'I Don't Live in a World Where Fairness is an Option': Navigating the Venture World as a Black VC
Editor's note: This is the second in our series examining diversity in venture capital. Read the first and third stories in this series and sign up for our newsletter to get the latest updates.
Entrepreneurs usually fall over each other for the chance to meet with people like Kobie Fuller, a partner at Upfront Ventures, one of Los Angeles' oldest and most prestigious venture firms, and a former investor at Accel, one of Silicon Valley's most well-known early-stage firms.
But Fuller, who is black, had become used to being overlooked at parties and mistaken for junior-level staff.
"I have been at network events where people don't know who I am, they assumed I was a random moron," he said. "They treat you like you are not in the room or you are some wait staff."
- Navigating the Venture Capital World as a Black Person - dot.LA ›
- a16z VC Firm Launches Fund to Target Diverse Founders - dot.LA ›
- Can Venture Capital Solve Its Whiteness Problem? - dot.LA ›
- Blck VC Group L aunches 'We Won't Wait' Campaign - dot.LA ›
- Blavity CEO Morgan DeBraun Calls for Action After George Floyd ... ›
- Pension Funds Could Be Key to Adding Diversity to VCs - dot.LA ›
- Valence Funding Network Intends to Boost Black Startups - dot.LA ›
- Ten Venture Capital Firms Commit to 'Diversity' Rider' - dot.LA ›
- LA Venture Podcast: Z Holly Of Good Growth Capital on Biotech, Education and the LA River - dot.LA ›
- VCs Fund More Early Stage Female Founders in LA - dot.LA ›
- Jordan Fudge Raised One of the Largest Funds in LA History - dot.LA ›
- Here Are Los Angeles' Top Venture Capitalists - dot.LA ›
- LA Second Only to SF in Total Venture Deal Value: Report - dot.LA ›
- Venture Capital Funding Goes Mostly to White Male Founders - dot.LA ›
Blck VC Group Launches 'We Won't Wait' Campaign Pushing for Diversity in Investing Groups
Venture capital has fueled billions of dollars in wealth but it has largely excluded black Americans. Only 1% of venture-funded startup founders are black and more than 80% of venture firms don't have a single black investor.
Blck VC, a group of young black investors and entrepreneurs are calling on the venture capitalist community to diversify their ranks and support the black community. Declaring Thursday, June 4th, a day of action, the group launched a campaign called "We Won't Wait."
- Kobe Bryant Remembered as Venture Capitalist in L.A. - dot.LA ›
- Actionable Steps to Fight Racism, A Conversation with Dr. Cheryl Ingram - dot.LA ›
- Actionable Steps to Fight Racism, A Conversation with Dr. Cheryl Ingram - dot.LA ›
- National Venture Capital Association Launches Diversity Nonprofit - dot.LA ›
- Can Venture Capital Solve Its Whiteness Problem? - dot.LA ›
- Navigating the Venture Capital World as a Black Person - dot.LA ›
- Pension Funds Could Be Key to Adding Diversity to VCs - dot.LA ›
- A New Fund for Black-Owned Startups - dot.LA ›
- A New Fund for Black-Owned Startups - dot.LA ›
- Ficto Tests its Way Toward a Mobile Content Strategy - dot.LA ›
- Ficto Tests its Way Toward a Mobile Content Strategy - dot.LA ›
- The Future of Commercial Real Estate - dot.LA ›
George Floyd Update: Disney Will Donate $5M to Social Justice Groups; a16z Announces Diversity Fund
Here are the latest headlines regarding how the protests around the killing of George Floyd are impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
Today:
- Disney will donate $5M to Social Justice Groups
- Blck VC group launches 'We Won't Wait' campaign
- a16z VC firm launches fund to target diverse founders
- Snap stops promoting Trump's account in its Discover feature
Disney will donate $5M to Social Justice Groups
<img lazy-loadable="true" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzM2OTY2MC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYzMjY2MTY2NX0._jc-luWmLRd9-UnBFZgyZJTm33I9_3T6Ssz9nZ3lkVY/img.jpg?width=980" id="15fc1" class="rm-shortcode" data-rm-shortcode-id="c602ad745e2c03d3c0175cf24139e96f" data-rm-shortcode-name="rebelmouse-image" data-width="768" data-height="433" />ABC's TV sitcom Blackish aired two "monumental and timely episodes" this week.
<p>The Walt Disney company announced Wednesday that it will donate $5 million to nonprofit groups fighting for social justice, starting with a $2 million donation to the NAACP. </p><p>"The killing of George Floyd has forced our nation to once again confront the long history of injustice that black people in America have suffered, and it is critical that we stand together, speak out and do everything in our power to ensure that acts of racism and violence are never tolerated," said Disney chief Bob Chapek in a statement. "This $5 million pledge will continue to support the efforts of nonprofit organizations such as the NAACP that have worked tirelessly to ensure equality and justice."</p><p>In a statement, the company pointed to its previous social justice initiatives, including providing "millions of dollars in grants to help students from underrepresented groups make the dream of higher education a reality, including $2.5 million to the United Negro College Fund." Disney also noted that it matches employee donations to "eligible organizations" and that on Tuesday it re-aired two "monumental and timely episodes" of <em>Black-ish </em>on its ABC television networks before a primetime special titled "America in Pain: What Comes Next?" </p><p>In its quarterly earnings released last month, Disney reported nearly $40 billion in revenue in the six months to March 28, 2020. Net income over the same period was down 68% from the year prior, however, as most of the company's business units have been battered by the coronavirus pandemic.</p><p><em>— Sam Blake</em></p>Blck VC group launches 'We Won't Wait' campaign
<img lazy-loadable="true" data-runner-src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzM2OTYzNy9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0OTg1NjgyOX0.Slh0ELzeW9DWblh2PyPxbOBhprxqdU6UhlN8slDMBOY/image.jpg?width=2000&coordinates=0%2C57%2C0%2C42&height=1500" id="97bd1" class="rm-shortcode" data-rm-shortcode-id="267038b66b1b79bab468b27e79b053c4" data-rm-shortcode-name="rebelmouse-image" data-width="2000" data-height="1500" /><p>Venture capital has fueled billions of dollars in wealth but it has largely excluded black Americans. Only 1% of venture-funded startup founders are black and more than 80% of venture firms don't have a single black investor.</p><p>Blck VC, a group of young black investors and entrepreneurs are calling on the venture capitalist community to diversify their ranks and support the black community. Declaring Thursday, June 4th, a day of action, the group launched a campaign called "We Won't Wait." <a href="https://dot.la/blck-vc-2646151711.html" target="_blank">Read more >></a></p><p><em>— Rachel Uranga</em></p>a16z VC firm launches fund to target diverse founders
<img lazy-loadable="true" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzM2OTQ0MC9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY1MDkwMzg3MH0.dhLyHYGgwtjLRdt65OFroB4fgSdsiZTeTSSEG88d7Mw/img.png?width=980" id="25341" class="rm-shortcode" data-rm-shortcode-id="7a1c9842c8f468c18e05cdfc2be667a5" data-rm-shortcode-name="rebelmouse-image" data-width="400" data-height="400" />Ben and Felicia Horowitz will match up to an additional $5,000,000 total in any other donations.
<p>One of Silicon Valley's most prominent venture capital firms <a href="https://a16z.com/2020/06/03/talent-x-opportunity/" target="_blank">announced Wednesday</a> it is launching a new fund designed for entrepreneurs who have the talent, drive and ideas to build great businesses, but lack the background and resources to do so.</p><p>In a blog post, the firm says it has been working on the fund for six months. However, the timing of the news this week is fortunate for an industry with a <a href="https://pitchbook.com/news/articles/vc-firms-have-a-diversity-problem-do-they-care" target="_blank">serious diversity problem. </a><span></span></p><p>a16z plans to fund a small group of founders in the first year, then expand after that. The initial capital will come from $2.2 million in donations from partners. Ben and Felicia Horowitz will match up to an additional $5 from other donations as well. The firm will invest in exchange for equity in the business, but all returns will stay in the fund to finance future entrepreneurs, which aims to back products from underserved communities that also have an "interesting model, niche market, and/or a little traction to indicate the promise and potential."</p><p>"We're venture capitalists, not activists," the firm said in its post. "Entrepreneurship hasn't been accessible to everyone, but the fact remains that being an entrepreneur is one of the most powerful ways to own your own future, to increase mobility across time and place, to invent new ways of doing things, and to forge a new system. As we emerge from this tragic moment, let's build.</p><p><em>dot.LA co-founder and executive chairman Spencer Rascoff is a board partner at a16z.</em></p><p><em><span></span>— Ben Bergman </em></p>Snap removes Trump's account from its Discover feature
<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMjY0ODQzMC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0MzYwNjI2NX0.iAteI6t1-vdRIqymUzeX5uJwPuIsRS9rqxTPuXASQBo/img.jpg?width=980" id="01215" class="rm-shortcode" data-rm-shortcode-id="f65582f8f474f612c8af0ff7acd0cc3f" data-rm-shortcode-name="rebelmouse-image" />Sam Blake<p>Snap has decided to no longer feature President Donald Trump's account on its Discover platform, where users can watch curated videos. </p><p>The Santa Monica-based company issued a statement Wednesday:</p><p>"We are not currently promoting the President's content on Snapchat's Discover platform. We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover. Racial violence and injustice have no place in our society and we stand together with all who seek peace, love, equality, and justice in America."</p><p>A Snap spokesperson said the company made the decision over the weekend. On Sunday, Snap CEO Even Spiegel wrote to his employees, condemning racial injustice. <a href="https://dot.la/trump-snapchat-2646151172.html" target="_blank">Read more >></a></p><p><em>— Sam Blake</em></p>- Blavity CEO Morgan DeBraun Calls for Action After George Floyd ... ›
- George Floyd Protests: Music Industry Vows 'Blackout Tuesday' ›
- George Floyd Protests: Scooters Used as Barricades, LA Under ... ›
- George Floyd Protests: L.A.'s Tech Community Reacts - dot.LA ›
- Santa Monica, Beverly Hills announce 1 pm curfews - dot.LA ›
- George Floyd Update: Los Angeles County and City Lift Curfews - dot.LA ›
- George Floyd Protests: Why This Time Feels Different - dot.LA ›
- George Floyd Videos Were Watched Over 1.4 Billion Times - dot.LA ›
- National Venture Capital Association Launches Diversity Nonprofit - dot.LA ›
- Can Venture Capital Solve Its Whiteness Problem? - dot.LA ›
- Navigating the Venture Capital World as a Black Person - dot.LA ›
- Two LA Funds Focusing on Diversity Get PayPal Infusion - dot.LA ›