Can Venture Capital Bridge the Minority Wealth Gap?

Tom Droege and DanielFounders of Resilient Ventures

You can also check it out on Apple Podcasts.

With over 70 years of collective living experience in the Triangle, Tom and Keith have developed a lot of relationships in the local entrepreneurial ecosystem. I sat down with the founders of Resilient Ventures to talk about their approach to investing in minority-owned startups to address systemic wealth gaps. Why do they focus on African-American founders?

We discuss the difference between a bank loan and a venture capital investment, how they develop long-term relationships with startups seeking investment, and how they're looking to expand their next funding round.

Learn more about the companies they've invested in at https://www.resilientventures.org/

Top 5 Takeaways from this episode:

1. The need for access to capital: The main need identified for African American entrepreneurs is access to capital. While they may have the skills and ideas, lack of funding opportunities hinders their growth and success.

2. Importance of trust and relationships: Building trust and strong relationships with entrepreneurs is crucial. Resilient Ventures focuses on developing trust with founders and providing support beyond just financial investment.

3. Due diligence and communication: Both entrepreneurs and venture capital funds need to do their due diligence. Entrepreneurs should thoroughly research and understand the fund they are seeking investment from, while funds should communicate their investment criteria and expertise to potential investees.

4. The challenge of raising funds for non-traditional businesses: Businesses in sectors like food service may face challenges in attracting venture capital due to their perceived lack of high growth potential. However, Resilient Ventures recognizes the value and potential of these businesses and seeks to support them.

5. The importance of mentorship and expertise: Entrepreneurs benefit from having access to experienced mentors and advisors who can provide guidance and expertise. Resilient Ventures aims to connect entrepreneurs with the right networks and resources to help them succeed.

It’s an honor to share Tom and Keith’s powerful perspective with you — may it help you along your creative and entrepreneurship journey.

Please hustle responsibly,

🤙🏾 ✨

There are a few simple ways you can support the show, videos, and articles we strive to create, curate, and share every week.

Join the Substack: As a paid member here on Substack, you’ll get access to behind-the-scenes outtakes, exclusive episodes, aftershow thoughts, and our community group chat.

Subscribe & Review: Please make sure to review, share comments, and subscribe to the show on the various platforms (Apple Podcasts, Spotify, and YouTube). This helps tremendously!

Patronize Our Affiliates: Supporting the companies that support the show! For a complete list of all Honey & Hustle affiliates and their respective vanity URLs and discount codes click here.

Spread The Word: Help grow our reach by sharing your enthusiasm for the podcast, your favorite episodes, and/or your favorite videos by posting about it on social media (and be sure to tag us on Twitter, LinkedIn, and Instagram).

Thank The Team: I do not do this alone. Send your love to Evoke Media for audio and video editing, Looping in Alex for guest outreach, Intake Creative for helping write some of the posts you see here, Henry for the design of many of our physical merch items, and Danielle Clardy for any behind-the-scenes photos.