WEBVTT - Diversifying Venture Capital

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Bloomberg

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<v Speaker 1>Quick Takes Tim Stinovic on Bloomberg Radio. Earlier this month,

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<v Speaker 1>Bloomberg was at with a story about the bulk of

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<v Speaker 1>US venture investors and how they want to back minority

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<v Speaker 1>run firms and similarly invest in businesses founded by women women.

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<v Speaker 1>The data is coming from the private equity firm Color Capital,

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<v Speaker 1>and our next guest definitely has some thoughts on this. Yeah,

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<v Speaker 1>really eager to chat with Catherine Finny. She's founder and

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<v Speaker 1>a CEO at Genius Guild. Genius Guild is a VC

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<v Speaker 1>cap VC fund, also a studio. Catherine joins us to

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<v Speaker 1>be assumed from Chicago. She's also the author of the

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<v Speaker 1>great book Build the Damn Thing, How to start a

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<v Speaker 1>successful business if you're not a rich white guy. Catherine,

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<v Speaker 1>good to have you with us. It's great to be

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<v Speaker 1>with you all. We love the title. Well, can you

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<v Speaker 1>talk a little bit about the title and and and

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<v Speaker 1>and coming up with with something like that because it

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<v Speaker 1>certainly catches people. Yeah, you know, the title is what

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<v Speaker 1>I say often when I meet with entrepreneurs, so kind

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<v Speaker 1>of being out in you know, the talking conference circuit,

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<v Speaker 1>I would often get entrepreneurs coming to me pitching UM

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<v Speaker 1>and they would give these great ideas and you know,

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<v Speaker 1>really well thought out ideas, and I would ask, okay,

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<v Speaker 1>well let me see a demo. Do you have something

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<v Speaker 1>on your phone I could see and they would say, oh, well,

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<v Speaker 1>I haven't quite built it yet, and they would go

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<v Speaker 1>into all these reasons why I did, and I would say, well,

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<v Speaker 1>just build a damn thing, like what are you waiting for?

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<v Speaker 1>But that's but that's that's like what venture capitalists or

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<v Speaker 1>that's what I should say. Founders always say needs to happen, right,

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<v Speaker 1>you need to have this minimal viable product in order

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<v Speaker 1>to build on it and iterate right, yes, you have

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<v Speaker 1>to start off with something um in order to get

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<v Speaker 1>feedback and actually in building your minimal viable product, which

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<v Speaker 1>is really the simplest version of your product that you

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<v Speaker 1>can build to be able to put out into market

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<v Speaker 1>or to show the people to get feedback, it allows

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<v Speaker 1>you to get information, get thoughts, get feedback before spending

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<v Speaker 1>too much money in building your product. And that's very

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<v Speaker 1>very important. Oftentimes founders, particularly founders who come from communities

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<v Speaker 1>that are outside of you know, traditional communities in the

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<v Speaker 1>startups will spend tons and tons of money tap into

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<v Speaker 1>their four one k um to build these world bust

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<v Speaker 1>prototypes without knowing whether or not there's a market for it.

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<v Speaker 1>And it really goes back to this concept of product

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<v Speaker 1>market fit. Does your product have a market? Does your

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<v Speaker 1>product have people who want to pay for it? And

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<v Speaker 1>so your goal with your minimal viable product is to

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<v Speaker 1>find out this product market fit without spending a ton

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<v Speaker 1>of money. You know, It's interesting what I love also

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<v Speaker 1>about this book and I feel like this mirror some

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<v Speaker 1>of the conversations. Tim and I were just back from Dallas,

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<v Speaker 1>Texas UM at the Inside conference talking with financial professionals,

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<v Speaker 1>but diversity inclusion came up big time, and one of

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<v Speaker 1>our chats specifically was about how you have to have

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<v Speaker 1>diverse investment advisors to reach out to the diverse investor

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<v Speaker 1>spent public that is out there who are increasingly being

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<v Speaker 1>left behind. UM. Talk to us about that when you know,

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<v Speaker 1>in terms of businesses that are being left behind and

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<v Speaker 1>markets that are being left behind because we're not tapping

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<v Speaker 1>into a more diverse consumer marketplace and not supporting diverse

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<v Speaker 1>entrepreneurs who see the need for that. Yeah, I mean,

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<v Speaker 1>you're leaving money on the table, right, UM one, and

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<v Speaker 1>for new entrepreneurs or Latino UM, black women are one

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<v Speaker 1>of the fastest growing groups of entrepreneurs. UH, you are

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<v Speaker 1>leaving money on the table when you're not reaching out

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<v Speaker 1>to these markets. This is the new future, and so

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<v Speaker 1>it's really important to be able to understand how to

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<v Speaker 1>reach these markets and then in the world of startups,

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<v Speaker 1>how to work with these startups coming from these markets,

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<v Speaker 1>mostly because these startups are tapping into new areas and

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<v Speaker 1>new opportunities for growth that you may not be able

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<v Speaker 1>to access or even understand if you're not part of

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<v Speaker 1>those communities. So by investing in them and by getting

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<v Speaker 1>to know these amazing founders, you're actually giving yourself more

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<v Speaker 1>diversification within your own portfolio. All Right. I want to

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<v Speaker 1>be provocative because I love that you lay it out

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<v Speaker 1>there and thanks to kind of sharing some materials with us. UM.

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<v Speaker 1>You talk about army readers with responses to investors who

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<v Speaker 1>have told her quote, great pitch, but I just don't

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<v Speaker 1>do black women. I mean, that happens. That's a reality, right,

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<v Speaker 1>it happened to me. We'll tell us, all right, so

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<v Speaker 1>tell us about that. Well, I think you know and

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<v Speaker 1>It's been well documented inventure capital about the pattern matching

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<v Speaker 1>right of this idea of because every successful founder I've

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<v Speaker 1>invested in was, you know, a twenty five year old

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<v Speaker 1>white guy from Stanford, that means that every successful founder

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<v Speaker 1>is going to be a twenty five year old white

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<v Speaker 1>guy from Stanford UM. What is interesting about that is

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<v Speaker 1>the inherent fallacy, which is it also means that all

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<v Speaker 1>your failed investments also came from twenty five year o

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<v Speaker 1>white guys from Stanford UM. And so what happens is

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<v Speaker 1>when someone like myself, for woman, or a diverse sounds

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<v Speaker 1>nor shows up, it's kind of like, you know, this anomaly, like,

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<v Speaker 1>oh my gosh, you're here. And so we often find,

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<v Speaker 1>you know, in the our meeting we get with a

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<v Speaker 1>potential investor that forty five minutes of that is just

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<v Speaker 1>explaining how we got into the door. They're so fascinated

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<v Speaker 1>by us in our history that we only get about

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<v Speaker 1>fifteen minutes to actually talk about our business, which is

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<v Speaker 1>what we're there to talk about. And so it becomes

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<v Speaker 1>really hard to be able to pitch when people don't

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<v Speaker 1>see you as a business or they completely don't understand

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<v Speaker 1>the business opportunity, and no matter what you say, no

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<v Speaker 1>matter what type of data you have, your metrics, the

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<v Speaker 1>total addressable market, you know, all those great things that

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<v Speaker 1>you know investors say they love to hear um. They

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<v Speaker 1>don't hear it because they're so sort of distraught, distracted

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<v Speaker 1>by you and your presence and so, and that definitely happens.

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<v Speaker 1>I think as a diverse entrepreneur, though, the goal is

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<v Speaker 1>always to redirect. Right, Hey, hang on for a second.

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<v Speaker 1>We gotta a little bit of news. But we're gonna

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<v Speaker 1>come back and continue with Katherine Finney. She's founder in

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<v Speaker 1>chief executive officer of Genus Guild. We're talking about her

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<v Speaker 1>book love the title Build the Damn Thing, How to

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<v Speaker 1>Start a successful business if You're not a rich white guy.

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<v Speaker 1>I want to get right back to our guest, Catherine Finny.

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<v Speaker 1>She's founder and CEO of Genius Guild as a venture

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<v Speaker 1>capital firm. Uh, and she joins us once again via

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<v Speaker 1>zoom from Chicago. Catherine, I want to get to Chicago

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<v Speaker 1>here and talk a little bit about venture capital in Chicago,

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<v Speaker 1>because when we think about VC, it's so often in

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<v Speaker 1>the context of California. And you mentioned that, you know,

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<v Speaker 1>twenty five year old white guy Stanford Grad as being

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<v Speaker 1>sort of the archetypal tech founder. Um or we talked

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<v Speaker 1>about in the context of New York, what are would

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<v Speaker 1>you say that venture capitalists who are isolated to those

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<v Speaker 1>areas of the country miss out by not being in Chicago,

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<v Speaker 1>You missed out a new opportunities in new markets, right, um.

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<v Speaker 1>And there's a lot of VC firms now they're starting

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<v Speaker 1>to pay attention, not just Genius Guild and what we're

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<v Speaker 1>doing here, but also you know, Steve Kase and Revolution

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<v Speaker 1>and Rise of the Rest has been for several years

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<v Speaker 1>going around sort of Middle America outside of the cos

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<v Speaker 1>um and and investing heavily in amazing startups in these

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<v Speaker 1>sort of places. And so there's a lot of opportunities. Um.

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<v Speaker 1>A lot of great companies are coming out, companies are

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<v Speaker 1>really solving some interesting challenges. There's a lot of cybertech

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<v Speaker 1>companies here who are particularly in Chicago, who are solving cybersolution.

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<v Speaker 1>There's a number of companies around food in the future

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<v Speaker 1>of food that are also in sort of the Midwest region,

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<v Speaker 1>which is also very interesting. It kind of makes sense

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<v Speaker 1>because we're the bread basket of America. But so there's

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<v Speaker 1>a lot of emerging opportunities here that I think people

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<v Speaker 1>tend to overlook because again we're in the middle of

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<v Speaker 1>America and and sort of people are not coming here

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<v Speaker 1>to see. But I welcome everyone that comes to Chicago

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<v Speaker 1>and see what we have here. Where the founders that

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<v Speaker 1>that you invested, or at least that are pitching to you,

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<v Speaker 1>because you're not, of course investing in every founder that's

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<v Speaker 1>pitching to you. What are their backgrounds typically and are

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<v Speaker 1>they coming out of school university, are they coming from

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<v Speaker 1>established firms? What what's a typical uh startup founder who's

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<v Speaker 1>looking for funding from you? Yeah, and so our founders

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<v Speaker 1>have really strong domain knowledge and experience and what they're building.

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<v Speaker 1>Um So, one of our companies, Health in her Hugh

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<v Speaker 1>it's kind of WebMD for black women and experienced enormous

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<v Speaker 1>growth over the past couple of years. Was founded by

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<v Speaker 1>a black woman with a public health degree who also

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<v Speaker 1>happens to be UM what I have too, which is

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<v Speaker 1>a public health degree as an epidemiologist. UM. We have

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<v Speaker 1>founders who have working in the creator economy, who also

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<v Speaker 1>were creators themselves or worked in the agency side, so

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<v Speaker 1>they have experience working with creators and understanding the opportunities there.

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<v Speaker 1>We have companies that are working in supplier diversity chains

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<v Speaker 1>and the supply chain and diversifying that who have tons

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<v Speaker 1>of experience working in the supply chain. And we also

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<v Speaker 1>have invested in a couple of other funds as well.

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<v Speaker 1>There also are led by general partners who have experienced

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<v Speaker 1>either in the sectors that they're investing in and or

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<v Speaker 1>coming from really top nodge to venture funds. You know,

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<v Speaker 1>I have to first ask you what is it about

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<v Speaker 1>Voldemort today? Because Tim O'Brien of our team, our opinion team,

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<v Speaker 1>has quoted tweeted out a picture of him in connection

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<v Speaker 1>with pardoning. And then I love in your book, Uh

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<v Speaker 1>that says you've gone from standing up to the Voldemort's

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<v Speaker 1>venture capital to leading around multimillion dollar fund. Um, I

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<v Speaker 1>just love it. I mean, was it it was that bad?

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<v Speaker 1>I mean that's very hard. Watched Harry Potter and been

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<v Speaker 1>terrified by the evil villain of Voldemort, Like that's terrible.

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<v Speaker 1>It was that bad. And I talked about in the book, Um,

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<v Speaker 1>you know what it was like in the early two

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<v Speaker 1>thousand's and I think some of us kind of forget

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<v Speaker 1>because it's so long ago, but they're really was not

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<v Speaker 1>very many women and definitely not very many women of color,

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<v Speaker 1>And so it was this atmosphere where people didn't have

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<v Speaker 1>just low expectations, they had no expectations of me. And

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<v Speaker 1>being a lifelong OVERACHIEVERMER, that was incredibly difficult for me

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<v Speaker 1>to be in a situation where people didn't think I

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<v Speaker 1>just couldn't do it. And so I had to develop tools, um,

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<v Speaker 1>and they had to develop ways in want you to

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<v Speaker 1>get around that, and a lot of those ways I

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<v Speaker 1>share in the book I love It You do. It's

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<v Speaker 1>really great how to and really working people, walking people

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<v Speaker 1>through all of the processes to our procedures to build

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<v Speaker 1>their own successful business. It's interesting to you know, in

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<v Speaker 1>venture capital and you know, like you said, it's this

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<v Speaker 1>isn't a new story. We've written about it a lot

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<v Speaker 1>of Bloomberg, but even like women venture capitalists not investing

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<v Speaker 1>in women led companies. And I find it funny because

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<v Speaker 1>we just talked with Tory Birch Embrace Ambition. She had

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<v Speaker 1>a big summit this week, but she also has been

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<v Speaker 1>about specifically, you know, providing money for female entrepreneurs and um,

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<v Speaker 1>what is it about though that women in Silicon Valley

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<v Speaker 1>weren't backing other women. Was it just the pressure of

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<v Speaker 1>the firm. Well, there's almost a tax that you pay.

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<v Speaker 1>So if you're a woman investor and you invest in women, um,

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<v Speaker 1>there's almost like a tax that you pay that perhaps

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<v Speaker 1>you're not able to spot great investments, right, but the

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<v Speaker 1>understanding thing that women are not great investments, right, And

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<v Speaker 1>so it's almost a tax that is for any uh

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<v Speaker 1>VC who falls outside of the norm that if you

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<v Speaker 1>tend to over index your investments in whatever group that

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<v Speaker 1>you identify with, that somehow you're creating favoritisms, somehow you're

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<v Speaker 1>not investing in them because you see opportunities um, that

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<v Speaker 1>you're somehow not as greative an investor. And that's actually documented.

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<v Speaker 1>There's been research has come out there's a penalty, um,

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<v Speaker 1>not only for the VC, but there's also a penalty

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<v Speaker 1>that's paid for female founders who raise for a significant

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<v Speaker 1>amount of their rounds from female investors. And so that

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<v Speaker 1>penalty is true, um, and that causes marginalized investors so

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<v Speaker 1>sometimes not invest as much as they would and the

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<v Speaker 1>ups that they understand in the markets that they understand.

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<v Speaker 1>All right, great book, as we said, great titles, So

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<v Speaker 1>all right, we just have a few seconds left here.

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<v Speaker 1>If you had one piece of advice for someone who

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<v Speaker 1>wants to start a successful business, how should they what's

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<v Speaker 1>the first thing that they've got to do. Build it

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<v Speaker 1>and get it out there, test it, take the feedback

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<v Speaker 1>and build it again. All right, Well, listen, this has

0:12:20.559 --> 0:12:22.600
<v Speaker 1>been so much fun. Stay in touch. Love to hear

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<v Speaker 1>more too, about your VC investing going forward. Always UM

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<v Speaker 1>to to hear about kind of where you're going. Catherine Finney,

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<v Speaker 1>founder and chief executive Officer of Gina's Guild. She is

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<v Speaker 1>a VC investor, She's built her own business and now

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<v Speaker 1>she's sharing what she's learned with others. It's all in

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<v Speaker 1>her book, Build the damn Thing, How to Start a

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<v Speaker 1>Successful Business if you are not a rich white guy.

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<v Speaker 1>Great title, yeah, great title, but in great very you know,

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<v Speaker 1>advice laying it out for you know, other people who

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<v Speaker 1>are looking to start their business, women, people of color, minorities. UM,

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<v Speaker 1>just trying to figure it out.