If you have visited our firm’s website you probably read the following mission statement: “Cross Culture Ventures invests in entrepreneurs creating next-generation technology and consumer products … we work together to discover, invest in and develop companies that fuel shifts in cultural trends and behaviours within an increasingly diverse global marketplace.” This statement says a lot about how we see the world and where we believe tomorrow’s next breakout companies will come from. We view Cross Culture Ventures as a vehicle of change.
It has been stated widely that there are very few women in leadership roles and even fewer people of colour within venture capital. Many of those studies point to pipeline or lack thereof as the primary reason for the disparity. We know from first-hand experience that pipeline is not the sole reason, but it is one symptom of the problem that we can do our part to solve.
My partner Troy Carter and I have stated publicly on many occasions that we are seeking to invest in the top companies tackling unmet challenges that are led by people who deeply understand and are best positioned to address those challenges. We do this without bias and as a result can boast that 53% of the companies to which we have made investment commitments are led by either black or Latin founders. That is a statistic that we are proud of, but we also know that there are many smart people that do not yet have a path to venture capital.
Our first attempt to address this was an internship program. We targeted MBA candidates with stellar professional experiences prior to attending graduate school who had no experience in venture and demonstrated real interest in venture capital or entrepreneurship. Our goal was to teach them the business of venture capital through a one to two-year apprenticeship while helping them to grow their networks. During the first two years we were lucky to have worked closely with five talented MBA candidates, three of whom are women. The program has been both rewarding and successful so we will bring on two or three new interns this school year.
Today, we are taking yet another step towards our goal of changing the face of venture. This time we are focusing our attention on talented professionals who do not have experience in venture capital but seek it. We have titled the program “In Residence”.
The stated goals of the program are that the participants learn the business of venture capital investing, add significant value to our portfolio companies, and become attractive candidates for partner track roles at other venture firms. In order for this program to be successful, the candidates must have stellar accomplishments and possess skillsets that can be useful to startups. So we have welcomed Sian Morson and Rashad Drakeford to our team as entrepreneur-in-residence and marketer-in-residence respectively.
