Black celebs and entrepreneurs dropped several gems on how to invest in Black capital, Black community, and DEI during the ForbesBLK Summit.
The second annual ForbesBLK Summit in Atlanta brought together a diverse array of entrepreneurs, business leaders, athletes, and entertainers to inspire Black entrepreneurs and executives. According to Forbes, the three-day event, held from June 23-25, focused on strategies for investing in the Black community, with attendees gaining valuable insights on raising capital, product ownership, financial literacy, and advancing diversity, equity, and inclusion (DEI).
Importance of Mentorship in Raising Capital
Kneeland Youngblood, CEO of Pharos Capital Group, shared his journey to success, emphasizing the importance of perseverance and seeking mentorship. He encouraged Black entrepreneurs to approach potential investors, regardless of their status. Sharing his story meeting the late Richard Rainwater, he said, “If this man, who went from $20 million to $12 billion, took the time to meet with me and help me, then he must see something in me that I don’t see in myself.”
Youngblood stressed the significance of connecting with investors interested in their ideas, like billionaires David Bonderman and Michael Milken, who provided him with initial capital.
Investment Principal Bukie Adebo echoed these sentiments, highlighting three qualities that excite her in founders seeking capital: deep industry knowledge, challenging insights, and genuine customer understanding. Derek Smith of Plug In Ventures advised Black entrepreneurs to showcase their “secret sauce” when pursuing venture capital.
Investment Principal Bukie Adebo echoed these sentiments, highlighting three qualities that excite her in founders seeking capital: deep industry knowledge, challenging insights, and genuine customer understanding. Derek Smith of Plug In Ventures advised Black entrepreneurs to showcase their “secret sauce” when pursuing venture capital.
