Unlearning racism in venture building & investing :: with Lindsey T. H. Jackson
02/01/22 • 60 min
In this episode of Ventures, my guest Lindsey T. H. Jackson (https://www.linkedin.com/in/lindsey-t-h-jackson/) and I discuss the journey of anti-racism and anti-oppression work in ourselves, in venture capital, and in startup ecosystems. We discuss the nuances of dismal representation numbers in venture; how to approach Diversity, Equity, and Inclusion (DEI) conversations in the workplace and beyond; how to develop a regular practice to self-reflect, define your community, and “fail fast” on your own anti-racism journey; and how to encourage others to consider embarking on the journey themselves.
Visit https://satchel.works/@wclittle/ventures-episode-82 for detailed notes and links to resources (videos, articles, etc...) mentioned.
You can watch this episode via video here.
3:18 - Lindsey’s introduction, background, brief story, about LTHJ Global (https://lthjglobal.com/)
10:30 - What got Lindsey into DEI (Diversity, Equity, and Inclusion) consulting work?
13:30 - DEI & anti-racism work as intriguing to all entrepreneurs (it’s about collecting and responding to data, to work safer and smarter)
14:34 - Will’s journey coming from graduate work in a bioengineering lab, gathering and responding to data, influence from Dr. Viola Vogel as he got into venture building & investing.
17:13 - Common references to The Matrix in DEI work, why people ignore data, and listening to the market.
20:20 - Companies that make great products are made up of people. Importance of unlocking greatness in people.
20:56 - More diverse companies perform better. (Check out: https://www.marketwatch.com/story/the-numbers-dont-lie-diverse-workforces-make-companies-more-money-2020-07-30)
21:56 - Unlearning racism; reflections from Will’s personal journey
23:54 - How does Lindsey start the conversation without triggering people who think differently?
28:30 - “Calling in” (instead of calling out)
29:19 - Shockingly bad statistics regarding diversity in venture (see: https://www.wired.com/story/vc-pledged-better-diversity-its-barely-changed)
30:24 - “Do a count in a given day: How many people do you engage with that are outside of your intersectional identity”
30:57 - Identity as “Black”
32:52 - Dismal numbers in terms of percent of VC dollars going to businesses owned by black women.
36:04 - Cognitive diversity
36:29 - Recommended next steps to begin an anti-racism journey
47:32 - For people on their anti-racism/anti-oppression journey, what is Lindsey’s recommended way to talk about this with others and/or publicly?
51:15 - By the age of 5, black and brown children experience racism 5x/day, which increases in frequency as they get older.
51:11 - “How do I know I’m moving forward?”
54:00 - Consider the venture of anti-racism. Consider unlearning racism as joyful and freeing.
56:05 - By nature, anyone who considers themselves an entrepreneur is well poised to unlearn racism.
56:46 - Lindsey’s work: https://lthjglobal.com/ // https://www.linkedin.com/in/lindsey-t-h-jackson/ // Reach out and book her for a speaking gig // Subscribe to learn more about her upcoming book “Unlearning Racism” → http://eepurl.com/htLZyv
In this episode of Ventures, my guest Lindsey T. H. Jackson (https://www.linkedin.com/in/lindsey-t-h-jackson/) and I discuss the journey of anti-racism and anti-oppression work in ourselves, in venture capital, and in startup ecosystems. We discuss the nuances of dismal representation numbers in venture; how to approach Diversity, Equity, and Inclusion (DEI) conversations in the workplace and beyond; how to develop a regular practice to self-reflect, define your community, and “fail fast” on your own anti-racism journey; and how to encourage others to consider embarking on the journey themselves.
Visit https://satchel.works/@wclittle/ventures-episode-82 for detailed notes and links to resources (videos, articles, etc...) mentioned.
You can watch this episode via video here.
3:18 - Lindsey’s introduction, background, brief story, about LTHJ Global (https://lthjglobal.com/)
10:30 - What got Lindsey into DEI (Diversity, Equity, and Inclusion) consulting work?
13:30 - DEI & anti-racism work as intriguing to all entrepreneurs (it’s about collecting and responding to data, to work safer and smarter)
14:34 - Will’s journey coming from graduate work in a bioengineering lab, gathering and responding to data, influence from Dr. Viola Vogel as he got into venture building & investing.
17:13 - Common references to The Matrix in DEI work, why people ignore data, and listening to the market.
20:20 - Companies that make great products are made up of people. Importance of unlocking greatness in people.
20:56 - More diverse companies perform better. (Check out: https://www.marketwatch.com/story/the-numbers-dont-lie-diverse-workforces-make-companies-more-money-2020-07-30)
21:56 - Unlearning racism; reflections from Will’s personal journey
23:54 - How does Lindsey start the conversation without triggering people who think differently?
28:30 - “Calling in” (instead of calling out)
29:19 - Shockingly bad statistics regarding diversity in venture (see: https://www.wired.com/story/vc-pledged-better-diversity-its-barely-changed)
30:24 - “Do a count in a given day: How many people do you engage with that are outside of your intersectional identity”
30:57 - Identity as “Black”
32:52 - Dismal numbers in terms of percent of VC dollars going to businesses owned by black women.
36:04 - Cognitive diversity
36:29 - Recommended next steps to begin an anti-racism journey
47:32 - For people on their anti-racism/anti-oppression journey, what is Lindsey’s recommended way to talk about this with others and/or publicly?
51:15 - By the age of 5, black and brown children experience racism 5x/day, which increases in frequency as they get older.
51:11 - “How do I know I’m moving forward?”
54:00 - Consider the venture of anti-racism. Consider unlearning racism as joyful and freeing.
56:05 - By nature, anyone who considers themselves an entrepreneur is well poised to unlearn racism.
56:46 - Lindsey’s work: https://lthjglobal.com/ // https://www.linkedin.com/in/lindsey-t-h-jackson/ // Reach out and book her for a speaking gig // Subscribe to learn more about her upcoming book “Unlearning Racism” → http://eepurl.com/htLZyv
Previous Episode
Startup Finance & Accounting 101: A crash course for founders :: with Veronica Sagastume
In this episode of Ventures, my guest Veronica Sagastume (https://www.linkedin.com/in/veronicalsagastume/) and I talk about all-things startup finance and accounting. From the perspective of what founders need to know, this episode ended up being a crash course in the various high-level aspects of bookkeeping, accounting, controller work, fractional CFO work, tax prep, legal considerations, and finance operating suggestions. Veronica’s firm (https://www.fortifiedaccounting.com/) works with funded, early stage startups and she makes a compelling pitch for why you should seriously consider hiring a firm rather than individuals in the early stages of your funded business.
Visit https://satchel.works/@wclittle/ventures-episode-81 for detailed notes and links to resources (videos, articles, etc...) mentioned.
You can watch this episode via video here.
2:47 - Veronica introduction and background, story, and what she does now.
5:46 - What’s the “Finance 101” for startups and when should founders hire help?
11:48 - Last ~5min of conversation is worth re-listening to, but - first question - what is GAAP accounting? https://www.investopedia.com/terms/g/gaap.asp
13:45 - Will Xero or Quickbooks online help entrepreneurs with the basics of GAAP accounting?
16:14 - Suggested order of hires – Veronica suggests hiring a firm and growing into them.
19:14 - Analogy of someone doing a large remodel or construction project.
20:09 - Traction and having the cash is key so you can hire a proper finance and accounting firm.
22:38 - Lessons after 15+ years in the startup space. If you can hire a firm, do it.
23:12 - Importance of having a regular monthly meeting to go over your books. Quick lesson on the P&L (income statement), balance sheet, and statement of cash flows.
28:00 - Amazing to have a group that can get you finished books quickly after the beginning of the month.
31:50 - Coming back to the overall framework: bookkeeping, controller, accounting, “CFO stuff” - does Veronica’s firm do all this? Even tax prep?
33:52 - The role of controller. What does it look like working with Veronica’s firm from the role of the controller.
37:14 - Prepping a company for an exit strategy / data room
41:37 - Data rooms
42:40 - How Veronica’s firm builds data rooms from scratch as they go.
43:20 - How should founders think about finance best practices to be properly compliant.
46:50 - “CFO stuff”
53:03 - Tax prep strategies // what should founders be looking for to ensure their firm is doing the right things?
44:33 - Early November tax strategy meeting / how to work with the tax prep folks?
59:00 - What are the types of things that Veronica will bring in the expert accounting / legal folks?
1:00:41 - Stock options vs. RSUs? https://smartasset.com/investing/stock-options-vs-rsu
1:01:37 - Where can people find Veronica’s firm online? https://www.fortifiedaccounting.com/
1:03:28 - Smart use of Loom videos (https://www.loom.com/).
1:04:50 - About Will (https://linkedin.com/in/wclittle) and Prota Ventures (https://www.protaventures.com). Special focus on idea to pre-seed.
1:09:00 - When is the right time to talk to Fortified Accounting?
Next Episode
Introducing BanyanDAO: Training and supporting Web3 product leaders to promote human flourishing :: with Priya Baveja, Jake Varghese, and Mike Anderson
In this episode of Ventures, my guests Priya Baveja (https://www.linkedin.com/in/priya-baveja/), Mike Anderson (https://www.linkedin.com/in/mikeandersonjr/), Jake Varghese (https://www.linkedin.com/in/jake-varghese-498335/) and I (https://www.linkedin.com/in/wclittle/) talk about Decentralized Autonomous Organization (DAO) structure, governance, incentives, and participation. We are a subset of founders currently launching BanyanDAO (https://banyandao.xyz/), which is growing a community of Web3 entrepreneurial leaders to promote human flourishing. Our first training event - to level up Web2 product managers into Web3 - will be in April 2022 (exact dates TBA). For more details and to participate, join us in our Discord server (https://discord.gg/bYnxySgw34) and follow us on Twitter (https://twitter.com/BanyanDAO).
Visit https://satchel.works/@wclittle/ventures-episode-83 for detailed notes and links to resources (videos, articles, etc...) mentioned.
You can watch this episode via video here.
1:56 - Tee-up and background/motivation for the episode & BanyanDAO
5:28 - What is a DAO?
7:58 - Why DAOs are not simple to define. Institution vs. Organization
11:12 - the DAO/Web3 spirit of coming together to build something as a collective to make the world a better place
11:56 - How are we thinking about incentives in BayanDAO?
15:44 - Brief history of BayanDAO from Will’s perspective. How and why it came together.
18:16 - Mike/Priya/Jake’s story/motivation for forming and being in the DAO
21:22 - Invitation to join BanyanDAO. Help bring clarity. Discord can be confusing. Modes of communication / learning best practices for DAO communication. A community of DAO of DAOs.
22:30 - Meaning for web3 beyond [adjective] [animal] NFT clubs.
24:00 - Initial compensation model and token nuances for BanyanDAO. Using https://coordinape.com/ - GIVE token dynamics.
27:10 - Building a DAO in a repeatable way. A great opportunity to learn how to build a DAO
27:52 - Origin of the name BanyanDAO
29:00 - What projects are Mike/Jake/Priya working on? // First project: event upcoming in April to train Web 3 product managers.
30:37 - Is there a date set yet for this?
31:06 - An invitation to everyone to join us for this upcoming event.
31:21 - Mike’s project: working on how to collaborate as a team.
32:25 - The balance between idealism of DAOs (“it will magically work”) and burning out / tragedy of the commons.
34:14 - The four modules of our upcoming event in April.
36:20 - What is the vision for the capstone (module 4).
37:39 - The training event will be on a weekend (saturday and sunday)
37:55 - Intent for the capstone
39:16 - Avoiding tragedy of the commons.
41:00 - Bringing order to chaos, seeing outcomes happen will make things clearer.
43:31 - Final thoughts.
45:02 - Coming back to the purpose: human flourishing.
45:25 - Where can people find Mike/Priya/Jake/Will online to continue the conversation? https://twitter.com/mikeyanderson, https://twitter.com/PBaveja, https://twitter.com/jakevarghese, https://twitter.com/wclittle
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