The One Thing Techstars' Anna Barber Looks for in Founders
Ben Bergman
Ben Bergman is the newsroom's senior reporter, covering venture capital. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks. Follow him on Twitter.
Every year, Anna Barber, managing director of Techstars LA, has to sift through around 1,000 applications and meet with hundreds of founding teams in order to select ten to go through the prestigious three month accelerator program that can serve as a crucial launching pad for very young startups.
So what does she look for above all else? Curiosity and a desire to ask hard questions.
"What I really mean by that is the willingness to look at things that you assume to be true and question them," Barber said. "Because the key to building a great business is constantly making tiny adjustments based on new information and sometimes big adjustments. If you lack the courage to question your own assumptions, you're never going to get there."
In addition to running Techstars LA since 2017, Anna Barber is a partner at The Fund, an early stage venture capital fund made up of local founders and operators that expanded to L.A this year. She has also served as a coach and strategic consultant to founders since 2013.
Barber says she wants founders to have a strong point of view, but they have to be willing to quickly shift and adapt as they learn new information.
To find out whether founders are willing to question their own assumptions, Barber asks how they know certain things they have asserted about their pitch are true.
"I get a lot of information from the answer," she said.
Another question Barber likes to ask is if a founder is wildly successful, what will the world look like in the future?
"What's so interesting is whether the founder answers that from the perspective of what they individually will be doing or what will happen with their customers," Barber explained. "The ones that focus on how the world will be different for their customers tell me that they're really deeply thinking about what their customer wants."
In addition to running Techstars LA since 2017, Barber is a partner at The Fund, an early stage fund made up of local founders and operators that expanded to L.A this year. She has also served as a coach and strategic consultant to founders since 2013.
Barber started her career as a corporate lawyer and was a strategy consultant at McKinsey & Company. She shifted to tech during the end of the dot-com bubble in 1999 as an executive at two e-commerce startups that were ahead of their time, Petstore.com and then Rentanything.com.
The fourth TechStars LA class started this week and will present at a Demo Day in October. Standouts from the previous three classes include Slingshot Aerospace, Blue Fever, Stackin, Fernish, Liquid, Dash Systems and Finli.From Your Site Articles
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This Augmented Reality App Aims to Solve Cold Cases — and Change How True Crime Stories Are Told
Oct 30 2020
- CrimeDoor, an immersive augmented reality app launched last week, is straddling the space between mystery entertainment and crowdsourced crime solving.
- The app was conceived by Neil Mandt, a longtime film and TV producer-turned-tech entrepreneur. A true crime enthusiast himself, Mandt said he saw an opportunity to merge the popular genre with immersive reality.
- The AR environments are constructed based on real crime scene photos, police reports and eyewitness accounts.
A new augmented reality app launched this week allows anybody to feel what it's like to explore a murder site as it appeared right after the crime occurred. They may even be able to help crack an unsolved crime.
<p>The app opens onto a map that shows users historic crime scenes in their area, using GPS data. Each crime comes with a case file that includes a list of articles, documents, photos, audio clips and videos curated by crime journalists and researchers that is meant to provide an organized synopsis of "the 5 w's and h."</p>
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDYzNzcwNi9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY0NzE5MDI5Nn0.0VBpSoTt2LsRs3chysCoC-bHDBB_ek79U0FKFCYvhgc/image.png?width=980" id="684ea" class="rm-shortcode" data-rm-shortcode-id="b6dc325c5104732e3129ef548f6ae9fb" data-rm-shortcode-name="rebelmouse-image" />
<p>CrimeDoor was conceived by Neil Mandt, a longtime film and TV producer-turned-tech entrepreneur. A true crime enthusiast, Mandt said he saw an opportunity to merge the popular genre with immersive reality, an industry he's been increasingly involved in over the last few years and which he believes is "on the verge" of explosive growth.</p><p>The AR environments are constructed based on real crime scene photos, police reports and eyewitness accounts using CrimeDoor's patent-pending technology and Unity, a gaming engine.</p><p>Users can explore the crime scene using their mobile devices at the real, physical location when feasible, or with a joystick navigator from their own home. They'll see the scene as it was reconstructed, and can "pick up" evidence and enlarge it on their screens for closer inspection.<br></p><p>At launch, the app will contain about 500 cases and dozens of virtual doorways, Mandt said. Cases are free, but the app charges $1.99 to enter a door, or a monthly fee of $4.99.</p>
<p><br></p><p>Some of the cases are famous, such as the murder of OJ Simpson's former wife Nicole Brown Simpson or the shooting of John Lennon. But, Mandt said, most will not be as familiar.</p><p>One such case is that of Rebecca Zahau, a woman whose 2011 death in Coronado, California was ruled a suicide. The family contested the cause of death and filed a wrongful death lawsuit. Zahau's family has provided CrimeDoor with materials such as court documents and autopsy photos. A perpetrator was charged in a civil trial – not a criminal one – and Mandt said the family wants to bring the case back to light and give the public a chance "to look at it."</p><p>Mandt also noted he has heard great feedback from both user test groups and law enforcement agencies.</p><p>"The average detective has one hour on a crime scene and later a couple of photos and a matchstick and a hairy sock," Mandt said. "We have shown this to the FBI and law enforcement departments and without exception everyone compared it to DNA. The way DNA changed the game, this will do the same."</p><p>According to a company representative, a retired criminal investigator who helped to solve the infamous Golden State Killer case called CrimeDoor "a game changer for cold cases around the world."<br></p><p>UCLA law professor Eugene Volokh, who has studied and written about the intersection of AR/VR and law, told dot.LA that CrimeDoor should be wary of potential issues such as libel or needlessly upsetting a victim's family members. He emphasized, however, that such concerns are no different than those faced by any true crime storyteller, regardless of the medium.</p><p>"Generally, there are no legal or ethical problems raised by an AR or VR app as opposed to a documentary or a book," he said.<br></p><p class="shortcode-media shortcode-media-rebelmouse-image">
<a href="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDYzNzY2OS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MTYxNzMzOX0.MkgeZZAmosXdSTnvKspxgh93JXJROcR7iuGMYWLEOJg/img.jpg?width=980" target="_blank"><img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDYzNzY2OS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MTYxNzMzOX0.MkgeZZAmosXdSTnvKspxgh93JXJROcR7iuGMYWLEOJg/img.jpg?width=980" id="92312" class="rm-shortcode" data-rm-shortcode-id="044722e4d26edd584fda4869d8dcfd62" data-rm-shortcode-name="rebelmouse-image"></a>
<small class="image-media media-caption" placeholder="Add Photo Caption...">CrimeDoor, an immersive augmented reality app launched last week, is straddling the space between mystery entertainment and crowdsourced crime solving.</small>
<small class="image-media media-photo-credit" placeholder="add photo credit...">Courtesy of CrimeDoor</small>
</p><p>Mandt, who is self-financing the app, sees partnerships with media companies as a big opportunity for future growth. He said an organization with legacy crime footage, such as "60 Minutes," could partner with CrimeDoor to build out the AR crime portal, re-air the legacy footage on television, then direct viewers to the app and share a cut of the income.<br></p><p>"I'm interested in where the social web goes and how other AR leaders come to us and say here's how we can collaborate," he said. "The tech community, I'm excited to see what kind of creative things they can do with this. And Hollywood – producers will look at this and come to us." </p><p>Mandt also hinted at potential expansion by augmenting the user experience with sounds and technology that stimulates a user's sense of touch. He's also considering adding a marketplace to sell merchandise and implementing a credit-earning system to allow for add-on experiences, such as a ride-along in the OJ white Bronco highway chase. </p><ul class="ee-ul"></ul><p>Down the line, CrimeDoor may incorporate advertising, Mandt said.. The app may also eventually incorporate premium content, such as access to movies, shows and books related to a given case.</p>Related Articles Around the Web
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PayPal Holdings, Inc. announced Thursday it will be transferring money to two L.A. firms as part of a $50 million commitment to eight early-stage, Black and Latinx-led venture capital funds.
Slauson & Co., the new fund from PledgeLA chairman Austin Clements focused on people of color, women and LGBTQ+ entrepreneurs; and VamosVentures, the Latinx consumer-focused, early-stage fund founded by Marcos Gonzalez, are both receiving undisclosed investment amounts.
<p>"For a small fund, this is critical," Gonzalez told dot.LA. "Welcoming PayPal into the VamosVentures family will provide insight and resources in a variety of ways. For example, deal referrals, input on diligence of companies we're looking at in the fintech space, and possible business development support for our portfolio. More broadly, we expect to benefit from more general insight on trends and connections to folks in the ecosystem that we might not otherwise be able to access."</p><p>Gonzalez said he thinks it is significant that Los Angeles is the only city where PayPal chose to invest in more than one fund.</p><p>"I think it shows that L.A. can be an epicenter for early-stage activity around diverse managers, founders and consumers," Gonzalez said. "More specifically, L.A. is a Latino city and we're working to increase the Latinx communities participation in the tech and VC ecosystem."</p><p class="shortcode-media shortcode-media-rebelmouse-proxy-image">
<a href="https://live.staticflickr.com/4001/4170669921_021a2a9881_b.jpg" target="_blank"><img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vbWVkaWEucmJsLm1zL2ltYWdlP3U9JTJGNDAwMSUyRjQxNzA2Njk5MjFfMDIxYTJhOTg4MV9iLmpwZyZobz1odHRwcyUzQSUyRiUyRmxpdmUuc3RhdGljZmxpY2tyLmNvbSZzPTY5OSZoPWI2NzE5MmYwODE2YzQwN2ZiMTY5ZjExMjdjMTNmMWJjMjNkNWZhNjJjODA4YmUzODc4N2FkZTEzZmNkN2VjZjImc2l6ZT05ODB4JmM9MzIxODU3OTM3NSIsImV4cGlyZXNfYXQiOjE2MjE5NzY4MTZ9.TbIMvzMgjRrFC1MIgn_sO4wnIXPG988A_krHApWX6uU/img.jpg" id="48b1d" class="rm-shortcode" data-rm-shortcode-id="cde421879f65f78717ff196798bc61b4" /></a>
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<a href="https://live.staticflickr.com/4001/4170669921_021a2a9881_b.jpg"><strong>PayPal</strong> booth at LeWeb | Robert Scoble | Flickr</a>
</small>
</p><p>Just 2% of VC investment partners in L.A. identify as African American or Latino, <a href="https://www.pledgela.org/" target="_blank">according to PledgeLA.</a> Nationally, a<a href="https://www2.deloitte.com/content/campaigns/us/audit/survey/diversity-venture-capital-human-capital-survey-dashboard.html" target="_blank"> 2018 Deloitte study</a> found 80% of investment partners at U.S. venture firms were white; 3% were Black and 3% were Latino. Just 4% of VC employees are black, according to a 2018 survey by the National Venture Capital Association (NVCA), an industry trade group.<br/></p><p><a href="https://dot.la/lots-of-talk-but-little-action-how-can-venture-capital-solve-its-whiteness-problem-2646188887.html" target="_self">Because of the insular nature of how startups get funded</a> – with a big emphasis on existing networks and warm introductions - the lack of diversity has major trickle down effects on which founders get capital. </p><p>In an effort to help solve <a data-linked-post="2646195778" href="https://dot.la/diversity-in-venture-capital-2646195778.html" target="_blank">the whiteness problem</a>, VC's like Clements have gone out on their own to start new funds, but raising a first time fund is never easy and has been a "herculean task" this year, <a href="https://dot.la/venture-capital-los-angeles-2648185121.html?utm_campaign=post-teaser&utm_content=ngk8nnoq" target="_self">according to the NVCA. </a>That's why the PayPal investment comes as welcome news.</p><p>"Through our investments, we hope to be a catalyst for positive change for people who face historic disparities in access to capital and opportunity," Clements said in a prepared statement.</p><p>While PayPal will be what Clements calls the "inaugural investor" in Slauson & Co., VamosVentures is further along, having already raised $25 million with two months left of fundraising to go, according to Gonzalez. </p><p>PayPal said it would also invest in <a href="https://c212.net/c/link/?t=0&l=en&o=2962196-1&h=2203840554&u=https%3A%2F%2Fnam03.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.chingona.ventures%252F%26data%3D02%257C01%257Ctaywatson%2540paypal.com%257C24fb27c22d524ba4d11408d86c835b93%257Cfb00791460204374977e21bac5f3f4c8%257C1%257C0%257C637378658740144272%26sdata%3D%252Bp1sznGljs7YIB73mm%252FP9Ef%252BhHOfa0ygYwZpNVt2ZVI%253D%26reserved%3D0&a=Chingona+Ventures" target="_blank">Chingona Ventures</a>, <a href="https://c212.net/c/link/?t=0&l=en&o=2962196-1&h=3017905659&u=https%3A%2F%2Fnam03.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.fearless.fund%252F%26data%3D02%257C01%257Ctaywatson%2540paypal.com%257C24fb27c22d524ba4d11408d86c835b93%257Cfb00791460204374977e21bac5f3f4c8%257C1%257C0%257C637378658740144272%26sdata%3DqeOCgMtjkHbPKXWv%252Fo8k4SiEfHUNo9I7%252FBzARlhYP5s%253D%26reserved%3D0&a=Fearless+Fund" rel="noopener noreferrer" target="_blank">Fearless Fund</a>, <a href="https://c212.net/c/link/?t=0&l=en&o=2962196-1&h=4109867380&u=https%3A%2F%2Fnam03.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fharlem.capital%252F%26data%3D02%257C01%257Ctaywatson%2540paypal.com%257C24fb27c22d524ba4d11408d86c835b93%257Cfb00791460204374977e21bac5f3f4c8%257C1%257C0%257C637378658740154266%26sdata%3D9LdnnY%252BCLTGn65%252FPzj5z0z%252FAEyaL3ddx94a02u%252FRkTM%253D%26reserved%3D0&a=Harlem+Capital" rel="noopener noreferrer" target="_blank">Harlem Capital</a>, <a href="https://c212.net/c/link/?t=0&l=en&o=2962196-1&h=2965451058&u=https%3A%2F%2Fnam03.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fprecursorvc.com%252F%26data%3D02%257C01%257Ctaywatson%2540paypal.com%257C24fb27c22d524ba4d11408d86c835b93%257Cfb00791460204374977e21bac5f3f4c8%257C1%257C0%257C637378658740154266%26sdata%3DooNZiKKH6Kn3eoJDASQye5a18Gc7o8xD2ASqVmgjztY%253D%26reserved%3D0&a=Precursor+Ventures" rel="noopener noreferrer" target="_blank">Precursor Ventures</a>, <a href="https://c212.net/c/link/?t=0&l=en&o=2962196-1&h=1643269006&u=https%3A%2F%2Fnam03.safelinks.protection.outlook.com%2F%3Furl%3Dhttps%253A%252F%252Fwww.zealvc.co%252F%26data%3D02%257C01%257Ctaywatson%2540paypal.com%257C24fb27c22d524ba4d11408d86c835b93%257Cfb00791460204374977e21bac5f3f4c8%257C1%257C0%257C637378658740164260%26sdata%3DB1h5I4927HBGc9u%252FGpMsUShmpDaej%252F%252B6M2NJ9LQuw%252F0%253D%26reserved%3D0&a=Zeal+Capital+Partners" rel="noopener noreferrer" target="_blank">Zeal Capital Partners</a>, and one additional fund as part of the company's commitment to invest $530 million to support Black-owned businesses, strengthen underrepresented minority communities and fight for racial equity and economic equality.</p>
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After seeing the pandemic's disproportionate impact on lower-income minorities, Beatriz Acevedo, the co-founder of digital media company mitú, felt compelled to return to the startup world.
On Thursday, the L.A.-based entrepreneur and three-time Emmy-winning producer announced the launch of SUMA Wealth, a fintech company that will seek to provide U.S-born Latinos with financial-inclusion tools and resources.
<p>In 2012, Acevedo launched her L.A.-based digital media company, which is oriented toward Latino youth. It raised over $50 million and boasts a monthly audience of nearly 100 million users. In 2018, Acevedo stepped down as president, and <a href="https://www.tubefilter.com/2020/02/21/mitu-acquired-by-latido-networks/" target="_blank">mitú was acquired this year by GoDigital Media Group</a> for an undisclosed amount.<br/></p><p>Acevedo will be applying much of the playbook that she used to grow mitú into what is arguably the leading digital media brand among Latino youth to her new venture. </p><p>"What mitú did was touch this audience that felt nobody saw them, and nobody got them," she told dot.LA. "That's what I plan to do with SUMA." </p>
<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDYzNjExMi9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MTc2Njg1M30.vJ1BZq3yHb34TfVs7c0_XkDO62H5bGghRi4OqPoTfYs/image.jpg?width=980" id="6e896" class="rm-shortcode" data-rm-shortcode-id="26bb66b5017110c41b71980f64acc491" data-rm-shortcode-name="rebelmouse-image" />
L.A.-based entrepreneur and three-time Emmy-winning producer Beatriz Acevedo is the co-founder of SUMA Wealth
<p>SUMA sought a $500,000 pre-seed round but has more than doubled that. The round remains open.</p><p>Every funder in SUMA's round is female; most of them are Latina. At a <a href="https://dot.la/women-in-venture-capital-2648520654.html" target="_self">panel on diversity hosted this week by dot.LA</a>, Acevedo noted that her investors were easier to work with than the more traditional set of white male venture capitalists.</p><p>The pre-seed round was led by Chingona Ventures, with participation from The Fund, 2045 Ventures, Vitalize VC, Portfolia Rising America, Backstage Capital and OVO Fund, among others.</p><p>"I didn't have to explain to any of them why SUMA was important for our community," she said. "All of them come from that same background: where we grow up not talking about money, not talking about investment, being very confused. No matter if you went to an Ivy League school or you are somebody that did not go to college, we're all in the same boat. So it was very personal to them and they fully understood the problem."</p><p>In addition to a personal connection, the Latino community also represents a big economic market. </p>
<p>A 2020 <a href="https://www.latinodonorcollaborative.org/report/2020-ldc-u-s-latino-gdp-report" target="_blank">study from the Latino Donor Collaborative</a>, for instance, found that if Latinos living in the U.S. were considered a country, it would have the eighth-highest GDP in the world – larger than South Korea, Italy or Brazil.<br/></p><p>It's also a rapidly growing segment: from 2010 to 2018, the group's GDP expanded 21% faster than India's and 30% faster than China's, according to the study. </p><p>Acevedo emphasized that SUMA is targeting U.S.-born Latinos, a group that she says has felt as if it doesn't quite belong.</p><p>Marketers tend to lump this U.S.-born Latino sector either into a general, English-speaking audience or a more traditional, Spanish-speaking group, Acevedo said. </p><p>By contrast, what mitú did and what SUMA plans to do is focus on the nuances that make this segment unique. </p><p>"The secret sauce (at mitú) was everything that we did was in-culture," she said. "It's nothing special that I did, but see them."</p><p>Acevedo said that rather than building a product and hoping to attract users to it, SUMA will start by building a brand that conveys it is "by Latinos for Latinos."</p><p>For example, the chupacabra – a mythical beast prominent in Latino folklore – is reprised on SUMA as the money-sucking "chupalana," which accompanies instructional content on topics like lowering debt, budgeting, taxes, investing and deciding whether to buy or lease. </p><p>The platform also aims to tap into what Acevedo describes as a different financial ethos. In contrast to the American reverence for self-reliance, for instance, she says, "my mother will tell you she has no money to save and invest, but if it was for someone in her family, she'd give all the money in the world. We're taking those nuances into account." </p><p>Acevedo believes developing trust among her target market is a key component to SUMA's brand. She says many Latinos harbor a deep-seated skepticism of traditional financial institutions, in large part due to a history of currency devaluations by Latin American governments that wiped out people's savings without warning.</p><p>"There's post-traumatic stress," Acevedo says, which has carried forward into today's younger generations. </p><p>Data from SUMA's 30-day beta period suggest this hypothesis has some merit. Acevedo said the company saw engagement rates 20-times higher than a composite benchmark of fintech company engagement rates. And the top questions SUMA has gotten from its users have centered around which institutions are trustworthy. </p><p>"They're hungry for this information and [they want] to do better, but they're incredibly confused on how to do it," Acevedo said. </p><p>"There are lots of Latino-led and -driven fintech offerings," she added, "but nobody has really built it at scale. I hope to build that." </p><p>SUMA is co-founded by Xavier Gutiérrez, president and CEO of the Arizona Coyotes hockey team – the first Latino to lead an NHL franchise. </p><p>"The economic success of the United States and its recovery from the current pandemic rely on the economic empowerment of this community. We exist to provide that empowerment," he said in a statement. </p><p>---<br/></p><p><em>Sam Blake primarily covers entertainment and media for dot.LA. Find him on Twitter @hisamblake and email him at samblake@dot.LA </em><br/></p>From Your Site Articles
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