Fully Vested

Black Lives Matter

Episode Summary

On this special episode of Fully Vested Jason and Graham discuss and stand in solidarity with the Black Lives Matter movement.

Episode Notes

General

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Notes: Related to the deaths of George Floyd, Breonna Taylor, and Ahmaud Arbery

What Happened

• For roughly nine minutes on Memorial Day 2020, white police officer Derek Chauvin knelt on George Floyd's neck in Minneapolis. Floyd died on the scene. His death was ruled a homicide by the medical examiner. A bystander's cell phone video went viral on Facebook and other social media sites, and catalyzed the protests we're seeing now. Floyd was 46 and left behind 5 children. Chauvin and attending officers have been charged with second degree murder and other charges.
• Just after midnight on March 13, 2020, Louisville, KY police officers used a battering ram in a no-knock raid on Breonna Taylor's apartment. This was in conjunction with an investigation of two men suspected to have been selling drugs out of a house 10 miles from Taylor's apartment. Police shot Taylor eight times. She died in her home at 26.
• Father and son Gregory and Travis McMichael, both white, allegedly participated in the killing of 25 year-old Ahmaud Arbery, a black man, while Arbery was jogging through Glynn County, Georgia. Travis fatally shot Arbery with a shotgun and rammed Arbery with his truck, shouting racial epithets. A man named William Bryan Jr. recorded the killing on cell phone video. In a plot twist, it was revealed this past week that former law enforcement officer Gregory McMichael himself was the person who leaked the video of the murder. Gregory, Travis, and accomplice

Our Response

• Black Lives Matter. This is the official stance of Fully Vested.
• If you, your company, or your investment firm has the means, consider donating to one of the many organizations supporting racial justice and police and prison reform. To support protesters and others who are kept in jail before trial, donate to a bail fund.
• However your company can, find ways to support employees who participate in protests and the broader movement for racial justice and to end police brutality. This can and should include matching employee donations, if your company has the means.
• It's not merely enough to just not be racist these days; one must be actively anti-racist. People will not feel welcome at your table if you tell them to bring their own chair; if you've already got your seat, make space and invite folks in.

Startup & Venture Capital Community's Response

Since Fully Vested is primarily a show about VC and startups, we'll focus on the response from that community:

• What black VCs are saying
  • Hat-tip to former Crunchbase News colleague Sophia Kunthara for collating this.
  • Precursor Ventures, an all-black VC firm. "The Precursor team is grieving the loss of our brothers and sister to police violence. We are an all black team. We invest in black founders. We believe that their lives and our lives matter. We remain steadfast in our efforts to create a more just venture ecosystem. We stand alongside those who work to combat the effects that institutional racism and police brutality have on communities of color."
    • Disclosure: Precursor Ventures backed a company run by friends of Graham and Jason. Our mention of the statement from Precursor Ventures founding partner Charles Hudson was not motivated by those associations.
  • Harlem Capital, an all-black VC firm. "While the protests are striking, we encourage people to focus on the root cause of these events, which are racism, injustice, and oppression. Words can be meaningful, but actions speak louder. Actions like texting a black colleague, educating yourself and your network, speaking up publicly, voting in elections and voting with your dollars are the start of meaningful change. As a firm with a mission focused on increasing access for minorities and women, we continue to focus on economic empowerment and using our energy to make the world a more equitable place."
• VC firms commit to support black founders & promote diversity.
  • SoftBank raised $100M for a fund earmarked for companies founded and led by people of color. While this is a nice gesture, SoftBank has invested tens of billions of dollars in startups founded by white guys, many of which have a history of discrimination or lack of inclusivity.
  • Andreessen Horowitz announced its Talent x Opportunity (TxO) fund, which consists of $2.2 million donated by A16Z partners. The donor-advised fund's returns will be reinvested in the fund, making more capital available to underserved founders over time. Also worth noting, A16Z raised its Cultural Leadership Fund back in 2019, which is aimed at advancing more African Americans into technology.
    • Disclosure: A16Z is an investor in Jason's employer and a A16Z partner sits on the company's board. Our mention of these efforts is unconnected with A16Z's association with Jason's employer.

About The Co-Hosts

• Jason D. Rowley is a researcher and writer at Golden.com. He volunteers with startup outreach for the open-source community, and sends occasional newsletters from Rowley.Report.
• Graham C. Peck is a Venture Partner with Cultivation Capital and additionally helps companies build technology development teams in partnership with Brightgrove and other technology development organizations.