Fixing the Venture Capital Industry

A monologue on why venture capital fails people of color and women. Networks and bias shape who gets funded, and the system rewards insiders while locking out everyone else.
Chapters
I think it's kind of an unfair burden to put on the very small number of people of color and women who are in these positions, to put all of the burden of changing the numbers and fixing everything on this very narrow set of people. It's everybody's job. It's not my job. It's everybody's job. And I think there's a set of. There's a lot of issues here. I think the big one, though, and it's not something I talk about a lot, is a lot of venture capital comes down to vibes, basically. It's like, do you like the person who's sitting across the table from you? Do you feel a connection? Do you feel some. I'm giving them money and very little control. Like, once I give them the money, the founders can do whatever they want. And I'm just struck by how many people I meet who don't have a black social friend, don't have a black neighbor, don't have a black coworker, never had a black boss. And when you add on gender and get to intersectional issues, it gets even more complicated. And I think for some people in venture, like black people and Latino people, they're like, basically foreign. They have no social or professional interactions with them. And I have to believe on some level that that makes people feel distant and strange to you because you don't have any social or professional network or interactivity with them. I gotta believe that that has an impact on the way you. The way. Just the way you approach that meeting and think about the person sitting across the table from me. And so it's sort of a subversive racism in some ways. It's not. It's not. Well, if. And I don't want to put words into your mouth, but that it's. But it sounds like there is this pervasive thing that nobody in good conscience would. Would say, but that it may be affecting behavior. Yeah, I think it's what it. It's what it. It feels like it's been to me. And I think there's a lot of firms where I've just said, look, if I look at your website and look the people on your investing team and the people in your portfolio, I don't know that I would feel welcome. The signal wouldn't be welcome. And none of those firms I talked to that are like, we're not trying to do this. Our intent is not to produce this outcome. I'm like, well, intents are nice, but outcomes are outcomes.
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