Next week we will be celebrating the 4th of July. How fitting that I spent half of June involved in policy advocacy with legislators at the state and federal level. Catalyzing and sustaining change in equitable access to business capital requires collaboration between the private sector and public policy. My advocacy goes hand in hand with Scroobious' growth and impact.
State level advocacy
On June 6th, five of us were honored by the California Senate with Senate Resolutions for our co-authorship of California Senate Bill 54, signed into law by Governor Gavin Newsom. This recognition took place during a special ceremony on the Senate floor, where I proudly stood alongside my bill team and pioneering Senators. SB54 mandates venture capital firms to report diversity metrics about their prior year's investments, making a significant stride towards addressing inequities in venture funding. This legislation establishes crucial data transparency to promote accountability and drive progress.
California's acknowledgment of our groundbreaking efforts holds particular significance amidst current challenges to economic and civil liberties faced by women and people of color. Our small yet diverse team from California, Massachusetts, New York, and Australia collaborated to pass this law, poised for global impact and already inspiring new initiatives and advocates. Together, we draw from personal experiences of bias in fundraising to champion reforms for equitable access to capital for all innovators.
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Federal level advocacy
I joined 14 founders from across the country in Washington D.C. with Engine Advocacy & Foundation to advocate for policies supporting diverse entrepreneurs. This coincided with the release of their report, Innovation for All, funded by the Ewing Marion Kauffman Foundation.
I met with the U.S. Securities and Exchange Commission, U.S. Small Business Administration, United States Senate Committee on Finance, U.S. House Committee on Ways & Means, and the United States Senate Committee on Banking, Housing, and Urban Affairs.
Key themes emerged:
► Despite 5,000+ entrepreneurship courses and 8,000+ accelerators in the US, women and minorities still can't access 98% of venture capital dollars. We have enough training. We need direct government investment.
► Founders bear the burden of educating the market about new regulations, hindering policy effectiveness. Platforms like Scroobious can serve as natural partners but require funding for this crucial work.
► Immediate corrections are needed to R&D tax changes, which currently tax grants and non-dilutive funding as if they are revenue.
► Protection of entrepreneurs from attcks on DEI initiatives is critical. Recent SBA hearings underscored the need for federal programs addressing ongoing racial discrimination.
► Ensuring angel investors' critical role for diverse founders requires an inclusive accredited investor definition. Current critieria like net worth or passing a complex test do not reflect responsible investing practices. We lack consumer protection for online gambling or luxury purchases, which can devastate finances. So, why do we prioritize investor accreditation so heavily?
Policymakers often lack direct insights from the diverse founders their policies impact. Advocacy efforts like these bridge the gap between policy-making and real-world implications.
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Keep reading to explore great upcoming events and opportunities below, and don't overlook our featured founder at the end! Thank you for reading. Thank you for supporting us. I appreciate you. |
Allison Byers, Founder & CEO |
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Special section for a special campaign |
This past Tuesday I received an email about yet another all-male panel, otherwise known as a manel. In my normal fashion, I posted on LinkedIn to bring awareness and called for suggestions of women speakers. Holy smokes did this strike a nerve and you all SHOWED UP. We created change. I have learned that your engagement and incredible suggestions resulted in Carta inviting women investors to join the panel.
#putawomanonit has become a campaign and a movement. I encourage you to call out manels when you see them and be a changemaker. |
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Get #putawomanonit merch! So many of you asked for physical stickers and shirts with this graphic that we had no choice but to make them! We'll keep adding products to bring a smile to your face and a spark to your activism. Drop us a line if there's other merch you'd like to see - products or designs - we welcome your suggestions!
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Click on an item to learn more and access content.
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LinkedIn Live Discussion: Join us on Tue, July 2, from 10:30-11:10 am ET. When my post about yet another 'manel' and our campaign to #putawomanonit went viral (more info below) Ariel Serber invited me to have a live, interactive conversation. I hope you'll be part of the discussion! |
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Virtual Panel: I'll be on a panel discussion hosted by the Financial Women's Association Wed, July 17, from 5:30-6:45 pm ET. Want to understand Angel Finance, and what it takes to become an Angel Investor? From this panel of experts, you will learn about the state of Angel Investing, why it is vital to the US economy, and its importance to female entrepreneurs unable to access traditional financing.
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Workshop: Join us on Wednesday, July 24, from 2-3 pm ET for a workshop on what founders should consider when deciding where to allocate capital for their capital raise, and how to position her or his company to meet these expectations. |
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Road Show: We are proud to partner with IFEL for the 2024 Creating Conscious Collisions Road Show. This invitation-only event series is designed for investors interested in driving returns through inclusion, allies and champions who support women of color entrepreneurs, and government policymakers. Learn more and request an invite to one of their 15 city shows here.
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Click on an item to learn more and access content.
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Mastercard Start Path Program: The Start
Path Emerging Fintech program is a global, 6-month virtual program for high-potential startups across the fintech ecosystem. They welcome startups innovating in payments and commerce, but also those building solutions at the intersection of fintech and sustainability, cybersecurity, healthcare, retail, gaming, and more. Applications due 7/19.
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She's Connected by AT&T: Apply today to become a part of the She’s Connected by AT&T community and for a chance to win $50,000 for your small business, along with the full support of the She’s Connected by AT&T platform. Applications due 7/11. |
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UpPrize Social Innovation Challenge: The UpPrize Social Innovation Challenge, powered by Innovation Works and funded by the BNY Mellon Foundation of Southwestern Pennsylvania, creates cross-sector partnerships to solve some of our community’s most pressing problems. Three finalists will be awarded prizes totaling $300k.
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Some of the many wins from our community this month.
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Melissa Bowley,
founder of Flourish Care, spoke at the Inaugural Inclusive Innovation Conference at the University of Rhode Island.
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Modality, founded by Laura Vitale, was accepted into Pivotal Ventures' Headstream Accelerator.
- FreezeNit, co-founded by Joanna Shu, is a finalist in Massachusetts Innovation Network's innovation competition, The Eddies.
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InnoTech Precision Medicine, co-founded by Roya Khosravi-Far, is a finalist in Massachusetts Innovation Network's innovation competition, The Eddies.
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pacDNA TX, co-founded by Ke Zhang, is a finalist in Massachusetts Innovation Network's innovation competition, The Eddies.
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Not Just Co., co-founded by Catherine Smart, was featured in People magazine.
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Orleatha Smith, founder of Sip Herbals, won 1st place at the TiE Oregon Columbia River Pitch Competition and was featured in the Portland Business Journal.
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Wingspans, founded by Lindsay Kuhn, was accepted into the latest cohort of Techstars Workforce Development.
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Just Her Rideshare, founded by Kimberly Evans, won the Stella Foundation's Women’s Southeast Region Fast Pitch.
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Michael Kadish, co-founder of Incentivize, was at the White House discussing increasing EV adoption through the IRA's used EV tax credit.
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Karen Sallick, co-founder of Contacts411, was on The Roadmap podcast discussing being a nontechnical tech startup founder.
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NurseBloc, founded by Sharonda Davis, got 3rd place at the Demo Day pitch competition for the Immutable Founders Incubator.
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Glou Beauty, founded by Karen Lee, was featured in The Times
magazine.
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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, we highlight Castleigh Johnson, Founder and CEO of My Home Pathway, a Fintech platform that helps first-time home buyers get approved faster. The company recently announced a financial literacy partnership with Visa to enhance financial education and improve financial decision-making for its users.
My Home Pathway helps first-time homebuyers overcome financial barriers by assisting in reaching their financial goals through preparation, coaching, loan pre-approvals, and more. |
"I started My Home Pathway in 2020 to positively impact the financial health of future generations through the power of homeownership. The mortgage process in America is outdated, lacks transparency, and is far from equitable for U.S. citizens. I envision a world where anyone can own a home, regardless of credit score, student loan balance, or family wealth." |
Do you want to be more Scroobious? Let's chat! |
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