Katherine Olives
In case you missed it, we closed out the summer with a Fireside Chat with Howard Morgan, Co-Founder of First Round Capital & Chairman of B Capital, and pitches from the 2018 Accelerator cohort. Howard Morgan focused on the ROI of diverse investment, sharing his experiences as Philadelphia's most respected venture capitalist. When we talk about “diverse investment,” it doesn't mean keeping a diverse portfolio; it means investing in teams that are in themselves diverse. During the fireside chat, we learned how important it is to look for startups that represent diverse genders, cultures, and disciplines because diversity literally breeds innovation. Teams with diverse thoughts, experiences, and skill sets are smarter–their products & services are better–because they have a broader view of the world. “You gain from investing in diverse teams,” Howard said.
We then heard from some of our diverse teams, led by an array of individuals from different backgrounds.
FreeFoot €“ an assistive device for those with gait disorders like Foot Drop
PaxWalk €“ an app that connects college students with new friends via safe, reliable, publicly shared walking routes
Skinno €“ an app that uses machine learning to decipher skincare ingredients for consumers
Sprtlook €“ an app that connects high school athletes with coaches
UpwardAI €“ a marketing management platform that helps grassroots organizations & nonprofits grow and engage with their memberships
The reason the topic: “the ROI of diverse investment” is so important to us is because we see the validity and importance of so many of the startups we work with. Their founders are just as fantastic as the Mark Zuckerbergs of the tech world, and they need to realize that just as entrepreneurship has no mold, founders have no specific shape either. So we're calling on all of you to be purposeful about encouraging diversity in startup teams. Earlier, we wrote about how we achieved 50/50 gender parity in a short period of time. You can read more about that here, and consider how you can be thoughtful about the entrepreneurs you invest in & talk about.
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The Zahn Innovation Centers Accelerator (which currently takes place during the summer months) focuses deeply on product-market fit, coaching startups through a better understanding of their customer and the acquisition process. Our Accelerator prepares early stage startups for their next milestone events, whether its a crowdfunding campaign, investment, or acceptance into a top-tier program. Through partnerships with BNY Mellon, Wilkie Farr Gallagher, and an incredible set of mentors, startups build stronger business plans, handle legal work, and gain a better understanding of their customer metrics.
We have a unique program that de-risks startups for investors, and our approach is working. Several successful Zahn alumni include Veripad, StrongArm Technologies, and Homer Logistics.