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Speaker 1: pushing your vision forward.

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Speaker 2: In terms of so like what are the economics in

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Speaker 2: you investing into a company? Like how does that work?

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Speaker 2: As far as you go you say I have one

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Speaker 2: hundred thousand dollars, I want ten percent of your company,

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Speaker 2: And then they come back and they say, no, well

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Speaker 2: we want only give up five percent. How does this work?

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Speaker 2: As far as you going in and actually offering to

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Speaker 2: buy somebody's company and.

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Speaker 3: Buy some equity. Yeah, usually they have around that they're raising,

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Speaker 3: so they the company usually itself says we want to

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Speaker 3: go out and raise a million dollars and they know

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Speaker 3: how much they want to raise for the reasons that

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Speaker 3: they figured out internally, and then they go to investors

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Speaker 3: and say, what, you know, what exchange will you do

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Speaker 3: for a million? Then you'll have the In a good scenario,

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Speaker 3: you'll have two or three, you know, lead investors come

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Speaker 3: back to you with a term sheet that says, okay,

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Speaker 3: we'll buy that on a five million dollar valuation, meaning

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Speaker 3: that's twenty percent d D. And then the next one

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Speaker 3: may say we'll do it on a six million, So

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Speaker 3: it's better for you. You get a little less diluted

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Speaker 3: because we want the deal so bad. And so usually,

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Speaker 3: like the best case scenario is you have two or

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Speaker 3: three lead investors buying for to lead you around, and

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Speaker 3: you take their terms. You don't necessarily take the terms

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Speaker 3: that are most expensive. You take the terms that you

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Speaker 3: feel like, that's the company, that's the fund I want

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Speaker 3: to work with, that's who I want to lead and represent.

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Speaker 3: So we have that, and then you have other investors

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Speaker 3: around it who are followers, who like, you know, follow

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Speaker 3: whatever terms have been created. So it's it's usually that negotiating.

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Speaker 3: So most of the time backstage does not lead just

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Speaker 3: because of the amounts that we're putting in, but we

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Speaker 3: always advise, so it's almost like we act like we're

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Speaker 3: on their board even if we're not on their board,

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Speaker 3: like with their help.

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Speaker 1: Well, what are some of the because you brought up

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Speaker 1: challenges earlier, and I'm thinking to myself, we've heard about

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Speaker 1: what it is to try to be a founder and

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Speaker 1: race capital, but actually having a VC and representing three

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Speaker 1: categories right like yes woman, yes, LBGTQ, yes, underestimated popula population.

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Speaker 1: What is it like from that end? What are some

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Speaker 1: of the challenges that you face and how have you

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Speaker 1: dealt with it? Out of you overcome them.

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Speaker 3: A lot of a lot of people who just you know,

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Speaker 3: they talk, they say they're going to do something publicly,

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Speaker 3: they get the picture or whatever, but they really don't

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Speaker 3: do anything. But then there's really more like people actively

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Speaker 3: trying to not like to stop what I'm doing. So

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Speaker 3: I had a white investor. I have a lot of

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Speaker 3: white investors, and I had one guy who is like,

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Speaker 3: I don't know, I think he's kind of like mafia

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Speaker 3: in Silicon Valley, Like he truly he's interesting and I

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Speaker 3: don't think he's literally mafia, but he can make a

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Speaker 3: phone call and stuff gets done and stuff goes away, right.

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Speaker 3: And he called me in the middle of night one

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Speaker 3: time a few years ago and he said, I just

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Speaker 3: want to let you know I just left a closed door,

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Speaker 3: like you know, poker games essentially with a bunch of

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Speaker 3: guys who are very powerful, and there's an understanding that

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Speaker 3: you're not going to raise more than you know, ten

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Speaker 3: or twenty million dollars ever in Silicon Valley. And I

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Speaker 3: was like, okay, that was a conversation. Y'all had time

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Speaker 3: for that. And he's like, no, I'm serious. He's like

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Speaker 3: you the powers that be are like, there's only a

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Speaker 3: few of us. And the conversation, he's like, I you know,

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Speaker 3: I said what I could, but I had to be

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Speaker 3: able to not say certain things so I could come

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Speaker 3: back and tell you. He's like, they don't want you

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Speaker 3: to win. And look, we've raised I've raised thirty million

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Speaker 3: dollars maybe twenty five twenty four of that has been

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Speaker 3: like direct LP money to invest in other companies. We

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Speaker 3: should buy our track record by the trailblazing part of it,

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Speaker 3: the groundbreaking part of it. We should be at least

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Speaker 3: one hundred million dollar fund, if not ten times to

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Speaker 3: what we are at least, and so I believed him

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Speaker 3: when he said it. But I always thought I could

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Speaker 3: break through that. I think that I think that, yeah,

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Speaker 3: there's there's you see like Elon Musk and like how

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Speaker 3: he he's direct click going after Cuban talking about DEI

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Speaker 3: is racist and all of that. That's what was happening

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Speaker 3: behind the scenes. That's who I deal with. I've had

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Speaker 3: so many conversations behind the scenes that are like a movie.

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Speaker 3: They're like, I can't believe this person is saying this

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Speaker 3: out loud to me, or somebody calling me and saying,

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Speaker 3: you know, you need to shut up. You need to

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Speaker 3: stop being so vocal about stuff. It's not good for you,

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Speaker 3: like I've had so I had what was Paul Graham

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Speaker 3: at YC speaking of YC. So I'm friendly with Sam Alman.

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Speaker 3: I think he's cool. I've invested in Open AI, very

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Speaker 3: happy about that. Paul Graham, his mentor and the founder

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Speaker 3: of YC, I do not like very much. And it's

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Speaker 3: because he sicked his minions on me on Twitter and

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Speaker 3: I had to get security before I should really have

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Speaker 3: had security because I said something he said about his wife,

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Speaker 3: and I said it was very sexist and chauvinistic, and

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Speaker 3: I said, I just commented myself on it, you know,

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Speaker 3: on Twitter, because I'm outspoken, and he just like came

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Speaker 3: after me. And it's happened a lot, like with different

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Speaker 3: different people. Of note, that's happened because I'll just speak

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Speaker 3: up when I want to speak up. I feel like

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Speaker 3: I have the moral high ground to speak up because

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Speaker 3: I'm actually doing action and I'm not just pontificating and

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Speaker 3: criticizing from the sidelines. Like I feel like we could

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Speaker 3: all be better. So I'm trying to be better. Why

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Speaker 3: can't this billionaire be better?

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Speaker 2: So as far as like valuations, right, valuations a lot

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Speaker 2: like how do you guys look at the valuations, Because

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Speaker 2: we were talking to one of our friends, John Henry,

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Speaker 2: and he was saying a few years ago, like, depending

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Speaker 2: on what kind of company it is, it has a

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Speaker 2: different valuation, right, Like if it's a hair company, the

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Speaker 2: evaluation might be a lot different from a media company.

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Speaker 2: That might be a lot different from artificial intelligence technology

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Speaker 2: based company. So and then part of raising the money

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Speaker 2: is you have to raise one evaluation. That's one right, Yeah,

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Speaker 2: So how do you know, Okay, this is a fair

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Speaker 2: valuation and this is this company's overvaluated, this company's undervaluated.

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Speaker 3: Yeah. John Henry is a good friend and I've invested

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Speaker 3: in his company and after he became a founder.

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Speaker 2: Yeah.

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Speaker 3: So a lot of it is just like what the

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Speaker 3: market will bear. A lot of it is a lot

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Speaker 3: of people just deciding just to say, well, what can

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Speaker 3: I push across the table and somebody says yes to essentially,

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Speaker 3: and it's kind of a joke in the industry because

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Speaker 3: it's like every year it's different. In twenty twenty two

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Speaker 3: and twenty twenty one is super frothy, super everything was

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Speaker 3: valued so high, ridiculously not sustainable, but everybody was like, okay, cool,

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Speaker 3: sounds good, more money for us. And then when second

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Speaker 3: half of twenty twenty two and twenty twenty three, everything

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Speaker 3: came crashing down because you could understand that, yeah, you

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Speaker 3: go ahead and y'ah. So the the so the valuations,

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Speaker 3: but the reason that the valuations are different is because

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Speaker 3: the multiples on an exit or a purchase are usually

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Speaker 3: much different. So a hair care product or a CpG

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Speaker 3: company is gonna sell different multiples than a SaaS AI company,

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Speaker 3: meaning like a you might for something CpG, you might

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Speaker 3: have like a one and a half x to six

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Speaker 3: x multiple on your on your on your net revenue.

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Speaker 3: If somebody buys you on a SaaS ai, you may

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Speaker 3: have like twenty x or ten x. So when someone's

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Speaker 3: valuing you to invest in you, all they're doing is projecting.

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Speaker 3: All they're saying is, Okay, if I put a dollar in,

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Speaker 3: what's the best what's the best guess I can make

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Speaker 3: as to what your will sell for based on how

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Speaker 3: you're doing today?

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Speaker 4: So is that from from your perspective? Is what a success?

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Speaker 4: Is it a company to exit? Is it to create more?

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Speaker 4: Is it to create more opportunities for founders?

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Speaker 1: Again from the three categories that we spoke about, how

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Speaker 1: do you determine to measure success?

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Speaker 3: I love that question. To me, it's all three. That's it, right.

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Speaker 3: For very very sharky investors, they don't care about impact

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Speaker 3: and they don't care about like people coming up. Yeah,

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Speaker 3: that's just not important to them. That's not necessarily bad,

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Speaker 3: but it's just not my vibe. Right. They're like apples

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Speaker 3: to apples, how much about getting back? So that is

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Speaker 3: a juggle thing. But I say, and many of us say,

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Speaker 3: you can do both. And I just want to say

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Speaker 3: one thing, you said earlier that there are not a

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Speaker 3: lot of black investors. So there's so many now, which

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Speaker 3: I'm so excited about. You know, like ten years ago

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Speaker 3: it was so different, but today like that, like John

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Speaker 3: Henry and I can be in a room and it's

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Speaker 3: just back to you know, back to back. Still not enough,

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Speaker 3: but so you have within black investors, you have some

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Speaker 3: like six four or five ventures. Aaron and Nyambi. They

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Speaker 3: are two black men. They've raised I don't know how

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Speaker 3: much more than a hundred million dollars. I can't remember,

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Speaker 3: maybe two or three hundred million dollars. And they're like,

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Speaker 3: let me put it into this spreadsheet and do these

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Speaker 3: numbers and see what this company might or may not make.

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Speaker 3: And I don't care. You know, it doesn't matter to

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Speaker 3: me if you're a woman or if you're purple. I

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Speaker 3: want to do that because my success as a black

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Speaker 3: man is then going to be my success story and

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Speaker 3: help others. Right. So I'm on the category and so

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Speaker 3: which I love that. By the way, I'm on the

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Speaker 3: category of I want to get this one shot. I'm

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Speaker 3: going to just make this more well known to people

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Speaker 3: like you all are doing with your education, like being

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Speaker 3: a bridge to understanding this with my audience, which is

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Speaker 3: mostly women of color, and I'm going, so that's impact

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Speaker 3: and success that I have a video right now that

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Speaker 3: I put up today. A black woman comes up to me.

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Speaker 3: She's crying, she's saying that she's essentially saying that she

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Speaker 3: felt she felt heard and represented and seen because of

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Speaker 3: the work that I do. And she said a tangible

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Speaker 3: something that happened. That to me is like the biggest

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Speaker 3: that's the legacy. That's the thing that you can't take away.

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Speaker 3: But I also not only want to. I feel like

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Speaker 3: I have to make a lot of money from what

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Speaker 3: I'm doing, even though even though we're not funded enough,

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Speaker 3: I want to make multiples for our investors so that

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Speaker 3: it serves as an example that you can do both.

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Speaker 3: And that's a high pressure, but I also agree that

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Speaker 3: it should be high pressure.

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Speaker 5: An illegal alien from Guatemala charged with raping a child

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Speaker 5: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 5: accused of murdering a Texas man of Venezuelan charged with

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Speaker 5: filming and selling child pornography in Michigan. These are just

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Speaker 5: some of the heinous migrant criminals caught because of President

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Speaker 5: Donald J. Trump's leadership. I'm Christinoman, the United States Secretary

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Speaker 5: of Homeland Security. Under President Trump, attempted illegal border crossings

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Speaker 5: are at the lowest levels ever recorded, and over one

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Speaker 5: hundred thousand illegal aliens have been arrested. If you are

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Speaker 5: here illegally, your next you will be fined nearly one

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Speaker 5: thousand dollars a day, imprisoned, and deported. You will never return.

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Speaker 5: But if you register using our CBP home app and

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Speaker 5: leave now, you could be allowed to return legally. Do

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Speaker 5: what's right, leave now. Under President Trump, America's laws, border

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Speaker 5: and families will be protected.

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Speaker 3: Sponsored by the United States Department of Homeland Security,