1 00:00:00,080 --> 00:00:02,920 Speaker 1: Afro Tech is a global gathering where inclusive tech companies 2 00:00:02,960 --> 00:00:05,320 Speaker 1: meet innovators. It's the only tech event you. 3 00:00:05,280 --> 00:00:05,880 Speaker 2: Need all year. 4 00:00:06,080 --> 00:00:09,039 Speaker 1: Get ready for afro Tech twenty twenty three in Austin, Texas, 5 00:00:09,160 --> 00:00:11,600 Speaker 1: November first through the fifth. We built a whole temper 6 00:00:11,640 --> 00:00:13,280 Speaker 1: you can use to help you get your employer to 7 00:00:13,360 --> 00:00:16,400 Speaker 1: sponsor your trip and enjoy experiences built for every stage 8 00:00:16,440 --> 00:00:18,720 Speaker 1: your career. Whether you're a college student looking for your 9 00:00:18,720 --> 00:00:21,400 Speaker 1: next internship, or if you work in avention capital looking 10 00:00:21,400 --> 00:00:23,560 Speaker 1: for your next business to invest in, and if you're 11 00:00:23,560 --> 00:00:25,639 Speaker 1: looking for a co founder, a people that's on your team, 12 00:00:25,760 --> 00:00:28,360 Speaker 1: there's no better place to be. The massive corporate layoffs 13 00:00:28,400 --> 00:00:30,520 Speaker 1: of twenty twenty two and twenty twenty three have affected 14 00:00:30,520 --> 00:00:33,040 Speaker 1: our community in a big way. An Afrotech wants to 15 00:00:33,040 --> 00:00:35,200 Speaker 1: help you get back on your feet with skill development, 16 00:00:35,360 --> 00:00:37,800 Speaker 1: making it easier to switch industries. If that's your route. 17 00:00:37,840 --> 00:00:40,120 Speaker 1: In an afro tech, you'll make connections to help you 18 00:00:40,159 --> 00:00:43,640 Speaker 1: get your next opportunity. Visit afrotech dot com slash conference 19 00:00:43,640 --> 00:00:47,280 Speaker 1: to learn more. This next conversation is a fireside the 20 00:00:47,320 --> 00:00:52,920 Speaker 1: importance of investing in innovative fintech financial technology through investments 21 00:00:52,920 --> 00:00:56,720 Speaker 1: in fintech, financial institutions and startups alike and harness technology 22 00:00:57,040 --> 00:01:02,600 Speaker 1: to democratize access to financial services, reduced disparities, and promote 23 00:01:02,800 --> 00:01:06,679 Speaker 1: wealth accumulation. Owen Douglas, who has been on this stage before, 24 00:01:07,240 --> 00:01:10,759 Speaker 1: and win Memo Abbey will discuss the role of fintech 25 00:01:10,800 --> 00:01:14,280 Speaker 1: in creating new avenues for wealth building and financial inclusion, 26 00:01:14,760 --> 00:01:18,559 Speaker 1: highlighting how innovation can be a driving force behind sustainable 27 00:01:18,680 --> 00:01:24,679 Speaker 1: financial growth. So when Memo Abbey is co founder of 28 00:01:24,720 --> 00:01:29,160 Speaker 1: Asusuit as well as a three times social entrepreneur name 29 00:01:29,240 --> 00:01:31,959 Speaker 1: to the Forbes thirty Under thirty list is not an 30 00:01:32,000 --> 00:01:35,679 Speaker 1: easy list to get on, so he's the truth. Olin Douglas, 31 00:01:35,680 --> 00:01:40,120 Speaker 1: CEO of Hanover Street Advisors is Prior to starting the 32 00:01:40,160 --> 00:01:42,640 Speaker 1: consulting business, he was the founding and managing partner of 33 00:01:42,760 --> 00:01:45,720 Speaker 1: Motley Fool Ventures, founded in twenty eighteen. 34 00:01:45,760 --> 00:01:47,880 Speaker 2: He led the growth of the venture capital. 35 00:01:47,560 --> 00:01:51,720 Speaker 1: Firm from zero zero dollars to two hundred and fifty 36 00:01:51,760 --> 00:01:54,720 Speaker 1: million in five years. Please welcome to the stage. I 37 00:01:54,800 --> 00:01:58,000 Speaker 1: moderated Olin Douglas and panelists with Mimo Abbey. 38 00:01:58,800 --> 00:02:00,800 Speaker 2: That's you know what. 39 00:02:03,160 --> 00:02:17,360 Speaker 3: Change I missed that, But hello everyone, it's a pleasure 40 00:02:17,360 --> 00:02:20,359 Speaker 3: to be here. Thank you for afro Tech Investing. I'm 41 00:02:20,440 --> 00:02:25,080 Speaker 3: an afro tech executive for inviting us and mimo. Welcome 42 00:02:25,200 --> 00:02:25,760 Speaker 3: and welcome. 43 00:02:26,040 --> 00:02:26,520 Speaker 2: How about you? 44 00:02:26,919 --> 00:02:30,720 Speaker 4: How's everyone doing? Come on, man, this is church man. 45 00:02:30,720 --> 00:02:35,080 Speaker 4: We got all black people off. How's everyone doing? Much better? 46 00:02:35,200 --> 00:02:35,720 Speaker 4: Much better? 47 00:02:36,200 --> 00:02:39,600 Speaker 2: Very good? Very good. Well, let's dive in. Just in 48 00:02:39,639 --> 00:02:41,040 Speaker 2: the spirit of full disclosure. 49 00:02:41,320 --> 00:02:44,799 Speaker 3: I've known this gentleman for about five or six years now, 50 00:02:44,919 --> 00:02:49,480 Speaker 3: so we are more likely to not Man, We're gonna 51 00:02:49,480 --> 00:02:52,200 Speaker 3: go off script a little bit, I'm sure, but let's 52 00:02:52,200 --> 00:02:54,760 Speaker 3: start off for the audience. Can you tell us a 53 00:02:54,760 --> 00:02:57,679 Speaker 3: little about what does Suzu do in What was the 54 00:02:57,760 --> 00:02:59,120 Speaker 3: motivation for starting? 55 00:03:00,120 --> 00:03:03,560 Speaker 4: Yeah, thanks a lot. It Sushu really stems from my 56 00:03:03,720 --> 00:03:09,040 Speaker 4: personal experience and my co founder sameir For me particularly, 57 00:03:09,360 --> 00:03:12,560 Speaker 4: I grew up on the slums of Legos, Nigeria. I 58 00:03:12,600 --> 00:03:14,880 Speaker 4: lost my dad at the age of two, and I 59 00:03:14,919 --> 00:03:18,119 Speaker 4: was raised by my mom and two very spirited sisters. 60 00:03:18,480 --> 00:03:21,160 Speaker 4: And one thing my mother fundamentally believed in was just 61 00:03:21,280 --> 00:03:24,600 Speaker 4: importance of education. My mom used to work at the 62 00:03:24,680 --> 00:03:28,440 Speaker 4: National Post Office in Nigeria for twenty one years and 63 00:03:28,480 --> 00:03:31,680 Speaker 4: I spent over sixty percent of our salary to afford 64 00:03:32,040 --> 00:03:37,600 Speaker 4: my education back on in Nigeria. So that education is 65 00:03:37,600 --> 00:03:40,520 Speaker 4: what led me to the United States. I immigrated from 66 00:03:40,680 --> 00:03:44,040 Speaker 4: eighty degree weather in any Nigerians in the room, we're 67 00:03:44,120 --> 00:03:47,480 Speaker 4: always everywhere there we go. I only say in Nigerians 68 00:03:47,480 --> 00:03:51,800 Speaker 4: were like the Chinese of Africa or where everywhere. So 69 00:03:52,360 --> 00:03:55,600 Speaker 4: immigrated from eighty degree weather in Legos to negative twenty 70 00:03:55,640 --> 00:03:59,400 Speaker 4: two degrees in Minnesota. It was real, man, my people 71 00:03:59,440 --> 00:04:03,320 Speaker 4: living in a reason I don't get it. But during 72 00:04:03,360 --> 00:04:06,440 Speaker 4: that transition something happened. My mom and I did not 73 00:04:06,560 --> 00:04:08,920 Speaker 4: have a credit score. We walked into one of the 74 00:04:08,960 --> 00:04:12,880 Speaker 4: biggest financial institutions to borrow money and were turned away 75 00:04:12,880 --> 00:04:15,520 Speaker 4: and had to go borrow money from a predatory lend 76 00:04:15,520 --> 00:04:19,400 Speaker 4: at over four hundred percent interest rate. In addition to that, 77 00:04:19,520 --> 00:04:22,000 Speaker 4: my mother sold my dad's wedding rink. We brought money 78 00:04:22,000 --> 00:04:24,960 Speaker 4: from church members, and that's how we got started in America. 79 00:04:25,279 --> 00:04:28,240 Speaker 4: So really inspired by that experience, having had distinct in 80 00:04:28,320 --> 00:04:32,840 Speaker 4: wall streets and big consults and firms across the country, 81 00:04:33,800 --> 00:04:35,960 Speaker 4: my co founder and I started a SUSU on three 82 00:04:36,000 --> 00:04:39,320 Speaker 4: core premises. No matter where you come from, the color 83 00:04:39,320 --> 00:04:43,200 Speaker 4: of your skin and particularly your financial identities shouldn't determine 84 00:04:43,200 --> 00:04:45,560 Speaker 4: where you end up in the wealthiest nation the world 85 00:04:45,680 --> 00:04:48,720 Speaker 4: is ever sin and what we do at is susy simple. 86 00:04:49,520 --> 00:04:53,200 Speaker 4: Did you know that renters send roughly one point four 87 00:04:53,279 --> 00:04:58,360 Speaker 4: trillion dollars to their landlords every year and less than 88 00:04:58,480 --> 00:05:02,040 Speaker 4: ten percent of that data it's factored into their credit score. 89 00:05:02,800 --> 00:05:05,440 Speaker 4: And who are the people that are rent It's predominantly 90 00:05:05,480 --> 00:05:10,039 Speaker 4: people of color. So we created the technology to capture 91 00:05:10,160 --> 00:05:14,480 Speaker 4: rental data, transform it and report it into the consumer 92 00:05:14,560 --> 00:05:16,800 Speaker 4: rights and agencies. So when you pay your rent, it 93 00:05:16,839 --> 00:05:19,360 Speaker 4: shows up on your credit score, and one day, when 94 00:05:19,360 --> 00:05:22,040 Speaker 4: you want to go get a home or a order loan, 95 00:05:22,520 --> 00:05:24,640 Speaker 4: you can do that with a good credit score and 96 00:05:24,720 --> 00:05:28,240 Speaker 4: being excluded. And then when people can afford to parents, 97 00:05:28,279 --> 00:05:31,120 Speaker 4: we give them zero interest loans so they are not 98 00:05:31,320 --> 00:05:35,840 Speaker 4: evicted because as a society we shouldn't mis solving eviction backwards. 99 00:05:36,240 --> 00:05:40,880 Speaker 4: So today ISSUSU is in roughly five million rental units 100 00:05:41,000 --> 00:05:43,679 Speaker 4: or fifty state. We see over one hundred billion dollars 101 00:05:43,720 --> 00:05:46,880 Speaker 4: in rental volume. And because of this man and a 102 00:05:46,880 --> 00:05:49,400 Speaker 4: lot of the things he has done since day zero, 103 00:05:49,880 --> 00:05:52,200 Speaker 4: it SUSU is valued add a billion dollars and we've 104 00:05:52,240 --> 00:05:53,920 Speaker 4: raised over one hundred and forty five million. 105 00:05:58,400 --> 00:06:03,520 Speaker 3: Yes, a powerful story. Every time I hear it's amazing. 106 00:06:03,640 --> 00:06:06,719 Speaker 3: So like you and I both come from humble beginnings. 107 00:06:06,760 --> 00:06:11,320 Speaker 3: You're from Lego Stagierias, from the inner city Baltimore, Maryland. 108 00:06:12,480 --> 00:06:16,800 Speaker 3: When you think about financial inclusion, like you know, I 109 00:06:16,839 --> 00:06:18,599 Speaker 3: know what you know the general means, but how do 110 00:06:18,640 --> 00:06:21,039 Speaker 3: you internalize that and how do you keep that spirit 111 00:06:21,680 --> 00:06:23,800 Speaker 3: of financial clusion going through the business? 112 00:06:24,080 --> 00:06:30,280 Speaker 4: Absolutely, Atisusu. We did something that was unapologetic. We came 113 00:06:30,480 --> 00:06:32,440 Speaker 4: out and said we're going to start a start up 114 00:06:32,560 --> 00:06:36,040 Speaker 4: with a vision which is to leverage data to breach 115 00:06:36,120 --> 00:06:39,600 Speaker 4: the racial world gap. And when people yeah that, ayre 116 00:06:39,640 --> 00:06:43,040 Speaker 4: like is this a nonprofit? Like, no, we're adventure backed company. 117 00:06:43,560 --> 00:06:47,280 Speaker 4: But one of the things that's important to me is 118 00:06:47,360 --> 00:06:51,960 Speaker 4: this matter of proximity. When you think about it, the 119 00:06:52,120 --> 00:06:56,000 Speaker 4: average white family as ten times as much wealth than 120 00:06:56,040 --> 00:06:59,880 Speaker 4: the average black family in the United States. Number two, 121 00:07:00,320 --> 00:07:03,320 Speaker 4: there are over forty five million people that do not 122 00:07:03,440 --> 00:07:06,520 Speaker 4: have a credit score in this country. The average debt 123 00:07:06,560 --> 00:07:09,760 Speaker 4: in America is ninety one thousand dollars. If you do 124 00:07:09,840 --> 00:07:13,680 Speaker 4: that math, forty five million times ninety one thousand, you 125 00:07:13,720 --> 00:07:20,480 Speaker 4: can unlock over six trillion dollars in capital that in 126 00:07:20,560 --> 00:07:24,440 Speaker 4: and of itself is not only good for the US economy, right, 127 00:07:24,880 --> 00:07:30,120 Speaker 4: it's good for even businesses that could let folks participate 128 00:07:30,280 --> 00:07:33,560 Speaker 4: more in the American financial system. And that's been a 129 00:07:33,760 --> 00:07:37,600 Speaker 4: thesis or in when we started, and you believed in 130 00:07:37,680 --> 00:07:41,160 Speaker 4: us since day zero, it's always been about that thesis 131 00:07:41,240 --> 00:07:46,040 Speaker 4: of we need to make sure not be rhetoric, you know, 132 00:07:46,600 --> 00:07:49,080 Speaker 4: math and lit. The King got a dream, but I 133 00:07:49,080 --> 00:07:52,480 Speaker 4: have a plan, and the plan is very very simple. 134 00:07:53,200 --> 00:07:57,720 Speaker 4: How can we unlock quality financial products for our people? 135 00:07:59,000 --> 00:08:02,560 Speaker 4: The cheaper in America? The easiest thing to get, what 136 00:08:02,680 --> 00:08:06,040 Speaker 4: this nation is built on is cheap debt. Go back 137 00:08:06,080 --> 00:08:10,240 Speaker 4: to the institution of slavery, go back to what happened 138 00:08:10,360 --> 00:08:15,800 Speaker 4: during you know, the New Deal. Think about FHA loans 139 00:08:16,320 --> 00:08:19,360 Speaker 4: for families to essentially get a leg up. And that's 140 00:08:19,400 --> 00:08:21,680 Speaker 4: what we're trying to do. And I'm proud to say 141 00:08:22,000 --> 00:08:25,960 Speaker 4: through our walk establishing and building credit scores for people 142 00:08:25,960 --> 00:08:28,400 Speaker 4: and we measure what they've gone on to do. Eventually 143 00:08:28,760 --> 00:08:32,000 Speaker 4: we've unlocked over that ten billion dollars in capital for 144 00:08:32,160 --> 00:08:34,760 Speaker 4: folks that didn't have it. That's something we're really proud of. 145 00:08:37,320 --> 00:08:39,720 Speaker 2: Very good, thank you. 146 00:08:39,840 --> 00:08:42,800 Speaker 3: So we're in a room of executives here in this 147 00:08:42,960 --> 00:08:46,960 Speaker 3: acro tech executive. Part of the wealth creation certainly is 148 00:08:46,960 --> 00:08:49,960 Speaker 3: creating wealth for the founders and other folks in the world. 149 00:08:50,400 --> 00:08:53,200 Speaker 3: Tell us a little bit about well, tell us the 150 00:08:53,240 --> 00:08:56,720 Speaker 3: parts about the fundraising journey that you want that you want. 151 00:08:56,600 --> 00:08:57,240 Speaker 2: To talk about. 152 00:08:57,440 --> 00:08:59,200 Speaker 4: Give us a little bit of a Can we keep 153 00:08:59,200 --> 00:09:03,160 Speaker 4: it real? Are we on a record? Yeah, okay, we're 154 00:09:03,200 --> 00:09:04,839 Speaker 4: not gonna do it like we're not gonna throw the 155 00:09:04,920 --> 00:09:12,680 Speaker 4: kitchen think, yeah, okay, we'll keep it pig. Raising money 156 00:09:13,480 --> 00:09:21,240 Speaker 4: was hard. When we started a SUSU, three hundred and 157 00:09:21,280 --> 00:09:24,440 Speaker 4: twenty six investors said no to us. And one of 158 00:09:24,480 --> 00:09:29,320 Speaker 4: the tough first period of this journey was my co 159 00:09:29,440 --> 00:09:32,760 Speaker 4: founder and I just closed that first contract, you know, 160 00:09:33,120 --> 00:09:35,679 Speaker 4: at my alma mater in Minnesota. They're like, yo, we're 161 00:09:35,720 --> 00:09:39,240 Speaker 4: just gonna give him a chance. This idea and we 162 00:09:39,280 --> 00:09:43,080 Speaker 4: had put all that money into a SUSU because we 163 00:09:43,120 --> 00:09:45,920 Speaker 4: couldn't raise money and we were one hundred thousand dollars 164 00:09:46,000 --> 00:09:49,839 Speaker 4: in credit card debt. We had a great idea. The 165 00:09:49,920 --> 00:09:52,760 Speaker 4: idea was how about and we couldn't afford an hotel 166 00:09:52,840 --> 00:09:55,920 Speaker 4: room we had to stay overnight. We're like, how about 167 00:09:55,920 --> 00:10:00,560 Speaker 4: we go to Denny's get the Grand Slam walk all 168 00:10:00,640 --> 00:10:03,199 Speaker 4: nights because we just you know, and then take the 169 00:10:03,880 --> 00:10:06,240 Speaker 4: next flight eilding the morning to go raise money in 170 00:10:06,280 --> 00:10:11,120 Speaker 4: San Francisco. Great idea, so we we decided to do that. 171 00:10:11,320 --> 00:10:15,120 Speaker 4: But unfortunately, because when I perpetual motion machines, we started 172 00:10:15,200 --> 00:10:22,480 Speaker 4: falling asleep in that Dennis And unfortunately the restaurant manager 173 00:10:22,559 --> 00:10:25,200 Speaker 4: came and to guys, you know, got to kick you 174 00:10:25,240 --> 00:10:28,000 Speaker 4: guys out because I'm going to get fired. He knew 175 00:10:28,040 --> 00:10:32,040 Speaker 4: what we were trying to do. And that was one 176 00:10:32,080 --> 00:10:36,800 Speaker 4: of the darkest periods of this journey because I had 177 00:10:36,880 --> 00:10:41,480 Speaker 4: walked that big financial institutions had run deals and with 178 00:10:41,720 --> 00:10:48,200 Speaker 4: multi billion dollars from inception through execution, But why was 179 00:10:48,520 --> 00:10:51,960 Speaker 4: folks not just going to bet on us? We got 180 00:10:51,960 --> 00:10:54,880 Speaker 4: to break eventually, We got to break because of people 181 00:10:55,000 --> 00:10:58,319 Speaker 4: like all In. I met all In, you know, at 182 00:10:58,360 --> 00:11:01,920 Speaker 4: a conference for leadership developments, and we had this idea 183 00:11:01,920 --> 00:11:05,600 Speaker 4: and Olin was like, wait, you got to really focus 184 00:11:05,640 --> 00:11:08,280 Speaker 4: on certain things, and you have to think about this 185 00:11:08,440 --> 00:11:12,800 Speaker 4: idea and if you do abc things, I would invest 186 00:11:13,320 --> 00:11:17,840 Speaker 4: in the company. And you know, we're like, great, We 187 00:11:17,920 --> 00:11:23,480 Speaker 4: took his word for it, held him accountable, held us accountable. 188 00:11:23,480 --> 00:11:27,640 Speaker 4: And when the time was right. Olin came in invested 189 00:11:27,679 --> 00:11:29,880 Speaker 4: in US when it was on sex its invest in 190 00:11:29,880 --> 00:11:33,199 Speaker 4: a company like US. Ellie On led US Series D 191 00:11:33,320 --> 00:11:37,440 Speaker 4: around the finance and at ten million dollars we raised 192 00:11:37,640 --> 00:11:41,040 Speaker 4: ten point six million dollars, give us a very good 193 00:11:41,400 --> 00:11:45,400 Speaker 4: valuation when people were trying to, like undercord Us put 194 00:11:45,480 --> 00:11:48,360 Speaker 4: founders first. You know, there's a lot of folks when 195 00:11:48,360 --> 00:11:51,000 Speaker 4: you raise money, there's a lot of interesting things that happened. 196 00:11:51,400 --> 00:11:56,079 Speaker 4: Fought for us on apologetically, and then six months later, 197 00:11:58,480 --> 00:12:01,840 Speaker 4: you know, we became a billion dollar company and raised 198 00:12:01,800 --> 00:12:04,880 Speaker 4: one hundred and forty five million dollars and are just 199 00:12:05,320 --> 00:12:10,760 Speaker 4: really really grateful, And it's more exciting because it's someone 200 00:12:10,960 --> 00:12:14,720 Speaker 4: like him that invested in US and believed in US. 201 00:12:14,800 --> 00:12:18,400 Speaker 4: And when we started off, it's not only Olin, it's 202 00:12:18,440 --> 00:12:23,040 Speaker 4: people like Sean Mandy are concrete rows seventy five percent 203 00:12:23,120 --> 00:12:25,600 Speaker 4: of our cap table. So the folks that invested in 204 00:12:25,640 --> 00:12:29,320 Speaker 4: the company are either women or people of color. And 205 00:12:29,360 --> 00:12:32,880 Speaker 4: when we met them, they probably had combined one hundred 206 00:12:32,920 --> 00:12:36,240 Speaker 4: and twenty million dollars on their management. And today the 207 00:12:36,240 --> 00:12:39,280 Speaker 4: companies they've been able to invest in now they've been 208 00:12:39,320 --> 00:12:42,120 Speaker 4: able to raise over billion dollars and that's the true 209 00:12:42,200 --> 00:12:44,520 Speaker 4: impact of what we're trying to do, and it takes 210 00:12:44,600 --> 00:12:47,160 Speaker 4: investment because of people like you that make it up 211 00:12:47,160 --> 00:12:48,240 Speaker 4: and so thank you so much. 212 00:12:48,800 --> 00:12:52,840 Speaker 2: They're great. That's very nice. 213 00:12:52,920 --> 00:12:55,560 Speaker 3: So in the Spirit's convers I'm gonna tell the other 214 00:12:55,600 --> 00:12:57,120 Speaker 3: side of that story. 215 00:12:58,400 --> 00:12:59,960 Speaker 4: Olin is also a board members. 216 00:13:01,360 --> 00:13:04,200 Speaker 1: Afro Tech is a global gathering where inclusive tech companies 217 00:13:04,280 --> 00:13:06,680 Speaker 1: meet innovators. It's the only tech event you. 218 00:13:06,559 --> 00:13:07,200 Speaker 2: Need all year. 219 00:13:07,400 --> 00:13:10,360 Speaker 1: Get ready for afro Tech twenty twenty three in Austin, Texas, 220 00:13:10,480 --> 00:13:12,920 Speaker 1: November first through the fifth. We built a whole temper 221 00:13:12,960 --> 00:13:14,600 Speaker 1: you can use to help you get your employer to 222 00:13:14,679 --> 00:13:17,720 Speaker 1: sponsor your trip and enjoy experiences built for every stage 223 00:13:17,760 --> 00:13:20,000 Speaker 1: your career. Whether you're a college student looking for your 224 00:13:20,040 --> 00:13:22,720 Speaker 1: next internship, or if you work in avention capital looking 225 00:13:22,720 --> 00:13:24,840 Speaker 1: for your next business to invest in, and if you're 226 00:13:24,880 --> 00:13:26,959 Speaker 1: looking for a co founder of people that's on your team, 227 00:13:27,080 --> 00:13:29,720 Speaker 1: there's no better place to be. The massive corporate layoffs 228 00:13:29,720 --> 00:13:31,840 Speaker 1: of twenty twenty two and twenty twenty three have affected 229 00:13:31,840 --> 00:13:34,280 Speaker 1: our community in a big way. An afro Tech wants 230 00:13:34,280 --> 00:13:36,520 Speaker 1: to help you get back on your feet with skill development, 231 00:13:36,679 --> 00:13:39,080 Speaker 1: making it easier to switch industries. If that's your route 232 00:13:39,160 --> 00:13:41,440 Speaker 1: in an afro tech You'll make connections to help you 233 00:13:41,440 --> 00:13:44,960 Speaker 1: get your next opportunity. Visit afrotech dot com slash conference 234 00:13:44,960 --> 00:13:45,560 Speaker 1: to learn more. 235 00:13:46,600 --> 00:13:47,120 Speaker 4: So nice. 236 00:13:47,440 --> 00:13:50,640 Speaker 3: So we met at the conference. He was in an 237 00:13:50,679 --> 00:13:55,600 Speaker 3: accelerator program. The person say, hey, I had this entrepreneur. 238 00:13:56,559 --> 00:13:58,680 Speaker 3: I really would love you to be an executive ventor 239 00:13:59,080 --> 00:14:02,199 Speaker 3: for him to do it. I don't know sure, right, 240 00:14:02,320 --> 00:14:04,760 Speaker 3: So I meet this guy and like everyone loved him 241 00:14:04,800 --> 00:14:06,240 Speaker 3: right away he told. 242 00:14:06,040 --> 00:14:08,000 Speaker 2: Me his idea. I was like, dude, man, that's jankie. 243 00:14:08,000 --> 00:14:09,000 Speaker 2: I'm not doing that right. 244 00:14:09,120 --> 00:14:13,800 Speaker 3: So and he was like what And I was like, yes, 245 00:14:13,920 --> 00:14:15,559 Speaker 3: we talked, but he was he was actually. 246 00:14:15,320 --> 00:14:17,040 Speaker 2: Ahead of it. And he was like, yeah, I know, 247 00:14:17,800 --> 00:14:22,480 Speaker 2: we have another idea. It's like this, and he pitched 248 00:14:22,480 --> 00:14:22,800 Speaker 2: it again. 249 00:14:23,000 --> 00:14:25,600 Speaker 3: So all those three hundred and twenty six investors and said, no, 250 00:14:25,680 --> 00:14:27,160 Speaker 3: I was two of those, right. 251 00:14:27,880 --> 00:14:29,720 Speaker 2: He came the second time the idea. I was like, 252 00:14:29,960 --> 00:14:31,960 Speaker 2: I still love it. I said, no, you're not. 253 00:14:32,160 --> 00:14:34,200 Speaker 3: You're not ready for the stage where I am. But 254 00:14:34,640 --> 00:14:38,080 Speaker 3: what I am going to commit to do is help you, right. 255 00:14:38,280 --> 00:14:40,520 Speaker 3: And so I can't give you my money yet because 256 00:14:40,520 --> 00:14:42,640 Speaker 3: it's not my money, it's somebody else's money, and it's 257 00:14:42,680 --> 00:14:45,640 Speaker 3: for ducer responsibilities, but I can show you the path 258 00:14:45,680 --> 00:14:47,440 Speaker 3: to get there, and I think that's something a lot 259 00:14:47,440 --> 00:14:50,760 Speaker 3: of bass don't do today. And so, to his credit, 260 00:14:50,800 --> 00:14:54,880 Speaker 3: as you might imagine, laid out the roadmap, say do 261 00:14:55,000 --> 00:14:58,960 Speaker 3: these things, and I'm there. They were ridiculous, impossible. 262 00:14:59,320 --> 00:15:01,360 Speaker 2: He did him. And then I didn't got to him 263 00:15:01,400 --> 00:15:03,200 Speaker 2: and I was like, oh the God did it? You know? 264 00:15:03,520 --> 00:15:05,400 Speaker 2: So I think I'm in right. 265 00:15:06,080 --> 00:15:08,480 Speaker 4: There's a saying if you anger around the barber shops 266 00:15:08,480 --> 00:15:10,160 Speaker 4: soon or later, you're going to get to air quarts. 267 00:15:12,480 --> 00:15:12,840 Speaker 2: Yes. 268 00:15:13,280 --> 00:15:16,120 Speaker 3: And then and then the part he doesn't tell is 269 00:15:16,200 --> 00:15:17,920 Speaker 3: so I did lead day round. 270 00:15:17,720 --> 00:15:20,440 Speaker 2: We have a really great relationship. But when it. 271 00:15:20,360 --> 00:15:25,680 Speaker 3: Came time to do the big round, there were a 272 00:15:25,720 --> 00:15:27,200 Speaker 3: lot of people that wanted to get it, a lot 273 00:15:27,200 --> 00:15:31,000 Speaker 3: of people that wanted want it in. He actually took 274 00:15:31,040 --> 00:15:34,160 Speaker 3: a haircut on his valuation so that people like me 275 00:15:34,400 --> 00:15:35,600 Speaker 3: and some others could have an. 276 00:15:35,480 --> 00:15:38,280 Speaker 2: Opportunity to continue to invest in his fund. 277 00:15:38,320 --> 00:15:40,920 Speaker 3: Like that's the part that doesn't come out. That's part 278 00:15:40,920 --> 00:15:47,560 Speaker 3: of the means. And he and his co founder didn't hesitate, 279 00:15:47,840 --> 00:15:50,560 Speaker 3: you know, negotiations to get there, to get tight and 280 00:15:50,560 --> 00:15:52,240 Speaker 3: he was like, look if it means a little bit 281 00:15:52,320 --> 00:15:52,760 Speaker 3: less for me. 282 00:15:53,400 --> 00:15:56,320 Speaker 2: I'm going to do that. So we appreciate you for that. 283 00:15:56,400 --> 00:15:58,800 Speaker 3: I've told him I'm with him until the end, no 284 00:15:58,800 --> 00:15:59,800 Speaker 3: matter what that end is. 285 00:16:00,000 --> 00:16:03,240 Speaker 4: We just we just you know, we just life. 286 00:16:04,800 --> 00:16:05,040 Speaker 2: Good. 287 00:16:05,080 --> 00:16:07,120 Speaker 3: So I know I got the hand signals. So we're 288 00:16:07,120 --> 00:16:08,520 Speaker 3: gonna kind of wrap this up and leave a little 289 00:16:08,520 --> 00:16:10,680 Speaker 3: bit of time for Q and A. But so I 290 00:16:10,680 --> 00:16:12,200 Speaker 3: would leave it to you if you reflect on this 291 00:16:12,280 --> 00:16:17,840 Speaker 3: conversation even changes, maybe it's this other one, like it's 292 00:16:17,840 --> 00:16:20,240 Speaker 3: hard work what you're doing. I mean, it's really really tough, 293 00:16:20,440 --> 00:16:23,400 Speaker 3: and as you think about what you can share with founders, 294 00:16:23,440 --> 00:16:25,360 Speaker 3: like what's the anchor that keeps you steady, Like what 295 00:16:25,800 --> 00:16:29,480 Speaker 3: keeps you going when everything inside of you saying like 296 00:16:29,680 --> 00:16:31,120 Speaker 3: this is just too much. 297 00:16:37,480 --> 00:16:41,960 Speaker 4: This journey is very lonely. I think everyone sees you know, 298 00:16:42,640 --> 00:16:45,760 Speaker 4: you're raising one forty five, you're value added billion. I 299 00:16:45,800 --> 00:16:49,080 Speaker 4: think the billion does the muggage and doing well is 300 00:16:49,120 --> 00:16:53,160 Speaker 4: the premium that proves the billion does. What keeps me 301 00:16:53,480 --> 00:16:59,640 Speaker 4: up at night is really the fight when it's this 302 00:17:00,120 --> 00:17:05,160 Speaker 4: Entry was built on the back of black people and 303 00:17:05,200 --> 00:17:09,760 Speaker 4: a bunch of folks that have imaginalized and I'm sick 304 00:17:09,800 --> 00:17:12,399 Speaker 4: and tired of all the talk. I just want to 305 00:17:12,480 --> 00:17:16,840 Speaker 4: roll up my sleeves and do the walk. She's there. 306 00:17:21,200 --> 00:17:25,840 Speaker 4: I think given the things that people have gone through, 307 00:17:26,480 --> 00:17:34,040 Speaker 4: were indestructible, won't breakable. And you know, I just want 308 00:17:34,080 --> 00:17:38,520 Speaker 4: to see a ward whereby my children can grow up 309 00:17:38,520 --> 00:17:40,760 Speaker 4: in this country or anywhere in the world and just 310 00:17:40,840 --> 00:17:47,879 Speaker 4: say I am enough. And you know, like what this 311 00:17:48,000 --> 00:17:50,639 Speaker 4: reminds me of something really messed up, not messed up, 312 00:17:50,680 --> 00:17:53,480 Speaker 4: this kind of comical happened when we raised that around. 313 00:17:53,560 --> 00:17:57,919 Speaker 4: I called my mom. She just sacrificed everything. You know, 314 00:17:58,040 --> 00:18:00,080 Speaker 4: when I told her I was leaving Corporate America. I 315 00:18:00,160 --> 00:18:02,320 Speaker 4: used to pay my mother's rent, by the way. She's like, 316 00:18:02,359 --> 00:18:06,919 Speaker 4: oh my god, I thought we made it. And I'm like, oh, 317 00:18:06,920 --> 00:18:10,240 Speaker 4: I'm going to go co found Distant called Susan. She's like, 318 00:18:10,480 --> 00:18:13,800 Speaker 4: oh man, this is rough. So I'm like, hey, mom, 319 00:18:13,920 --> 00:18:16,280 Speaker 4: you know, we just raised one hundred and forty five million, 320 00:18:16,400 --> 00:18:18,639 Speaker 4: and you know the company's valued at a billion. You 321 00:18:18,680 --> 00:18:20,560 Speaker 4: know what my mother said, I was like, ah, I'm 322 00:18:20,560 --> 00:18:22,720 Speaker 4: so proud of you, but I was the wedding planning going. 323 00:18:25,720 --> 00:18:28,760 Speaker 4: She just doesn't get it. But what that matters is 324 00:18:28,880 --> 00:18:34,480 Speaker 4: it's proximity, right, my mother cannot necessarily comprehend what that means, 325 00:18:34,600 --> 00:18:36,800 Speaker 4: the economics of what that means, and how I could 326 00:18:36,840 --> 00:18:40,159 Speaker 4: fundamentally change our lives. And there are many of us 327 00:18:40,359 --> 00:18:44,640 Speaker 4: that have imaginalized by the system. And what I want 328 00:18:44,680 --> 00:18:47,400 Speaker 4: to do and wake up like gets me out of bed. 329 00:18:47,600 --> 00:18:50,520 Speaker 4: This journey is hard, you know, I went to bed 330 00:18:50,600 --> 00:18:53,440 Speaker 4: at three thirty am this morning. It's not sexy. There's 331 00:18:53,440 --> 00:18:55,920 Speaker 4: a bunch of issues you have to deal with on 332 00:18:56,080 --> 00:18:59,240 Speaker 4: this journey. Knowing what I know now, would I do 333 00:18:59,359 --> 00:19:04,400 Speaker 4: it again? You know, maybe yes, but I won't recommend 334 00:19:04,440 --> 00:19:06,800 Speaker 4: it for everyone. That's just the truth. There's a lot 335 00:19:06,840 --> 00:19:09,359 Speaker 4: of things that you carry. If I do well at 336 00:19:09,400 --> 00:19:11,960 Speaker 4: a SUSU, there's a good chance my marriage is suffering. 337 00:19:13,040 --> 00:19:14,760 Speaker 4: So there's a lot of things you have to juggle. 338 00:19:14,880 --> 00:19:17,159 Speaker 4: And I'm not here to give people bullshit. I'm just 339 00:19:17,240 --> 00:19:22,600 Speaker 4: here to tell people the truth. So for me, it's 340 00:19:22,720 --> 00:19:25,520 Speaker 4: just the walk, man. I just I wake up to 341 00:19:25,680 --> 00:19:30,440 Speaker 4: every time. I know I want to walk tirelessly to 342 00:19:30,600 --> 00:19:34,280 Speaker 4: bridge the ratio walth gap. And one day, when my 343 00:19:34,640 --> 00:19:38,600 Speaker 4: least expires in this construct called life, when I am transitioning, 344 00:19:39,200 --> 00:19:44,040 Speaker 4: I want to know no regrets. I did everything to 345 00:19:44,359 --> 00:19:46,840 Speaker 4: narrow that gap, and that's what gets me up every day. 346 00:19:50,760 --> 00:19:51,200 Speaker 1: I can't. 347 00:19:53,040 --> 00:19:56,600 Speaker 3: I think that's a great comment to stop on. I 348 00:19:56,680 --> 00:19:58,800 Speaker 3: don't know if we have a time for a couple 349 00:19:58,840 --> 00:20:00,520 Speaker 3: of qunit questions. 350 00:20:01,440 --> 00:20:04,920 Speaker 1: I'm for too, maybe three questions depending on how fast 351 00:20:05,000 --> 00:20:06,760 Speaker 1: they are, So listen, let's chop. 352 00:20:06,680 --> 00:20:08,280 Speaker 2: These uf NO six part questions. 353 00:20:09,119 --> 00:20:09,239 Speaker 3: Hi. 354 00:20:09,280 --> 00:20:10,080 Speaker 2: My name is Dan Green. 355 00:20:10,119 --> 00:20:12,680 Speaker 5: I'm one with from Midley, and my question for you is, 356 00:20:12,720 --> 00:20:18,200 Speaker 5: I've noticed an uptick in certain social media areas encouraging 357 00:20:18,560 --> 00:20:23,200 Speaker 5: specifically young black men and women to forego school because 358 00:20:23,240 --> 00:20:26,639 Speaker 5: of the debt and inequalities that I can accumulate. And 359 00:20:26,720 --> 00:20:28,960 Speaker 5: that influence also is saying that it's better to work 360 00:20:29,000 --> 00:20:31,359 Speaker 5: with your hands rather than trying to go to school. 361 00:20:32,160 --> 00:20:35,320 Speaker 5: And I'm curious because personally, for me, I'm kind of 362 00:20:35,359 --> 00:20:37,520 Speaker 5: torn on that. I understand that it's very difficult to 363 00:20:37,680 --> 00:20:39,320 Speaker 5: go to school and accumulate that debt and it's not. 364 00:20:39,480 --> 00:20:40,920 Speaker 2: Very easy to get that access. 365 00:20:41,600 --> 00:20:44,159 Speaker 5: But on the other side, you know, we worked with 366 00:20:44,240 --> 00:20:46,520 Speaker 5: our hands already, and so I'm kind of torn, and 367 00:20:46,600 --> 00:20:49,000 Speaker 5: I'm curious with your experience, what would you say to 368 00:20:49,080 --> 00:20:53,320 Speaker 5: that influence, especially to very young and impressionable minds of 369 00:20:53,400 --> 00:20:55,080 Speaker 5: that age, we spend a lot of time on social 370 00:20:55,160 --> 00:20:57,960 Speaker 5: media hearing these things and what that would mean for 371 00:20:58,040 --> 00:20:58,439 Speaker 5: the future. 372 00:20:59,320 --> 00:21:02,160 Speaker 4: And just to make sure I got your question, you're saying, 373 00:21:02,200 --> 00:21:05,760 Speaker 4: what's the importance of education? School now. 374 00:21:08,080 --> 00:21:11,200 Speaker 5: Towards the influence towards young black men and women are 375 00:21:11,280 --> 00:21:12,840 Speaker 5: saying school isn't worth it. 376 00:21:13,320 --> 00:21:15,320 Speaker 2: It's better to work with your hands in this day 377 00:21:15,320 --> 00:21:15,640 Speaker 2: and age. 378 00:21:18,480 --> 00:21:23,440 Speaker 4: Look for me, I can speak for myself, and education 379 00:21:23,640 --> 00:21:27,480 Speaker 4: changed my life. You know, when I was growing up 380 00:21:27,520 --> 00:21:29,520 Speaker 4: in the slums and I was going to school with 381 00:21:29,680 --> 00:21:33,080 Speaker 4: the minister skids or like the former president's kid, and 382 00:21:33,280 --> 00:21:37,639 Speaker 4: when I was the best econstudent literally in the entire university, 383 00:21:37,800 --> 00:21:40,440 Speaker 4: it gave me a sense of worth that I'm like, Wow, 384 00:21:40,560 --> 00:21:42,760 Speaker 4: you know, might be living in a place where we 385 00:21:42,800 --> 00:21:46,159 Speaker 4: don't have functioning toilets, or we don't have constant electricity, 386 00:21:46,240 --> 00:21:48,639 Speaker 4: but there's something I could do very well. And then 387 00:21:48,720 --> 00:21:52,560 Speaker 4: when I came to the United States, right like when 388 00:21:52,640 --> 00:21:56,400 Speaker 4: I found out that you guys pay people to essentially 389 00:21:56,600 --> 00:21:59,760 Speaker 4: teach other people at the Academic Assistance Center, I'm like, man, 390 00:21:59,760 --> 00:22:02,600 Speaker 4: people who paid me to be smart? That's like game changing. 391 00:22:03,040 --> 00:22:05,119 Speaker 4: And then the network I got when I went to 392 00:22:05,800 --> 00:22:09,760 Speaker 4: graduate school just down the street at NYU opened up 393 00:22:09,800 --> 00:22:11,919 Speaker 4: my mind and that's where I even met my co founder, 394 00:22:12,640 --> 00:22:16,639 Speaker 4: like over ten years ago. Right, So, I think what 395 00:22:16,960 --> 00:22:21,720 Speaker 4: education does, in my opinion, it expands your intellectual frame 396 00:22:21,800 --> 00:22:26,000 Speaker 4: of reference. Right, you see things from different walks of life. 397 00:22:26,040 --> 00:22:29,600 Speaker 4: But that's not the only way, right, you can folks 398 00:22:29,680 --> 00:22:34,160 Speaker 4: have all the alternative. But for me, it fundamentally transformed 399 00:22:34,200 --> 00:22:37,960 Speaker 4: my life and the experience as you gain in those institutions, 400 00:22:38,400 --> 00:22:39,200 Speaker 4: my life changing. 401 00:22:40,320 --> 00:22:40,520 Speaker 2: Yeah. 402 00:22:40,680 --> 00:22:42,359 Speaker 3: One thing I would add to that is what you 403 00:22:42,400 --> 00:22:45,960 Speaker 3: said in the way you almost answered it. Let's separate 404 00:22:46,040 --> 00:22:50,760 Speaker 3: school from education. Everybody needs to educate their minds. They 405 00:22:50,800 --> 00:22:53,119 Speaker 3: need to open themselves up to possibility. They need to 406 00:22:53,320 --> 00:22:55,800 Speaker 3: learn and they need to grow. And anybody who's not 407 00:22:55,920 --> 00:22:58,359 Speaker 3: doing that is going to be replaced by machine before 408 00:22:58,400 --> 00:23:02,399 Speaker 3: they know it. You have to go to college, Do 409 00:23:02,480 --> 00:23:04,200 Speaker 3: you have to go to IVY League? Do you have 410 00:23:04,400 --> 00:23:08,200 Speaker 3: to go somewhere else to get those that educational mindset. 411 00:23:08,320 --> 00:23:09,760 Speaker 3: I don't think that's necessary. 412 00:23:10,080 --> 00:23:11,840 Speaker 2: And more and more you see that where particularly in 413 00:23:11,920 --> 00:23:14,359 Speaker 2: technical field, where they just want to see that you 414 00:23:14,440 --> 00:23:15,160 Speaker 2: can do the work. 415 00:23:15,320 --> 00:23:19,680 Speaker 3: And so for those folks out there, separate school versus 416 00:23:19,800 --> 00:23:23,119 Speaker 3: that school, trade school, versus technical school, you know, or 417 00:23:23,880 --> 00:23:29,040 Speaker 3: academic versus education. We cannot let go of the idea 418 00:23:29,080 --> 00:23:31,000 Speaker 3: that we need to educate ourselves. 419 00:23:31,000 --> 00:23:31,600 Speaker 4: How we do that. 420 00:23:36,960 --> 00:23:41,720 Speaker 6: My name is Masa. I'm from Minneapolis, Minnesota. First, I 421 00:23:41,800 --> 00:23:45,040 Speaker 6: want to really thank you both for a very inspiring 422 00:23:45,160 --> 00:23:48,920 Speaker 6: first side chat and to you with me more, I 423 00:23:49,000 --> 00:23:51,760 Speaker 6: want to really thank you for being very authentic. Your 424 00:23:51,840 --> 00:23:55,639 Speaker 6: story come across very uniquely and it's very inspiring to 425 00:23:55,720 --> 00:23:58,920 Speaker 6: people in our community. You too, You both have had 426 00:23:58,960 --> 00:24:05,200 Speaker 6: a very interesting change about entrepreneurs preparedness, especially when approaching 427 00:24:05,240 --> 00:24:09,160 Speaker 6: a VC. So to you, Allen, I would really appreciate 428 00:24:09,280 --> 00:24:11,960 Speaker 6: if you can share with us because myself I'm a 429 00:24:12,040 --> 00:24:14,680 Speaker 6: founder working on an AI start up and also looking 430 00:24:14,760 --> 00:24:19,119 Speaker 6: towards taking the journey of fundraising and things like that. 431 00:24:19,440 --> 00:24:22,880 Speaker 6: I would like to learn from you as a VC 432 00:24:23,240 --> 00:24:27,720 Speaker 6: what you look for in aspiring founders before getting that 433 00:24:28,000 --> 00:24:30,520 Speaker 6: interest in funding them. What kind of traits do you 434 00:24:30,640 --> 00:24:33,240 Speaker 6: look in them to see in order for you to 435 00:24:33,760 --> 00:24:37,239 Speaker 6: have that interest to fund them, And secondly, what are 436 00:24:37,280 --> 00:24:41,840 Speaker 6: the key value props you look in your ideas to 437 00:24:42,080 --> 00:24:45,280 Speaker 6: validate them whether you fund them or not. 438 00:24:47,440 --> 00:24:48,200 Speaker 2: That's a big question. 439 00:24:50,600 --> 00:24:53,280 Speaker 3: I'm going to shorten that what I would say is 440 00:24:53,520 --> 00:24:57,840 Speaker 3: first and foremost and head if I do my job correctly, 441 00:24:58,440 --> 00:25:00,080 Speaker 3: the first thing I do when I've been out or 442 00:25:00,200 --> 00:25:02,360 Speaker 3: to try to talk them out of venture capital. 443 00:25:03,320 --> 00:25:04,640 Speaker 2: It is not for everyone. 444 00:25:05,280 --> 00:25:08,520 Speaker 3: You've got to be clear about the world that you're 445 00:25:08,680 --> 00:25:11,000 Speaker 3: getting into, the game that you're getting in, and no 446 00:25:11,119 --> 00:25:14,640 Speaker 3: matter how much you think you know what you're getting into, it's. 447 00:25:16,560 --> 00:25:17,119 Speaker 2: It's worse. 448 00:25:18,200 --> 00:25:21,520 Speaker 3: So the thing that remember about venture capital is that 449 00:25:21,600 --> 00:25:25,000 Speaker 3: you're talking about one percent of one percent of the 450 00:25:25,080 --> 00:25:28,479 Speaker 3: businesses just to get venture capital, and then there's one 451 00:25:28,560 --> 00:25:31,320 Speaker 3: percent of those that are actually kind of successful. So 452 00:25:31,400 --> 00:25:34,320 Speaker 3: it's a really, really hard We're talking about the tippy 453 00:25:34,400 --> 00:25:37,440 Speaker 3: tippy top of all businesses in the US, thirty three 454 00:25:37,520 --> 00:25:39,720 Speaker 3: million of them small businesses. 455 00:25:39,800 --> 00:25:41,960 Speaker 2: I think there's only you know, maybe ten. 456 00:25:42,040 --> 00:25:45,320 Speaker 3: Twenty thousand dollars venture back twenty thousand a venture back. 457 00:25:46,000 --> 00:25:49,440 Speaker 3: But generally speaking, you go through that hurdle. And this 458 00:25:49,560 --> 00:25:52,639 Speaker 3: is something that as a as a culture, we are 459 00:25:53,280 --> 00:25:58,080 Speaker 3: learning this. We're relatively new to venture really impressing that 460 00:25:58,160 --> 00:25:59,320 Speaker 3: the idea has to be big. 461 00:26:01,640 --> 00:26:06,600 Speaker 2: You have to have something about you that can make someone. 462 00:26:06,600 --> 00:26:10,960 Speaker 3: Believe that you can execute on this big idea, and 463 00:26:11,119 --> 00:26:15,080 Speaker 3: you have to bring some skills that are important, whether 464 00:26:15,119 --> 00:26:19,399 Speaker 3: it's the ability to have people follow you, or you 465 00:26:19,560 --> 00:26:22,400 Speaker 3: have some technical skills, or you need something that makes 466 00:26:22,560 --> 00:26:26,120 Speaker 3: you be that one in a million that we thinking 467 00:26:26,200 --> 00:26:28,840 Speaker 3: the idea, and I think part of the challenges and 468 00:26:28,920 --> 00:26:30,760 Speaker 3: this is, you know, working with me MOO is the 469 00:26:30,760 --> 00:26:36,199 Speaker 3: same thing where there's some basic things that we need 470 00:26:36,320 --> 00:26:38,679 Speaker 3: to find people that just teach us. 471 00:26:38,800 --> 00:26:41,680 Speaker 2: They're easy, totally learnable. 472 00:26:41,720 --> 00:26:44,960 Speaker 3: But what happens in today's environment is if someone doesn't 473 00:26:45,080 --> 00:26:48,399 Speaker 3: know something that's very basic, they extrapolate that to me 474 00:26:48,520 --> 00:26:53,240 Speaker 3: they don't know anything, and it's just not true. Really fast, 475 00:26:53,600 --> 00:26:56,240 Speaker 3: short story, not going to my whole life to a 476 00:26:56,359 --> 00:26:58,480 Speaker 3: computer science class in college. 477 00:26:59,440 --> 00:27:03,400 Speaker 2: Industry failed that class. But it was a long time ago. 478 00:27:03,480 --> 00:27:05,200 Speaker 2: I'm super old school. I don't want to go into that. 479 00:27:05,800 --> 00:27:07,080 Speaker 2: But it was back at the time. 480 00:27:07,600 --> 00:27:11,320 Speaker 3: I had never seen a computer before, staring at the computer, 481 00:27:11,960 --> 00:27:14,879 Speaker 3: didn't know how to turn it on. Teacher was really upset. 482 00:27:15,040 --> 00:27:17,040 Speaker 3: He thought I was lazy, thought I, you know, didn't 483 00:27:17,040 --> 00:27:19,199 Speaker 3: know what I was doing. Thought I wasn't paying attention. 484 00:27:19,560 --> 00:27:22,000 Speaker 3: That was back in the day when the on off 485 00:27:22,080 --> 00:27:23,520 Speaker 3: button for the computer was in the. 486 00:27:23,600 --> 00:27:24,720 Speaker 2: Back and to the left. 487 00:27:25,320 --> 00:27:27,360 Speaker 3: Like I never said people who put the on off 488 00:27:27,400 --> 00:27:33,680 Speaker 3: button back there just shit on and but like that 489 00:27:33,920 --> 00:27:37,080 Speaker 3: that that little like once someone tells you once you 490 00:27:37,200 --> 00:27:41,639 Speaker 3: know it forever. But instead of telling me, it's shame 491 00:27:41,720 --> 00:27:44,320 Speaker 3: to me for not knowing something that, like when you 492 00:27:44,440 --> 00:27:46,119 Speaker 3: talk about it now, like of course you didn't know 493 00:27:46,240 --> 00:27:48,280 Speaker 3: it was why don't you know? And that's the kind 494 00:27:48,320 --> 00:27:50,040 Speaker 3: of thing that happens in a venture all the time, 495 00:27:50,400 --> 00:27:52,600 Speaker 3: where they're basic things that people would just need to 496 00:27:52,680 --> 00:27:53,879 Speaker 3: tell tell others. 497 00:27:53,960 --> 00:27:55,720 Speaker 2: Like we're just saying, like what are the things we're 498 00:27:55,720 --> 00:27:57,640 Speaker 2: looking for so that people can understand. 499 00:27:57,920 --> 00:28:00,480 Speaker 3: You all are bright, you all are smart, you get it, 500 00:28:01,000 --> 00:28:03,760 Speaker 3: but you're not magicians, like you can't read minds. And 501 00:28:03,880 --> 00:28:05,480 Speaker 3: I think a lot of what we need in venture 502 00:28:05,520 --> 00:28:08,959 Speaker 3: capitals to move forward, it's just help people laying out 503 00:28:09,000 --> 00:28:09,520 Speaker 3: the roadmap. 504 00:28:09,640 --> 00:28:12,840 Speaker 2: I didn't make it easy for with memo no back is. 505 00:28:13,400 --> 00:28:15,240 Speaker 3: I ran my fund as a black person run the 506 00:28:15,280 --> 00:28:17,160 Speaker 3: fund and at that time one hundred and fifty million. 507 00:28:17,200 --> 00:28:20,160 Speaker 2: That was the largest first time fund for a black person. 508 00:28:20,200 --> 00:28:21,680 Speaker 3: There was a lot of pressure on me, like I 509 00:28:21,720 --> 00:28:24,359 Speaker 3: can't go around for the sake of all of us, 510 00:28:24,400 --> 00:28:26,199 Speaker 3: I can't go around doing favors when I gotta get 511 00:28:26,280 --> 00:28:28,639 Speaker 3: I gotta hit some you know, I gotta hit man. 512 00:28:29,720 --> 00:28:31,440 Speaker 3: And so I was like, I'm like, you know, like 513 00:28:31,520 --> 00:28:33,520 Speaker 3: the dad with the son on the team, I'm like 514 00:28:33,720 --> 00:28:36,440 Speaker 3: ripping it to this dude, man, because like, we gotta 515 00:28:36,480 --> 00:28:37,000 Speaker 3: win together. 516 00:28:37,080 --> 00:28:38,400 Speaker 2: It's not just about us. 517 00:28:40,000 --> 00:28:42,200 Speaker 3: And so but I did lay out the roadmap and 518 00:28:42,320 --> 00:28:44,240 Speaker 3: that's all that he needed, right, And I think for 519 00:28:44,280 --> 00:28:46,720 Speaker 3: a lot of entrepreneurs and founders, and like I said, 520 00:28:46,760 --> 00:28:50,840 Speaker 3: we just need to help lay out that roadmap for people. 521 00:28:50,880 --> 00:28:53,760 Speaker 3: Stop playing the games, stop saying do this, and then 522 00:28:53,840 --> 00:28:56,600 Speaker 3: move the goalposts and then we can kind of make 523 00:28:56,640 --> 00:28:57,240 Speaker 3: that progress. 524 00:28:58,000 --> 00:29:00,360 Speaker 4: The only thing I would say is just because I'm 525 00:29:00,440 --> 00:29:06,240 Speaker 4: very practical, we created a how to raise money and 526 00:29:06,320 --> 00:29:09,040 Speaker 4: the things you need when you talk to people like olin. 527 00:29:09,520 --> 00:29:11,560 Speaker 4: So we have a guide that we created to just 528 00:29:11,640 --> 00:29:14,320 Speaker 4: demmestify the process because what pisses me off the most 529 00:29:14,480 --> 00:29:16,760 Speaker 4: is like when you try to raise money from people 530 00:29:16,800 --> 00:29:19,560 Speaker 4: and they're like, oh, you know, like what's the addressable market? 531 00:29:19,680 --> 00:29:23,080 Speaker 4: I'm like, what does that mean? Now? I know what 532 00:29:23,200 --> 00:29:27,680 Speaker 4: it means. But so if you need specific information, you 533 00:29:27,720 --> 00:29:30,280 Speaker 4: can find me on LinkedIn, reach out, or my email 534 00:29:30,520 --> 00:29:33,680 Speaker 4: was sending to you. We created it to just cut 535 00:29:33,720 --> 00:29:35,360 Speaker 4: out the bullshit out of the process. 536 00:29:37,960 --> 00:29:40,160 Speaker 2: Y'all make some noise to them, make some noise. 537 00:29:41,120 --> 00:29:42,480 Speaker 1: Thank you, thank you, thank you. 538 00:29:43,400 --> 00:29:44,240 Speaker 2: Y'all could do better to that. 539 00:29:45,760 --> 00:29:46,080 Speaker 3: I don't know. 540 00:29:46,640 --> 00:29:48,680 Speaker 2: Is this masking overhelm me? If I go that, you 541 00:29:48,800 --> 00:29:51,840 Speaker 2: go down with me? I mean, obaman, you know what 542 00:29:51,880 --> 00:29:52,200 Speaker 2: I mean? 543 00:29:52,320 --> 00:29:52,960 Speaker 4: You know what I mean. 544 00:29:54,120 --> 00:29:56,920 Speaker 1: Afro Tech is a global gathering where inclusive tech companies 545 00:29:57,000 --> 00:29:59,320 Speaker 1: meet innovators. It's the only tech event. 546 00:29:59,160 --> 00:29:59,840 Speaker 2: You need all year. 547 00:30:00,120 --> 00:30:03,000 Speaker 1: Get ready for Afrotech twenty twenty three in Austin, Texas, 548 00:30:03,200 --> 00:30:05,640 Speaker 1: November first through the fifth. We built a whole temper 549 00:30:05,680 --> 00:30:07,280 Speaker 1: you can use to help you get your employer to 550 00:30:07,360 --> 00:30:10,400 Speaker 1: sponsor your trip and enjoy experiences built for every stage 551 00:30:10,480 --> 00:30:12,719 Speaker 1: your career. 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