The need for diversity in business has been apparent for decades and longer, but the events of 2020 have reminded everyone that conscious efforts should be made to make it so. Purposefully aiming for diversity by working with a Black-owned venture capitalist sounds simple, but you must remember that with diversity comes differences.
Pursuing investment from groups of people who have different points of view can help you to achieve success beyond what you thought was possible. Anytime we embrace the ideas of a variety of people with a rich background of life experiences and business experiences, such as Black-owned venture capitalists, our ventures are more likely to become successful.
Here are a few things to remember when contacting Black-owned venture capitalists:
1) Unique Backgrounds
The beauty of diversity and working with Black-owned venture capitalists is that each person you work with has a different set of life experiences. All of these unique backgrounds give you the opportunity to add value to your entrepreneurial project every step of the way.
When you contact a Black-owned venture capitalist, do not expect it to be the same as every other venture capitalist. Follow their lead and trust their experience, and you may find a venture capitalist firm that more closely matches your own personal business style.
2) They Have Been There and They Have Done It
Just like any other venture capitalists, Black-owned venture capitalists generally have been entrepreneurs just like you. They have searched for investments to launch their businesses. They know what it takes, and they know what to look for.
Since it is so much more difficult for Black founders to secure investment, Black-owned venture capitalists had to work much harder to get their businesses off the ground than most people. They had to work through layers of unconscious bias and blatant racism to get to where they are today.
When you contact a Black-owned venture capitalist, you are contacting someone who understands hard work and perseverance. Make sure you can show them that you, too, are ready to work hard through adversity.
3) Willing to Work with Entrepreneurs
Though you need to bring your A-game when you contact a Black-owned venture capitalist, do not think you have to have your business completely ready to go. Many Black-owned venture capitalist groups are set up to help entrepreneurs launch their businesses successfully. They want your business to be a success as much as you do. They can help you polish your pitch decks, tweak or even revamp marketing and business plans, and connect you with their extensive network of investors. What is most important is your idea and your drive.
Bayou City Labs is a Black-owned venture capitalist group passionate about working with visible-minorities, women, and anyone who has had to fight against systematic discrimination. They understand the difficulties that minority entrepreneurs face when securing investments for their business ventures. Bayou City Labs is well-positioned to assist entrepreneurs as they hone their ideas, secure investment dollars, and help minority entrepreneurs succeed in the business world. Click here to learn more.