Mandy Potter’s Post

Navigating this journey has been an enlightening whirlwind of emotions. I truly hope that fellow immigrants, minorities, and black individuals like me can glean insights from the lessons I've acquired along the way. 🚀 Empowering Black Founders in the VC Landscape 🌐 The venture capital world is vast, but our distinct voices and innovations as diverse founders are charting new territories. 🎯 Innovation Unleashed: Diverse management teams yield a whopping 19% higher revenue due to groundbreaking ideas. #InnovationFromDiversity 📊 Disparity in Numbers: Despite being among the fastest-growing entrepreneur groups, black women receive a mere 0.2% of VC funds. A challenge? Yes. An opportunity? Absolutely. #FundingGapOpportunity this thought was sparked by the esteemed Tré Baker 🌍 Diversity Beyond Borders: With a major chunk (80%) of VC investments in just three countries and a small slice (1%) for young founders under 25, there’s untapped potential waiting to be explored. #GlobalVentureHorizons 🤝 Community Powerhouses: Platforms like #BLCKVC, #YCOMBINATOR, and #IrishAngels aren’t mere networks; they’re power-packed communities enriching our journey. 📖 Stories Beyond Stats: Data drives decisions, but stories drive connections. Sharing our 'why' creates impactful resonances. #StorytellingInBusiness 💪 Resilience Is Key: Our adaptability and resilience are not just tools; they're our beacon in the VC world, shining light on new opportunities. #BlackFoundersResilience Dear Black Founders, our stories and innovations are the cornerstone of tomorrow's business world. Let's come together, share, uplift, and pave the way for an inclusive, thriving future. 🌟 **#RedefiningVC #EmpowerInnovateUnite** ---

Idiotopedia Lite: Profitability - The New Black? I remembered the last time I talked to my founder's friends and how he told them about his parking service business. He talked about the amazing, hard problems he had fund raising and working with investors he already had. So, that makes me want to give my simple opinion based on the pictures that are attached. Yes, we can all agree that it's hard to start a business in Indonesia. People who invest are being more careful with their money, and there is a lot of competition. Still, I see would-be startup founders every day who are full of million-dollar ideas but don't know the first thing about simple money management. Remember! Don't just hustle; pay attention to the basics. The income statement, balance sheet, and cash flow statement are the three financial statements that every business owner should know. These aren't just dull financial process; they're what every business needs to stay in business. For sure, passion and hard work are important, but they can't pay the rent. Well, the proof you need to show that your business can make money is needed. That means you need to have a good grasp on your sources of income, expenses, and cash flow. In the end, making money is hot button. The really exciting part is that making money is sexy. It's becoming more and more important for investors to see startups that can clearly show how they can make money, not just ones that vaguely promise to change or grow quickly. Don't use words when you're pitching your idea to investors the next time. Instead, stick to the basics. Not only tell them how you're going to change the world, but also how you're going to make money. My last thoughts here: Are you prepared to put in the work? It takes time, discipline, and a laser-like focus on financial metrics to transform a business idea into a profitable venture. Are you ready to work long hours and make tough decisions that will contribute to the long-term growth of your business? If the answer is "no," then entrepreneurship might not be the right fit for you. That's not necessarily a bad thing. However, if you truly want to make your business great, you should learn how to analyze those financial statements. They will help you succeed... Any other thoughts?

🌟 We are excited to welcome Antoinette Ale to the Phoenix Court team as our new Program Lead/Head of Community for Blackout Tuesday🌟 Antoinette joins us with a strong commitment to advancing diversity in the venture capital space, and we are thrilled to have her lead on Blackout Tuesday programming and initiatives aimed at: 1. Increasing Black representation in VCs 2. Increasing the number of Black founders who receive venture funding 3. Increasing the weight of Black employees in venture-backed companies 4. Supporting Black GPs 5. Increasing the representation of Black or Black-aligned LPs Her leadership will be crucial as we continue to push for greater representation in our industry and take Blackout Tuesday VC to the next level. Antoinette shared her thoughts on joining the team: “Joining Blackout Tuesday VC is both a privilege and a personal mission for me. As a Black founder myself, I understand the challenges and barriers that exist in the venture capital space, especially for underrepresented communities. I am committed to advancing diversity in VC because I believe true innovation comes from inclusive representation. My journey here has been fueled by a passion to see more Black founders, professionals and investors thrive, ensuring that our industry reflects the rich diversity of talent and ideas. Working together with partners, my ambition is that Blackout Tuesday VC will set a new standard for inclusion and equity in venture capital.” We’re also gearing up for our next Blackout Tuesday VC event (#18) on Tuesday, 24 September, from 3pm - 7pm, focused on “Increasing Venture-backed Black Founders: Journey from Seed to Series A and Beyond.” Register below & stay tuned for more details later this week! Please join us in welcoming Antoinette to Phoenix Court. We look forward to the positive impact she will have on our community and beyond. Please register here: https://lnkd.in/ezH7KgAU #diversityinvc #Blackfounders #venturecapital

Here are the 10 questions I drafted for the Naturally New York panel : "DIVERSE INNOVATORS: How Black Founders are Building Companies, Growing Relationships, and Securing Capital in CPG": 1 Can you share your personal journey as a Black founder in the CPG industry, highlighting any unique challenges or opportunities you've encountered along the way? 2 What specific strategies or approaches have you found most effective in building and growing relationships within the CPG ecosystem? 3 Access to capital is often cited as a barrier for minority entrepreneurs. How have you navigated the fundraising landscape, and what advice do you have for other Black founders seeking investment in CPG? Note: Black Founders raised 0.13% of all capital allocated to U.S. startups in Q3 of 2023 according to Crunchbase. That's about $39.7 million out of $29.9 billion. 4 How do you approach product development and innovation within your company to ensure it resonates with diverse consumers? 5 Building a strong team is crucial for any startup's success. How have you prioritized diversity and inclusion in your hiring practices and company culture? 6 Can you share an example of a partnership or collaboration that has been particularly impactful for your company's growth, and how did you cultivate that relationship? 7 In your experience, what role do mentorship and community support play in empowering Black founders in the CPG space, and how can aspiring entrepreneurs tap into these resources effectively? 8 We often hear about the importance of representation in leadership and decision-making roles. How do you advocate for diversity at the executive level, and what benefits have you seen as a result? 9 Sustainability and social impact are increasingly important considerations for consumers. How does your company incorporate these values into its business practices and product offerings? 10 Looking ahead, what are your hopes for the future of Black entrepreneurship in the CPG industry, and what steps do you believe are necessary to foster greater diversity and equity in the sector? 11 Feel free to suggest a question. For example, Does A Rising Tide TRULY Raise All Boats? https://lnkd.in/g2TYMHXs Join us virtually Tuesday 2/27 to hear from Amaechi Uzoigwe (Juice Runners), Bradley Gifford (Spoonful), Ivy A. A. (NOURRIR DRINKS INC), Kadidja Dosso (Dosso Beauty) and yours truly as moderator representing Passport Food & Beverages & Caminus Ventures.

Of the 89 companies in the Summer 2024 cohort on @YC’s website, just 5 have Black founders. Here are three things YC can do to lead the way in supporting Black founders: Y Combinator is the Harvard of accelerators for startup founders. But not for all of them. 1. Give clear explanations to rejected applicants. Nothing drives a founder forward like clear, actionable feedback. It helps them identify their company’s weaknesses and, thus, what to work on to improve. This type of transparency would build trust with Black founders and ultimately encourage more to apply. Even doing this for the top 10% of rejected applicants could make a big difference. 2. Partner with other organizations that already do an excellent job of supporting Black founders. There are many out there (my favorite being @goodienation),). Not only can these organizations offer diverse and innovative ideas, but collaborating with them would widen the pool of Black applicants. 3. Leverage the (albeit relatively small) network of YC-backed Black founders. Mentorship is a critical part of YC’s model, and I’d argue that the value of that mentorship increases when the mentor understands the additional challenges associated with being Black in that space. Black YC alumni can support new Black applicants on their journeys, and their referrals can help build a steady stream of Black applicants for future cohorts. I believe Y Combinator can uplift Black and underrepresented founders more broadly, but these three steps are a good start. Any other ideas? Let me know in the comments. Also, shout out to the five companies representing this year’s cohort! Rastro (YC S24) Zimi (YC S24) &AI Conductor Quantum AnswerGrid

Of the 89 publicly-shared companies in the Summer 2024 cohort on Y Combinator, just 5 have Black founders. Here are three things YC can do to lead the way in supporting Black founders: Y Combinator is the Harvard of accelerators for startup founders. But not for all of them. 1. Give clear explanations to rejected applicants. Nothing drives a founder forward like clear, actionable feedback. It helps them identify their company’s weaknesses and, thus, what to work on to improve. This type of transparency would build trust with Black founders and ultimately encourage more to apply. 2. Partner with other organizations that already do an excellent job of supporting Black founders. There are many out there (my favorite being @goodienation),). Not only can these organizations offer diverse and innovative ideas, but collaborating with them would widen the pool of Black applicants. 3. Leverage the (albeit relatively small) network of YC-backed Black founders. Mentorship is a critical part of YC’s model, and I’d argue that the value of that mentorship increases when the mentor understands the additional challenges associated with being Black in that space. Black YC alumni can support new Black applicants on their journeys, and their referrals can help build a steady stream of Black applicants for future cohorts. I believe Y Combinator can more broadly uplift Black and underrepresented founders, but these three steps are a good start. Any other ideas? Let me know in the comments. Also, shout out to the five companies representing this year’s cohort! Rastro (YC S24) Zimi (YC S24) &AI Conductor Quantum AnswerGrid

If we take score on this Juneteenth and account for the greatest barriers that continue to stunt the growth of Black wealth, I would urge you to pay attention to the work from McKinsey & Co: It is very clearly an issue of a lack of representation among decision makers in the institutions that are deploying capital and among people who design processes that allocate capital. #WeDontPretendWeJustLend!

To celebrate Black August, we are highlighting two exceptional Black-owned businesses. Today, we’re shining a light on two trailblazing Black-owned companies that embody the spirit of innovation and community. Business & Bourbon®, founded by Ronnell Richards, is more than just a platform - it’s a movement. Ronnell shares his entrepreneurial expertise to empower others, fostering growth and meaningful connections worldwide. Ronnell's commitment to supporting entrepreneurs' growth led him to begin the Sayless Academy, where he shares online courses focusing on practical skills and strategies to help individuals excel in the evolving industry. From entrepreneurs to industry leaders, Business and Bourbon and the Sayless Academy help build networks that drive real results. Solid Rock Consulting is a powerhouse in professional services, workforce management, and solution procurement. Their commitment to excellence elevates employee and customer experiences, helping brands reach new heights. Supporting Black-owned businesses like these is essential in fostering diversity, equity, and innovation within the tech industry and beyond. By uplifting these voices, we contribute to a more inclusive and thriving community. #BlackAugust #BlackOwnedBusinesses #DiversityInTech #SupportBlackBusiness Kelli E. Ballou-McMillan, Brandon Knight, Mikaela Adolphus M.Ed., Dave Dyson, Ronnell Richards, Juanita Coley, Raquel Wiley, Maddie Bird, Ty S.

💰The disparity in startup costs between Black entrepreneurs and their non-Black counterparts is an important aspect to consider in discussions about equal opportunities in entrepreneurship. The higher average startup cost for Black individuals may stem from various factors, including historical and systemic challenges. 📈 Here are some key considerations: 👉🏾Access to Capital: ✳️Black entrepreneurs often face challenges in accessing traditional sources of capital, such as bank loans. This can result in a higher reliance on personal savings or alternative financing methods, leading to increased startup costs. 👉🏾Wealth Disparities: ✳️Historical wealth disparities, often rooted in systemic racism, can impact the financial resources available to Black entrepreneurs. Limited access to generational wealth can make it more difficult to fund a business startup adequately. 👉🏾Credit Access: ✳️Unequal access to credit can contribute to the higher startup costs for Black entrepreneurs. Limited credit history or unfavorable lending terms may lead to higher interest rates or less favorable financing options. 👉🏾Industry Disparities: ✳️The nature of the business and industry can also play a role in startup costs. Black entrepreneurs may be more concentrated in industries that require higher initial investments, contributing to the observed disparity. 👉🏾Network and Mentorship Gaps: ✳️Limited access to networks and mentorship can impact the ability of Black entrepreneurs to find cost-effective solutions and navigate the complexities of starting a business. Mentorship and networking opportunities are essential for obtaining advice and resources and potentially lowering startup costs. Addressing these disparities requires a multi-faceted approach that includes policy changes, increased access to financial education, targeted support programs, and efforts to dismantle systemic barriers. Here are some potential strategies: ✅Financial Education Programs: Implementing programs can help them make informed decisions, manage costs effectively, and access appropriate financing options. ✅Access to Capital Initiatives: Creating initiatives can be instrumental in leveling the playing field. ✅Mentorship and Networking Programs: Establishing mentorship programs and networks can provide valuable guidance, potentially reducing startup costs through informed decision-making. ✅Policy Reforms: Advocating for policy changes that address systemic issues, such as discriminatory lending practices, can contribute to creating a more equitable business environment. By addressing these challenges, society can work towards fostering an entrepreneurial ecosystem that supports the success of Black entrepreneurs and reduces the disparities in startup costs. Source: Intuit QuickBooks #BlackHistoryMonth #BlackBusinessMonth #SupportBlackBusinesses #EntrepreneurshipMatters #personaldevelopment #entrepreneurialmindset #businessstrategy

In 2020 Black-owned businesses didn't just thrive; they soared with $206 billion in annual revenue and supported 3.56 million jobs. That's the strength of diversity driving the economy forward. The nextONE program is dedicated to helping black-owned businesses grow their companies and positively impact the economic and social landscape of the communities they serve. If you are a black business owner and aim for rapid growth, apply now! bit.ly/nextONE24