Minority Tech Boom's New Turn
Last year, the buzz in tech was the need for more minority tech startups; now it's time for those small business owners to prepare to sell their babies. Wayne Sutton, CEO of PitchTo, a mobile development lab that builds tools for investors to make smarter decisions and help entrepreneurs deliver pitches, writes at TechCrunch that now is the time to capitalize on the investor interest in what may become the next big thing in Silicon Valley.
Fast forward to today and, although we don't have an updated CBinsights report, I believe the search for minority entrepreneurs is over. I'm not saying there is an equal amount of minority entrepreneurs launching startups, but now there are global minority Meetups and exclusive accelerators, and my inbox is overflowing with young and old minority entrepreneurs looking to launch the next Instagram, Pinterest, Facebook, or Twitter. Now it's not an if but when we'll see the next Instagram or Pinterest founded by a "minority." Regardless, some people are tired of the conversation and still wonder if there a problem at all ...
Over the last year, we have seen more actors, athletes, and entertainers not only launch technology startups, but also invest into startups. Examples include Lady Gaga's Little Monsters social network; Jessica Alba's Honest.com – a site to steer parents away from baby products made with toxic chemicals; Floyd Mayweather invested into the social game RockLive; and Serena Williams invested into video-sharing startup Mobli. Tony Gauda found CrunchFund company Bitcasa. Socialcam, which was founded by Mike Seibel, was sold to Autodesk for $60 million. Socialcam's diverse list of angel investors includes NBA players Shane Battier and Trajan Langdon.
The fact that celebrities and athletes are getting more active in the tech startup space could also continue the increase in minority entrepreneurship in various cultures, especially for African-Americans who often look to the sports and entertainment industries for careers. Now there are conferences such as Venture Draft, which educates and connects athletes to venture capitalists in the hopes of providing the necessary information that could spark investment opportunities to entrepreneurs in markets outside of Silicon Valley.
Read Wayne Sutton's entire piece at TechCrunch.
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