Increasing diversity in the startup ecosystem with a virtual platform that mobilizes founders to be more investable and helps investors discover them through hyper-curation.

 

Hi there,

 

I had different content planned for this month's update, but we're all deeply impacted by what happened at Robb Elementary in Uvalde, and it doesn't feel right to start with anything else. The morning after, I tried to explain what happened to our 8 year old daughter and 11 year old son as I drove them to school, which is supposed to be a place of safety, learning, and growth. I was hit with intense emotions of deep sadness and fear as I drove away, along with countless other parents.

 

Compounding these emotions is a sense of helplessness and a crushing dissonance. How can I just go about my days when something like this can repeatedly happen in our country? Where can I channel my rage so it makes an actual difference? Millions of us were already asking these questions, and now we find them impeding our ability to function.

 

Why is our country incapable of passing even basic gun reform when there is undeniable proof from other countries that it prevents these tragedies? There are many facets to this question, but my mind always lands on the homogeneity of those in power. I frequently talk about the benefits of diversity no matter the context, but I don't often talk about the dangers of not having it.

 

Only 23% of voting members of the House and Senate are racial or ethnic minorities, only 26% are women, and only 12% are non-Christian. There are many more categories of underrepresentation, but the percentages just keep getting lower. More startling but less discussed is that nearly every state does not have racial or gender parity with their own population. When our elected officials don't look like the people they represent but do look like each other, they don't focus on policies important to their constituents and instead focus on group power to advance their own beliefs. Gun control is only one of the major issues of late where lawmakers' actions diverge from the will of the people they are supposed to represent.

 

Increasing the diversity ratio of those in power is not going to happen overnight. The next generation of lawmakers are in our communities, but they need to feel empowered and like they have a fighting chance of success. I founded Scroobious to help the millions of diverse entrepreneurs who never find their voice or see their innovation in the world due to systemic issues. When you are silenced the sense of helplessness becomes heavier. Helplessness stops you from taking action and influencing others. It isn't just the business that never comes to be, the person and their contributions to societal change are stunted as well. 

 

Now I'm speaking directly to you, angel investors. Only 12% of VC decision makers are women, and only 20% are non-White. As with lawmakers, the people writing the big checks don't look like the people starting companies. The good news is that you have the power to help diverse founders find their voices, gain experience in translatable skills like fundraising and public speaking, and learn to influence others. All you have to do is meaningfully consider their pitch, write a small check (big if you can), and offer your time and network to help them. The validation and support you provide exponentially increases the value beyond the check size. We need your "yes," society needs us to succeed, and your portfolio needs the outsized returns. If you have the ability to write a check of any size, intentionally commit the next one to an overlooked founder. Don't know where to find that person? Email me and I will help you. We work with hundreds of them.

 

Thank you for reading this lengthy intro. For our new subscribers, the updates aren't always like this. When my heart is heavy and rage boils I share information to spark connections and call for achievable action. Know that you aren't alone in your complicated feelings and that you can create meaningful impact right now. 

Read on for upcoming events, replays of past ones, and don't miss our featured founder at the end! Let's chat if you run an accelerator or program and are interested in providing pitch content and guidance to your members. Thank you for reading this. Thank you for helping us. I appreciate you.

Allison Byers, Founder & CEO

 

Updates & Events

Click on an update to learn more.

Virtual Workshop: 6/9, 12-1 pm ET Outsourcing Talent led by Upmarqt CEO Olga Ten. Learn how to build the right team at every stage of your startup.

Register

Virtual Event: Fundraising 101 with Female Founders & VCs. I was thrilled to be on this stellar panel!

Watch Replay

Demo Day: 6/1, 6-8 pm ET Bunker Labs Boston Veterans In Residence Showcase. Come support veteran and military spouse entrepreneurs launching their startups and businesses from the recent cohort. 

Register

LinkedIn: After this biased graphic made the rounds, I wrote this post about the importance of representation in infographics.

Engage

Accelerator: AWS is now accepting applications for the latest cohort of its Healthcare Accelerator, which will target improving health outcomes for underserved communities.

Apply

Award: The Cartier Women's Initiative is currently accepting applications for its 2023 edition! Apply for the Diversity, Equity & Inclusion Award by 6/30. 

Apply

Accelerator: Visible Hands' newest program, VHLX, is a fellowship for Latinx founders in partnership with Google for Startups.

Apply
 

In Your Words

Each newsletter features the perspective of one of our members. I encourage you to reach out to offer networking, investment interest, or expertise.

This month's featured founder is Yinka Ojutalayo, Founder & CEO of Health Haven Rx. I first met Yinka during one of the pitch practice breakfasts we host in partnership with SVB and EVCA.  (Shameless plug: these are fantastic events that connect founders with fund managers in a relaxed, supportive environment and are my favorite mornings of the month.)

 

We were all blown away by Yinka's incredible story, his passion, his humble nature, and his company's impact and traction. Health Haven Rx is a white label digital pharmacy licensed to deliver medications to patient homes. When Yinka learned that his father's medication was $70 per month, he suggested a therapeutic equivalent for $10 per month, of which neither his dad nor his dad's physician was aware. This was a huge problem that he knew he could solve.

 

Do yourself a favor and watch his Techstars Demo Day pitch here, which starts with his powerful personal story at the 1 hr 26 min mark.

"My dad struggled with the cost of his blood pressure medication for years. As a pharmacist, I also noticed about 30% of prescriptions were not picked up from pharmacies due to the high cost of medications. The lack of price transparency and seamless flow of patient information between providers and pharmacies compounds this issue.

 

Medication non-adherence leads to worse outcomes such as heart failure, premature amputations in diabetics, and sometimes death. These outcomes are worse in low income and underserved communities and cost about $300B yearly to the U.S. healthcare system.

 

We knew we could do better and that is why we created Haven Rx. Haven Rx is a digital pharmacy licensed in all 50 states to improve access to affordable medications to patients."

 

Do you want to be more Scroobious? Let's chat!

  • If you're a founder considering PiP but have questions, book an intro call.
  • If you're a company looking to support diversity in the startup ecosystem, let's chat about collaboration.
  • If you're an investor looking to access our deal flow, join the waitlist here.
  • If you'd like to sponsor founder accounts and get involved in our community, let's chat!
 

Did a friend forward this to you? Sign up for our newsletter to stay in the know!

TwitterInstagramLinkedInWeb Site

The email was sent to lmacomber+newsletter@scroobious.com. To no longer receive these emails, unsubscribe here. View in browser .

Copyright © 2022 Scroobious, Inc. All rights reserved.