960 --> 00:17:54,360 Speaker 1: are controlling where the capitol goes. But I also want 309 00:17:54,400 --> 00:17:59,040 Speaker 1: to be very specific in that, UM, when we think 310 00:17:59,080 --> 00:18:03,080 Speaker 1: about being your capital growth in its returns, it is 311 00:18:03,160 --> 00:18:07,840 Speaker 1: not an industry where we should be operating in stilos 312 00:18:07,880 --> 00:18:12,159 Speaker 1: and even racial stiles styles. Right, So even if you 313 00:18:12,240 --> 00:18:18,880 Speaker 1: are a black GP, UM, you know you definitely in order, 314 00:18:19,080 --> 00:18:22,439 Speaker 1: you know, definitely need to be able to make strong 315 00:18:22,480 --> 00:18:27,080 Speaker 1: relationships across racial and ethnic lines because um, this is 316 00:18:27,119 --> 00:18:32,720 Speaker 1: this is definitely a relationship business. Uh, it is VC business. 317 00:18:33,840 --> 00:18:36,960 Speaker 1: A village actually needs to get around a whole startup 318 00:18:37,000 --> 00:18:39,639 Speaker 1: in order to make it grow. You know, So if 319 00:18:39,640 --> 00:18:42,199 Speaker 1: you if you back a founder. You can't there's no 320 00:18:42,200 --> 00:18:44,680 Speaker 1: one who's back in the founder and taking that risk 321 00:18:44,840 --> 00:18:48,720 Speaker 1: solely by themselves all the way to they go public. 322 00:18:48,960 --> 00:18:51,359 Speaker 1: You need to be able to you know, corral other 323 00:18:51,560 --> 00:18:56,399 Speaker 1: funders across different UH resources to to back that founder 324 00:18:56,480 --> 00:18:59,040 Speaker 1: so that they go there. So, you know, I always 325 00:18:59,040 --> 00:19:01,080 Speaker 1: think that that's important because I think we when we 326 00:19:01,160 --> 00:19:05,520 Speaker 1: talk about building our own and support UM, that's great, 327 00:19:06,480 --> 00:19:08,919 Speaker 1: but we also need to learn how to make strong 328 00:19:08,960 --> 00:19:14,960 Speaker 1: relationships UM across communities to back the startups to to 329 00:19:15,080 --> 00:19:18,200 Speaker 1: the areas of growth that we need. Yeah, in respect 330 00:19:18,280 --> 00:19:20,280 Speaker 1: of you know, building our own table. Like a lot 331 00:19:20,320 --> 00:19:22,240 Speaker 1: of people who will be watching and listening to this, 332 00:19:22,359 --> 00:19:24,880 Speaker 1: you know may have you know, some capital, or may 333 00:19:24,920 --> 00:19:27,760 Speaker 1: have some relationships and they say, you know what, you know, 334 00:19:27,920 --> 00:19:31,439 Speaker 1: I've maybe dabbled in angel investing, and let's go do 335 00:19:31,520 --> 00:19:33,480 Speaker 1: this thing for real in a firm right, And so 336 00:19:33,800 --> 00:19:36,600 Speaker 1: how does what does the roadmap look like? If you 337 00:19:36,640 --> 00:19:39,240 Speaker 1: can give it to us kind of synopsized for you know, 338 00:19:39,280 --> 00:19:41,560 Speaker 1: if I want to be a Candice bro King who 339 00:19:41,680 --> 00:19:44,159 Speaker 1: does lightship, if I want to be Richard Kirby at 340 00:19:44,240 --> 00:19:46,920 Speaker 1: equal if I want to be you know, Charles Hudson, 341 00:19:47,240 --> 00:19:49,800 Speaker 1: like what is what how do you do that? What 342 00:19:49,960 --> 00:19:52,560 Speaker 1: has to happen to say, Okay, I'm putting the flag 343 00:19:52,600 --> 00:19:56,520 Speaker 1: in the ground for my firm, Like what does that mean? Yeah, 344 00:19:56,600 --> 00:19:59,359 Speaker 1: I think you mentioned some of the people who are 345 00:19:59,359 --> 00:20:02,160 Speaker 1: I'm like thick fan and stuff. But I lean on Charles, 346 00:20:02,200 --> 00:20:06,840 Speaker 1: we called I call him the godfather. And one of 347 00:20:06,840 --> 00:20:11,000 Speaker 1: the standard advice is that he gives is you know, 348 00:20:12,080 --> 00:20:14,680 Speaker 1: you you do the role before you have the job, right, 349 00:20:15,080 --> 00:20:17,959 Speaker 1: And the main role of a VC is to support 350 00:20:18,040 --> 00:20:20,800 Speaker 1: the founder, right. And and I think what's important is 351 00:20:20,840 --> 00:20:25,800 Speaker 1: that both uh, Candice and and Richard kind of took 352 00:20:25,800 --> 00:20:29,439 Speaker 1: this packet right now, like you know, before they even 353 00:20:29,680 --> 00:20:32,760 Speaker 1: launched your official firms. Is that you know, they got 354 00:20:32,800 --> 00:20:35,760 Speaker 1: into entrepreneur communities and just found ways to be helpful 355 00:20:35,800 --> 00:20:39,880 Speaker 1: before the capital was there. I remember, um Actually i'd 356 00:20:39,920 --> 00:20:43,359 Speaker 1: interview Candice Brakin from Lightship and she was talking about 357 00:20:43,359 --> 00:20:47,119 Speaker 1: how it's really difficult or nearly impossible for her to 358 00:20:47,320 --> 00:20:50,719 Speaker 1: make bets at the early stage because being a black VC. 359 00:20:51,440 --> 00:20:54,560 Speaker 1: She's like, you don't get chances to fail at this. 360 00:20:54,760 --> 00:20:58,440 Speaker 1: You have to generate returns to your partners. And how 361 00:20:58,480 --> 00:21:02,280 Speaker 1: do you teach because you teach, you know, people coming 362 00:21:02,600 --> 00:21:05,639 Speaker 1: out of school or still in school, UM, how to 363 00:21:05,800 --> 00:21:09,199 Speaker 1: how to invest? How do you help them see the 364 00:21:09,240 --> 00:21:12,600 Speaker 1: realities of that savior mentality that they might have to say, Okay, 365 00:21:12,600 --> 00:21:14,320 Speaker 1: you know what, I'm gonna be an investor. I'm going 366 00:21:14,359 --> 00:21:16,480 Speaker 1: to go invest in all the companies who getting couldn't 367 00:21:16,480 --> 00:21:20,200 Speaker 1: get funding before me. And when the reality is you've 368 00:21:20,200 --> 00:21:23,879 Speaker 1: got to back winners and not just you know, everybody 369 00:21:23,920 --> 00:21:26,760 Speaker 1: you know and love who couldn't have gotten funding before. 370 00:21:26,840 --> 00:21:29,639 Speaker 1: And there was a really really reality moment for me 371 00:21:29,720 --> 00:21:32,240 Speaker 1: when when I hear a candidate say there are people 372 00:21:32,240 --> 00:21:34,120 Speaker 1: who I would love the fund, but I can't at 373 00:21:34,119 --> 00:21:37,080 Speaker 1: the early stage. They gotta have some proof before they 374 00:21:37,119 --> 00:21:43,400 Speaker 1: come to a person like her. Yeah, I don't know 375 00:21:43,680 --> 00:21:48,240 Speaker 1: if so. So there's two things in that question. One 376 00:21:48,480 --> 00:21:51,159 Speaker 1: is UM about the double standard. And we hear that 377 00:21:51,200 --> 00:21:56,160 Speaker 1: double standing standard across like you know, because I am 378 00:21:56,200 --> 00:21:59,120 Speaker 1: in this industry and one of the few who look 379 00:21:59,200 --> 00:22:02,000 Speaker 1: like me, I I don't have room for for failure, right, 380 00:22:02,520 --> 00:22:05,320 Speaker 1: And I think that's that's a tough position to be 381 00:22:05,560 --> 00:22:10,600 Speaker 1: in because this industry is actually about failure. If you 382 00:22:10,600 --> 00:22:14,160 Speaker 1: look at across if you look across the board, UM, 383 00:22:14,920 --> 00:22:18,679 Speaker 1: and you look at like you know, most PC's are 384 00:22:18,720 --> 00:22:23,199 Speaker 1: the majority of the funds are not returning anything. You know, 385 00:22:23,359 --> 00:22:27,400 Speaker 1: so you know that's a that's an undo and unnecessary pressure. 386 00:22:27,640 --> 00:22:30,719 Speaker 1: But I understand where it comes from, just because you know, 387 00:22:30,920 --> 00:22:33,119 Speaker 1: there aren't too many of us. One of the things 388 00:22:33,200 --> 00:22:38,320 Speaker 1: that this is very may sound kind of counter productive, 389 00:22:38,359 --> 00:22:42,920 Speaker 1: but we teach our students that failure is part of 390 00:22:42,960 --> 00:22:45,160 Speaker 1: the game and they have to get used to it, right. 391 00:22:45,720 --> 00:22:49,520 Speaker 1: And the thing about failure is that you know, failure 392 00:22:49,520 --> 00:22:51,800 Speaker 1: should if you do if you do it right, it 393 00:22:51,840 --> 00:22:56,480 Speaker 1: should lead to growth, right because if you're afraid to feel, 394 00:22:57,200 --> 00:22:58,960 Speaker 1: then you're never going to take the risk that you 395 00:22:59,040 --> 00:23:01,800 Speaker 1: need to in order to get to I mean, this 396 00:23:01,840 --> 00:23:04,639 Speaker 1: is a high sticks game, and so risk is part 397 00:23:04,680 --> 00:23:06,520 Speaker 1: of the game and there's high risks and it's gonna 398 00:23:06,560 --> 00:23:09,199 Speaker 1: be failure. So we get them comfortable in in in 399 00:23:09,240 --> 00:23:13,840 Speaker 1: talking about failure um and so you know, so I 400 00:23:15,119 --> 00:23:19,520 Speaker 1: it is harder on the black GP who feels though, hey, 401 00:23:19,600 --> 00:23:23,240 Speaker 1: I only have one shot to make this. Uh. But 402 00:23:23,359 --> 00:23:27,960 Speaker 1: this the reality is that this is an industry that 403 00:23:28,960 --> 00:23:30,639 Speaker 1: you know has a lot of failure. So you're a 404 00:23:30,640 --> 00:23:51,480 Speaker 1: good company. Season two of the Black Tech Green Money 405 00:23:51,480 --> 00:23:54,720 Speaker 1: Podcast is brought to you by Lexus for over thirty years. 406 00:23:54,920 --> 00:23:57,520 Speaker 1: Lexus May Driveway is the place to celebrate with the 407 00:23:57,520 --> 00:24:01,240 Speaker 1: December to Remember Sales event. Find exclusive offers on popular 408 00:24:01,320 --> 00:24:05,719 Speaker 1: Lexus models now through January four. Experience amazing and your 409 00:24:05,720 --> 00:24:08,280 Speaker 1: alexis Dealing. I think a lot about you know, when 410 00:24:08,280 --> 00:24:10,520 Speaker 1: I when you go out to raise a fund, you know, 411 00:24:10,600 --> 00:24:13,800 Speaker 1: it's a lot like building a startup, Like you're instead 412 00:24:13,840 --> 00:24:17,000 Speaker 1: of you know, trying to sell investors on the widget 413 00:24:17,160 --> 00:24:21,199 Speaker 1: you you've you know and invented, or the software that 414 00:24:21,240 --> 00:24:24,080 Speaker 1: you've invented, you're selling them on your ability to go 415 00:24:24,320 --> 00:24:27,360 Speaker 1: find other people who built the widget. Right. And so 416 00:24:27,760 --> 00:24:31,080 Speaker 1: how do you, as a college student or you know, 417 00:24:31,240 --> 00:24:35,600 Speaker 1: recent graduate, build that credibility if if, if you don't 418 00:24:35,600 --> 00:24:37,960 Speaker 1: take the road the route of going to be an 419 00:24:37,960 --> 00:24:43,560 Speaker 1: association somewhere, is there are there other ways? Yeah? I 420 00:24:43,600 --> 00:24:46,760 Speaker 1: think that they are a lot of ways. Um. We 421 00:24:46,840 --> 00:24:53,399 Speaker 1: actually encourage our fellows to to go in go work 422 00:24:53,480 --> 00:24:58,520 Speaker 1: for small startups right um and become early members of 423 00:24:58,560 --> 00:25:01,160 Speaker 1: those teams so they get to see get that operator 424 00:25:01,520 --> 00:25:05,359 Speaker 1: vision from the inside of it. Right. I also think 425 00:25:06,200 --> 00:25:10,040 Speaker 1: college is like the perfect time to become an entrepreneur yourself. 426 00:25:10,320 --> 00:25:12,399 Speaker 1: So a lot of our fellows are building their own 427 00:25:12,520 --> 00:25:16,199 Speaker 1: products right now. UM and so I think that that 428 00:25:16,320 --> 00:25:19,520 Speaker 1: gives them amazing experiences. It's a good place for them. Uh. 429 00:25:20,040 --> 00:25:22,600 Speaker 1: You know, those the students who are able to block 430 00:25:22,640 --> 00:25:24,879 Speaker 1: out the time and and maybe they don't have as 431 00:25:24,960 --> 00:25:29,080 Speaker 1: much bills at that time to just uh you know, 432 00:25:29,640 --> 00:25:32,320 Speaker 1: thinker with different things and learn about what it what 433 00:25:32,440 --> 00:25:35,720 Speaker 1: it takes to build to build a startup UM. And 434 00:25:35,800 --> 00:25:38,639 Speaker 1: so you know, if we look at some of people 435 00:25:38,720 --> 00:25:42,439 Speaker 1: like the founders Snapped, I mean he created his his 436 00:25:42,520 --> 00:25:45,879 Speaker 1: company right out of university, So there's a lot of 437 00:25:46,000 --> 00:25:49,960 Speaker 1: university uh based founders to come out and learn that 438 00:25:50,040 --> 00:25:52,639 Speaker 1: operative side. And so we ask those are fellows to 439 00:25:52,680 --> 00:25:55,480 Speaker 1: look at that as a as a career path. I mean, 440 00:25:55,520 --> 00:25:58,240 Speaker 1: at the same time, share that knowledge and resources as 441 00:25:58,240 --> 00:26:02,159 Speaker 1: they're building with other founders that they may know. You 442 00:26:02,240 --> 00:26:06,439 Speaker 1: have um A fund also the HPC VC Lab Fund, 443 00:26:06,520 --> 00:26:10,040 Speaker 1: which you what you phrase as a teaching venture capital 444 00:26:10,080 --> 00:26:13,680 Speaker 1: firm or firm. How does this work? So is it 445 00:26:13,720 --> 00:26:16,000 Speaker 1: really like, you know, you have a pool of money 446 00:26:16,040 --> 00:26:19,359 Speaker 1: that you've went out and raised and you're deploying it 447 00:26:19,400 --> 00:26:24,479 Speaker 1: to you know, your your students, Like how does that work? Yes, 448 00:26:24,600 --> 00:26:27,560 Speaker 1: So we have a pool of money that we've raised, 449 00:26:28,440 --> 00:26:31,960 Speaker 1: bootstraped this fund UM and hoping within the end of 450 00:26:31,960 --> 00:26:36,240 Speaker 1: the year to announce UM the expansion of the fund. Uh. 451 00:26:36,280 --> 00:26:38,359 Speaker 1: But you know this year we've we've kind of like 452 00:26:38,400 --> 00:26:43,000 Speaker 1: bootstracked this fund UM raise some money and then what 453 00:26:43,040 --> 00:26:46,520 Speaker 1: we do is we empower our fellows to start making 454 00:26:46,880 --> 00:26:50,400 Speaker 1: investments in at the stage they are equity free investments, 455 00:26:51,000 --> 00:26:54,639 Speaker 1: so our fellows and you don't you don't have to 456 00:26:54,680 --> 00:26:58,600 Speaker 1: be a current student UM. Actually, our last cohort Black 457 00:26:58,640 --> 00:27:02,919 Speaker 1: Fund founders that just came in, they're all alumni of 458 00:27:03,160 --> 00:27:05,440 Speaker 1: HBCUs and have been running their business for the last 459 00:27:05,480 --> 00:27:10,400 Speaker 1: couple of years and they're just amazing. But there their 460 00:27:10,440 --> 00:27:13,720 Speaker 1: founders that our students went out and look for UM 461 00:27:13,800 --> 00:27:15,879 Speaker 1: and and kind of like said, hey, this is the 462 00:27:16,240 --> 00:27:18,639 Speaker 1: next set of founders that we need to get behind 463 00:27:19,320 --> 00:27:22,639 Speaker 1: and empowered them with the equity free grant. And what's 464 00:27:22,720 --> 00:27:25,440 Speaker 1: what's kind of amazing what some of these founders who 465 00:27:25,440 --> 00:27:29,360 Speaker 1: came in this cohort is. You know, funding was part 466 00:27:29,359 --> 00:27:30,960 Speaker 1: of it. It was a small amount of a grant 467 00:27:31,000 --> 00:27:33,800 Speaker 1: that was part of it, and they definitely grateful for that, 468 00:27:34,600 --> 00:27:37,439 Speaker 1: uh for that for that grant, but a lot of them, 469 00:27:37,440 --> 00:27:41,200 Speaker 1: which is grateful to be a part of an ecosystem, 470 00:27:41,240 --> 00:27:45,840 Speaker 1: the HBCU ecosystem that was building UM and had plans 471 00:27:45,840 --> 00:27:48,280 Speaker 1: to be regenerated. You know, they want to get to 472 00:27:48,280 --> 00:27:50,560 Speaker 1: a point where they're hiring and they're hiring out of 473 00:27:50,600 --> 00:27:53,000 Speaker 1: the schools that they come from, or they want to 474 00:27:53,000 --> 00:27:55,119 Speaker 1: get to a point where they have like, uh, you know, 475 00:27:55,160 --> 00:27:56,919 Speaker 1: a liquor event, and they want to get back to 476 00:27:56,960 --> 00:27:58,880 Speaker 1: the schools that they come from. And so I think 477 00:27:58,920 --> 00:28:03,080 Speaker 1: that that's what's amazing about the HBCU community, UM and 478 00:28:03,640 --> 00:28:07,680 Speaker 1: the founders and a lack fund that we support. When 479 00:28:07,680 --> 00:28:10,439 Speaker 1: you think about UM, you know, running a program like this, 480 00:28:10,560 --> 00:28:12,919 Speaker 1: I think you know that your job is also to 481 00:28:12,960 --> 00:28:15,200 Speaker 1: make sure people off board properly and you know, can 482 00:28:15,240 --> 00:28:18,120 Speaker 1: go fly out of the nest and be successful. Right 483 00:28:18,680 --> 00:28:22,600 Speaker 1: And when you think about the landscape of Silicon Valley 484 00:28:22,680 --> 00:28:26,080 Speaker 1: and the challenges it is being black and Silicon Valley, 485 00:28:26,800 --> 00:28:31,119 Speaker 1: whether you're a founder or an investor, where in your perspective, 486 00:28:31,480 --> 00:28:36,159 Speaker 1: is a great place to land geographically for the next 487 00:28:36,200 --> 00:28:41,840 Speaker 1: crop of black pecs. So I think it's interesting one 488 00:28:42,520 --> 00:28:46,880 Speaker 1: that you know, one of the cruel blessings of COVID 489 00:28:47,600 --> 00:28:50,360 Speaker 1: is that it's allowing people to build and grow where 490 00:28:50,400 --> 00:28:52,680 Speaker 1: they are and they don't have to hinge so much 491 00:28:52,760 --> 00:28:58,880 Speaker 1: on the geographical locations, especially uh Silicon Valley so UM. 492 00:28:58,960 --> 00:29:01,240 Speaker 1: You know, so I see a lot of people uh 493 00:29:01,360 --> 00:29:06,800 Speaker 1: popping up in in other locations. However, I am seeing 494 00:29:06,840 --> 00:29:11,760 Speaker 1: this trend and this happens pre COVID of a lot 495 00:29:11,800 --> 00:29:15,320 Speaker 1: of talent and investors black gps who are now in 496 00:29:15,320 --> 00:29:19,120 Speaker 1: the Los Angeles ecosystem UM and so so I'm just 497 00:29:19,200 --> 00:29:22,680 Speaker 1: like just paying attention to, like what's happening in the 498 00:29:22,760 --> 00:29:28,040 Speaker 1: Los Angeles ecosystem UM. I also think that Lightship Capital 499 00:29:28,200 --> 00:29:31,640 Speaker 1: UM is like I think Cincinnati overall has been doing 500 00:29:31,800 --> 00:29:34,320 Speaker 1: some good work over the past a couple of years 501 00:29:34,520 --> 00:29:38,480 Speaker 1: of supporting their founders and you know, I think Candice 502 00:29:38,480 --> 00:29:41,680 Speaker 1: and Brian are a genius for being able to understand 503 00:29:41,680 --> 00:29:46,160 Speaker 1: that and recognize that UM and and start depoint capital there. 504 00:29:46,560 --> 00:29:48,880 Speaker 1: And so I'm excited to see some of the capital 505 00:29:49,280 --> 00:29:52,680 Speaker 1: start to point to Cincinnati as well UM and the 506 00:29:52,720 --> 00:29:57,120 Speaker 1: and just and I would extended to the overall Midwest regions. 507 00:29:57,120 --> 00:29:58,920 Speaker 1: So so those are some of the areas that I'm 508 00:29:59,200 --> 00:30:02,280 Speaker 1: like personally seeing in But I have my eye out 509 00:30:02,320 --> 00:30:04,320 Speaker 1: because I think that there's gonna be a huge ship, 510 00:30:04,960 --> 00:30:09,040 Speaker 1: especially um with COVID now being and that's remaining in 511 00:30:09,440 --> 00:30:27,760 Speaker 1: our various locations. Black Tech Green Money is a production 512 00:30:27,800 --> 00:30:30,800 Speaker 1: to Black The afro Tech is produced by Morgan Dubon 513 00:30:30,920 --> 00:30:34,440 Speaker 1: and me Will Lucas, with additional production support by Love 514 00:30:34,520 --> 00:30:38,280 Speaker 1: Beach and raveneer Born. Special thank you to Michael Davis 515 00:30:38,280 --> 00:30:40,800 Speaker 1: since the car savan Yan you know, like the wine 516 00:30:40,920 --> 00:30:43,920 Speaker 1: and yes that's his real name. Learn more about my 517 00:30:44,000 --> 00:30:46,640 Speaker 1: guests and other tech disruptres and innovators at afro tech 518 00:30:46,680 --> 00:31:01,200 Speaker 1: dot com. Go get your money. He's in love. Two