The Black Opportunity Cost for Black Entrepreneurs with Tinotenda Chibebe S2 Ep. 8
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Tinotenda Chibebe is the author of The Black Opportunity: Conversations on Belgian Venture Capital and Afropean Entrepreneurship that explores how the inclusion of black voices in the venture capital space will shape the world for generations to come. Tino has also written articles on Medium and for Complexs Greenlabel. He works on projects geared to advancing underdeveloped regions, regarding education and entrepreneurship in Africa.
Key interview highlights:
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- The Black Opportunity is about creating access to opportunities and mass of wealth to black entrepreneurs all over the world and pulling a global conversation around venture capital. Europe operates within an ecosystem where a lot of things about race are less specific, unlike the US, with specific valid data that inform policies to track activities within VC and companies at large. \\n
- Therefore, Venture capital is largely about the network ( who you know, how you know them, and your similarities). Best businesses are those who have access to such opportunities. \\n
- The level of inclusion and equity in the VC ecosystem in Africa is low, black founders in Africa face biases, just as it is in the UK and US. Only 6% of African startups seeking funding receive $1M or more, the rest goes to non-black founders. \\n
- The pattern matching practice among Venture Capital financiers creates a blueprint of what a successful founder should be, based on what has worked in the past. Black founders get left behind because they don\'t fit into the key signal. \\n
- The global opportunity cost of pattern matching among others is the inability to maximize the societies\' potentials to bring better solutions and better products that make the world a better place. Diversification of VCs is a big step to attracting a different set of founders and diversifying the venture capitalist network. \\n
- The Black Opportunity is out now! Buy it on Amazon! \\n
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