{"id":6869,"date":"2022-08-16T12:04:01","date_gmt":"2022-08-16T16:04:01","guid":{"rendered":"https:\/\/thediversitymovement.com\/?p=6869"},"modified":"2023-12-11T12:17:16","modified_gmt":"2023-12-11T17:17:16","slug":"backing-black-founders-vc-firm-invests-in-diverse-company-disruptive-ideas","status":"publish","type":"post","link":"https:\/\/thediversitymovement.com\/backing-black-founders-vc-firm-invests-in-diverse-company-disruptive-ideas\/","title":{"rendered":"Backing Black Founders: VC Firm Invests in a Diverse Company with Disruptive Ideas"},"content":{"rendered":"<p><button id=\"listenButton1\" class=\"responsivevoice-button\" type=\"button\" value=\"Play\" title=\"ResponsiveVoice Tap to Start\/Stop Speech\"><span>&#128266; Listen to this article<\/span><\/button>\n        <script>\n            listenButton1.onclick = function(){\n                if(responsiveVoice.isPlaying()){\n                    responsiveVoice.cancel();\n                }else{\n                    responsiveVoice.speak(\"You\u2019ve probably heard the phrase \u201cIt takes money to make money.\u201d It also helps to have a revolutionary concept with clear market appeal. In 2019, the founders of The Diversity Movement acted on one of those disruptive notions and breathed new life into old-school corporate diversity, equity, and inclusion (DEI) training. These experts recognized a business imperative for effective diversity and inclusion education that would help organizations build thriving and sustainable workplace cultures. The Diversity Movement now offers an employee-experience product suite that personalizes DEI instruction through data, technology, and expert-curated content. Its microlearning platform, Microvideos by The Diversity Movement, was named one of Fast Company\u2019s \u201c2022 World Changing Ideas.\u201d\u00a0 \u201cWe\u2019re going to productize diversity, equity, inclusion so that companies can grow at scale. Who\\'s doing that exactly? Answer: nobody. It was a story that hadn\u2019t been told before,\u201d says Donald Thompson, CEO and co-founder. \u201cNow we\\'re taking that vision and creating velocity around making it true.\u201d But to keep growing the business, to maintain its velocity, Thompson and his team needed additional capital \u2013 the money to make money. Black founders and the scarcity of capital It helps to understand that Thompson is a Black founder: part of a community of entrepreneurs who have traditionally struggled to attract the kind of financial investment that leads to business success. According to the 2018 Small Business Credit Survey, large banks approved just 29% of loans sought by Black business owners, compared to 60% of White entrepreneurs and 50% of Latine or Hispanic small business owners. In 2020, venture capital firms funneled roughly $150 billion to startups, according to Accenture, but only 1% of those funds were invested in Black-owned businesses.\u00a0 These statistics and their real-world consequences have informed Thompson\u2019s entrepreneurial journey. At his previous business ventures, he primarily invested his own money and grew the businesses deliberately, relying on sales to fuel growth. Along the way, he learned to value efficiency and to pay close attention to the bottom line.\u00a0 \u201cThe thing that is important about a bootstrap business is I think it makes you tougher, because we have to have happy customers to survive,\u201d he says. \u201cWe don\\'t get to theorize about how to market our products and services. We have to build them, market them, sell them, and deliver them in order to make our payroll. That means that we are faster; that means we\\'re more agile. \u201cAs an African American in tech, understanding the struggles that we have with getting money, I don\\'t get the opportunity to lose money on purpose. I have to make money now, so you will believe in my future goals.\u201d\u00a0 However, The Diversity Movement was different from Thompson\u2019s previous enterprises. The potential for growth was bigger, and due to surging demand for corporate diversity training in the wake of George Floyd\u2019s murder, the timetable was shorter. \u201cMost of the businesses I\\'ve run in the past that we\\'ve grown and exited, have been almost completely bootstrapped with no outside money,\u201d he says. \u201cThis is really the first venture where my goals and the goals of the company are so large, that we need outside capital so that we don\\'t miss the moment.\u201d Partnering with the right venture capital firm Resilient Ventures, founded by Dr. Keith M. Daniel and Thomas Droege, recently provided that timely injection of outside capital. The impact fund targets startups led by Black founders and aims to \u201cclose the existing wealth gap by expanding access to capital, networks, and opportunity,\u201d according to the company website. The racial wealth gap reflects disparities in access to resources and opportunities. For every dollar the average White American has, the average Black American has about 17 cents; that\u2019s a wealth gap of 6 to 1. The figures are worse \u2013 about 10 to 1 \u2013 when looking at median incomes. But when comparing White and Black business owners, the numbers improve to 3 to 1.\u00a0 \u201cBuilding wealth through business is one of the primary ways you build wealth. If we have a wealth gap, let\\'s be intentional about this,\u201d Droege says.\u00a0 \u201cWe genuinely want to be a part of the solution to closing this wealth gap,\u201d Daniel adds. \u201cAnd in directions where wealth is acquired, it\u2019s only available to a few through this kind of investing.\u201d\u00a0 The venture capital funding will allow The Diversity Movement to invest in its technology tools, which help companies scale DEI learning. Along with its award-winning MicroVideos platform, the company offers a conversational AI tool, eLearning courses, data-driven consulting, and a subscription service for small- to medium-sized businesses, called DEI Navigator. \u201cWe\\'ve been very fortunate that we\\'ve bootstrapped our business from zero to our first 100 clients, from zero to our first couple million dollars in revenue, which allows the investment from Resilient Ventures to allow us to be a little bit more aggressive,\u201d Thompson says. The company will also be better equipped to build awareness of its innovative business model, its suite of tools and services, and its proven impact on clients. \u201cNobody nationally knows that this DEI company that was started six months before the pandemic has gone from zero to 100 client companies and serves Fortune 1000 to startups,\u201d Thompson says. \u201cWhen people are aware of us, we are in the top consideration set for their DEI needs. If people don\u2019t know about us, how can they choose us?\u201d Building relationships and a community of like-minded entrepreneurs Along with their financial investment, Droege and Daniel provide expertise and advice to companies in their portfolio. These relationships provide tangible benefits, and when he was looking for investors, Thompson sought a firm that would be an ongoing business partner. \u201cWe want people who are not just writing a check because we\\'re a good business, but who want to be active participants in helping us be successful in terms of financing, advice, and their networking connections,\u201d he says.\u00a0 \u201cEven during the process of due diligence with Resilient Ventures, they made several key recommendations both in potential employees and other investment firms that might be excited about working with us.\u201d The current relationship between the two companies has developed over time. As well as an entrepreneur and CEO, Thompson has been an angel investor, committing his own money to other small businesses with big potential. He, Droege, and Daniel move in similar business circles and have watched each other\u2019s businesses flourish. \u00a0\u201cWe didn\\'t invest in The Diversity Movement when they first came up, because we saw them as a consulting organization,\u201d Droege says. \u201cWhen they came back with us, and said, \u2018We\\'re going to scale our educational materials with digital learning and MicroVideos,\u2019 then it was a different story. Now, it\u2019s a different opportunity, not to mention they have an amazing team.\u201d Droege and Daniel make clear that Resilient Ventures isn\u2019t a philanthropic project. The co-founders want to shrink the racial wealth gap, but they expect to make a profit on their investments. They are careful who they support, and they know that entrepreneurs with diverse backgrounds have diverse world views that enable them to be more innovative.\u00a0 \u201cThe biggest thing that I say about diversity is innovation, not diversity for diversity\\'s sake or diversity for the market. It\\'s innovation,\u201d Droege says.\u00a0 Investment, innovation, and a compelling story While the partnership between Resilient Ventures and The Diversity Movement is a success story, it remains challenging for Black founders to get funding. A few best practices make the process easier, say the three veteran entrepreneurs.\u00a0 Their top piece of advice for founders seeking VC money is to make sure the outside funding is needed to grow the business. Resilient Ventures looks for business partners who have had at least one year of revenue and have exhausted readily available sources of capital like personal networks, pitch competitions, and personal grit. \u201cThere\\'s a lot of risks, so you put as much of your own time, energy, effort, and money at risk,\u201d Daniel says. \u201cWe call it bootstrapping, but it\\'s being able to respond to opportunities for growth that don\\'t immediately put you in a place where you\\'re seeking traditional investor dollars or capital.\u201d Thompson agrees, saying The Diversity Movement had a couple of years of revenue before the company sought outside funding in order to grow. \u201cI\\'m very proud of the fact that we\\'ve built a self-sustaining business to prove our thesis with our own money, our own sweat equity,\u201d he says. \u201cNow we are starting to get the support of the angel investment community to help us accelerate.\u201d Thompson also notes that entrepreneurs need to be able to articulate their vision concisely and passionately, with a clear business case. This skill allows founders to enlist the right people to help them reach their goals.\u00a0 \u201cYou have to get people to believe in your vision, because initially, the facts aren\\'t always there. You\u2019re starting something new, so you have to create that compelling case for people to bet on you with their time and energy. For me, it\\'s all about adventure,\u201d says Thompson, who honed his communication skills during years in sales.\u00a0 \u201cSelling the vision for how an employee can benefit by being part of a fast-growing, emerging startup, that is a communication style. That is a perspective. It helps you look for the right clients, the right employees, the right investments, who want to be a part of something that\\'s amazing.\u201d Amber Keister is a Content Writer and Editor at The Diversity Movement. She has spent more than 20 years as a journalist for publications throughout the South. Connect with her on Linkedin.\", \"US English Male\");\n                }\n            };\n        <\/script>\n    <\/br><br \/>\n<span style=\"font-weight: 400;\">You\u2019ve probably heard the phrase \u201cIt takes money to make money.\u201d It also helps to have a revolutionary concept with clear market appeal.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In 2019, the founders of The Diversity Movement acted on one of those disruptive notions and breathed new life into old-school corporate diversity, equity, and inclusion (DEI) training. These experts recognized a business imperative for effective diversity and inclusion education that would help organizations build thriving and sustainable workplace cultures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Diversity Movement now offers an employee-experience product suite that personalizes DEI instruction through data, technology, and expert-curated content. Its microlearning platform, <\/span><a href=\"https:\/\/thediversitymovement.com\/microvideos\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Microvideos by The Diversity Movement<\/span><\/a><span style=\"font-weight: 400;\">, was named one of <\/span><i><span style=\"font-weight: 400;\">Fast Company<\/span><\/i><span style=\"font-weight: 400;\">\u2019s \u201c<\/span><a href=\"https:\/\/www.fastcompany.com\/90742806\/world-changing-ideas-awards-2022-workplace-finalists-and-honorable-mentions\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2022 World Changing Ideas<\/span><\/a><span style=\"font-weight: 400;\">.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe\u2019re going to productize diversity, equity, inclusion so that companies can grow at scale. Who&#8217;s doing that exactly? Answer: nobody. It was a story that hadn\u2019t been told before,\u201d says Donald Thompson, CEO and co-founder. \u201cNow we&#8217;re taking that vision and creating velocity around making it true.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But to keep growing the business, to maintain its velocity, Thompson and his team needed additional capital \u2013 the money to make money.<\/span><\/p>\n<h3>Black founders and the scarcity of capital<\/h3>\n<p><span style=\"font-weight: 400;\">It helps to understand that Thompson is a Black founder: part of a community of entrepreneurs who have traditionally struggled to attract the kind of financial investment that leads to business success. According to the <\/span><a href=\"https:\/\/www.fedsmallbusiness.org\/survey\/2019\/report-on-employer-firms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">2018 Small Business Credit Survey<\/span><\/a><span style=\"font-weight: 400;\">, large banks approved just 29% of loans sought by Black business owners, compared to 60% of White entrepreneurs and 50% of Latine or Hispanic small business owners. In 2020, venture capital firms funneled roughly $150 billion to startups, according to Accenture, but only <\/span><a href=\"https:\/\/www.accenture.com\/us-en\/insights\/technology\/black-founders\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">1% of those funds<\/span><\/a><span style=\"font-weight: 400;\"> were invested in Black-owned businesses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These statistics and their real-world consequences have informed Thompson\u2019s entrepreneurial journey. At his previous business ventures, he primarily invested his own money and grew the businesses deliberately, relying on sales to fuel growth. Along the way, he learned to value efficiency and to pay close attention to the bottom line.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe thing that is important about a bootstrap business is I think it makes you tougher, because we have to have happy customers to survive,\u201d he says. \u201cWe don&#8217;t get to theorize about how to market our products and services. We have to build them, market them, sell them, and deliver them in order to make our payroll. That means that we are faster; that means we&#8217;re more agile.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAs an African American in tech, understanding the struggles that we have with getting money, I don&#8217;t get the opportunity to lose money on purpose. I have to make money now, so you will believe in my future goals.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, The Diversity Movement was different from Thompson\u2019s previous enterprises. The potential for growth was bigger, and due to surging demand for corporate diversity training in the wake of George Floyd\u2019s murder, the timetable was shorter.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMost of the businesses I&#8217;ve run in the past that we&#8217;ve grown and exited, have been almost completely bootstrapped with no outside money,\u201d he says. \u201cThis is really the first venture where my goals and the goals of the company are so large, that we need outside capital so that we don&#8217;t miss the moment.\u201d<\/span><\/p>\n<p><a href=\"https:\/\/thediversitymovement.com\/library\/%20\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone wp-image-8874 size-large lazyload\" data-src=\"https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/05\/NEW-TDM-Library-Display-Ad_Large-B-1024x341.png\" alt=\"TDM Library. Your one-stop-shop for update DEI Resources. Explore with a free trial. Click here to learn more.\" width=\"1024\" height=\"341\" data-srcset=\"https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/05\/NEW-TDM-Library-Display-Ad_Large-B-1024x341.png 1024w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/05\/NEW-TDM-Library-Display-Ad_Large-B-600x200.png 600w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/05\/NEW-TDM-Library-Display-Ad_Large-B-300x100.png 300w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/05\/NEW-TDM-Library-Display-Ad_Large-B-768x256.png 768w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/05\/NEW-TDM-Library-Display-Ad_Large-B.png 1200w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/341;\" \/><\/a><\/p>\n<h3>Partnering with the right venture capital firm<\/h3>\n<p><a href=\"https:\/\/resilientventures.org\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Resilient Ventures<\/span><\/a><span style=\"font-weight: 400;\">, founded by <\/span><a href=\"https:\/\/thediversitymovement.com\/resilient-ventures-founders-keith-daniel-thomas-droege-charity-cant-close-racial-wealth-gap-investment-can\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Dr. Keith M. Daniel and Thomas Droege<\/span><\/a><span style=\"font-weight: 400;\">, recently provided that timely injection of outside capital. The impact fund targets startups led by Black founders and aims to \u201cclose the existing wealth gap by expanding access to capital, networks, and opportunity,\u201d according to the company website.<\/span><\/p>\n<figure id=\"attachment_6871\" aria-describedby=\"caption-attachment-6871\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-6871 size-large lazyload\" data-src=\"https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/08\/IMG-3942-1024x768.jpg\" alt=\"Keith Daniel and Thomas Droege\" width=\"1024\" height=\"768\" data-srcset=\"https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/08\/IMG-3942-1024x768.jpg 1024w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/08\/IMG-3942-scaled-600x450.jpg 600w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/08\/IMG-3942-300x225.jpg 300w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/08\/IMG-3942-768x576.jpg 768w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/08\/IMG-3942-1536x1151.jpg 1536w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/08\/IMG-3942-2048x1535.jpg 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/768;\" \/><figcaption id=\"caption-attachment-6871\" class=\"wp-caption-text\">Keith Daniel and Thomas Droege<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/www.investopedia.com\/the-racial-wealth-gap-5105010\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">racial wealth gap<\/span><\/a><span style=\"font-weight: 400;\"> reflects disparities in access to resources and opportunities. For every dollar the average White American has, the average Black American has about 17 cents; that\u2019s a <\/span><a href=\"https:\/\/www.npr.org\/sections\/money\/2022\/06\/14\/1104660659\/why-the-racial-wealth-gap-is-so-hard-to-close\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">wealth gap of 6 to 1. <\/span><\/a><span style=\"font-weight: 400;\">The figures are worse \u2013 about 10 to 1 \u2013 when looking at median incomes. But when comparing White and Black business owners, <\/span><a href=\"https:\/\/www.forbes.com\/sites\/brianthompson1\/2021\/06\/17\/the-key-to-closing-the-racial-wealth-gap-black-entrepreneurship\/?sh=64e217035bec\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">the numbers improve to 3 to 1.<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuilding wealth through business is one of the primary ways you build wealth. If we have a wealth gap, let&#8217;s be intentional about this,\u201d Droege says.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe genuinely want to be a part of the solution to closing this wealth gap,\u201d Daniel adds. \u201cAnd in directions where wealth is acquired, it\u2019s only available to a few through this kind of investing.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The venture capital funding will allow The Diversity Movement to invest in its technology tools, which help companies scale DEI learning. Along with its award-winning MicroVideos platform, the company offers a <\/span><a href=\"https:\/\/thediversitymovement.com\/tdm-answers\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">conversational AI tool,<\/span><\/a> <a href=\"https:\/\/thediversitymovement.com\/courses\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">eLearning courses<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/thediversitymovement.com\/metrics\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data-driven consulting<\/span><\/a><span style=\"font-weight: 400;\">, and a subscription service for small- to medium-sized businesses, called <\/span><a href=\"https:\/\/thediversitymovement.com\/dei-navigator\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">DEI Navigator<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe&#8217;ve been very fortunate that we&#8217;ve bootstrapped our business from zero to our first 100 clients, from zero to our first couple million dollars in revenue, which allows the investment from Resilient Ventures to allow us to be a little bit more aggressive,\u201d Thompson says.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The company will also be better equipped to build awareness of its innovative business model, its suite of tools and services, and its proven impact on clients.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cNobody nationally knows that this DEI company that was started six months before the pandemic has gone from zero to 100 client companies and serves Fortune 1000 to startups,\u201d Thompson says. \u201cWhen people are aware of us, we are in the top consideration set for their DEI needs. If people don\u2019t know about us, how can they choose us?\u201d<\/span><\/p>\n<h3>Building relationships and a community of like-minded entrepreneurs<\/h3>\n<p><span style=\"font-weight: 400;\">Along with their financial investment, Droege and Daniel provide expertise and advice to companies in their portfolio. These relationships provide tangible benefits, and when he was looking for investors, Thompson sought a firm that would be an ongoing business partner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe want people who are not just writing a check because we&#8217;re a good business, but who want to be active participants in helping us be successful in terms of financing, advice, and their networking connections,\u201d he says.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cEven during the process of due diligence with Resilient Ventures, they made several key recommendations both in potential employees and other investment firms that might be excited about working with us.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The current relationship between the two companies has developed over time. As well as an entrepreneur and CEO, Thompson has been an angel investor, committing his own money to other small businesses with big potential. He, Droege, and Daniel move in similar business circles and have watched each other\u2019s businesses flourish.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0\u201cWe didn&#8217;t invest in The Diversity Movement when they first came up, because we saw them as a consulting organization,\u201d Droege says. \u201cWhen they came back with us, and said, \u2018We&#8217;re going to scale our educational materials with <\/span><a href=\"https:\/\/thediversitymovement.com\/courses\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">digital learning<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/thediversitymovement.com\/microvideos\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">MicroVideos<\/span><\/a><span style=\"font-weight: 400;\">,\u2019 then it was a different story. Now, it\u2019s a different opportunity, not to mention they have an amazing team.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Droege and Daniel make clear that Resilient Ventures isn\u2019t a philanthropic project. The co-founders want to shrink the racial wealth gap, but they expect to make a profit on their investments. They are careful who they support, and they know that <\/span><a href=\"https:\/\/www.forbes.com\/sites\/forbesinsights\/2020\/01\/15\/diversity-confirmed-to-boost-innovation-and-financial-results\/?sh=704ff1aec4a6\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">entrepreneurs with diverse backgrounds<\/span><\/a><span style=\"font-weight: 400;\"> have diverse world views that enable them to be more innovative.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe biggest thing that I say about diversity is innovation, not diversity for diversity&#8217;s sake or diversity for the market. It&#8217;s innovation,\u201d Droege says.\u00a0<\/span><\/p>\n<h3>Investment, innovation, and a compelling story<\/h3>\n<figure id=\"attachment_6714\" aria-describedby=\"caption-attachment-6714\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-6714 size-large lazyload\" data-src=\"https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/07\/The-Diversity-Movement-Resilient-Ventures-1-1024x576.jpg\" alt=\"Donald, Keith, and Thomas\" width=\"1024\" height=\"576\" data-srcset=\"https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/07\/The-Diversity-Movement-Resilient-Ventures-1-1024x576.jpg 1024w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/07\/The-Diversity-Movement-Resilient-Ventures-1-scaled-600x338.jpg 600w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/07\/The-Diversity-Movement-Resilient-Ventures-1-300x169.jpg 300w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/07\/The-Diversity-Movement-Resilient-Ventures-1-768x432.jpg 768w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/07\/The-Diversity-Movement-Resilient-Ventures-1-1536x864.jpg 1536w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2022\/07\/The-Diversity-Movement-Resilient-Ventures-1-2048x1152.jpg 2048w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;\" \/><figcaption id=\"caption-attachment-6714\" class=\"wp-caption-text\">Donald, Keith, and Thomas<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">While the partnership between Resilient Ventures and The Diversity Movement is a success story, it remains challenging for Black founders to get funding. A few best practices make the process easier, say the three veteran entrepreneurs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Their top piece of advice for founders seeking VC money is to make sure the outside funding is needed to grow the business. Resilient Ventures looks for business partners who have had at least one year of revenue and have exhausted readily available sources of capital like personal networks, pitch competitions, and personal grit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere&#8217;s a lot of risks, so you put as much of your own time, energy, effort, and money at risk,\u201d Daniel says. \u201cWe call it bootstrapping, but it&#8217;s being able to respond to opportunities for growth that don&#8217;t immediately put you in a place where you&#8217;re seeking traditional investor dollars or capital.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thompson agrees, saying The Diversity Movement had a couple of years of revenue before the company sought outside funding in order to grow.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI&#8217;m very proud of the fact that we&#8217;ve built a self-sustaining business to prove our thesis with our own money, our own sweat equity,\u201d he says. \u201cNow we are starting to get the support of the angel investment community to help us accelerate.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thompson also notes that entrepreneurs need to be able to articulate their vision concisely and passionately, with a clear business case. This skill allows founders to enlist the right people to help them reach their goals.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cYou have to get people to believe in your vision, because initially, the facts aren&#8217;t always there. You\u2019re starting something new, so you have to create that compelling case for people to bet on you with their time and energy. For me, it&#8217;s all about adventure,\u201d says Thompson, who honed his communication skills during years in sales.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cSelling the vision for how an employee can benefit by being part of a fast-growing, emerging startup, that is a communication style. That is a perspective. It helps you look for the right clients, the right employees, the right investments, who want to be a part of something that&#8217;s amazing.\u201d<\/span><\/p>\n<p><a href=\"https:\/\/thediversitymovement.com\/library\/%20\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" class=\"alignnone size-large wp-image-8047 lazyload\" data-src=\"https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/03\/TDM-Library-Footer-Ad-B-1024x85.png\" alt=\"Display ad for TDM Library. Text says &quot;Find more content like this in TDM Library. Start my free trial&quot;\" width=\"1024\" height=\"85\" data-srcset=\"https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/03\/TDM-Library-Footer-Ad-B-1024x85.png 1024w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/03\/TDM-Library-Footer-Ad-B-600x50.png 600w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/03\/TDM-Library-Footer-Ad-B-300x25.png 300w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/03\/TDM-Library-Footer-Ad-B-768x64.png 768w, https:\/\/thediversitymovement.com\/wp-content\/uploads\/2023\/03\/TDM-Library-Footer-Ad-B.png 1200w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/85;\" \/><\/a><\/p>\n<p><em><a href=\"https:\/\/thediversitymovement.com\/team\/amber-keister\/\" target=\"_blank\" rel=\"noopener\"><b>Amber Keister<\/b><\/a> <span style=\"font-weight: 400;\">is a Content Writer and Editor at The Diversity Movement. She has spent more than 20 years as a journalist for publications throughout the South. Connect with her on <\/span><a href=\"https:\/\/www.linkedin.com\/in\/amberkeister\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Linkedin<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>You\u2019ve probably heard the phrase \u201cIt takes money to make money.\u201d It also helps to have a revolutionary concept with clear market appeal. In 2019, the founders of The Diversity15<\/p>\n","protected":false},"author":2,"featured_media":6687,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[58,5],"tags":[],"tdm_type":[92],"class_list":["post-6869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trends-industry-insights","category-blogs","tdm_type-articles"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Backing Black Founders: VC Firm Invests in a Diverse Company with Disruptive Ideas - The Diversity Movement<\/title>\n<meta name=\"description\" content=\"While the partnership between Resilient Ventures and The Diversity Movement is a success story, it remains challenging for Black founders to get funding. 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