Call No. 42 Recap: Business financing beyond venture capital to fuel the boom in entrepreneurship (video). One defining outcome of the pandemic: a boom in entrepreneurship. A record five million businesses were started in the U.S. last year. Many are sole proprietorships, but many are hiring and more want to bring on employees. Women, immigrants and entrepreneurs of color are leading the wave of new business starts. The kicker: Venture capital and commercial banks back less than 20% of all new businesses. Call No. 42 explored alternative financing structures that are changing the trajectory of entrepreneurship and community wealth. A key question: Is the term “alt-capital” still appropriate when such instruments are designed for as much as 80% of the market?
The Week’s Dealflow
Deal spotlight: Returns on inclusion. "To increase capital access for Black and Brown entrepreneurs, we need to ensure that capital decision-makers are knowledgeable about the history and root causes of the country's racial wealth gaps,” said Philip Gaskin of Kauffman Foundation, which anchored Living Cities’ third Catalyst Fund with a $10 million investment. The new fund aims to support fund managers of color in building early track records with seed investments, technical support, and fundraising help.
The Week’s Talent
Kapor Capital’s Uriridiakoghene “Ulili” Onovakpuri and Brian Dixon become managing partners as Mitch and Freada Kapor step back (“we are not retiring”)… Terry Angelos, who led Visa’s global fintech and crypto divisions, will become CEO of DriveWealth… responsAbility promotes Tara Hesse to chief operating officer and Martin Heimes to head of private debt… Joelle Gamble, formerly of the White House National Economic Council, joins the U.S. Department of Labor as chief economist.
The Week’s Jobs
Project Drawdown is recruiting a chief scientist and a team of senior / associate scientists… BlackRock seeks a sustainable investing research and strategy associate / vice president in New York… Vista Equity Partners seeks an associate of ESG data and reporting… Insight is looking for a financial manager in Oakland… Upstart Co-Lab is searching for an impact investment associate… Pachama is hiring a chief of staff and other roles… The Robert Wood Johnson Foundation is recruiting an assistant vice president for strategic communications.
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