Venture investors need to invest in Black-owned businesses
Less than 1% of all venture capital funding in the US is given to Black entrepreneurs. Now is the time for that to change.
Abner Mason is the founder & CEO of healthtech company ConsejoSano. Before creating ConsejoSano, Mason was the founder and CEO for the Workplace Wellness Council of Mexico, now the leading corporate wellness company in Mexico. From 2003-2008, he was the founder and executive director of AIDS Responsibility Project, driving the creation of CONAES and JaBCHA, the first business councils on HIV/AIDS in Mexico and Jamaica. Mason previously served as Chairman of the International Committee and member of the Presidential Advisory Council on HIV/AIDS (PACHA), appointed by President Bush in 2002.
- Abner Mason, CEO and founder of health care startup ConsejoSano, is calling for all venture capital firms in the United States to pledge to invest 13% of their funds in African American businesses.
- Currently, Black entrepreneurs receive less than 1% of all venture capital funding.
- The 13% target reflects the percentage of Black Americans and is a nod to the 13th Amendment.
The murder of George Floyd has brought America to a much-needed reckoning on the racism in American society. Young people are marching, white people are reading, and churches are preaching about ways we as people can transform the way we treat Black people. Notably, many business leaders are pledging to end racism. But once the marching ends what will be different in America?
As a Black business leader, this newfound desire to address America's original sin is a breath of fresh air in the midst of this pandemic. But I wonder how long this new zeal to change will last and, more importantly, what practical steps and sacrifices will be made to make the promise to end racism real.
Here is one practical solution that all investors can take to make their promise real. I'm calling on all venture capital firms in the United States to pledge now to invest 13% of their funds in African American businesses. I suggest 13 as a target to both reflect the percentage of Black Americans and a nod to the 13th Amendment. I'm reaching out to friends in the social impact space to help me set up the organization that will monitor this.
Here is one practical solution that all investors can take to make their promise real. I'm calling on all venture capital firms in the United States to pledge now to invest 13% of their funds in African American businesses.
My life reflects both America at its best in terms of ending racism and at its worst.
As an African American CEO of the health care startup ConsejoSano, I've focused on using technology to connect low-income and multi-cultural people to care in our health care system where their needs are often overlooked. Also, I've lived a blessed life. I grew up in an integrated public school in North Carolina where my parents and church taught me never to judge a book by its cover. They taught me that not all white people were motivated by racism and to seek out white allies in my life path.
This advice paid off. I found my way out of NC to a prep school in New England where I was one of seven Black students out of three hundred. I then made my way to Harvard College where Black students were less than five percent of my freshman class of thousands. I faced a choice that most young Black men of my generation made: Will I define myself solely by my race or pretty much ignore my race, ignoring racists, and look for allies? I chose the allies path.
After a short stint in the management consulting field, I found myself working in state government in the MA Department of Transportation where I learned a powerful truth about life—good intentions are not enough. No one cared that we had good intentions to get buses to passengers, we had to get the buses out to waiting passengers. Visible results, not intentions mattered. This lesson speaks to me today when I consider America's response to racism.
I went on to advise three governors and launched a nonprofit to address the AIDS crisis in Africa, helping to created what later would be called the PEPFAR program. What I learned through this entire career path was that I could pretty much sense and ignore racists and seek good white people at every level. These were my survival techniques.
This strategy hit a wall when I entered the venture capital arena launching a health tech company where I was asking wealthy white men to invest in the leadership of a Black man. In the more than 40 pitches I made to create our Series A, I encountered 99% white male investors who were blunt saying they were not investing in my product or projections; they would be investing in me. I could no longer follow my life strategy of ignoring investors with racist views. I was pitching the 1% of the 1% who lived lifestyles and had social worlds completely different from my own. We both could sense the cultural and lifestyle disconnect. Following my pitches I heard comments such as, 'I'm not comfortable with you being in charge,' or 'I'd imagine you being good at sales,' or 'Let's keep you as Chief Evangelist or something like that.'
What became clear to me was that uber-wealthy white men could imagine a Black leader as a minister not as a CEO. In my conversations with other Black startup leaders, I realized I was not alone. Then I looked at the data which confirmed my experience. I found only 1% of venture capital-funded startup founders are Black. Ultimately, I did find investors who believed in me and my product and I was successful in gaining my Series A through white male investors who cared.
Today, I'm no longer a young Black man navigating the corridors of white power, but even as a successful entrepreneur I'm still facing the greatest degree of discrimination I've ever encountered in my life. Corporations posting 'Black Lives Matter' is nice, but as I learned in my job in transportation, the young Black entrepreneurs can no longer praise good intentions. They need results.
If America is serious about the desire to end racism, Black Americans are going to have to follow the lead of Langston Hughes who famously said, "I will not take 'but' for an answer."
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What is human dignity? Here's a primer, told through 200 years of great essays, lectures, and novels.
- Human dignity means that each of our lives have an unimpeachable value simply because we are human, and therefore we are deserving of a baseline level of respect.
- That baseline requires more than the absence of violence, discrimination, and authoritarianism. It means giving individuals the freedom to pursue their own happiness and purpose.
- We look at incredible writings from the last 200 years that illustrate the push for human dignity in regards to slavery, equality, communism, free speech and education.
The inherent worth of all human beings<p>Human dignity is the inherent worth of each individual human being. Recognizing human dignity means respecting human beings' special value—value that sets us apart from other animals; value that is intrinsic and cannot be lost.</p> <p>Liberalism—the broad political philosophy that organizes society around liberty, justice, and equality—is rooted in the idea of human dignity. Liberalism assumes each of our lives, plans, and preferences have some unimpeachable value, not because of any objective evaluation or contribution to a greater good, but simply because they belong to a human being. We are human, and therefore deserving of a baseline level of respect. </p> <p>Because so many of us take human dignity for granted—just a fact of our humanness—it's usually only when someone's dignity is ignored or violated that we feel compelled to talk about it. </p> <p>But human dignity means more than the absence of violence, discrimination, and authoritarianism. It means giving individuals the freedom to pursue their own happiness and purpose—a freedom that can be hampered by restrictive social institutions or the tyranny of the majority. The liberal ideal of the good society is not just peaceful but also pluralistic: It is a society in which we respect others' right to think and live differently than we do.</p>
From the 19th century to today<p>With <a href="https://books.google.com/ngrams/graph?year_start=1800&year_end=2019&content=human+dignity&corpus=26&smoothing=3&direct_url=t1%3B%2Chuman%20dignity%3B%2Cc0" target="_blank" rel="noopener noreferrer">Google Books Ngram Viewer</a>, we can chart mentions of human dignity from 1800-2019.</p><img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDg0ODU0My9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTY1MTUwMzE4MX0.bu0D_0uQuyNLyJjfRESNhu7twkJ5nxu8pQtfa1w3hZs/img.png?width=980" id="7ef38" class="rm-shortcode" data-rm-shortcode-id="9974c7bef3812fcb36858f325889e3c6" data-rm-shortcode-name="rebelmouse-image" />
American novelist, writer, playwright, poet, essayist and civil rights activist James Baldwin at his home in Saint-Paul-de-Vence, southern France, on November 6, 1979.
Credit: Ralph Gatti/AFP via Getty Images
The future of dignity<p>Around the world, people are still working toward the full and equal recognition of human dignity. Every year, new speeches and writings help us understand what dignity is—not only what it looks like when dignity is violated but also what it looks like when dignity is honored. In his posthumous essay, Congressman Lewis wrote, "When historians pick up their pens to write the story of the 21st century, let them say that it was your generation who laid down the heavy burdens of hate at last and that peace finally triumphed over violence, aggression and war."</p> <p>The more we talk about human dignity, the better we understand it. And the sooner we can make progress toward a shared vision of peace, freedom, and mutual respect for all. </p>
A new study shows our planet is much closer to the supermassive black hole at the galaxy's center than previously estimated.
Arrows on this map show position and velocity data for the 224 objects utilized to model the Milky Way Galaxy. The solid black lines point to the positions of the spiral arms of the Galaxy. Colors reflect groups of objects that are part of the same arm, while the background is a simulation image.
Apple sold its first iPod in 2001, and six years later it introduced the iPhone, which ushered in a new era of personal technology.
With just a few strategical tweaks, the Nazis could have won one of World War II's most decisive battles.
- The Battle of Britain is widely recognized as one of the most significant battles that occurred during World War II. It marked the first major victory of the Allied forces and shifted the tide of the war.
- Historians, however, have long debated the deciding factor in the British victory and German defeat.
- A new mathematical model took into account numerous alternative tactics that the German's could have made and found that just two tweaks stood between them and victory over Britain.
Two strategic blunders<p>Now, historians and mathematicians from York St. John University have collaborated to produce <a href="http://www-users.york.ac.uk/~nm15/bootstrapBoB%20AAMS.docx" target="_blank">a statistical model (docx download)</a> capable of calculating what the likely outcomes of the Battle of Britain would have been had the circumstances been different. </p><p>Would the German war effort have fared better had they not bombed Britain at all? What if Hitler had begun his bombing campaign earlier, even by just a few weeks? What if they had focused their targets on RAF airfields for the entire course of the battle? Using a statistical technique called weighted bootstrapping, the researchers studied these and other alternatives.</p><p>"The weighted bootstrap technique allowed us to model alternative campaigns in which the Luftwaffe prolongs or contracts the different phases of the battle and varies its targets," said co-author Dr. Jaime Wood in a <a href="https://www.york.ac.uk/news-and-events/news/2020/research/mathematicians-battle-britain-what-if-scenarios/" target="_blank">statement</a>. Based on the different strategic decisions that the German forces could have made, the researchers' model enabled them to predict the likelihood that the events of a given day of fighting would or would not occur.</p><p>"The Luftwaffe would only have been able to make the necessary bases in France available to launch an air attack on Britain in June at the earliest, so our alternative campaign brings forward the air campaign by three weeks," continued Wood. "We tested the impact of this and the other counterfactuals by varying the probabilities with which we choose individual days."</p><p>Ultimately, two strategic tweaks shifted the odds significantly towards the Germans' favor. Had the German forces started their campaign earlier in the year and had they consistently targeted RAF airfields, an Allied victory would have been extremely unlikely.</p><p>Say the odds of a British victory in the real-world Battle of Britain stood at 50-50 (there's no real way of knowing what the actual odds are, so we'll just have to select an arbitrary figure). If this were the case, changing the start date of the campaign and focusing only on airfields would have reduced British chances at victory to just 10 percent. Even if a British victory stood at 98 percent, these changes would have cut them down to just 34 percent.</p>
A tool for understanding history<p>This technique, said co-author Niall Mackay, "demonstrates just how finely-balanced the outcomes of some of the biggest moments of history were. Even when we use the actual days' events of the battle, make a small change of timing or emphasis to the arrangement of those days and things might have turned out very differently."</p><p>The researchers also claimed that their technique could be applied to other uncertain historical events. "Weighted bootstrapping can provide a natural and intuitive tool for historians to investigate unrealized possibilities, informing historical controversies and debates," said Mackay.</p><p>Using this technique, researchers can evaluate other what-ifs and gain insight into how differently influential events could have turned out if only the slightest things had changed. For now, at least, we can all be thankful that Hitler underestimated Britain's grit.</p>
A biologist-reporter investigates his fungal namesake.
The unmatched biologist-reporter Tomasz Sitarz interviews his fungal namesake, maślak sitarz – known in English as the Jersey cow mushroom.