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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Erin Meyer explains the keeper test and how it can make or break a team.
- There are numerous strategies for building and maintaining a high-performing team, but unfortunately they are not plug-and-play. What works for some companies will not necessarily work for others. Erin Meyer, co-author of No Rules Rules: Netflix and the Culture of Reinvention, shares one alternative employed by one of the largest tech and media services companies in the world.
- Instead of the 'Rank and Yank' method once used by GE, Meyer explains how Netflix managers use the 'keeper test' to determine if employees are crucial pieces of the larger team and are worth fighting to keep.
- "An individual performance problem is a systemic problem that impacts the entire team," she says. This is a valuable lesson that could determine whether the team fails or whether an organization advances to the next level.
A study finds 1.8 billion trees and shrubs in the Sahara desert.
- AI analysis of satellite images sees trees and shrubs where human eyes can't.
- At the western edge of the Sahara is more significant vegetation than previously suspected.
- Machine learning trained to recognize trees completed the detailed study in hours.
Why this matters<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDU2MDQ1OC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYzOTkyODg5NX0.O3S2DRTyAxh-JZqxGKj9KkC6ndZAloEh4hKhpcyeFDQ/img.jpg?width=980" id="3770d" class="rm-shortcode" data-rm-shortcode-id="3c27b79d4c0600fb6ebb82e650cabec0" data-rm-shortcode-name="rebelmouse-image" />
Area in which trees were located
Credit: University of Copenhagen<p>As important as trees are in fighting climate change, scientists need to know what trees there are, and where, and the study's finding represents a significant addition to the global tree inventory.</p><p>The vegetation Brandt and his colleagues have identified is in the Western Sahara, a region of about 1.3 million square kilometers that includes the desert, <a href="https://en.wikipedia.org/wiki/Sahel" target="_blank">the Sahel</a>, and the <a href="https://www.sciencedirect.com/topics/agricultural-and-biological-sciences/subhumid-zones" target="_blank" rel="noopener noreferrer">sub-humid zones</a> of West Africa.</p><p>These trees and shrubs have been left out of previous tabulations of carbon-processing worldwide forests. Says Brandt, "Trees outside of forested areas are usually not included in climate models, and we know very little about their carbon stocks. They are basically a white spot on maps and an unknown component in the global carbon cycle."</p><p>In addition to being valuable climate-change information, the research can help facilitate strategic development of the region in which the vegetation grows due to a greater understanding of local ecosystems.</p>
Trained for trees<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yNDU2MDQ3MC9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYzNTk5NTI3NH0.fR-n1I2DHBIRPLvXv4g0PVM8ciZwSLWorBUUw2wc-Vk/img.jpg?width=980" id="e02c0" class="rm-shortcode" data-rm-shortcode-id="79955b13661dca8b6e19007935129af1" data-rm-shortcode-name="rebelmouse-image" />
Credit: Martin Brandt/University of Copenhagen<p>There's been an assumption that there's hardly enough vegetation outside of forested areas to be worth counting in areas such as this one. As a result the study represents the first time a significant number of trees — likely in the hundreds of millions when shrubs are subtracted from the overall figure — have been catalogued in the drylands region.</p><p>Members of the university's Department of Computer Science trained a machine-learning module to recognize trees by feeding it thousands of pictures of them. This training left the AI be capable of spotting trees in the tiny details of satellite images supplied by NASA. The task took the AI just hours — it would take a human years to perform an equivalent analysis.</p><p>"This technology has enormous potential when it comes to documenting changes on a global scale and ultimately, in contributing towards global climate goals," says co-author Christian Igel. "It is a motivation for us to develop this type of beneficial artificial intelligence."</p><p>"Indeed," says Brandt says, "I think it marks the beginning of a new scientific era."</p>
Looking ahead and beyond<p>The researchers hope to further refine their AI to provide a more detailed accounting of the trees it identifies in satellite photos.</p><p>The study's senior author, Rasmus Fensholt, says, "we are also interested in using satellites to determine tree species, as tree types are significant in relation to their value to local populations who use wood resources as part of their livelihoods. Trees and their fruit are consumed by both livestock and humans, and when preserved in the fields, trees have a positive effect on crop yields because they improve the balance of water and nutrients."</p><p>Ahead is an expansion of the team's tree hunt to a larger area of Africa, with the long-term goal being the creation of a more comprehensive and accurate global database of trees that grow beyond the boundaries of forests.</p>
Water may be far more abundant on the lunar surface than previously thought.
- Scientists have long thought that water exists on the lunar surface, but it wasn't until 2018 that ice was first discovered on the moon.
- A study published Monday used NASA's Stratospheric Observatory for Infrared Astronomy to confirm the presence of molecular water..
- A second study suggests that shadowy regions on the lunar surface may also contain more ice than previously thought.
Credits: NASA/Daniel Rutter<p>Still, it's not as if the moon is dripping wet. The observations suggest that a cubic meter of the lunar surface (in the Clavius crater site, at least) contains water in concentrations of 100 to 412 parts per million. That's roughly equivalent to a 12-ounce bottle of water. In comparison, the same plot of land in the Sahara desert contains about 100 times more water.</p><p>But a second study suggests other parts of the lunar surface also contain water — and potentially lots of it. Also publishing their findings in <a href="https://www.nature.com/articles/s41550-020-1198-9#_blank" target="_blank">Nature Astronomy</a> on Monday, the researchers used the Lunar Reconnaissance Orbiter to study "cold traps" near the moon's polar regions. These areas of the lunar surface are permanently covered in shadows. In fact, about 0.15 percent of the lunar surface is permanently shadowed, and it's here that water could remain frozen for millions of years.</p><p>Some of these permanently shadowed regions are huge, extending more than a kilometer wide. But others span just 1 cm. These smaller "micro cold traps" are much more abundant than previously thought, and they're spread out across more regions of the lunar surface, according to the new research.</p>
Credit: dottedyeti via AdobeStock<p>Still, the second study didn't confirm that ice is embedded in micro cold traps. But if there is, it would mean that water would be much more accessible to astronauts, considering they wouldn't have to travel into deep, shadowy craters to extract water.</p><p>Greater accessibility to water would not only make it easier for astronauts to get drinking water, but could also enable them to generate rocket fuel and power.</p><p style="margin-left: 20px;">"Water is a valuable resource, for both scientific purposes and for use by our explorers," said Jacob Bleacher, chief exploration scientist in the advanced exploration systems division for NASA's Human Exploration and Operations Mission Directorate, in a statement. "If we can use the resources at the Moon, then we can carry less water and more equipment to help enable new scientific discoveries."</p>