For the last day of Black History Month 2021, I wanted to summarize my opinion on the challenges of raising venture capital (VC) as a Black tech founder; and offer suggestions on ways to help.

To date, around 1% of VC dollars go to Black founders — an estimated $3B out of $300B in 2020. Anyone that has ever tried to build a startup will tell you next to having a clear product vision, the two most important things are: people and money. Sometimes the best ideas and products fall short because of a lack of these two critical pieces. However, one could argue that at a certain period in a company’s journey, that money is the most important thing because even with the best ideas and vision, people will only work so long for peanuts. So it is no wonder that successful Black founders are nearly non-existent in the tech world, if they are not even given an opportunity when raising funds. And it is not for a lack of good ideas or skills that Black founders are unable to raise funds. In my opinion, the lack of investing in Black founders is largely tied to 3 causes that may or may not seem obvious to any consciously “woke” person:

1. Unconscious bias of VCs: Decades of research has concluded that people tend to mostly help those who look like themselves. This too is evident throughout the VC community, especially when you consider nearly half of all VCs come from two schools (Harvard and Stanford). Investors have a flawed view of who success looks like and thereby overlook great opportunities and solutions by Black founders.
2. People are different: As much as we are all alike, we are also different in our own unique ways; and this is true for the Black community. There are problems unique to our community, as well as our approach to problem solving is different. Many VCs often miss out on great opportunities from Black founders because they can’t relate to the problem and/or their approach to solving a problem and building a product is different. While there is a right or wrong way to answer equations, such as 2+2; there can be more than one solution for solving real world problems, especially, if those problems are unprecedented.
3. Socioeconomic backgrounds of Black founders: In the US, Blacks rank just about last in every major socioeconomic dimension/stat. These unsettling factors impact many Blacks’ ability to fully commit to early sacrifices needed to establish a company which many VCs judge as cost of entry, such as: early fundraising through family and friends, quitting their jobs and solely working on the product/idea, etc. If Blacks typically come from impoverished backgrounds and lack generational wealth, it is almost impossible to expect them to meet the table stakes many VCs initially judge a founder on.

To suggest there is a silver bullet to solve for these challenges, is absurd. The root cause for these challenges are rooted in systematic oppression and global societal issues. And for the most part, you can’t fix a problem, if you don’t acknowledge there is a problem — which is where we currently are.

So until we get past the first phase of the problem “acknowledgment,” here are some ways we all can actively contribute to a solution:

Ways To Help:

1. Highlight Black founders and startups on your platforms
2. Create introductions for Black founders to your VC peers and leaders in tech
3. Use Black startups products you align with (which contributes to their metrics)
4. Amplify the uniqueness in Black founders’ startups and ideas
5. Mentor and/or sponsor Black founders
6. Connect Black founders with early funding opportunities you are aware of (eg. grants, angel investors, etc.)

Interested in supporting Black founders, see this amazing list here compiled by Yonas Beshawred, Sefanit Tades, and James Norman, in association with the Transparent Collective of Black startups and founders, US based.

These challenges and ways to help are not entirely specific to Blacks in Tech, they are also applicable to women and other underrepresented groups (e.g. Latinx, Native Americans, the disabled, etc.)

Source: Crunchbase; Harvard Business Review; Techcrunch

We’re 4 days aways from the current landscape of the NBA possibly changing for the foreseeable future.

Lebron hits free-agency on July 1st and has to decide whether to stay put in Cleveland OR move to a team seeking to contend against Golden State immediately.

Personally, I would like to see him stay put in Cleveland because I don’t like the fact of the GREATs changing teams and chasing rings but Cleveland doesn’t have the cap space or pieces needed to really compete for championships, much less Lebron’s interest. So I have no problem if he decides to leave. Nonetheless, whatever he decides will alter the course of the NBA because he is more than likely going to team up with a couple of other superstars to create a super team capable of dethroning the Golden State.

He is arguably the GOAT (greatest of all time) and his decision will likely chart a new course for the NBA. A course of superstardom teams, not just players. Teams filled with All-Stars, as GMs around the league will inevitably fall into the mindset that in order to compete and/or keep their talented players, that they too will have to create super teams. Small market teams strapped with cash will find it even more difficult to stay afloat which will ultimately be passed onto the fans via higher ticket sales and merchandise. Parity of talent will be non-existence, as there will be the haves and have nots. And the NBA will return to an era where fewer teams compete each year for a championship. There will be some adverse effects on the economies of smaller market teams and the NBA will have to deal to solve for how fanbases, sponsors and players ultimately react to these changes. It has the potential to go really well or the exact opposite. Regardless, I think we can all agree that the NBA will enter a new way of life.

And it is not Lebron’s fault either nor is it Golden State. It could be argued the first super team in the 21st century was the Lakers in 2004 Lakers who acquired Gary Payton and Karl Malone to join Shaq and Kobe (and lost to my Detroit Pistons) or the 2008 Boston Celtics. It has just now been exacerbated of recent with Lebron’s Heat of 2011 and current state Golden State Warriors and Houston Rockets.

Nonetheless, we shouldn’t blame Lebron for where the NBA is now in terms of superteams. However, it is only fitting that “The King” now has this decision in his hands. I personally want to see him stay put but what kind of king would he be if he didn’t pursue greatness to help define his legacy.

A recent study by the Government Accountability Office (GAO) reported that black, Hispanic and female representation in the tech workforce is proportionally starved when compared to the overall US workforce. While nothing new, the results are still carry the weight of surprise, especially considering we all tend to associate places like Silicon Valley and companies like Apple with progressivism and an appetite for change. What’s alarming is the continued lack of support given to this problem despite glaring reports from places like Harvard University and Mckinsey that too support the industry’s grim reality of racial conservatism when it comes to hiring people of color.

“Why diversity matters” was a 2015 report by Mckinsey that showed a linear relationship between racial and ethnic diversity and better financial performance. In the study, McKinsey finds “for every 10 percent increase in racial and ethnic diversity on the senior-executive team, earnings before interest and taxes (EBIT) rise 0.8 percent.” The report also found that “companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians” and 15 percent across the same quartile for women. If greater profits are associated with a more diverse workforce and companies benefit as a direct result, then why do such issues persist? What or who are the heroes needed to help solve the problem?

The known heroes are at the forefront and in the trenches, fighting the everyday battles to improve our workforces. These heroes may look like diversity and inclusion officers, such as Damien Hooper-Campbell at eBay or executive leaders at the top of companies like Sheryl Sandberg at Facebook. Known advocates that support and fight visibly for the change the industry so desperately needs, but they alone cannot solve the problem. They only represent 50 percent of the solution.

In Austin, Texas at SXSW this past Sunday, Uber’s Bozoma Saint John made a bold yet precise statement for diversifying workspaces. “I want white men to look around in their office and say, ‘Oh look, there’s a lot of white men here,’” she said. “‘Let’s change this.’” As much as they are emblematic of the problem, white CEOs, presidents, VPs, hiring managers, engineers — you name it — are who we need to help bridge this gap. It’s a fact: they represent the greater percentage of leadership positions and typically involved in the decision-making processes. They are the unlikely heroes the industry needs to help reform and improve the diverse state of its workforce — they are the other 50 percent of the solution

To improve the diverse workforce in tech, diversity and inclusion initiatives need to be supported, implemented and backed by white men in positions of leadership. In doing so, they gain needed support within their respective companies and become models of true change. Not until then will all the hard work on these issues see the fruits of their labor; not until then will those deaf ears finally begin to hear.

Justin is energetic business technologist and zealous advocate for diversity. By day he spends his time working in Corporate Strategy & Development for Verisign, a leader in the DNS industry and operator of the .com and .net top level domains. By night, Justin spends his time working actively in his community on diversity & inclusion initiatives focused on improving the diverse state of the U.S. workforce. His career spans nearly 10 years across financial services and strategy consulting, where he worked with Fortune 500 on high-level strategic initiatives. Justin labels himself as a “Tech nerd from Detroit trying to find his way in the world” and enjoys all aspects of Tech, especially consumer facing products, FinTech any tech that deals with sports.

The Likely and Unlikely Heroes Needed to Fix Tech’s Diversity Widening Gap was originally published in < div > ersity on Medium, where people are continuing the conversation by highlighting and responding to this story.

As Black History Month 2018 concludes, I wanted to take the time to highlight Black Leaders in Tech throughout the US. As I often times find it challenging to know where exactly Blacks are represented throughout the US Tech Community; the intent of this list is to create a repository where people can find Black Entrepreneurs, Black Leaders at leading tech companies and Black Venture Capitalists.

The list builds on top of some the awesome work already done by Aaron McClendon and Sydney Thomas; and sources information from numerous online publications, LinkedIn and my personal knowledge. The list is not meant to be exhaustive — please feel free to send me leaders you believe should be included — but a starting point to highlight Black excellence in the US Tech Community. It is with my greatest intent that this list will motivate some, inspire others and recognize all for their wonderful contributions thus far.

Sources: 13 leaders aiming to increase African Americans in tech, 28 black founders and investors making an impact in tech, The 25 Most Influential African-Americans In Technology, 15 Black Startup Founders Making Great Strides in Tech, The List of Black Women in VC, The List of Black Men in VC

I’m ecstatic for the new Marvel movie Black Panther, which opens this Friday. For me, it’s much less about watching another action movie — my favorite genre of film — or getting to see what happens next in the Marvel Cinematic Universe. It’s much more personal than that. Black Panther means a lot because I finally, after 31 years on this earth, I get to see a black superhero star in a major franchise film. That’s not to say I haven’t loved every iteration of Superman, Batman, Ironman and the countless other male superhero movies that have commanded the silver screen. I even cheered for Wonder Woman, released last June, because of its strong female lead and theme of empowerment. A common thread among those main characters, however, was the very fact that they were all white. And while I have no problem with that reality — films almost always mirror the hero’s comic form in terms of race — growing up in inner city Detroit, I always wondered why no superheroes looked like me.

Collectively, superheroes have a special place in our lives. I believe across all ages and genders, when a person is first presented with the concept of a superhero — someone capable of doing truly extraordinary things for good — it allows them to imagine that they too have the capacity to do extraordinary things and reach extraordinary heights. For children, this can be an incredibly powerful asset — superheroes serve as guideposts, symbols that empower them to confront their own enemies and obstacles through sheer will and imagination.

As a kid, however, I often found it difficult to envision myself as someone like Superman or Wolverine, since neither of them looked like me. I fell prey to a toxic strand of thinking: that I wasn’t worthy of greatness, of my own superpowers, that this kind of singularity was only for people of fairer skin complexions. And while I know no one can be a superhero theoretically, the message and influence a superhero conveys can equip young boys and girls with the tools to take on the world. Which is to say: in a sense, not being able to identify with a black superhero while growing up left me powerless.

Funny enough, I now see direct parallels between my childhood devoid of black superheroes and the current state of the tech industry in the U.S., where there is a considerable lack of black leaders. For decades, there has existed a gross underrepresentation of minority tech leaders among Silicon Valley’s darling enterprises, from Google to Facebook. A recent analysis by Recode highlighted that black leadership at some of the top US Tech firms averages 3%. And while these same companies are committing resources and efforts to improve these numbers, the issues still exist. The modern challenge to highlight and promote diversity in tech has the potential to limit the imaginations and aspirations of young black boys and girls, much like the suppression of black superheroes in mass media.

I’ve often questioned my abilities of becoming a tech entrepreneur; the road before me feels unpathed, if not impossible. Having someone to look up to, to model yourself after is extremely vital to the industry’s growth, as our heroes (whether super or not) provide us with examples and models to strive for. I know this may seem like a far reach for some, and there are others who may believe in the adage, “You can be anything you want to be.” However, it can feel painfully hopeless to pursue a dream that has no guidepost, no northern light to offer a way forward.

So, when I say I’m excited to see Black Panther this week, it’s not because it’s another action film or the perfect outing for Friday night. It’s because the movie has the chance to empower the lives of young black boys and girls by the very images director Ryan Coogler renders on the screen. It could very well spark the next generation to tackle the challenges that plague our sick world. And we’re just now seeing the beginning of it, with the success of entrepreneurs like Tristan Walker (Bevel), Ryan Williams (Cadre), and Kimberly Bryant (Black Girls CODE). Most importantly, though, Black Panther provides kids and teens with the opportunity to envision themselves not as the next Mark Zuckerberg or Steve Jobs, but as something grander, something better — a black superhero.

This also holds true for all the other underrepresented superheroes out there!

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I recently listened to a HBR podcast, entitled “Escape Your Comfort Zone” and the show referenced a diagram about a large circle called your “comfort zone” and a smaller circle called “where the magic happens.” I found this topic very intriguing, as I personally struggle with moving from the larger circle to the smaller one (and know that many others do too). So I quickly drew an image of what I thought the diagram might look like with illustrating points for motivation and hopefully it helps someone else too.

I think too often, we get trapped in our comfort zones because it’s safe and predictable. The unknown is scary and who knows how long it may take to reach it to the other side, if you ever even reach it. However, if an individual is to ever reach their full potential and operate “where the magic happens” they will have to take a leap of faith and head down a “long, difficult and unknown” road. There is no guarantee of success (and there will probably be failure along the way); however, I truly believe the end will be rewarding and well worth the experience.

So it is my hope that Medium will provide me with a platform to 1) regain my confidence and desire to express my thoughts (in a consistence manner) and 2) communicate topics that I feel are important to push forward various point-of-views in tech, diversity, sports and all things that can make the world a better place.

I promise to keep my posts- short and sweet; but then again, some promises are meant to be broken.

Best,

JC