Impact Tech: Building a Social Enterprise
Making a difference isn’t easy. Neither is building a company. Financial resources are always the greatest challenge and for minority entrepreneurs, the odds are never in your favor — less than 1% get funded. Social entrepreneurship is still largely dismissed by the investment community as an indulgence. So how do you convince investors to back an undocumented immigrant with DACA status, leading a company using nascent technology to create financial services for a low-income market? Hear from an entrepreneur who navigated bias in the venture capital community in pursuit of greater global economic inclusion. His inspiring story of overcoming the forces driving the lack of diversity in funded startups makes him a great example of successfully building a triple bottom-line social enterprise.
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- The lack of diversity among venture capitalists creates a cognitive bias towards funding entrepreneurs from certain backgrounds and ethnicities.
- Many social enterprises fail due to “weak” professional networks, constrained capital, and inability to scale. New paths must be forged for change.
- Networking and strategic partnerships are key for startups to scale economic empowerment, inclusion, and social justice for the underserved.
- Victor Santos, Co-founder and CEO, Airfox
Brooke Alexander, Account Executive, Sterling Communications