NEW YORK, NY - AUGUST 17: Black Thought of The Roots performs during the Le Savoir multi-sensory dining experience at Skylight Clarkson SQ. on August 17, 2016 in New York City. (Photo by Noam Galai/WireImage)
WireImage"Yo, when I first started recording, I swore it was more important/To make it to Soul Train in a gold chain and some Jordans/Than makin’ my own lane and then blazing a trail forward/I came from the old days where the vision was too distorted" - Black Thought
What's up, y'all!
I got my first glimpse at the power of venture capital in 2014, when I started covering technology as a reporter in Indianapolis.
Just a year earlier, in 2013, software giant Salesforce acquired locally based tech company ExactTarget for $2.5 billion. It was a massive purchase that made many of ExactTarget's early employees multi-millionaires overnight (the CEO alone reportedly made $72.8 million from the deal). A lot of ExactTarget alumni took their newfound wealth to launch or invest in a new generation of startups that would, hopefully, repeat the cycle. What made this possible? A key ingredient was venture capital, which allowed ExactTarget to mature quickly, go public and become an appealing acquisition prospect.
I had fun covering the ripple effects of the purchase. But it was hard to shake the fact that Black people were notably absent from ExactTarget's leadership team, as well as the ranks of venture capitalists who invested in it. No matter who was to blame–individuals or systems–Black people weren't really there for that $2.5-billion come up. This tale is not unique to ExactTarget.
There are signs of change, including on the VC side. This week we have stories about two Black celebrities who became venture capitalists, driven partly by a desire to make the sector more inclusive. Tariq "Black Thought" Trotter, the lead rapper for The Roots, joined VC firm Impellent Ventures earlier this year and spoke to Forbes about his approach there. And, from the archives, we have a 2019 cover story about tennis superstar Serena Williams and her VC firm Serena Ventures, which she’s expected to focus on more after her retirement from tennis. "I want to be remembered for things I do off the court," she told Forbes, "lives I’ve been able to impact and voices that have been heard through mine."
Williams and Trotter are among other high-net-worth athletes and artists, including rapper Nas and basketball star Kevin Durant, who became venture capitalists. The late Kobe Bryant was a successful investor with is VC firm Bryant Stibel & Co., said Marlon Nichols, co-founder and managing general partner at MaC Venture Capital. “I think it’s great," Nichols said about Trotter getting into the space. "We need more talented Black folks in the business of venture capital, and he clearly has a significant and unique network, given all of the circles and arenas that he’s played in throughout his life.”
While Black celebrities alone can't alter the lack of Black leadership in venture capital, such moves are still exciting to see, said Jamison Hill, a general partner at VC firm Base10 Partners. And they can bring a lot of value to portfolio companies, he said. "How do you build a brand? How do you connect with consumers? How do you story tell and amplify that message? All of those things are highly relevant for venture-backed companies."
Stay up!
This newsletter edition published Aug. 31, 2022.
Tariq Trotter, also known as Black Thought
JARED COUNCILRoots Rapper Blazes A Trail Forward, From ‘The Tonight Show’ To Venture Capital. Tariq Trotter, aka Black Thought, has performed in front of millions on The Tonight Show Starring Jimmy Fallon. Still, he said he felt butterflies when news dropped that he'd be joining venture capital firm Impellent Ventures as a general partner.
Change Agent: "A lot of people say what I do on the court is amazing, but I feel like that’s just the beginning," says Williams. "I want to be remembered for things I do off the court; lives I’ve been able to impact and voices that have been heard through mine."
LEVON BISS FOR FORBESAfter Tennis, Here’s How Serena Williams Is Building Her Off-Court Investing. Williams, who in 2019 was the first professional athlete to make Forbes’ list of America’s Richest Self-Made Women, has quietly built a venture capital presence.
The Hollingsworth Family: Javoris Hollingsworth (top left), Graceyn "Gracie" Hollingsworth (top middle) and Arlene Gordon-Hollingsworth (top right)
THE HOLLINGSWORTH FAMILY/THE IPY AGENCYFamily Behind Hit YouTube Children's Series ‘Gracie’s Corner’ Says Longer Form Videos Are ‘In The Works.’ The animated sing-a-long series features an adolescent Black girl named Gracie, singing and dancing to catchy tunes on topics ranging from the ABCs to loving one’s hair. The series drew 77 million YouTube views in July, up from 7.2 million views in February.
Employee pride: NASA astronaut and flight engineer Jessica Watkins doing maintenance inside the International Space Station
COURTESY OF NASAMeet America’s Best Employers By State 2022. While many of the hallmarks of a top employer are universal—such as fair pay, safe working conditions, and an inclusive culture—other priorities have emerged in recent years. The Covid-19 pandemic and heightened awareness of racial injustice have shifted expectations of employers.
I want to be the brand, instead of just being the face.
—Serena Williams, 23-time Grand Slam champion and venture capitalist
From Our Contributors
Black Women Are Funding Cultural Currency To Scale Companies And Communities
An Actor And Returning Citizen’s Quest To End Dyslexia’s Impact On His Community
Naturi Naughton’s Debut Short Film ‘Behind The Smile’ Brings Vitiligo Awareness To Forefront
Quiet Quitting Isn’t Really A Thing Among Black Workers
To see more, sign up for our newsletter here.
