5 Questions with Jocelyn Moore, Board Member: Draft Kings and OppFi, CEO, Jocelyn Moore Consulting LLC

Jocelyn Moore and I met as Capitol Hill staffers, and I’ve watched with admiration as she’s navigated a career journey at the highest level of leadership at the National Football League (NFL) , as an investor, and as a board member on two public company boards.? She gives both inspiration and confirmation to Capitol Hill staffers and government relations executives that our skillset is relevant, needed, and increasingly sought after in company boardrooms.

I’ve had the pleasure of peppering her with questions about serving on boards and angel investing.? And she’s given me great counsel!? So Jocelyn was a natural pick for a “5 Questions” interview given that most of the conversations with my peers are about how to serve on public boards and how to navigate angel investing.

In her “5 Questions” interview, Jocelyn provides insights on what drew her to government service and lessons she’s learned that are universal.? Jocelyn also informs us on how she approaches board service and how government experience is crucial for highly regulated companies.? Her advice for aspiring angel investors, her approach to leadership, and her perspective on the current corporate environment on DEI make this must-read.

No, Jocelyn and I aren’t related, at least not that we know of!? And thank you to Jacqui Moore (also, no relation) for her important feedback on improving “5 Questions!”? Regardless, we’re #MooreSisters!

You spent 15 years in the United States Senate, also serving as Deputy Staff Director of the Senate Committee on Finance. What initially drew you to a career in government, and what were some of the most significant lessons you learned during your time on the Hill?

I studied English and Education in college and was planning to go into student affairs as a career. That was until I successfully ran for Student Body Vice President at the University of Florida. It was during that campaign that I fell in love with representative democracy and knew I wanted to start my career in politics.

Three of the most significant lessons I learned during my time on Capitol Hill are the art of compromise (in those days, bipartisanship was the rule, not the exception), coalition building (with both internal and external stakeholders to build support for policy initiatives), and long-term strategy development (given that most legislation took years to be considered in Committee, let alone voted on by the full Senate or Congress).

How does your public policy experience and expertise shape your approach to governance and strategic decision-making in your roles on corporate boards, such as DraftKings and OppFi?

Because I serve on two public company boards and one private company board in highly regulated industries, I am often able to pull from my public policy expertise to provide insightful guidance for executive teams to consider.

I was advised early on in my board journey to take a "noses in, fingers out" approach to corporate governance. In practice, this means providing strategic direction and support to the executive leadership team in ways that help drive value for stakeholders and minimize risk. It does not mean trying to run the business.

As an active angel investor, you play a crucial role in supporting startups. Why do you believe angel investing is important, particularly for women and people of color, and what advice would you offer those interested in becoming angel investors?

The data tells the story here.

• Less than 1% of all VC dollars in 2023 went to Black-founded startups, which amounts to around $661 million out of $136 billion, according to Crunchbase data.
• Black-founded startups received less than 0.5% of the venture funding all U.S.-based startups received last year.
• In 2021, Black-founded startups received 1.4% of all U.S. venture funding. In 2022, it was 1.1%.

The decline in capital to Black-founded companies greatly outpaces the overall decline in startup funding.

• While total venture dollars in the U.S. fell 37% last year, funding to Black-founded startups dropped a staggering 71%, according to Crunchbase data.
• Last year’s total investment in Black-founded startups in the U.S. marks the lowest amount since such startups raised only $582 million in 2016.

While I have been an angel investor since completing Pipeline Angels Bootcamp in 2020 (a program I strongly recommend), we are witnessing a significant decrease in what were already disproportionately low levels of VC and institutional support for founders of color -- as well as legal challenges to support for Black women founders specifically -- making angel investing even more critical.

I would advise anyone interested in becoming an angel investor to make sure you are accredited, do your research, develop an investment thesis, learn how to conduct effective due diligence (through a boot camp like Pipeline Angels) and seek out reputable networks that will provide consistent deal flow for startups of interest.

How have your diverse career roles shaped your leadership philosophy, especially when dealing with high-stakes environments like Capitol Hill, the NFL, and DraftKings?

I practice servant leadership, the principles of which include things like listening actively, empowering your team, encouraging a culture of collaboration, and achieving growth by putting employees first.

Servant leadership might seem like the antithesis of the high-stakes "Game of Thrones" types of environments that I have worked in. In fact, some of the most successful, high-stakes companies in the world have been led by servant leaders -- Cheryl Bachelder , Calvin Butler , Rosalind Brewer, Thasunda Brown Duckett , Tim Cook, Kenneth C. Frazier , Howard Schultz , and Susan Wojcicki .

The lessons learned from my career experiences have made me an even more emphatic servant leader.

Given your leadership in diversity & inclusion and corporate social responsibility initiatives, how do you view the current environment, and how would you advise companies to navigate?

The current corporate environment on DEI is extremely troubling, especially when considering the data. The past several U.S. censuses have shown increased -- and rapidly growing -- racial and ethnic diversity among the U.S. population.

There is also irrefutable data that consistently shows that DEI drives revenue growth, customer satisfaction, employee retention, innovation, and better decision-making.

When companies think about long-term business sustainability, regardless of industry, an authentic commitment to racial and ethnic diversity has to be part of the equation. Otherwise, we are automatically talking about the law of diminishing returns.

Quick Hits

ChatGPT/Generative AI? Yes, I use generative AI. In order to most effectively advise my clients as well as the boards I serve regarding AI, I have to be up to speed on the latest developments, which include effective use cases, ethical considerations, and potential operational impacts.

For anyone looking to do a deeper dive into AI, here are three books that I would recommend:

• Trust: Responsible AI, Innovation, Privacy and Data Leadership by Dominique Shelton Leipzig
• The Coming Wave: Technology, Power, and the Twenty-first Century's Greatest Dilemma by Mustafa Suleyman
• Superconvergence: How the Genetics, Biotech, and AI Revolutions Will Transform Our Lives, Work, and World by Jamie Metzl.

Corporate leader you admire most? Instead of one corporate leader, let me mention a company I admire most: Ben & Jerry's for their unwavering commitment to their values, including DEI and social justice.

Best career advice you've ever received? Lead with empathy.

Most impactful books you've read? The Shack: Where Tragedy Confronts Eternity by William P. Young is still at the top of my list.

Interested in reading more 5 Questions profiles?

• Brenda Becker, Senior Vice President of Global Government Affairs for Boston Scientific
• Michael Petricone, SVP of Government Affairs, Consumer Technology Association
• GlobalWIN Co-Founders Melika Carroll and Helen Milby
• Brad Knox, Senior Vice President, Federal Corporate Affairs and Public Policy, Aflac