1 00:00:00,640 --> 00:00:03,480 Speaker 1: You know, we're teaching people how the fundrais. We're also fundraising. Yeah, 2 00:00:03,680 --> 00:00:07,360 Speaker 1: when it comes to essentially having to talk to funders 3 00:00:07,360 --> 00:00:09,119 Speaker 1: and having to talk to employees, you have to act 4 00:00:09,160 --> 00:00:10,600 Speaker 1: like you know what's going on. You have to act 5 00:00:10,640 --> 00:00:13,039 Speaker 1: like you have it all together. And that's not always 6 00:00:13,080 --> 00:00:15,920 Speaker 1: the case. It's just anyone who's been an entrepreneurship before 7 00:00:15,920 --> 00:00:18,360 Speaker 1: I knows that you're constantly just trying to figure things out, 8 00:00:19,120 --> 00:00:27,760 Speaker 1: and so we run into a lot of things. 9 00:00:29,360 --> 00:00:32,280 Speaker 2: He everybody, Welcome to another episode of the Button Domics podcast. 10 00:00:32,360 --> 00:00:34,480 Speaker 2: I'm your host, Brandan Butler, founder and CEO of Butter 11 00:00:34,520 --> 00:00:38,479 Speaker 2: atl And today we got money in the building. We 12 00:00:38,520 --> 00:00:40,720 Speaker 2: have to We brought the check, said, but they ain't 13 00:00:40,720 --> 00:00:42,080 Speaker 2: bring no check with them. But they got the checks 14 00:00:42,120 --> 00:00:45,680 Speaker 2: though we already know. I have Dante Miller, co founder 15 00:00:45,720 --> 00:00:48,760 Speaker 2: and CEO of the Village Micro Fund, as well as 16 00:00:49,000 --> 00:00:51,680 Speaker 2: Harriet Williams, co founder and vice president of the Village 17 00:00:51,720 --> 00:00:53,320 Speaker 2: Micro Fund. How are y'all doing today? 18 00:00:53,640 --> 00:00:56,440 Speaker 1: I'm doing great, doing great all things considered. 19 00:00:57,200 --> 00:01:00,400 Speaker 3: Yes, it's been a week. We'll talk about that out there. 20 00:01:01,120 --> 00:01:01,680 Speaker 3: It's been a week. 21 00:01:01,720 --> 00:01:04,120 Speaker 2: But that's why it's so important what you all are 22 00:01:04,160 --> 00:01:07,480 Speaker 2: doing though because we got a lot of undercapitalized founders 23 00:01:07,480 --> 00:01:09,840 Speaker 2: out here, it could be a challenge trying to you know, 24 00:01:09,959 --> 00:01:11,920 Speaker 2: raise money grow a business. So for those that don't know, 25 00:01:12,319 --> 00:01:13,800 Speaker 2: what does the Village Micro Fund do? 26 00:01:14,640 --> 00:01:16,880 Speaker 1: Yeah, so we're a social impact fund and we work 27 00:01:16,920 --> 00:01:19,640 Speaker 1: with black founders to teach and invest in them, but 28 00:01:19,800 --> 00:01:22,800 Speaker 1: also create alternative investment models because it's like, at the 29 00:01:22,880 --> 00:01:25,360 Speaker 1: end of the day, every investment is just a contract 30 00:01:25,400 --> 00:01:28,440 Speaker 1: between the investor and investee, and we really haven't like 31 00:01:28,520 --> 00:01:31,800 Speaker 1: revisited these contracts in some cases, like in over one 32 00:01:31,840 --> 00:01:34,319 Speaker 1: hundred years, and so we need to make contracts that 33 00:01:34,360 --> 00:01:36,080 Speaker 1: actually work for us and the people that we serve. 34 00:01:36,480 --> 00:01:38,720 Speaker 1: And so, you know, just creating alternative models. 35 00:01:39,040 --> 00:01:40,560 Speaker 3: You know, when you say alternative models, what all does 36 00:01:40,560 --> 00:01:40,880 Speaker 3: that mean? 37 00:01:40,880 --> 00:01:43,080 Speaker 1: Though, Like it's like, what's the alternative venture capital? It's 38 00:01:43,080 --> 00:01:45,800 Speaker 1: the alternative private equity. Like, we don't need more black 39 00:01:45,880 --> 00:01:49,000 Speaker 1: vcs and more black private equity because they only work 40 00:01:49,040 --> 00:01:52,320 Speaker 1: for like a very small percentage of the population period. 41 00:01:52,520 --> 00:01:55,800 Speaker 1: You know, So what actually, how do we get money 42 00:01:55,840 --> 00:01:58,800 Speaker 1: to businesses in ways that actually makes sense for our 43 00:01:58,880 --> 00:02:00,760 Speaker 1: types of businesses. You know, you're not trying to be 44 00:02:00,800 --> 00:02:03,200 Speaker 1: the next uber, you're trying to run your mom pop shop. 45 00:02:03,240 --> 00:02:06,200 Speaker 1: You're trying to run you know, whatever businesses you have, 46 00:02:06,320 --> 00:02:10,000 Speaker 1: and so we just create like for example, our work 47 00:02:10,080 --> 00:02:12,040 Speaker 1: is equity fund. Yeah, it's like the alternative to a 48 00:02:12,080 --> 00:02:14,160 Speaker 1: private equity fund. We invest in business and then sell 49 00:02:14,200 --> 00:02:16,600 Speaker 1: the shares back to the employees and so that way 50 00:02:16,680 --> 00:02:18,799 Speaker 1: it's like actually an employee owned business. They can pay 51 00:02:18,800 --> 00:02:20,440 Speaker 1: for that with the profits that they now get from 52 00:02:20,560 --> 00:02:22,880 Speaker 1: owning a share of the business. And so just you know, 53 00:02:23,080 --> 00:02:24,000 Speaker 1: try our new models. 54 00:02:24,320 --> 00:02:26,640 Speaker 2: No, that's interesting. Now, now what inspired y'all to get 55 00:02:26,680 --> 00:02:28,160 Speaker 2: into this work in the first place? Where you're working 56 00:02:28,200 --> 00:02:30,200 Speaker 2: in VC before it is just something that you saw 57 00:02:30,240 --> 00:02:33,280 Speaker 2: as an opportunity, Like what inspired this work? 58 00:02:33,560 --> 00:02:36,280 Speaker 1: I mean, it's a combination from our perspective. We actually 59 00:02:36,280 --> 00:02:38,320 Speaker 1: came up with the idea at on Wall Street and 60 00:02:38,360 --> 00:02:40,760 Speaker 1: so it was like and turning at gold Miss Sex 61 00:02:41,240 --> 00:02:43,000 Speaker 1: kind of saw how money moved up there, and it 62 00:02:43,040 --> 00:02:45,799 Speaker 1: was like, Okay, this system actually works really well and 63 00:02:45,800 --> 00:02:48,560 Speaker 1: it's doing exactly what it's intended to do. And so 64 00:02:49,960 --> 00:02:52,040 Speaker 1: this system works for the people that are up there, 65 00:02:52,240 --> 00:02:54,920 Speaker 1: what system actually works for us? And just that kind 66 00:02:54,960 --> 00:02:57,160 Speaker 1: of open mind to and then you know, Harriet c 67 00:02:57,320 --> 00:02:58,440 Speaker 1: as a whole family. 68 00:02:59,560 --> 00:03:03,240 Speaker 4: Well, yeah, like as black people, we have somebody an auntie, 69 00:03:03,400 --> 00:03:07,079 Speaker 4: uncle who is an entrepreneur, like has maybe a food 70 00:03:07,120 --> 00:03:09,560 Speaker 4: shop for My family were from the South, so we 71 00:03:09,639 --> 00:03:13,000 Speaker 4: had farms and just seeing how when my grandmother got older, 72 00:03:13,120 --> 00:03:15,680 Speaker 4: she was unable to tend to the farm. And now 73 00:03:15,680 --> 00:03:17,440 Speaker 4: if she had a Village micro Fund, we could have 74 00:03:17,560 --> 00:03:20,400 Speaker 4: leveraged and helped her to find other black farmers who 75 00:03:20,440 --> 00:03:22,280 Speaker 4: need to do a land lease or whatever so that 76 00:03:22,320 --> 00:03:24,520 Speaker 4: she continued to get money. But she had to go 77 00:03:24,600 --> 00:03:26,760 Speaker 4: back to work at an older age because she just 78 00:03:26,840 --> 00:03:29,240 Speaker 4: wasn't able to work the land anymore. And so there's 79 00:03:29,280 --> 00:03:31,840 Speaker 4: a lot of stories, especially with succession, like a lot 80 00:03:31,880 --> 00:03:36,040 Speaker 4: of great atls staples like miss Anne's or She and 81 00:03:36,120 --> 00:03:39,680 Speaker 4: Trail's like that have disappeared and people loved them. 82 00:03:39,680 --> 00:03:41,360 Speaker 5: I still wish I had a ghetto burger. 83 00:03:43,960 --> 00:03:45,960 Speaker 4: But you know, like when we think about our community 84 00:03:46,000 --> 00:03:48,920 Speaker 4: and the people that are really there, like they're just 85 00:03:48,960 --> 00:03:50,720 Speaker 4: really good at what they do. They're really good at 86 00:03:50,720 --> 00:03:53,960 Speaker 4: making burgers, they're really good at making whatever their their 87 00:03:54,360 --> 00:03:57,160 Speaker 4: craft is. But here at Village micro Fund, we just 88 00:03:57,240 --> 00:04:00,280 Speaker 4: want to help our businesses to continue to live through 89 00:04:00,320 --> 00:04:03,240 Speaker 4: generations and have the resources that they need in education, 90 00:04:03,360 --> 00:04:05,920 Speaker 4: that they need outside of just doing what they do well. 91 00:04:06,280 --> 00:04:08,160 Speaker 2: Yeah, I mean for a lot of small businesses, you know, 92 00:04:08,240 --> 00:04:11,040 Speaker 2: getting capital is difficult, and especially we're in a space 93 00:04:11,080 --> 00:04:14,600 Speaker 2: where a lot of businesses aren't necessarily considered to be investable, right, 94 00:04:14,640 --> 00:04:16,640 Speaker 2: you know, so we talk about these like small businesses, 95 00:04:16,680 --> 00:04:18,479 Speaker 2: mom and pop shops, and you know, with these private 96 00:04:18,480 --> 00:04:20,839 Speaker 2: equity funds, they want to ten x one hundred x 97 00:04:20,880 --> 00:04:22,560 Speaker 2: something and that's not always the case, right, And so 98 00:04:22,600 --> 00:04:25,080 Speaker 2: there's kind of this white space, especially in our community, 99 00:04:25,400 --> 00:04:27,400 Speaker 2: around people that are just doing good work, that have 100 00:04:27,440 --> 00:04:30,560 Speaker 2: a good sustainable company, but they could use that you know, 101 00:04:30,839 --> 00:04:32,480 Speaker 2: infusion of cash here and there to kind of help 102 00:04:32,480 --> 00:04:34,920 Speaker 2: them achieve that. Now, what are you all seeing is, 103 00:04:35,000 --> 00:04:36,760 Speaker 2: you know, I hear a lot about these people that 104 00:04:36,800 --> 00:04:38,600 Speaker 2: have been running these businesses and you know now are 105 00:04:38,640 --> 00:04:39,960 Speaker 2: kind of getting to the point that we're getting ready 106 00:04:39,920 --> 00:04:41,400 Speaker 2: to retire and they're trying to figure out how they 107 00:04:41,400 --> 00:04:43,400 Speaker 2: want to hand that down to the next generation. You 108 00:04:43,440 --> 00:04:45,160 Speaker 2: got these pe companies trying to come in and scoop 109 00:04:45,200 --> 00:04:47,120 Speaker 2: them up. Do you all work with these companies when 110 00:04:47,120 --> 00:04:49,320 Speaker 2: they're kind of when the owners are ready to kind 111 00:04:49,320 --> 00:04:50,880 Speaker 2: of step away and say, you know, before you go 112 00:04:50,920 --> 00:04:52,680 Speaker 2: sell up to somebody else so they go out of business, 113 00:04:52,920 --> 00:04:54,640 Speaker 2: here's some other ways that you can kind of continue 114 00:04:54,640 --> 00:04:56,320 Speaker 2: this brand or do you all not get to that 115 00:04:56,360 --> 00:04:57,040 Speaker 2: part of the business. 116 00:04:57,200 --> 00:04:59,440 Speaker 4: Well that's part of where like the worker's equity fund 117 00:04:59,480 --> 00:05:02,520 Speaker 4: can come in. So say, if this is mss Anne's 118 00:05:02,520 --> 00:05:05,080 Speaker 4: and there's like a group of workers that are working there, 119 00:05:05,600 --> 00:05:07,880 Speaker 4: if of course miss Ann passed away, but say like 120 00:05:07,960 --> 00:05:10,280 Speaker 4: perfect scenario, ms Anne was like, I'm tired, i don't 121 00:05:10,320 --> 00:05:11,680 Speaker 4: want to work here anymore. 122 00:05:12,200 --> 00:05:13,400 Speaker 5: I'm ready to let it go. 123 00:05:13,480 --> 00:05:15,800 Speaker 4: Instead of selling it, which mister Ann never wanted to do, 124 00:05:16,240 --> 00:05:19,120 Speaker 4: her workers could buy a share, buy a portion of it, 125 00:05:19,200 --> 00:05:23,320 Speaker 4: and then actually be worker owners, and therefore it is 126 00:05:23,360 --> 00:05:26,799 Speaker 4: succeeding the business to the workers. But she's still able 127 00:05:26,839 --> 00:05:29,039 Speaker 4: to own her share and they're able to own their share. 128 00:05:29,640 --> 00:05:31,279 Speaker 4: So it kind of goes to what Dante was saying 129 00:05:31,279 --> 00:05:34,280 Speaker 4: about like different types of models. It's not the traditional oh, 130 00:05:34,279 --> 00:05:36,120 Speaker 4: we're just going to go find a buyer to come 131 00:05:36,120 --> 00:05:38,880 Speaker 4: buy this business, and then that buyer takes all the 132 00:05:38,920 --> 00:05:42,200 Speaker 4: culture out, takes all the ways that the business makes money, 133 00:05:42,200 --> 00:05:45,039 Speaker 4: and even takes the community care out of it. But 134 00:05:45,160 --> 00:05:47,800 Speaker 4: like having people who are already invested in these businesses 135 00:05:47,839 --> 00:05:51,200 Speaker 4: be able to invest that work there and care about 136 00:05:51,200 --> 00:05:51,920 Speaker 4: the mission of it. 137 00:05:52,120 --> 00:05:53,800 Speaker 2: And did you all learn about those kind of because 138 00:05:53,800 --> 00:05:55,560 Speaker 2: I've never heard of that kind of model before personally, Right, 139 00:05:55,600 --> 00:05:57,240 Speaker 2: So did you learn about that kind of model with 140 00:05:57,400 --> 00:05:59,920 Speaker 2: your work on Wall Street? Did you see another version 141 00:06:00,080 --> 00:06:01,719 Speaker 2: that was working for another type of business? Say, this 142 00:06:01,720 --> 00:06:03,080 Speaker 2: is how we could apply it? Like, how do you 143 00:06:03,120 --> 00:06:05,320 Speaker 2: come up with an idea like the worker's equity fund? 144 00:06:05,560 --> 00:06:10,000 Speaker 1: I mean, it's really a combination of things. Private equity 145 00:06:10,000 --> 00:06:13,160 Speaker 1: funds exists, cooperatives exists. It's just no one had really 146 00:06:13,200 --> 00:06:15,240 Speaker 1: been thinking about how to bring those two things together. 147 00:06:15,640 --> 00:06:17,640 Speaker 1: And so a lot of like what you call innovation, 148 00:06:17,680 --> 00:06:19,680 Speaker 1: it's taking two old things putting together and now it's 149 00:06:19,680 --> 00:06:22,320 Speaker 1: a new thing. Right, So the Worker's Equity Fund was 150 00:06:22,720 --> 00:06:26,000 Speaker 1: really just an example of that. It's like, Okay, at 151 00:06:26,000 --> 00:06:27,839 Speaker 1: the end of the day, someone has to buy their business, 152 00:06:27,920 --> 00:06:29,880 Speaker 1: and who is just buying the business? And what are 153 00:06:29,880 --> 00:06:32,359 Speaker 1: their you know, ulterior motives? And it's like it's very 154 00:06:32,400 --> 00:06:34,760 Speaker 1: different when you're talking about an investor versus employees. So 155 00:06:34,800 --> 00:06:35,800 Speaker 1: it just made sense to us. 156 00:06:36,080 --> 00:06:38,720 Speaker 2: Yeah, and when you're looking for businesses that you want 157 00:06:38,720 --> 00:06:40,719 Speaker 2: to partner with an investor, Like, how do you evaluate 158 00:06:40,760 --> 00:06:42,960 Speaker 2: these types of businesses, because again, they might not have 159 00:06:43,000 --> 00:06:45,880 Speaker 2: traditional financials, they might might not follow you know, gap 160 00:06:45,920 --> 00:06:48,039 Speaker 2: accounting principles all the time. You know, mom might be 161 00:06:48,040 --> 00:06:50,360 Speaker 2: in the back writing stuff in a notebook or something 162 00:06:50,400 --> 00:06:52,120 Speaker 2: like that. Right, So, how do you all evaluate these 163 00:06:52,120 --> 00:06:54,839 Speaker 2: companies and figure out if they're you know, fundable investable 164 00:06:54,839 --> 00:06:55,599 Speaker 2: from the kind of work. 165 00:06:55,440 --> 00:06:56,040 Speaker 3: That you all do. 166 00:06:56,720 --> 00:06:58,479 Speaker 1: Yeah, I mean a lot of that we actually do 167 00:06:58,560 --> 00:07:02,320 Speaker 1: through our Flores fellow. So the teaching part is pretty big. 168 00:07:03,200 --> 00:07:06,640 Speaker 1: We do evaluate businesses just on like you know, your financials, 169 00:07:06,680 --> 00:07:08,279 Speaker 1: but like you said, a lot of them don't actually 170 00:07:08,279 --> 00:07:11,360 Speaker 1: have you know, an accountant per se. They're really good 171 00:07:11,360 --> 00:07:13,560 Speaker 1: at what they do, they're not necessarily experts in the 172 00:07:13,600 --> 00:07:16,640 Speaker 1: back office part. And so one thing that we do 173 00:07:16,680 --> 00:07:19,320 Speaker 1: through our class is like, as we're teaching, we really 174 00:07:19,440 --> 00:07:22,320 Speaker 1: have an environment where they trust us enough to like 175 00:07:23,320 --> 00:07:25,720 Speaker 1: show us really what's under the hood. And so in 176 00:07:25,760 --> 00:07:28,280 Speaker 1: that says it's like, yeah, we might be helping them 177 00:07:28,320 --> 00:07:31,080 Speaker 1: actually get an accountant, which is why we know essentially, 178 00:07:31,080 --> 00:07:33,440 Speaker 1: like when we're looking at their books that what we're 179 00:07:33,480 --> 00:07:37,800 Speaker 1: seeing is actually accurate and it's just it's a few processes. 180 00:07:37,840 --> 00:07:41,240 Speaker 1: One of the things that we do that is like 181 00:07:41,840 --> 00:07:44,680 Speaker 1: when you talk about lending, it's like we talk about 182 00:07:44,680 --> 00:07:47,920 Speaker 1: credit scores. Credit scores are generally like lagging indicators of 183 00:07:49,160 --> 00:07:53,640 Speaker 1: what's actually seen as investworthy. Because one of the things 184 00:07:53,640 --> 00:07:55,560 Speaker 1: that I realized is that some of the best businesses 185 00:07:55,600 --> 00:07:58,600 Speaker 1: I know had to be like really stubborn to exist 186 00:07:58,720 --> 00:08:00,680 Speaker 1: and doing that, you know, may have messed up to 187 00:08:00,720 --> 00:08:03,600 Speaker 1: credit in order to just get money, and as a result, 188 00:08:03,680 --> 00:08:05,880 Speaker 1: they're punished for that five years down the line, because 189 00:08:06,400 --> 00:08:08,360 Speaker 1: you know, it's really difficult to bring your credit score 190 00:08:08,480 --> 00:08:11,520 Speaker 1: up once, you know, so we try not to consider 191 00:08:11,560 --> 00:08:14,520 Speaker 1: a lot of the factors that you know, really just 192 00:08:14,600 --> 00:08:17,360 Speaker 1: are a result of circumstance and not necessarily indicative of 193 00:08:17,400 --> 00:08:18,600 Speaker 1: what you're going into in the future. 194 00:08:18,880 --> 00:08:20,920 Speaker 4: Because most of these businesses have to start with a 195 00:08:20,960 --> 00:08:23,240 Speaker 4: credit card. So if you're starting with the credit card, 196 00:08:23,240 --> 00:08:25,120 Speaker 4: and you know that businesses usually are in the red 197 00:08:25,160 --> 00:08:28,000 Speaker 4: for the first few years, like that credit card statement 198 00:08:28,120 --> 00:08:31,400 Speaker 4: might not get paid. They're therefore, your credit by the 199 00:08:31,440 --> 00:08:34,280 Speaker 4: time you're now in the black might be a little crazy, 200 00:08:34,360 --> 00:08:36,120 Speaker 4: and so now you're trying to get more funding and 201 00:08:36,160 --> 00:08:38,880 Speaker 4: your business may be you know at a place to 202 00:08:38,920 --> 00:08:41,520 Speaker 4: do that, but your credit score is not, and so 203 00:08:41,600 --> 00:08:44,040 Speaker 4: that takes even more time. So like also, I think 204 00:08:44,440 --> 00:08:46,319 Speaker 4: one of the things we prot ourselves on is being 205 00:08:46,360 --> 00:08:49,840 Speaker 4: culturally competent and knowing what our businesses have to go 206 00:08:49,920 --> 00:08:51,760 Speaker 4: through even to get to the points that they're at. 207 00:08:52,040 --> 00:08:54,520 Speaker 4: And we learned a lot that we gave out over 208 00:08:54,600 --> 00:08:57,800 Speaker 4: two point seventy five million dollars in COVID nineteen relief funds, 209 00:08:58,200 --> 00:08:59,760 Speaker 4: and that's when we learned a lot of that because 210 00:08:59,760 --> 00:09:02,280 Speaker 4: they're some businesses that were making one point four million 211 00:09:02,320 --> 00:09:03,320 Speaker 4: dollars did. 212 00:09:03,240 --> 00:09:04,160 Speaker 5: Not have an accountant. 213 00:09:04,480 --> 00:09:08,480 Speaker 4: Yeah, and so it's just like we're not judging our 214 00:09:08,600 --> 00:09:11,160 Speaker 4: businesses by the cover of what it looks like because 215 00:09:11,160 --> 00:09:13,080 Speaker 4: we understand the struggle that they have to go through. 216 00:09:13,480 --> 00:09:16,560 Speaker 2: That's amazing. And you all just celebrated a ten year anniversary, right, Yes, 217 00:09:16,559 --> 00:09:19,480 Speaker 2: we did. Congratulations on that. There's probably been a lot 218 00:09:19,480 --> 00:09:21,040 Speaker 2: of interesting things that have come out of that that 219 00:09:21,160 --> 00:09:26,680 Speaker 2: journey twenty fourteen and twenty fourteen when this got started. 220 00:09:26,960 --> 00:09:28,880 Speaker 2: What was your vision is is kind of what it's 221 00:09:28,880 --> 00:09:31,559 Speaker 2: manifested into similar to that, or things change a lot 222 00:09:31,600 --> 00:09:33,000 Speaker 2: different than what you kind of thought you were doing 223 00:09:33,000 --> 00:09:33,959 Speaker 2: back in that time. 224 00:09:34,440 --> 00:09:37,079 Speaker 1: I'd say the goals are still the same, the tactics 225 00:09:37,120 --> 00:09:40,640 Speaker 1: are different, yeah, you know, just because in the beginning, 226 00:09:40,800 --> 00:09:43,080 Speaker 1: it was like, okay, like we want to bank, you know, 227 00:09:43,200 --> 00:09:45,079 Speaker 1: because that's what we thought we wanted when we first 228 00:09:45,160 --> 00:09:46,680 Speaker 1: you know, came up with this idea, and that just 229 00:09:47,160 --> 00:09:49,200 Speaker 1: it was so far from what we actually needed in 230 00:09:49,280 --> 00:09:51,640 Speaker 1: order to be effective. So the first few years of 231 00:09:51,679 --> 00:09:53,160 Speaker 1: the village is just really trying to see if it 232 00:09:53,160 --> 00:09:55,000 Speaker 1: could be helpful, and a lot of the ideas that 233 00:09:55,040 --> 00:09:57,480 Speaker 1: we're doing now came out of trying to be helpful. 234 00:09:58,160 --> 00:10:02,240 Speaker 1: And so I mean, it's it's still aligned because I 235 00:10:02,320 --> 00:10:05,560 Speaker 1: actually looked in my notebook from like literally the first 236 00:10:05,640 --> 00:10:08,199 Speaker 1: year and saw a lot of the ideas that were 237 00:10:08,240 --> 00:10:10,800 Speaker 1: actually just now you know, getting to kind of implement, 238 00:10:11,720 --> 00:10:15,560 Speaker 1: and so yeah, I mean it's in some ways it's similar. 239 00:10:15,760 --> 00:10:18,880 Speaker 1: But I don't think we ever saw anything like the 240 00:10:18,880 --> 00:10:22,200 Speaker 1: work was Equity Fund or even the decentralized jah Thomas 241 00:10:22,280 --> 00:10:23,760 Speaker 1: organization not working on coming out of. 242 00:10:23,760 --> 00:10:26,880 Speaker 2: This, not the doal know, what are y'all doing with 243 00:10:26,920 --> 00:10:28,600 Speaker 2: the dolls? And for those don't know, you mean that's 244 00:10:28,640 --> 00:10:31,120 Speaker 2: working in crypto and like how are y'all implementing DALs 245 00:10:31,120 --> 00:10:32,400 Speaker 2: into the village micro fulk. 246 00:10:32,640 --> 00:10:35,439 Speaker 1: Yeah, So the ideas like, imagine if your entire neighborhood 247 00:10:35,520 --> 00:10:38,480 Speaker 1: could actually share an account, whether you hold like real 248 00:10:38,559 --> 00:10:41,800 Speaker 1: estate assets or cashing and just to be a member 249 00:10:41,800 --> 00:10:43,520 Speaker 1: of this account, literally the only thing that you had 250 00:10:43,520 --> 00:10:45,359 Speaker 1: to do is verify that you live in a neighborhood. 251 00:10:45,480 --> 00:10:48,360 Speaker 1: And so we're working with organizations like Annie Casey, who 252 00:10:48,440 --> 00:10:51,760 Speaker 1: already invests you know, several million dollars into this neighborhood 253 00:10:51,800 --> 00:10:54,240 Speaker 1: Pittsburgh every year, and it's like, what does it look 254 00:10:54,320 --> 00:10:56,320 Speaker 1: like if instead of giving it to these nonprofits, you 255 00:10:56,440 --> 00:10:58,360 Speaker 1: just give it directly to the neighborhood, allow them to 256 00:10:58,360 --> 00:11:01,600 Speaker 1: decide what they actually need that money for. And so 257 00:11:02,120 --> 00:11:06,320 Speaker 1: just really you know, keeping transparency and accountability like just 258 00:11:06,520 --> 00:11:08,559 Speaker 1: at the forefront because you can see everything in real 259 00:11:08,600 --> 00:11:12,520 Speaker 1: time as it moves, and because we're a financial intermediary, 260 00:11:12,679 --> 00:11:15,000 Speaker 1: it's like we can just kind of facilitate a lot 261 00:11:15,000 --> 00:11:17,320 Speaker 1: of those funds a lot easier over the neighborhood. 262 00:11:17,440 --> 00:11:19,640 Speaker 2: No, it's interesting especially and you know as they kind 263 00:11:19,640 --> 00:11:22,320 Speaker 2: of decentralized financial kind of open up new opportunities to 264 00:11:22,360 --> 00:11:25,600 Speaker 2: do new and unique things, what's like a really memorable 265 00:11:25,640 --> 00:11:27,559 Speaker 2: story of an entrepreneur that's kind of come through the 266 00:11:27,600 --> 00:11:29,760 Speaker 2: Village micro fund and had success that kind of comes 267 00:11:29,800 --> 00:11:30,160 Speaker 2: to mind. 268 00:11:33,360 --> 00:11:36,440 Speaker 4: My favorite is just sat honey, Okay, your sad honey 269 00:11:36,480 --> 00:11:40,080 Speaker 4: there on the belt line near Crock Street. One of 270 00:11:40,080 --> 00:11:42,720 Speaker 4: my favorite stories. And Jamel will probably get me for this, 271 00:11:43,120 --> 00:11:46,000 Speaker 4: but he so. We have a lot of different businesses 272 00:11:46,040 --> 00:11:48,480 Speaker 4: that come through our fifteen week cohort, the Floor Tellowship, 273 00:11:48,920 --> 00:11:51,000 Speaker 4: and I remember he came in and he was like, 274 00:11:51,040 --> 00:11:52,959 Speaker 4: what are these two young kids going to teach me 275 00:11:53,000 --> 00:11:53,640 Speaker 4: about business? 276 00:11:55,040 --> 00:11:55,640 Speaker 3: That sounds like. 277 00:11:57,679 --> 00:12:00,240 Speaker 4: And so you know, but he was like, I'm to 278 00:12:00,320 --> 00:12:01,679 Speaker 4: be here and I'm going to see what it's about. 279 00:12:01,880 --> 00:12:04,280 Speaker 4: By the end of the cohort, this man was like, 280 00:12:04,400 --> 00:12:06,760 Speaker 4: this is the best program that I've ever experienced. 281 00:12:06,800 --> 00:12:07,520 Speaker 5: It was amazing. 282 00:12:07,559 --> 00:12:09,000 Speaker 4: And some of the things that he said that he 283 00:12:09,720 --> 00:12:12,800 Speaker 4: realized that was necessary was one being vulnerable, like a 284 00:12:12,800 --> 00:12:14,959 Speaker 4: lot of times when we talk about business, a lot 285 00:12:15,000 --> 00:12:18,280 Speaker 4: of people have had business ideas stolen from them that 286 00:12:18,400 --> 00:12:21,200 Speaker 4: you know, it's been volatile for them. But we create 287 00:12:21,240 --> 00:12:23,319 Speaker 4: a place where businesses can really say, hey, like I'm 288 00:12:23,320 --> 00:12:25,640 Speaker 4: having this problem at this stage of business. Have you 289 00:12:25,679 --> 00:12:28,360 Speaker 4: all experienced that? And others being able to say hey, 290 00:12:28,679 --> 00:12:31,160 Speaker 4: use this, Hey let's collaborate here. I can help you 291 00:12:31,200 --> 00:12:33,000 Speaker 4: with this. Oh you need help with your website. I 292 00:12:33,040 --> 00:12:35,319 Speaker 4: got this after we have our session. So it gives 293 00:12:35,440 --> 00:12:38,880 Speaker 4: businesses a chance to work not only in their business 294 00:12:38,880 --> 00:12:41,120 Speaker 4: but on their business, which when you're an entrepreneur, you 295 00:12:41,160 --> 00:12:43,199 Speaker 4: don't have time sometimes to step away and say hey, 296 00:12:43,200 --> 00:12:45,560 Speaker 4: I need to do these things to improve. And so 297 00:12:46,160 --> 00:12:48,840 Speaker 4: just Ad Honey went into the cohort right before Covid 298 00:12:48,880 --> 00:12:51,160 Speaker 4: and one of their main things that they were working 299 00:12:51,200 --> 00:12:55,000 Speaker 4: on was their website to get online orders. Well, Covid 300 00:12:55,080 --> 00:12:58,040 Speaker 4: happens like six months later, and so they were like, 301 00:12:58,080 --> 00:13:01,240 Speaker 4: we're so thankful that we had time to work on 302 00:13:01,280 --> 00:13:03,400 Speaker 4: our website because now we're geared up. And they were 303 00:13:03,400 --> 00:13:06,520 Speaker 4: able to create these parties in a box concepts where 304 00:13:06,520 --> 00:13:09,800 Speaker 4: people were able to zoom and have parties all over 305 00:13:09,880 --> 00:13:10,280 Speaker 4: the nation. 306 00:13:10,800 --> 00:13:12,520 Speaker 5: And so that's just an example. 307 00:13:12,120 --> 00:13:15,720 Speaker 4: Of how like our cohort like it's just really organic 308 00:13:15,720 --> 00:13:17,760 Speaker 4: and we're able to help people in ways and set 309 00:13:17,840 --> 00:13:20,280 Speaker 4: them up to think outside the box in ways that 310 00:13:20,320 --> 00:13:22,800 Speaker 4: they didn't even know were necessary until the time comes. 311 00:13:22,800 --> 00:13:25,400 Speaker 1: So that's it, and we were able to check. 312 00:13:25,679 --> 00:13:29,280 Speaker 4: Yes, we were able to help provide them COVID nineteen 313 00:13:29,360 --> 00:13:33,440 Speaker 4: relief grants and then also partner them with access to 314 00:13:33,480 --> 00:13:37,000 Speaker 4: Capital for entrepreneurs ACE, which is another funder. They were 315 00:13:37,040 --> 00:13:39,640 Speaker 4: able to get a character grant from them, so they 316 00:13:39,679 --> 00:13:41,120 Speaker 4: were able to get some money as well. 317 00:13:52,920 --> 00:13:53,480 Speaker 3: That's important. 318 00:13:53,520 --> 00:13:54,440 Speaker 2: I Mean one of the things you kind of hear 319 00:13:54,440 --> 00:13:55,840 Speaker 2: a lot of times, especially when it comes to like 320 00:13:55,840 --> 00:13:58,040 Speaker 2: black owned businesses, is the idea that we're kind of 321 00:13:58,080 --> 00:14:02,439 Speaker 2: over mentored and undercapitalized. Could both the mentorship element and 322 00:14:02,480 --> 00:14:04,240 Speaker 2: the capital element, you know, it's kind of that, you know, 323 00:14:04,320 --> 00:14:06,120 Speaker 2: that kind of like Barbeille approach right where you kind 324 00:14:06,120 --> 00:14:08,160 Speaker 2: of lift them up on both sides. Now with the 325 00:14:08,160 --> 00:14:11,000 Speaker 2: flourished fellowship, like what exactly does that cover over fifteen weeks? 326 00:14:11,040 --> 00:14:11,880 Speaker 2: Like what are they working on? 327 00:14:12,800 --> 00:14:14,920 Speaker 1: I mean, we hit everything. So it's like we start 328 00:14:15,000 --> 00:14:16,920 Speaker 1: off with the business model canvas. It's like a one 329 00:14:16,960 --> 00:14:21,280 Speaker 1: page business plan. So I like that because it's visual 330 00:14:21,400 --> 00:14:23,720 Speaker 1: in the sense that if you are kind of like 331 00:14:23,840 --> 00:14:25,640 Speaker 1: lacking in one space, you can literally see on the 332 00:14:25,640 --> 00:14:28,720 Speaker 1: paper it's a blank space. And so as we go 333 00:14:28,840 --> 00:14:31,680 Speaker 1: through that, we hit on everything from finance, to marketing, 334 00:14:31,840 --> 00:14:35,720 Speaker 1: to branding to you know, what doesn't mean the fundraise 335 00:14:35,920 --> 00:14:38,560 Speaker 1: how to actually do public speaking and all that, and 336 00:14:38,600 --> 00:14:41,520 Speaker 1: so we also take our partners bring them in. We 337 00:14:41,560 --> 00:14:45,200 Speaker 1: have people that you know, can essentially like purchase from 338 00:14:45,280 --> 00:14:48,960 Speaker 1: some of these larger organizations. We also have mentors that 339 00:14:49,000 --> 00:14:52,000 Speaker 1: come in through a mentorship dinner, and we connect every 340 00:14:52,120 --> 00:14:54,720 Speaker 1: entrepreneur with an entrepreneur also in their space doing the work. 341 00:14:55,800 --> 00:14:57,840 Speaker 1: We have funders come in and speak to them, whether 342 00:14:57,840 --> 00:15:00,320 Speaker 1: it be invest Atlanta, whether it be a VC, or 343 00:15:00,320 --> 00:15:03,080 Speaker 1: whether it be an actual bank, you know, and so 344 00:15:03,120 --> 00:15:07,280 Speaker 1: we just kind of show them the entire suite of services. 345 00:15:07,320 --> 00:15:10,040 Speaker 1: And as we're working with them, we're also learning their 346 00:15:10,040 --> 00:15:12,120 Speaker 1: business so we know specifically what they need and we 347 00:15:12,120 --> 00:15:13,760 Speaker 1: can match them with the resources they need. 348 00:15:14,120 --> 00:15:16,680 Speaker 2: That's great, that's great. How do y'all measure success when 349 00:15:16,720 --> 00:15:17,920 Speaker 2: you kind of work with these businesses? 350 00:15:17,960 --> 00:15:18,120 Speaker 1: Right? 351 00:15:18,120 --> 00:15:20,440 Speaker 2: Like they go through and what are some of the 352 00:15:20,440 --> 00:15:21,960 Speaker 2: factors that you all look at? 353 00:15:22,280 --> 00:15:24,560 Speaker 1: I mean the simplest is like do they make more 354 00:15:24,600 --> 00:15:29,120 Speaker 1: money money to make account but also like do they 355 00:15:29,160 --> 00:15:32,400 Speaker 1: bring on employees? And with our most recent cohort, we 356 00:15:32,400 --> 00:15:35,200 Speaker 1: did this in partnership with Walmart, So we had about 357 00:15:35,240 --> 00:15:37,680 Speaker 1: twenty businesses go through. All of them had products with 358 00:15:37,720 --> 00:15:40,360 Speaker 1: the goal of actually getting into Walmart, and you know 359 00:15:40,400 --> 00:15:42,440 Speaker 1: Walmart dot com is a step before you can do that. 360 00:15:42,480 --> 00:15:45,320 Speaker 1: But two of our businesses actually got into Walmart. Yeah, 361 00:15:46,000 --> 00:15:51,000 Speaker 1: so you know one was Kindred Papers and Color Chrome 362 00:15:51,720 --> 00:15:55,760 Speaker 1: and so yeah, I mean those are obviously whens. When 363 00:15:55,800 --> 00:15:58,120 Speaker 1: other people invest in our businesses that we kind of 364 00:15:58,160 --> 00:15:59,760 Speaker 1: took a chance on when no one else would, that's 365 00:15:59,760 --> 00:16:02,320 Speaker 1: all one for us. 366 00:16:02,400 --> 00:16:05,000 Speaker 5: And when they collaborate, when they collaborate. 367 00:16:05,200 --> 00:16:07,880 Speaker 4: So last night at our ten year anniversary, just businesses 368 00:16:07,920 --> 00:16:09,800 Speaker 4: were coming up to me and just talking about like 369 00:16:10,160 --> 00:16:11,119 Speaker 4: I gained. 370 00:16:10,840 --> 00:16:13,000 Speaker 5: A network of people that I work with. 371 00:16:13,160 --> 00:16:17,200 Speaker 4: I was able to use such and such to help 372 00:16:17,240 --> 00:16:20,760 Speaker 4: me get my website together. I was able to Maki 373 00:16:21,040 --> 00:16:25,000 Speaker 4: with black Space. He actually met his developer through our 374 00:16:25,400 --> 00:16:28,000 Speaker 4: like a reunion that we had from another cohort. So 375 00:16:28,440 --> 00:16:30,320 Speaker 4: like just being able to connect the dots for the 376 00:16:30,360 --> 00:16:34,280 Speaker 4: needs that our businesses need and they know that they've 377 00:16:34,280 --> 00:16:37,880 Speaker 4: been vetted by us, So it's a safer bet than 378 00:16:37,960 --> 00:16:40,480 Speaker 4: just finding somebody off the street to do those services. 379 00:16:40,840 --> 00:16:40,920 Speaker 5: No. 380 00:16:40,960 --> 00:16:43,520 Speaker 2: I mean, look, entrepreneurship is lonely and and to your point, 381 00:16:43,760 --> 00:16:45,920 Speaker 2: a lot of times it's so referral based. There was 382 00:16:45,960 --> 00:16:48,440 Speaker 2: a time a previous down long, long, long time ago, 383 00:16:48,520 --> 00:16:51,520 Speaker 2: long time ago, Like my background was actually in software development, 384 00:16:51,560 --> 00:16:53,560 Speaker 2: web development, and so there was actually a point at 385 00:16:53,560 --> 00:16:55,960 Speaker 2: which I actually opened up what I called the website Shop. 386 00:16:56,320 --> 00:16:59,280 Speaker 2: It was a series of brick and mortar web design stores. 387 00:16:59,320 --> 00:17:01,800 Speaker 2: I literally put them in malls and you can reletally 388 00:17:01,800 --> 00:17:03,600 Speaker 2: walk in and pretty much order a website like you 389 00:17:03,600 --> 00:17:05,560 Speaker 2: could order anything else, and we basically build it over 390 00:17:05,600 --> 00:17:07,919 Speaker 2: a couple of weeks. But what I realized was it 391 00:17:07,960 --> 00:17:10,399 Speaker 2: was such a referral based business, like where do you 392 00:17:10,400 --> 00:17:11,840 Speaker 2: go find a web person? Where do you go find 393 00:17:11,880 --> 00:17:13,800 Speaker 2: a webit? Like it's all I know a guy that 394 00:17:13,840 --> 00:17:16,439 Speaker 2: did it, or I know somebody. Because again, people have 395 00:17:16,520 --> 00:17:19,280 Speaker 2: these big dreams and aspirations for like building websites and apps. 396 00:17:19,280 --> 00:17:22,040 Speaker 2: They don't really understand what it really takes to build something. 397 00:17:22,520 --> 00:17:24,080 Speaker 2: And so that's why I tell people, that's how you 398 00:17:24,080 --> 00:17:26,239 Speaker 2: get ripped off. You know, you think you think you're 399 00:17:26,240 --> 00:17:28,399 Speaker 2: gona build the next Facebook for a thousand bucks. I'm 400 00:17:28,440 --> 00:17:30,639 Speaker 2: gonna tell you right now, bro, if somebody's taking that 401 00:17:30,680 --> 00:17:32,720 Speaker 2: money from you, you're never gonna see them again. 402 00:17:33,240 --> 00:17:34,840 Speaker 3: And so that was what the idea for the website 403 00:17:34,880 --> 00:17:35,520 Speaker 3: shop came about. 404 00:17:35,600 --> 00:17:37,480 Speaker 2: Right, It's like people didn't know where to look, and 405 00:17:37,600 --> 00:17:39,679 Speaker 2: so I can definitely understand the importance of a network 406 00:17:39,680 --> 00:17:43,080 Speaker 2: because entrepreneurship is lonely, you know. I guess one of 407 00:17:43,119 --> 00:17:45,159 Speaker 2: my questions is is, like what's it like for you 408 00:17:45,200 --> 00:17:47,280 Speaker 2: all on the other side of that, Like you're mentaling 409 00:17:47,320 --> 00:17:49,720 Speaker 2: these businesses, but like what kind of you know, challenges 410 00:17:49,760 --> 00:17:52,119 Speaker 2: that you all run into as the co founders of 411 00:17:52,160 --> 00:17:53,040 Speaker 2: the Village micro. 412 00:17:52,880 --> 00:17:57,000 Speaker 1: Fund all the same things, all the same things. A 413 00:17:57,119 --> 00:17:59,280 Speaker 1: part of our cohort is actually we have a class 414 00:17:59,280 --> 00:18:02,600 Speaker 1: called Founder stre We actually have a you know, license 415 00:18:03,320 --> 00:18:06,000 Speaker 1: therapist come in and speak and just do group therapy 416 00:18:06,280 --> 00:18:07,880 Speaker 1: and a lot of what the entrepreneurs say is there 417 00:18:07,920 --> 00:18:12,280 Speaker 1: things that we experience ourselves. It's like, you know, we're 418 00:18:12,320 --> 00:18:15,280 Speaker 1: teaching people how to fundraise, we're also fundraising. When it 419 00:18:15,320 --> 00:18:19,719 Speaker 1: comes to you know, essentially having to talk to funders 420 00:18:19,720 --> 00:18:21,520 Speaker 1: and having to talk to employees, you have to act 421 00:18:21,560 --> 00:18:23,000 Speaker 1: like you know what's going on. You have to act 422 00:18:23,040 --> 00:18:25,920 Speaker 1: like you have it all together, and that's not always 423 00:18:25,960 --> 00:18:28,800 Speaker 1: the case. It's just anyone who's been an entrepreneurship before 424 00:18:28,880 --> 00:18:31,280 Speaker 1: knows that you're constantly just trying to figure things out. 425 00:18:32,000 --> 00:18:34,760 Speaker 1: And so I mean we run into. 426 00:18:34,560 --> 00:18:37,480 Speaker 4: A lot of things and the growing pains and the 427 00:18:37,560 --> 00:18:42,240 Speaker 4: volatility of business. Like I think there's also this misconception that, oh, 428 00:18:42,320 --> 00:18:44,000 Speaker 4: you're going to become an entrepreneur and then when you 429 00:18:44,040 --> 00:18:46,320 Speaker 4: make your first million, like you're there and it's all. 430 00:18:46,680 --> 00:18:50,520 Speaker 5: No baby, like that millions can go out greatest. 431 00:18:52,960 --> 00:18:55,960 Speaker 4: So it's just like the real like roller coaster of 432 00:18:56,080 --> 00:18:59,960 Speaker 4: entrepreneurship has definitely been something that has has been quite 433 00:19:00,119 --> 00:19:00,639 Speaker 4: eye opening. 434 00:19:00,920 --> 00:19:02,840 Speaker 2: Yeah, I tell people all the time, it's like y'all 435 00:19:02,840 --> 00:19:05,040 Speaker 2: got to understand overhead, like you can make a million dollars, 436 00:19:05,080 --> 00:19:07,800 Speaker 2: you can also spend a million dollars making that million 437 00:19:07,840 --> 00:19:11,000 Speaker 2: dollars and like not make anything. And I think, yeah, 438 00:19:11,000 --> 00:19:13,760 Speaker 2: we we we hear about these numbers. We hear about 439 00:19:13,800 --> 00:19:16,440 Speaker 2: the Mark Zuckerbergs of the world, and everybody thinks it 440 00:19:16,480 --> 00:19:19,720 Speaker 2: is that, But there's so many opportunities in between those things. 441 00:19:19,720 --> 00:19:20,959 Speaker 2: That was the biggest thing I learned when I got 442 00:19:21,000 --> 00:19:23,119 Speaker 2: my NBA. Like I remember, I used to think, you know, 443 00:19:23,160 --> 00:19:24,600 Speaker 2: because I went to Georgia Tech. I used to think 444 00:19:24,600 --> 00:19:27,720 Speaker 2: that like I had to build the next big web thing. 445 00:19:27,800 --> 00:19:29,840 Speaker 2: And when the biggest thing I came out of grad 446 00:19:29,840 --> 00:19:32,880 Speaker 2: school realizing was business is business and so I don't 447 00:19:32,880 --> 00:19:35,600 Speaker 2: care if it's a long long hair company. I don't 448 00:19:35,600 --> 00:19:38,239 Speaker 2: care if it's a you know, private services company. Right, 449 00:19:38,280 --> 00:19:40,000 Speaker 2: there's so many different ways that you can kind of 450 00:19:40,000 --> 00:19:41,439 Speaker 2: build things and kind of create value. 451 00:19:41,840 --> 00:19:42,040 Speaker 5: You know. 452 00:19:42,080 --> 00:19:44,600 Speaker 2: But in a city like Atlanta, where culture is at 453 00:19:44,600 --> 00:19:46,640 Speaker 2: the forefront of we always say culture is this Atlanta's 454 00:19:46,680 --> 00:19:47,280 Speaker 2: number on next port? 455 00:19:47,280 --> 00:19:48,320 Speaker 3: Atlanta influences everything. 456 00:19:48,440 --> 00:19:51,560 Speaker 2: Atlanta has culture, Like, how do you all integrate like 457 00:19:51,600 --> 00:19:53,760 Speaker 2: the Atlanta culture and leverage that into what you all 458 00:19:53,760 --> 00:19:57,000 Speaker 2: are doing with these businesses. I mean, I'm guessing you 459 00:19:57,000 --> 00:19:59,440 Speaker 2: at least I'm guessing you at least got limit pepper Wings. 460 00:19:59,440 --> 00:20:02,120 Speaker 3: At the ten yearniversary, we have. 461 00:20:02,200 --> 00:20:04,439 Speaker 4: We have black owned beer. We didn't there were no 462 00:20:04,480 --> 00:20:09,040 Speaker 4: Ways present. There are no Wings present, Yes there was. 463 00:20:11,720 --> 00:20:13,960 Speaker 4: I mean, I guess it even goes with our curriculum. 464 00:20:14,040 --> 00:20:16,680 Speaker 4: So we do have a curriculum that we wrote for 465 00:20:16,760 --> 00:20:19,639 Speaker 4: our Flourished Fellowship, and we feature stories from our entrepreneurs 466 00:20:19,880 --> 00:20:24,520 Speaker 4: to just give examples of how business different business principles. 467 00:20:24,520 --> 00:20:27,680 Speaker 4: So we make sure we pour back into the village 468 00:20:27,720 --> 00:20:30,840 Speaker 4: and everything is cyclical, so you are mentored by people 469 00:20:30,840 --> 00:20:33,359 Speaker 4: that are already here in Atlanta. Ironically, I feel like 470 00:20:33,359 --> 00:20:35,719 Speaker 4: most of our businesses, most of the people are actually 471 00:20:35,720 --> 00:20:38,440 Speaker 4: either natives or or have been here for a substantial 472 00:20:38,800 --> 00:20:41,720 Speaker 4: amount of time, which is not always the case because 473 00:20:41,720 --> 00:20:46,159 Speaker 4: everybody's moving here every day. We are no, we are 474 00:20:46,240 --> 00:20:51,199 Speaker 4: full Brandon, that is correct, but just making sure, like 475 00:20:51,640 --> 00:20:54,280 Speaker 4: to the point that you said, like business oftentimes can 476 00:20:54,320 --> 00:20:57,040 Speaker 4: be very seen in a very white lens, and so 477 00:20:57,160 --> 00:21:01,560 Speaker 4: trying to educate and and support businesses in a black 478 00:21:01,640 --> 00:21:04,160 Speaker 4: lens where it's easier for them to understand. And then 479 00:21:04,160 --> 00:21:07,520 Speaker 4: we're also we do field trips around Atlanta to different 480 00:21:07,560 --> 00:21:09,919 Speaker 4: black businesses, Like we just really want to immerse you 481 00:21:10,040 --> 00:21:13,399 Speaker 4: into like what it looks like and create these connections 482 00:21:13,400 --> 00:21:15,879 Speaker 4: and networks that are necessary. I think that's the Atlanta way. 483 00:21:15,880 --> 00:21:18,880 Speaker 4: And we always do it over foods, so that's definitely cultural. 484 00:21:19,560 --> 00:21:21,679 Speaker 1: Yeah, I mean at the graduation, it's like the cupca 485 00:21:22,160 --> 00:21:25,200 Speaker 1: Atlanta business, black on Atlanta business. To beer was a 486 00:21:25,240 --> 00:21:27,320 Speaker 1: Black on Atlanta business, the pizza was a Black on 487 00:21:27,359 --> 00:21:29,960 Speaker 1: Atlanta business, the cards or black on Atlanta business. So 488 00:21:30,040 --> 00:21:33,360 Speaker 1: like literally every part of when we plan events are 489 00:21:33,400 --> 00:21:35,000 Speaker 1: like intentional, intentional. 490 00:21:35,200 --> 00:21:37,399 Speaker 2: Yeah, but even beyond Atlanta. I know you all also 491 00:21:37,440 --> 00:21:39,159 Speaker 2: mentioned there. You know you just got back from Africa 492 00:21:39,200 --> 00:21:41,480 Speaker 2: and you're thinking about looking to expand, like how does 493 00:21:41,800 --> 00:21:44,920 Speaker 2: the mission of the Village micro fund start to expand globally? 494 00:21:44,960 --> 00:21:47,880 Speaker 2: Like what other opportunities exists beyond Atlanta based on you all. 495 00:21:48,040 --> 00:21:51,280 Speaker 4: So it's really about connecting the diaspora. So one of 496 00:21:51,359 --> 00:21:53,159 Speaker 4: the things that we've learned in our research and our 497 00:21:53,200 --> 00:21:55,480 Speaker 4: travels in the last two years is that black people 498 00:21:55,560 --> 00:21:59,359 Speaker 4: are negatively impacted worldwide. It's not just in America, And 499 00:21:59,400 --> 00:22:03,000 Speaker 4: there's a lot of parallelism between our struggles. There's really 500 00:22:03,000 --> 00:22:05,119 Speaker 4: no safe place for a black person in the world. 501 00:22:05,320 --> 00:22:08,760 Speaker 4: Africa is probably the safest, but still it's not There's 502 00:22:08,760 --> 00:22:11,080 Speaker 4: really no safe place. And so it's just like, how 503 00:22:11,080 --> 00:22:14,760 Speaker 4: do we leverage the collective struggles that we all have 504 00:22:15,119 --> 00:22:19,720 Speaker 4: internationally to help each other and grow successful businesses and 505 00:22:19,720 --> 00:22:22,520 Speaker 4: create these pathways. And I think if we see that 506 00:22:22,600 --> 00:22:25,760 Speaker 4: we have more in common then we have different and 507 00:22:25,840 --> 00:22:29,399 Speaker 4: different culturally that we can really make a difference and 508 00:22:29,440 --> 00:22:33,240 Speaker 4: make some serious money and also change our communities. 509 00:22:33,560 --> 00:22:34,040 Speaker 3: Yeah. 510 00:22:34,119 --> 00:22:36,840 Speaker 1: Yeah, Like when people are thinking about international business, it's 511 00:22:36,880 --> 00:22:41,560 Speaker 1: always like europeer Asia and it's like okay one and 512 00:22:41,640 --> 00:22:44,840 Speaker 1: a lot of Asian companies actually get their things from 513 00:22:44,840 --> 00:22:46,440 Speaker 1: Africa in the first place, So it's just kind of 514 00:22:46,440 --> 00:22:49,160 Speaker 1: adding a middleman. It's like, why don't we just start there? 515 00:22:49,520 --> 00:22:51,639 Speaker 1: And so you have, you know, on this side, we 516 00:22:51,720 --> 00:22:53,760 Speaker 1: have just that honey a tea company, and then on 517 00:22:53,920 --> 00:22:56,920 Speaker 1: the South African side we have royvs. Tea farmer, you know. 518 00:22:57,000 --> 00:22:58,560 Speaker 1: And if we can connect the dots and make it 519 00:22:58,560 --> 00:23:00,760 Speaker 1: make sense for both parties, it's just like they get 520 00:23:00,800 --> 00:23:04,439 Speaker 1: a new customer base and access to new markets, and 521 00:23:04,520 --> 00:23:08,320 Speaker 1: they get the products that they need at actual process affordable. Yeah, 522 00:23:08,359 --> 00:23:10,639 Speaker 1: And so just creating as many relationships like that as 523 00:23:10,640 --> 00:23:12,680 Speaker 1: possible and kind of doing what we're doing over here 524 00:23:12,880 --> 00:23:15,040 Speaker 1: over there and making sure our entrepreneurs know each other. 525 00:23:15,600 --> 00:23:18,840 Speaker 2: What's the biggest misconception about micro funding? Because again I 526 00:23:18,880 --> 00:23:20,720 Speaker 2: think when people here, you know, I don't want people 527 00:23:20,720 --> 00:23:23,200 Speaker 2: to think that these are like y'allin' cutting hundred. 528 00:23:22,920 --> 00:23:24,600 Speaker 3: Dollars checks, you know what I'm saying. 529 00:23:25,480 --> 00:23:27,480 Speaker 2: So sometimes I feel like even the name is a 530 00:23:27,480 --> 00:23:29,919 Speaker 2: little you know, misdirection in a certain element, right, But 531 00:23:30,000 --> 00:23:32,000 Speaker 2: like when people think about it or what you all 532 00:23:32,040 --> 00:23:33,840 Speaker 2: have learned, like what do you think people don't fully 533 00:23:33,880 --> 00:23:36,719 Speaker 2: understand about micro funding specific to what you all do 534 00:23:37,320 --> 00:23:37,600 Speaker 2: for me? 535 00:23:37,680 --> 00:23:39,959 Speaker 4: I think it's just like how early that is needed, 536 00:23:40,920 --> 00:23:44,679 Speaker 4: like our average loan size, And we're applying now to 537 00:23:44,680 --> 00:23:47,959 Speaker 4: become a CDFI to give larger loans and also changing 538 00:23:47,960 --> 00:23:51,440 Speaker 4: our name so we won't be micro fund anymore, be 539 00:23:51,560 --> 00:23:56,760 Speaker 4: VMF collective. But just realizing that fifteen thousand dollars might 540 00:23:56,800 --> 00:23:58,960 Speaker 4: be really necessary to jump start a business at the 541 00:23:59,040 --> 00:24:03,119 Speaker 4: very beginning. That might help you to get the supplies necessary, 542 00:24:03,240 --> 00:24:05,919 Speaker 4: to have someone to help you to make whatever your 543 00:24:05,960 --> 00:24:09,320 Speaker 4: product is, or even just to get a space. Unfortunately, 544 00:24:09,359 --> 00:24:11,600 Speaker 4: the thing that we've learned over time and especially with 545 00:24:11,640 --> 00:24:16,880 Speaker 4: this economy is micro loans just don't cut anymore. K 546 00:24:17,000 --> 00:24:22,040 Speaker 4: goes out the door quickly, very quickly, and so that's 547 00:24:22,080 --> 00:24:24,879 Speaker 4: why us becoming a CDIFI and having larger loans, we're 548 00:24:24,920 --> 00:24:27,760 Speaker 4: able to help businesses in a bigger way in the beginning. 549 00:24:28,320 --> 00:24:31,159 Speaker 4: Because for me, one of my dreams personally is I 550 00:24:31,240 --> 00:24:34,800 Speaker 4: want businesses to be able to walk in you know 551 00:24:34,840 --> 00:24:37,320 Speaker 4: how you have a dream, but like as a black business, 552 00:24:37,320 --> 00:24:40,360 Speaker 4: sometimes you have to kind of piece meal it together. Yeah, 553 00:24:40,520 --> 00:24:43,080 Speaker 4: like I want if you're like Harriet, come on, I 554 00:24:43,119 --> 00:24:44,919 Speaker 4: want to do X, y Z And this is my 555 00:24:45,000 --> 00:24:47,240 Speaker 4: big dream. I want to say Okay, Brandon, Well, here 556 00:24:47,320 --> 00:24:48,640 Speaker 4: here's five million dollars. 557 00:24:49,960 --> 00:24:50,320 Speaker 5: That's this. 558 00:24:50,520 --> 00:24:52,600 Speaker 4: We're gonna help you budget. We're gonna give you mentors 559 00:24:52,640 --> 00:24:54,840 Speaker 4: all the resources you need. You're gonna need this five 560 00:24:54,880 --> 00:24:57,400 Speaker 4: million dollars to complete your whole dream. We're not gonna 561 00:24:57,400 --> 00:24:59,080 Speaker 4: give you one hundred thousand. And you're gonna do this 562 00:24:59,119 --> 00:25:00,760 Speaker 4: little part and the you're gonna come back and do 563 00:25:00,840 --> 00:25:03,600 Speaker 4: this this second phase and third phase and fourth phase. 564 00:25:04,200 --> 00:25:06,280 Speaker 4: I dream for our businesses to be able to do 565 00:25:06,320 --> 00:25:09,879 Speaker 4: it all in one one step. Because other businesses fortune 566 00:25:09,920 --> 00:25:12,000 Speaker 4: five hundred companies when they started, they were able to 567 00:25:12,000 --> 00:25:15,600 Speaker 4: do that with investments from different sources, and I think 568 00:25:15,640 --> 00:25:18,879 Speaker 4: that's kind of what's missing. So changing the thought of 569 00:25:18,920 --> 00:25:23,480 Speaker 4: micro funds to larger loans to really afford businesses the 570 00:25:23,800 --> 00:25:28,359 Speaker 4: opportunity to dream and have their dreams actualized in one phase. 571 00:25:28,800 --> 00:25:30,280 Speaker 3: Here, I need five million dollars. 572 00:25:30,320 --> 00:25:48,000 Speaker 2: So funny though, Like I was having a conversation with 573 00:25:48,040 --> 00:25:51,840 Speaker 2: a Jay Bailey, CEO of Russell's Center for Entrepreneurs, and 574 00:25:51,880 --> 00:25:53,160 Speaker 2: he kind of said the same thing to me because 575 00:25:53,160 --> 00:25:54,560 Speaker 2: he was asked me about some stuff, and you know, 576 00:25:54,600 --> 00:25:56,840 Speaker 2: I was telling him it's about some plans I had 577 00:25:56,840 --> 00:25:58,160 Speaker 2: and literally said, you're thinking too small. 578 00:25:58,160 --> 00:25:58,360 Speaker 1: Man. 579 00:25:58,600 --> 00:26:01,200 Speaker 2: He was like, you know you if you're not thinking five, ten, 580 00:26:01,320 --> 00:26:03,159 Speaker 2: fifteen million dollars, Like he's like, that's the kind of 581 00:26:03,160 --> 00:26:05,359 Speaker 2: stuff that you deserve. So I think even just getting 582 00:26:05,680 --> 00:26:08,400 Speaker 2: businesses to even be comfortable and understanding, like that's really 583 00:26:08,400 --> 00:26:10,080 Speaker 2: what it kind of takes, right, Like there's a little 584 00:26:10,080 --> 00:26:11,800 Speaker 2: bit of a perception of like, maybe that's too much, 585 00:26:11,800 --> 00:26:13,720 Speaker 2: but when you really think about what it takes to 586 00:26:13,720 --> 00:26:16,840 Speaker 2: do business and grow and scale and be competitive and 587 00:26:16,840 --> 00:26:18,800 Speaker 2: and to the point you also made about employees, but 588 00:26:18,840 --> 00:26:21,760 Speaker 2: it's like over ninety percent, ninety five percent of black 589 00:26:21,800 --> 00:26:24,040 Speaker 2: businesses have like what one employer or less or something 590 00:26:24,040 --> 00:26:26,879 Speaker 2: like that, zero one employees, right, Like, so you know, 591 00:26:26,960 --> 00:26:29,000 Speaker 2: not only just that, but you're able to, you know, 592 00:26:29,119 --> 00:26:31,840 Speaker 2: employ people that can also impact neighborhoods. I think that's 593 00:26:31,880 --> 00:26:34,040 Speaker 2: a big thing that I even notice, and you know, 594 00:26:34,040 --> 00:26:35,600 Speaker 2: I'm not gonna get into policing and all that stuff 595 00:26:35,680 --> 00:26:37,960 Speaker 2: right now, but I notice how again people come and 596 00:26:38,000 --> 00:26:39,880 Speaker 2: they work in certain areas, they take that they take 597 00:26:39,920 --> 00:26:42,080 Speaker 2: that money and that revenue back to other neighborhoods. Right. 598 00:26:42,160 --> 00:26:45,480 Speaker 2: So it's important that these black businesses do not only 599 00:26:45,880 --> 00:26:48,840 Speaker 2: sustain but are able to employ people that can live 600 00:26:48,880 --> 00:26:50,840 Speaker 2: in the neighborhoods and you know, support of the businesses 601 00:26:50,840 --> 00:26:52,120 Speaker 2: and kind of grow like that and kind of keep 602 00:26:52,160 --> 00:26:52,600 Speaker 2: things going. 603 00:26:52,760 --> 00:26:54,880 Speaker 4: Cause it's going to take that same effort to get 604 00:26:54,920 --> 00:26:57,760 Speaker 4: one hundred thousand dollars to get five million, So you 605 00:26:57,840 --> 00:27:00,399 Speaker 4: might as well for your effort get the check that 606 00:27:00,440 --> 00:27:00,800 Speaker 4: you need. 607 00:27:01,080 --> 00:27:03,120 Speaker 2: Like the way you think, like the way you think, 608 00:27:06,240 --> 00:27:09,560 Speaker 2: what's a what's what's the challenge you all didn't expect 609 00:27:09,560 --> 00:27:11,840 Speaker 2: to anticipate, you know, when you're all launching this thing 610 00:27:11,880 --> 00:27:12,880 Speaker 2: back in twenty fourteen. 611 00:27:15,080 --> 00:27:21,399 Speaker 4: This latest change of a financial environment, the Black Blackness. 612 00:27:20,920 --> 00:27:23,439 Speaker 1: The Affirmative Action lawsuit, and the Fearless Fund that followed 613 00:27:23,480 --> 00:27:26,480 Speaker 1: right after that, Oh yeah, completely changed funding environment. 614 00:27:26,560 --> 00:27:29,480 Speaker 5: It went from money raining from the sky. 615 00:27:29,640 --> 00:27:33,960 Speaker 1: Yeah, basically George flood happened, Like there was so much 616 00:27:34,000 --> 00:27:36,560 Speaker 1: money for black organizations and so much. 617 00:27:36,440 --> 00:27:38,639 Speaker 3: Like there's a lot of money promised to black orders, a. 618 00:27:38,640 --> 00:27:42,840 Speaker 1: Lot of money promised to blacks. Yeah actually, and so 619 00:27:43,000 --> 00:27:47,119 Speaker 1: just yeah, following that, the fact that so many of 620 00:27:47,160 --> 00:27:49,760 Speaker 1: our sponsors, so many of our funders, are just not 621 00:27:49,920 --> 00:27:53,400 Speaker 1: for of being sued. It just this might be the 622 00:27:53,440 --> 00:27:56,800 Speaker 1: worst funding environment that I've experienced since I've been a founder, 623 00:27:57,680 --> 00:28:01,840 Speaker 1: and so you don't really predict things like that, and 624 00:28:02,000 --> 00:28:05,040 Speaker 1: how things like that can kind of, you know, put 625 00:28:05,080 --> 00:28:08,520 Speaker 1: shackles on the mission a little bit, because it went 626 00:28:08,560 --> 00:28:11,440 Speaker 1: from everything being like, Okay, we want to invest in 627 00:28:11,480 --> 00:28:14,000 Speaker 1: black businesses to not like the hot things climate change, 628 00:28:14,040 --> 00:28:15,760 Speaker 1: and now I was like, okay, the president got in, 629 00:28:15,880 --> 00:28:18,600 Speaker 1: so now climate change might be you know, to you too. 630 00:28:19,280 --> 00:28:22,159 Speaker 1: And so the way that money flows is a lot 631 00:28:22,240 --> 00:28:27,120 Speaker 1: of times it is influenced by trends and you don't 632 00:28:27,240 --> 00:28:29,040 Speaker 1: you can't really predict those in the same way that 633 00:28:29,080 --> 00:28:31,800 Speaker 1: you can kind of predict business actions. And so that's 634 00:28:31,880 --> 00:28:34,200 Speaker 1: that's been surprising for me. What would you say? 635 00:28:34,640 --> 00:28:37,080 Speaker 4: I mean, I would say the same thing even pre 636 00:28:37,320 --> 00:28:40,320 Speaker 4: George Floyd, Like, we never really had a problem with fundraising, 637 00:28:40,760 --> 00:28:44,040 Speaker 4: and so this new environment has really caused it to 638 00:28:44,080 --> 00:28:47,560 Speaker 4: be a problem because I remember we had a strategic 639 00:28:47,600 --> 00:28:50,280 Speaker 4: session and for the first time we were really proud 640 00:28:50,320 --> 00:28:52,680 Speaker 4: to say that we serve black people and like black 641 00:28:52,720 --> 00:28:56,400 Speaker 4: with a capital B, like real strong, right, And so 642 00:28:56,600 --> 00:29:00,320 Speaker 4: now to be in this environment and that is criminal almost. 643 00:29:01,440 --> 00:29:04,920 Speaker 4: It's just like how do you continue your mission without 644 00:29:04,960 --> 00:29:06,200 Speaker 4: betraying the people. 645 00:29:05,920 --> 00:29:07,120 Speaker 5: That you care about? 646 00:29:07,440 --> 00:29:08,120 Speaker 2: Yeah? 647 00:29:08,160 --> 00:29:09,920 Speaker 4: And of course you're going to still we're still going 648 00:29:10,000 --> 00:29:13,840 Speaker 4: to do black things. We're black, we're pro black, whatever 649 00:29:13,880 --> 00:29:15,960 Speaker 4: you want to say. But it's like, now there's a 650 00:29:16,440 --> 00:29:21,280 Speaker 4: potential legal ramifications that come with that capital be black. 651 00:29:21,800 --> 00:29:23,240 Speaker 1: It's like, how do you still get the money that 652 00:29:23,320 --> 00:29:26,080 Speaker 1: you need to actually help people without morphin or organization? 653 00:29:26,120 --> 00:29:29,640 Speaker 1: And it's something that it is. Yeah, that's it. 654 00:29:29,680 --> 00:29:31,920 Speaker 2: I mean yeah, I mean well, even so you're saying 655 00:29:31,960 --> 00:29:35,080 Speaker 2: about the kind of the change in the types of 656 00:29:35,080 --> 00:29:37,120 Speaker 2: things that people want to invest in. When you all 657 00:29:37,240 --> 00:29:38,720 Speaker 2: look at that kind of stuff, does that make you 658 00:29:38,760 --> 00:29:41,640 Speaker 2: think more about the types of businesses that you want 659 00:29:41,640 --> 00:29:43,360 Speaker 2: to bring into the fund Because, like we talked about 660 00:29:43,360 --> 00:29:45,920 Speaker 2: in the beginning, a lot of these businesses are local 661 00:29:45,960 --> 00:29:46,840 Speaker 2: mount and pop shops. 662 00:29:46,840 --> 00:29:47,960 Speaker 3: There's small businesses. 663 00:29:48,000 --> 00:29:50,240 Speaker 2: But at the same time, we know AI is hot 664 00:29:50,320 --> 00:29:52,760 Speaker 2: right now, right, So are you all also kind of 665 00:29:52,760 --> 00:29:55,760 Speaker 2: coaching these businesses to say, let's integrate some of these 666 00:29:55,800 --> 00:29:58,160 Speaker 2: other elements into what you're doing to help make you 667 00:29:58,160 --> 00:30:00,520 Speaker 2: more attractive and more fundable. Is like part of the 668 00:30:00,560 --> 00:30:03,320 Speaker 2: consideration or is it still let's kind of stay focused 669 00:30:03,360 --> 00:30:04,920 Speaker 2: on helping a certain kind of company. 670 00:30:05,560 --> 00:30:09,280 Speaker 1: It is a bit of both, because on one hand, 671 00:30:09,320 --> 00:30:12,040 Speaker 1: it's like those tools are tools that could help your 672 00:30:12,040 --> 00:30:14,800 Speaker 1: business grow exponentially. It's like, if you aren't using AI 673 00:30:14,840 --> 00:30:17,640 Speaker 1: for your business, you probably should be. Yeah, and the 674 00:30:17,720 --> 00:30:19,840 Speaker 1: people that you know really don't adapt to that are 675 00:30:19,880 --> 00:30:24,080 Speaker 1: generally the people that are left behind. So that piece 676 00:30:24,480 --> 00:30:27,640 Speaker 1: is important. But also at the same time, it's like, again, 677 00:30:27,680 --> 00:30:29,400 Speaker 1: we don't want to kind of morph our business into 678 00:30:29,480 --> 00:30:32,720 Speaker 1: something different just because of what's a trend at the moment. 679 00:30:33,480 --> 00:30:35,800 Speaker 1: And so you know, still working with the businesses that 680 00:30:35,800 --> 00:30:37,840 Speaker 1: we work with, but just applying them with the tools 681 00:30:37,840 --> 00:30:40,520 Speaker 1: that you know, come with the times cools. 682 00:30:40,840 --> 00:30:43,120 Speaker 2: You know, what, how do you see you know, village 683 00:30:43,120 --> 00:30:46,200 Speaker 2: micro fund now, but VMF collective, you know, how do 684 00:30:46,240 --> 00:30:48,160 Speaker 2: you see that you know, kind of contributing to the 685 00:30:48,240 --> 00:30:50,920 Speaker 2: landscape for Land's businesses over the next five to ten years. 686 00:30:51,360 --> 00:30:55,640 Speaker 4: Well one definitely helping retail business and service businesses with 687 00:30:55,720 --> 00:30:59,480 Speaker 4: their supply chain. So we talked about Africa before, but 688 00:30:59,600 --> 00:31:02,880 Speaker 4: really thinking outside of the box to help businesses to 689 00:31:03,000 --> 00:31:06,360 Speaker 4: grow in a more intentional way. Things that we've learned 690 00:31:06,440 --> 00:31:09,760 Speaker 4: is recently that retail, big mass retail can kill a 691 00:31:09,800 --> 00:31:13,920 Speaker 4: business quickly, right, yes, And I think that's a common 692 00:31:13,920 --> 00:31:16,560 Speaker 4: misconception because if you know you hear oh I got 693 00:31:16,600 --> 00:31:18,440 Speaker 4: into Target, it's like, oh, this is amazing, and it 694 00:31:18,520 --> 00:31:21,120 Speaker 4: is amazing. It's an amazing opportunity, but there's a lot 695 00:31:21,160 --> 00:31:25,280 Speaker 4: of pitfalls and black holes that are associated with that. 696 00:31:25,280 --> 00:31:27,240 Speaker 4: That again when we talk about we're really good at 697 00:31:27,280 --> 00:31:29,959 Speaker 4: what we do, but we don't always have the education surrounding. 698 00:31:30,400 --> 00:31:34,600 Speaker 4: So being intentional about helping black businesses to successfully scale 699 00:31:34,600 --> 00:31:36,720 Speaker 4: to a point where they can do mass retail or 700 00:31:36,760 --> 00:31:42,280 Speaker 4: even like increase their visibility nationally and internationally, but having 701 00:31:42,280 --> 00:31:45,440 Speaker 4: those coaches and that education that's coupled with that to 702 00:31:45,520 --> 00:31:47,400 Speaker 4: make sure everything is set up so the numbers make 703 00:31:47,440 --> 00:31:49,480 Speaker 4: sense so that you know, Okay, we're going to go 704 00:31:49,520 --> 00:31:52,040 Speaker 4: with a distributor, or we're going to go this route 705 00:31:52,080 --> 00:31:53,800 Speaker 4: because we don't want you to end up having to 706 00:31:53,840 --> 00:31:56,520 Speaker 4: pay these fees that could then you realize that you 707 00:31:56,520 --> 00:32:00,720 Speaker 4: need to have a million dollars on cash flow in 708 00:32:00,720 --> 00:32:03,560 Speaker 4: in hand to make sure you can get these purchase orders. 709 00:32:03,960 --> 00:32:07,920 Speaker 4: So I just see us continuing to think outside the 710 00:32:07,920 --> 00:32:12,120 Speaker 4: box and create these outside alternatives, including the workers that 711 00:32:12,120 --> 00:32:14,240 Speaker 4: could be fun making sure our businesses are able to 712 00:32:14,280 --> 00:32:17,080 Speaker 4: continue long term. We have a lot of boomers in 713 00:32:17,120 --> 00:32:19,800 Speaker 4: our community, and soon they're going to want to retire, 714 00:32:20,720 --> 00:32:23,720 Speaker 4: but we still want these businesses around, so helping to 715 00:32:23,840 --> 00:32:26,000 Speaker 4: educate them on like hey, like you can still sell 716 00:32:26,040 --> 00:32:29,040 Speaker 4: portions of your business and still be a part of it, 717 00:32:29,080 --> 00:32:30,680 Speaker 4: but like this happens. 718 00:32:30,800 --> 00:32:33,200 Speaker 5: This is helpful for if you get sick, or if you. 719 00:32:33,200 --> 00:32:35,200 Speaker 4: Just say one day, I'm tired and I don't want 720 00:32:35,200 --> 00:32:39,000 Speaker 4: to go to work anymore. Just creating those communications and 721 00:32:39,080 --> 00:32:42,400 Speaker 4: options so that our businesses can continue to see past 722 00:32:42,520 --> 00:32:43,760 Speaker 4: one or two generations. 723 00:32:44,080 --> 00:32:46,440 Speaker 2: Yeah, I mean, you know, I was listening to something 724 00:32:46,520 --> 00:32:47,640 Speaker 2: a couple of weeks ago, and it was kind of 725 00:32:47,680 --> 00:32:49,920 Speaker 2: talking about, like, how do you build one hundred year business? 726 00:32:50,320 --> 00:32:52,080 Speaker 2: You know, I think again, like a lot of times, yeah, 727 00:32:52,120 --> 00:32:55,000 Speaker 2: we don't think past one generation. But yeah, that's where 728 00:32:55,000 --> 00:32:57,280 Speaker 2: that's where generational wealth comes from. Ye right, It's not 729 00:32:57,320 --> 00:32:59,400 Speaker 2: just me doing something, it's you know, how can I 730 00:32:59,440 --> 00:33:01,200 Speaker 2: pass this down, make this available or at least the 731 00:33:01,240 --> 00:33:04,280 Speaker 2: resources from it available for my you know, my my 732 00:33:04,400 --> 00:33:06,120 Speaker 2: kids kids and in those generations. 733 00:33:06,200 --> 00:33:08,320 Speaker 4: Right, Because when you think about it, like and this 734 00:33:08,360 --> 00:33:11,760 Speaker 4: is our story as well, a lot of black businesses 735 00:33:11,760 --> 00:33:15,200 Speaker 4: are created out of need. Someone got laid off, they 736 00:33:15,200 --> 00:33:18,760 Speaker 4: needed to make some cookies. We don't always have the 737 00:33:18,920 --> 00:33:22,320 Speaker 4: opportunity to just work in corporate America and dream up 738 00:33:22,320 --> 00:33:22,760 Speaker 4: a business. 739 00:33:22,800 --> 00:33:24,520 Speaker 5: Oh I'm gonna quit and I'm going. 740 00:33:24,480 --> 00:33:27,320 Speaker 4: To create this amazing tech company that I've created in 741 00:33:27,360 --> 00:33:29,480 Speaker 4: my mind and I have the capital and all. No, 742 00:33:29,680 --> 00:33:32,080 Speaker 4: it's I got laid off. I got to pay my 743 00:33:32,200 --> 00:33:35,200 Speaker 4: mortgage or rent. And on the first I'm really good 744 00:33:35,200 --> 00:33:39,120 Speaker 4: at baking, I'm really good at making a craftable item. 745 00:33:39,440 --> 00:33:40,000 Speaker 3: Let me do that. 746 00:33:40,160 --> 00:33:42,240 Speaker 4: Let me try to hustle some money together so I 747 00:33:42,240 --> 00:33:45,560 Speaker 4: can pay my bills. And then oftentimes that ends up 748 00:33:45,560 --> 00:33:49,280 Speaker 4: being wildly successful and you're like, Okay, we can create 749 00:33:49,320 --> 00:33:51,440 Speaker 4: a business. But that's how it was started. It wasn't 750 00:33:51,440 --> 00:33:53,520 Speaker 4: started off of a just dream. 751 00:33:53,760 --> 00:33:56,720 Speaker 2: Insight, right, It wasn't started off like doing this insight research. 752 00:33:56,800 --> 00:33:58,640 Speaker 2: And it's like, man, I was just trying to pay 753 00:33:58,640 --> 00:33:59,520 Speaker 2: some bills, exactly. 754 00:33:59,560 --> 00:34:03,400 Speaker 1: Staate like this whole moment, y'all. 755 00:34:03,400 --> 00:34:05,920 Speaker 2: As y'all look back over, you know, the journey with 756 00:34:05,960 --> 00:34:08,560 Speaker 2: the micro fund, Like, what are kind of the top 757 00:34:08,600 --> 00:34:10,359 Speaker 2: two or three lessons that y'all have learned to kind 758 00:34:10,360 --> 00:34:11,680 Speaker 2: of God, how you do work now? 759 00:34:12,000 --> 00:34:18,799 Speaker 5: Fire quickly, fire quickly immediately. 760 00:34:20,960 --> 00:34:26,200 Speaker 3: I agree, that is definitely any other ones. Is that one, two, and. 761 00:34:26,320 --> 00:34:39,520 Speaker 6: Three as such as a story behind it? 762 00:34:43,800 --> 00:34:45,600 Speaker 4: Well, I mean to that point, I won't go into 763 00:34:45,600 --> 00:34:48,120 Speaker 4: the story, but to that point, as a smaller organization, 764 00:34:48,880 --> 00:34:52,279 Speaker 4: the culture of your company is very important, absolutely, and 765 00:34:52,400 --> 00:34:55,880 Speaker 4: you realize that your your human capital is also very important. 766 00:34:56,120 --> 00:34:58,960 Speaker 4: So if you have someone who is not either contributing 767 00:34:59,200 --> 00:35:03,200 Speaker 4: or is almost like a cancer within your your organization, 768 00:35:03,320 --> 00:35:06,200 Speaker 4: it kills your organization quick Yeah. So as a small 769 00:35:06,239 --> 00:35:09,920 Speaker 4: business owner, you have to fire quickly because otherwise if 770 00:35:09,920 --> 00:35:12,960 Speaker 4: you let that fester, it's like an infection. You look 771 00:35:13,040 --> 00:35:14,920 Speaker 4: up two years from now and you're like, I should 772 00:35:14,960 --> 00:35:16,920 Speaker 4: have just let them go because now we have all 773 00:35:16,960 --> 00:35:17,759 Speaker 4: these problems. 774 00:35:17,920 --> 00:35:20,520 Speaker 2: Yeah, and even something I've learned again because a lot 775 00:35:20,560 --> 00:35:22,319 Speaker 2: of you know, small businesses a lot of times are 776 00:35:22,400 --> 00:35:24,759 Speaker 2: getting started. You're kind of hiring who you can hire, 777 00:35:24,800 --> 00:35:27,839 Speaker 2: who's available. It's a friend, or it's just I don't 778 00:35:27,840 --> 00:35:29,479 Speaker 2: have that much money, and so this is the person 779 00:35:29,520 --> 00:35:31,319 Speaker 2: that will kind of help me out at that moment, 780 00:35:31,400 --> 00:35:33,239 Speaker 2: and that might not be the right person, right, Like, 781 00:35:33,640 --> 00:35:36,200 Speaker 2: you know, I had a Jasmine cron here and she 782 00:35:36,280 --> 00:35:37,480 Speaker 2: kind of said, it's like, you have the team that 783 00:35:37,520 --> 00:35:39,640 Speaker 2: got you to a million, probably might not be a 784 00:35:39,640 --> 00:35:41,600 Speaker 2: team to gets you to ten million, and you just 785 00:35:41,600 --> 00:35:43,640 Speaker 2: got to have those honest conversations about you know, how 786 00:35:43,640 --> 00:35:45,479 Speaker 2: do I edit the team and put the right people 787 00:35:45,560 --> 00:35:48,440 Speaker 2: on the field, and you know and understand, like again, everybody, 788 00:35:48,520 --> 00:35:51,640 Speaker 2: you know, every every person in the organization, nobody's gonna 789 00:35:51,640 --> 00:35:52,160 Speaker 2: be there forever. 790 00:35:52,480 --> 00:35:55,640 Speaker 1: Yeah, It's like just because they were the first one 791 00:35:55,640 --> 00:35:57,759 Speaker 1: in the department doesn't mean that they're the department. 792 00:35:57,480 --> 00:35:59,960 Speaker 2: Had, right, Yeah, and people even haveing like you know, 793 00:36:00,000 --> 00:36:02,120 Speaker 2: except that from a pride standpoint. You know, I've seen 794 00:36:02,160 --> 00:36:03,760 Speaker 2: again I've been in an organization. I mean I actually 795 00:36:04,040 --> 00:36:06,000 Speaker 2: have I'm a partner in another company. If we've experienced 796 00:36:06,040 --> 00:36:08,160 Speaker 2: that same thing too, right, where you have a person 797 00:36:08,200 --> 00:36:10,799 Speaker 2: come in early and they're great for certain things, but 798 00:36:10,840 --> 00:36:13,200 Speaker 2: at a certain point you need other skill sets and 799 00:36:13,239 --> 00:36:15,200 Speaker 2: so now you have to bring in somebody above that person. 800 00:36:15,680 --> 00:36:17,160 Speaker 2: And now you got to go talk to them and say, look, 801 00:36:17,160 --> 00:36:18,960 Speaker 2: I know you were here in the beginning, but like 802 00:36:19,000 --> 00:36:21,160 Speaker 2: we need another skill set and that person's gonna come 803 00:36:21,160 --> 00:36:22,719 Speaker 2: in more senior than you, right, So is this something 804 00:36:22,760 --> 00:36:24,360 Speaker 2: we're gonna be able to work There's gonna be a problem, 805 00:36:24,440 --> 00:36:26,680 Speaker 2: or we're gonna be able to work through this and again, 806 00:36:26,840 --> 00:36:28,880 Speaker 2: just managing people. My mom would always tell me, and 807 00:36:28,960 --> 00:36:30,360 Speaker 2: I didn't realize how I got older, She's like, if 808 00:36:30,360 --> 00:36:32,480 Speaker 2: you don't have to manage people, don't manage people. And 809 00:36:32,560 --> 00:36:36,640 Speaker 2: I can see now say, oh why because people going people. 810 00:36:37,560 --> 00:36:40,320 Speaker 5: Every single time, every single everything. 811 00:36:40,719 --> 00:36:43,080 Speaker 1: You can have empathy, but you also need strong boundaries. 812 00:36:43,280 --> 00:36:47,440 Speaker 4: Yeah, bounty all right, extremely important? 813 00:36:47,920 --> 00:36:49,960 Speaker 2: Yeah, I mean again, and that goes back and speaks 814 00:36:49,960 --> 00:36:51,520 Speaker 2: to just the culture of a business. Like I said, 815 00:36:51,560 --> 00:36:54,439 Speaker 2: it's it's it's really interesting. Again, people don't realize these 816 00:36:54,480 --> 00:36:56,760 Speaker 2: are the things like you can have a great product, 817 00:36:56,840 --> 00:36:58,560 Speaker 2: you can have you know, clients and all that stuff, 818 00:36:58,560 --> 00:37:01,080 Speaker 2: but to your point, you know, having the right team 819 00:37:01,640 --> 00:37:03,480 Speaker 2: or not be able to find the right team or 820 00:37:03,520 --> 00:37:04,920 Speaker 2: you know what I mean, it could be just as 821 00:37:04,960 --> 00:37:07,840 Speaker 2: detrimental as not making any money, you know exactly. 822 00:37:07,880 --> 00:37:10,040 Speaker 1: And the culture starts even before you have the team. Yes, 823 00:37:10,080 --> 00:37:11,880 Speaker 1: I either culture started with us, you know, so we 824 00:37:11,960 --> 00:37:13,640 Speaker 1: had to figure out our stuff and then we had 825 00:37:13,680 --> 00:37:15,040 Speaker 1: to you know, pass it on to the team. 826 00:37:15,239 --> 00:37:18,040 Speaker 2: Absolutely absolutely, But look, man, this has been amazing. Before 827 00:37:18,040 --> 00:37:20,640 Speaker 2: we get out of here, how can people learn more 828 00:37:20,640 --> 00:37:23,560 Speaker 2: about The Village micro Fund soon to be changed to 829 00:37:24,239 --> 00:37:27,000 Speaker 2: VMF Collective yes, Brandon, you know, but how can they 830 00:37:27,040 --> 00:37:30,040 Speaker 2: find out more about this and get involved and you know, 831 00:37:30,200 --> 00:37:32,520 Speaker 2: reach out to you all if they're looking for support, Well. 832 00:37:32,440 --> 00:37:34,879 Speaker 4: You can follow us on Instagram at Village micro Fund. 833 00:37:35,200 --> 00:37:37,879 Speaker 4: You can go on our website village micro fund dot com. 834 00:37:37,880 --> 00:37:40,640 Speaker 4: We have like an inquiry form that you can fill 835 00:37:40,680 --> 00:37:43,040 Speaker 4: out there so we can be in contact with you. 836 00:37:44,280 --> 00:37:47,279 Speaker 4: Look forward to our next flourished fellowship will be which 837 00:37:47,320 --> 00:37:50,000 Speaker 4: will be next fall, so applications will drop next summer. 838 00:37:50,480 --> 00:37:52,920 Speaker 4: It'll be exciting to see who we partner with, so 839 00:37:53,320 --> 00:37:57,040 Speaker 4: maybe this time it will be a Wi Well formerly 840 00:37:57,080 --> 00:37:59,919 Speaker 4: a Wi Kindred Futures in Walmart or who else. 841 00:38:00,280 --> 00:38:02,680 Speaker 1: And also look forward to the dow which should be 842 00:38:02,760 --> 00:38:05,520 Speaker 1: popping up and on the neighborhood near you, most likely 843 00:38:05,600 --> 00:38:08,839 Speaker 1: mpub and t okay. I'm in the coming next year 844 00:38:09,040 --> 00:38:12,399 Speaker 1: quarter one, so January through March, well not January through March, 845 00:38:12,400 --> 00:38:14,120 Speaker 1: but starting next year. 846 00:38:15,239 --> 00:38:18,960 Speaker 2: All right, Well, look, congratulations on all y'all accomplished. Congratulations 847 00:38:19,000 --> 00:38:21,640 Speaker 2: on ten years. I mean that's a huge accomplishment. We 848 00:38:21,719 --> 00:38:23,879 Speaker 2: can't wait to see what happens over the next ten 849 00:38:23,960 --> 00:38:27,040 Speaker 2: years and beyond. And you know, y'all doing amazing work. 850 00:38:27,080 --> 00:38:28,680 Speaker 2: So thank you for all the stuff y'all doing around 851 00:38:28,680 --> 00:38:32,560 Speaker 2: Atlanta and now soon to be globally. Yes, you know again, 852 00:38:32,640 --> 00:38:35,239 Speaker 2: we everybody appreciates it, and I know the companies that 853 00:38:35,280 --> 00:38:37,359 Speaker 2: you all work with really appreciative of it too, So. 854 00:38:37,680 --> 00:38:38,880 Speaker 3: Thank you all for that, and thank you all for 855 00:38:38,920 --> 00:38:39,399 Speaker 3: coming out. 856 00:38:39,719 --> 00:38:41,920 Speaker 1: Thank you for having us, appreciuch you for having us. 857 00:38:42,160 --> 00:38:44,759 Speaker 3: And that's the pod we out. 858 00:38:47,040 --> 00:38:49,280 Speaker 2: You've been listing the buttter Nomics and I'm your host, 859 00:38:49,440 --> 00:38:52,080 Speaker 2: Brandon Butler. Comments feedback. Want to be a part of 860 00:38:52,120 --> 00:38:54,680 Speaker 2: the show, send us an email today at hello at 861 00:38:54,680 --> 00:38:58,000 Speaker 2: butterdomics dot com. Butter Nomics is produced in Atlanta, Georgia 862 00:38:58,000 --> 00:39:01,359 Speaker 2: at iHeartMedia by Ramsey, with acting support from Queen and Nike. 863 00:39:01,680 --> 00:39:04,799 Speaker 2: Music provided by mister Hankey. If you haven't already, hit 864 00:39:04,840 --> 00:39:07,440 Speaker 2: that subscribe button and never missed an episode, and be 865 00:39:07,480 --> 00:39:09,719 Speaker 2: sure to follow us on all our social platforms at 866 00:39:09,760 --> 00:39:12,759 Speaker 2: butter dot at l. Listen to button NoMix on the 867 00:39:12,800 --> 00:39:16,440 Speaker 2: iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. 868 00:39:16,640 --> 00:39:16,680 Speaker 4: O