Technology startups are the frontier of industry creation and industry disruption in the US. Unfortunately, minorities comprise less than 2% of founders of technology startups in the US and less than 1% go on to receive VC funds (Venture Capital Human Capital Report 2010). Over the past two years we have witnessed the creation of some local and regional for-profit technology accelerators dedicated to supporting minority tech entrepreneurs. However, there are still no predominant official or unofficial regional or national groups comprised of minority angel investors.
Access to capital is the driver of success for innovative ventures. It is also one of the pillars of the New America Alliance (NAA). The NAA is an organization of American Latino business leaders committed to leading the process of Latino empowerment and wealth-building by expanding the forms of capital most crucial for economic advancement.
As the chair of the NAA Technology Committee, I am creating the NAA Angels investor group. There is a need to formalize the creation of a group of minority business leaders to support minority founders of tech startups; a NAA angel group. In turn this also advances a much needed culture of angel investing in the tech sector among minority business leaders.
A pre-screened group of minority-led tech startups are invited to introduce their companies to the NAA Angels. The angels are able to invest in the company of interest as individuals or as a group.
This pitch session by the prescreened startups are featured as a segment of 45 minutes at the 2013 Wall Street Summit and/or coordinated as a meeting during the multiple-city NAA National Tour.
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