As we celebrate the 100th anniversary of the women’s right to vote, I think it’s an appropriate time to talk about something we all know exists even if it’s not right at the forefront of our minds. This is a topic that seems to be part of a broken record, and one that you’ve more than likely heard before. What I am talking about is the unfair disparity between the sexes when it comes to wages, and why women still make less than men in the workforce.
I’m so fricking pumped today. Really, truly. Yeah, Valence announced > $5 million in funding led by GGV and Upfront. That IS a big deal, but I’ll get to that. But Kamala Harris was picked to be the Vice Presidential candidate for the Democratic Party. That means she’ll be the first female Vice President of the United States, the first female Black Vice President and the first Indian-American Vice President. I don’t take this for granted, be ready for a fight. But let’s be clear. WE WILL WIN. We might have to fight for it after the votes go our way but let’s get ready for the fight.
So let’s get it.
Guy Primus, CEO of Valence
Valence. It is a company with a mission to create better access and more funding for Black entrepreneurs and executives. Valence is led by a talented CEO, Guy Primus and was the brainchild of my partner, Kobie Fuller. If you want to follow two great Black executives who work at the intersection of technology and venture capital make sure to click on those links and follow them on Twitter.
So what exactly is Valence and why does it matter?
18 months ago, my partner Kobie Fuller was inspired to build a solution for a problem he faced regularly: as one of the few Black partners at a VC firm (an estimated 3% of GPs in venture are Black vs 14% of the US population), he was consistently asked for warm intros to Black professionals, to Black VCs, and to talented Black operators and entrepreneurs.
Venture firms wanted to meet talented Black founders but didn’t know where to start to find them. And Black entrepreneurs wanted access to decision makers but didn’t always have the easy connections. In fact, one of the biggest criticisms I personally get when I suggest that founders should “get introductions to VCs” is that this might reinforce existing racial imbalances by providing easier access to White professionals than people of color.
An imbalance clearly exists in access and networks that has resulted in a tech industry where an estimated only 1% of venture dollars go to Black founders and only 3% of the workforce is Black and a country where Black individuals hold a disproportionately low amount of the wealth — only 3%. As Kobie says, he didn’t have a “magical database” of great Black talent, so he set out to build a solution not just for himself, but also for the community.
Personally I believe that to fund more people of color you need to put check-writing authority in their hands the same way that if you want to see more women funded you need more women GPs. My greatest criticism of our industry is that women and people of color feel the need to leave larger VCs to create their own firms. We have a responsibility to help propel them to the top ranks of our biggest firms to make our check writers more representative of our society overall.
There is a very clear economic rational and strategic advantage for doing so. There are amazing Black entrepreneurs, Indian entrepreneurs, Chinese entrepreneurs, female entrepreneurs, gay entrepreneurs and so forth. OBVIOUSLY! If 90% of the check writers are White, straight men then it’s clear if you are different than that you’re going to have an advantage. As I always say, being great as an investor is about having “edge” and edge means knowing somebody or something that very few others know. It’s about swimming in lanes where others aren’t present. Being diverse in the VC industry is a VERY LOW bar and a clear differentiator.
At Upfront we believe in improving access for founders and entrepreneurs to networking, professional development, and economic opportunities, and that’s what Kobie set out to do with Valence, which he incubated in our offices. Huge hats off to Kobie for the idea, energy, direction, evening hours and the foresight and salesmanship required to bring on Guy to take the helm.
Building a mission into a business
By the time Valence launched in late 2019, the team had built the necessary systems and technology to seamlessly engage and onboard the community — not just the users, but also some pilot corporate partners who also believed in the mission and opportunity and who wanted to leverage and support this amazing database of talent. It was also important to Valence to not only connect users, but also to celebrate the successes and spotlight great Black leaders through high-quality content and design.
As soon as Valence launched in November 2019, the business quickly had proven demand from the community, not only from senior business leaders but also from so many young, talented professionals who could benefit from the inter-generational networking that Valence supported so seamlessly. Since launch, the Valence platform has supported more than 5,000 micro-mentoring sessions (AKA Boosts)— allowing the kind of invaluable network support that’s so critical to success and advancement for even the most talented founders and operators.
You can hear more about the importance of mentoring from Kobie Fuller, Valence advisor James Lowry, and John Legend — yes, THE John Legend — in this video from the 2020 Upfront Summit.
So things were going well for Valence in 2020, amazingly even in a pandemic. And then in May the world was galvanized by the tragic murder of George Floyd (and Breonna Taylor. And Ahmaud Arbery. And Rayshard Brooks. And the many Black women and men before them whose lives were taken at the hands of the police.)
When the mission meets a movement
In these months, not only did we see widespread civic protests but so many industries, including ours, faced a reckoning that despite even the best intentions, lip service wasn’t enough. We all needed to take action to address the imbalance of access, and to literally put our money where our mouths are. Suddenly a spotlight was put on everything that the Valence team had been building, and there was even more energy around the business.
I always say that you can judge a startup’s future based on how fast they’re able to execute when it counts. Well, I can tell you that within weeks of the civil unrest, Valence had:
Introduced the Valence Funding Network, where GPs from more than 30 of the top venture funds representing more than $60B in assets under management joined Valence with the goal of linking Black entrepreneurs on the platform directly to venture decision makers.
Increased membership by more than 20%
Hired a CEO, Guy Primus, who was previously the CEO of The Virtual Reality Company as well as the COO of Overbrook Entertainment. He’s been a leader at the intersection of media and tech for many years and we’re grateful to partner with him.
Announced their Series A funding round, which Upfront participated in and which was led by Hans Tung from GGV. Hans has been a great peer and collaborator on other portfolio boards and we’re excited for him to join Valence at this pivotal time. We have worked closely with GGV for years and they were a natural fit for helping to build a network like this given their investment in Chief (for women) and The Mighty (which helps families with people facing health challenges).
Since day one we have anticipated great things for Valence and with this groundswell of support at the civic level as well as the industry level, we hope to see meaningful improvements in access and dollars for Black professionals. Please join me in congratulating Guy, Kobie and the team for what they’ve built so far, and what’s to come.
When I started blogging, my intention was NOT to make it my main income source. My blog was a place I could share ideas and maybe make a little side income from at best, at worst it would be a short lived experiment. You see, I didn’t view blogging as a good business model. As […]
As we celebrate the 100th anniversary of the women’s right to vote, I think it’s an appropriate time to talk about something we all know exists even if it’s not right at the forefront of our minds. This is a topic that seems to be part of a broken record, and one that you’ve more than likely heard before. What I am talking about is the unfair disparity between the sexes when it comes to wages, and why women still make less than men in the workforce.
At long last, it’s nearly National Small Business Week.
After getting delayed because of the coronavirus pandemic, National Small Business Week presented by the US Small Business Administration will happen between Sept. 22-24 this year. And like so many highly anticipated and exciting conferences and events for small businesses in 2020, NSBW will be an all-virtual event.
But that only gives you a better chance to participate and share in the fun. That includes attending several virtual events hosted by the SBA. And you still have time to register. Check out our report on these events and find out how to sign up: It’s Time to Register for National Small Business Week Virtual Events.
And for the rest of the week in small business news, check out our weekly roundup below.
When 1 in 4 or 25% of respondents say they cannot remember changing their online password, there is cause for concern. The data is from a new survey and report from PC Matic looking at the struggles with password management. PC Matic Online Passwords Survey Businesses and individuals must take more precautions.
Voodle has announced the launch of its free video sharing application for desktops and Android devices. According to the company, the app will help enhance communications among teams that work remotely. Voodle lets teams communicate using short videos rather than text-based instant messages. Videos are limited to 60 seconds.
Purewrist, a fintech company, has announced the launch of its new mass-market wearable, Purewrist GO bracelet. Purewrist GO allows users to make contactless payments without the need to touch cash or a card. With this offering, the company looks to help businesses put at ease consumers’ concerns over COVID-19 safety measures.
Are you facing a dilemma – to hire a freelance developer or not to hire a freelance developer? If yes, then you can go ahead with a freelance developer without pondering any further. According to the latest report from Lemon.io, 71% of respondents confirmed that their previous experience of working with freelance developers was good or very good.
A new QuickBooks report reveals 23% of small businesses starting in the next 12 months will have a completely remote workforce. This is primarily driven by the impact of COVID-19 on the work habits of most employees and businesses.
The new Fiverr Business platform stresses the importance of team collaboration at a time when more people are working remotely. Everyone from small businesses to large enterprises are allowing their teams to work remotely because of the pandemic. And this has created the need for a more effective collaboration platform organizations and their teams can access from anywhere.
Nearly 1 in 5 (19%) of consumers plan to purchase more from small local businesses this holiday season. Almost half of shoppers say they will be willing to shop in-store if retailers offer contactless pay options this winter. Over two-thirds (77%) of consumers want masks to be mandatory at local retailers during the holiday season.
Many Americans remain hesitant about dining in during COVID-19 and are turning to takeout, even as lockdown restrictions ease and restaurants welcome customers back, said a recent report. The good news for small businesses is that most are ordering from local restaurants instead of large chains.
With working from home the new norm, hackers are exploiting weaknesses in new working practices. The sharp increase in hacking and phishing activity has shone the light on the importance of cyber security. Exploring the risks surfacing in the post-COVID economy, Data Connectors have compiled an infographic. Data Connectors are providers of the largest cyber security community in the US.
According to a new research from INFORMS Journal Information Systems Research, better management of customer care on Twitter is responsible for a 19% increase in customer satisfaction. An increase of almost 20% is amazing for any positive business metric. But, when it is in customer satisfaction, it is that much better.
Alignable was established to nurture the relationships small businesses have with each other and create new ones. These relationships help local businesses grow and succeed. Alignable is the platform where they can come together to make this happen.
If you’re a lawyer, were you aware Reddit could be a good way to boost your business? Now, you may be asking yourself, “What’s Reddit?” Reddit calls itself the “front page of the internet” but it’s really just a collection of communities, called “subreddits” where users participate in threaded discussions on topics of all kinds.
It would be tough to find a business that hasn’t been negatively impacted by the pandemic. Restaurant businesses are among the hardest hit. Ironically, although the restaurant business can be extremely competitive, owners are sharing information with the goal of helping each other survive.
This year will probably go down as one of the most difficult years for every small business owner in their memory. But like most economic disruptions, new opportunities are now available. On the Small Business Radio Show this week, Carissa Reiniger started Small Business Silver Lining with a mission to help small businesses become more profitable and sustainable.
Have you got an idea about creating a website in the ongoing pandemic? If yes, then you are not alone, my friend. According to the latest survey from WebsiteToolTester, 40% of those surveyed have considered creating a website for a business or hobby since the pandemic started.
Work as we know it has undeniably changed and most businesses have had to adapt to working remotely. However, with the future still unclear, it’s important to adjust your business to fit working remotely indefinitely, returning to work, or a mix of both.
Brian Solis keynote speaker on innovation and exponential business
Singularity University is now featuring articles on its SU Blog by Brian Solis. His contributions will focus on exponential innovation, business transformation and digital anthropology.
