Growing Inclusive Innovation in Atlanta

My heart is full of hope. Yesterday was Startup Runway, a half-day event that brings Atlanta together around the up and coming women- and minority- tech entrepreneurs in our region.

Let me share a little background on Startup Runway.

Yesterday was the 5th time ValorVC and our co-host The Gathering Spot ran the event. ValorVC launched the Startup Runway Foundation when we confronted the reality in the venture capital industry: 40% of Founders are minority or women, but 90% of VC funding goes to white male led teams.Since we started, we’ve combed through over 1,000 applications.

Now, the Startup Runway Foundation has grown to 50 Finalists, all women or minority-led startups. Finalists are competitively selected from the best of the best in rising tech innovation in the Southeast.

Thanks to our generous sponsors, including presenting sponsor Cox Enterprises, Slalom who sponsors our networking, Write2Market, and the Metro Chamber, the nonprofit Foundation is able to these champions with a $10K grant. We are one of the only pitch events that does not take equity nor the promise of future equity.

'Lessons learning' in inclusive innovation

No one has hacked inclusive innovation completely. It’s a frontier space. Regions, cities, companies and leaders who do are going to win big. Nodding to a recent tweet from Phil Graham, the real winning cities ‘aren’t where Amazon will build its next headquarters, but the cities where the next Amazon will be built.’

"Startup Runway did a fantastic job not only in hosting the event, but also in bringing together a diverse community with ideas and cultivating discussions on how Atlanta can help startups grow and launch. The idea of setting up a board meeting is fantastic. We were able to discuss critical topics from monetization to strategic partnerships with inputs from a breadth of experts ranging from serial entrepreneurs to seasoned venture capitalists," shared Yasser Boumenir, founder at Finalist firm Prinsta, right after the event.

Bringing the future, faster

ValorVC sees Startup Runway as a lab in miniature where investors, minority-and women-led startups, community catalysts like Metro Atlanta Chamber, and innovation leaders like Cox can come together and do the good work of integrating. Integrating means making whole. Until all the top talent is convened around a problem, the flower of possibility can’t bear all its fruit. The windfall is most possible in the Southeast, which with 40% of the U.S. population, has the country's greatest density of Hispanic, Black, and women entrepreneurs. Innovation is an increasingly urgent issue because the demographic trends among new entrepreneurs are changing. Here's a view from the Kauffman Foundation:

By 2050, the United States majority will be minority. Yet right now, the national reality is 90% of the risk capital in tech goes to just 60% of the future builders (or less--mostly white men). That means we all lose about a third of harvest of innovation. And our VC investments may actually have hidden risk because they're over-investing in one segment over others. To earn wild returns, VCs need risk management strategies now considered wild, but in the future, I'm confident they'll be mainstream.

One thing is clear: the business of innovation is changing. It can change fast.

One of the biggest challenges in bring bold new innovation to market is the access-to-capital gap. Black entrepreneurs, for example, go into twice the credit card debt of white entrepreneurs.

It's even a steeper climb for women entrepreneurs, who start their businesses with 1/6 the capital that men do, according to the latest Amex study. I love it that women have a reputation for capital efficiency--but that’s taking a strength too far, to the point of stifling innovation.

Startup Runway wants you with us.

The next Startup Runway is May 2. Consider this your invitation from me and my ValorVC partners Sarah O'Brien and Robin Bienfait to inclusive innovation.

Just come. Get tickets on Eventbrite.

Share a startup. Do you know a great woman or minority led tech company? Have them apply. It’s free.

Join as a mentor. If you’re a seasoned executive who wants to give back for an afternoon, apply to be a mentor.

Invest. The Startup Runway Foundation is a nonprofit that partners with several local investors and investor groups--including ValorVC our firm, Atlanta Tech Angels, and the investors who judge and speak at our events like Noro Moseley, Moseley Ventures, Vocap, Tech Square Ventures / Engage, EndeavorATL and more. If you’re looking to invest in startups aligned with your values around inclusive innovation, let us connect you to the right platform to do that.

Donate. If your company is looking for a way to champion inclusive innovation and meet a like-minded community, let's talk about the right role for you as a sponsor.

I’m inspired that the pioneers around Startup Runway are bringing a better future, faster.

With mentoring from leaders, customer connections, and the kindness of committed community, we can be the change the world needs. It takes attention to tap into the next level of achievement. Together, and only together, can we bring in a bigger, bolder harvest of innovation. Atlanta is the leader in these efforts on a national level. When it comes to tech innovation, it’s no different.

This Thanksgiving season, wishing you the bounty and boldness of an even better world in our near future. I'm grateful for the feast the community at Startup Runway puts on our table. See you at the next Showcase!