Citizens Of ONYX

Diversity & Inclusion (D&I) initiatives are great but focusing our energy on that sets the bar extremely low. Employment can’t be the only avenue into the technology industry for Black communities, if the end goal is for Black communities to have self determination. 

A tech company will not be as accountable to Black communities as they would for the communities that their shareholders come from. A tech company will not act in the interest of Black communities, as strongly as they would act in the interest of the communities that its shareholders come from. It doesn’t matter how many black people are employed by the company or even if Black folks are in leadership positions in the company because companies act in the interest of their shareholders not out of moral imperative.

Increasing Black ownership to be at least proportional to that of other communities should be the main goal. Some activity is happening in that area but not enough in my opinion. I’ve seen State of Black Tech Ecosystems report in Chicago, Backstage capital, and groundwork VC but that’s not nearly enough.

There’s also nothing really happening in our city which is really bad considering we have the 9th largest Black population in North America. I know of the Black innovation Fellowship and other organizations. Props to the folks that put those together but ironically they have the same issue of lack of black ownership and that has tangible consequences. For example I gave a pitch for the BIF and not one of the judges were Black. It was surreal 😂 life is truly stranger than fiction.

I’ve also noticed that Black folks are uncomfortable with thinking of themselves as investors. Obviously for most of us that comes down to feeling like we’re not wealthy (and therefore not deserving) enough to see ourselves that way and that’s legitimate but I also think our community needs to reframe how we think of investment and the role of the investor. Money shouldn’t be a barrier to being an investor, just like it shouldn’t be a barrier to entrepreneurship. The challenge is; we have to think about investment differently much like we have to think about entrepreneurship differently.

If money determines who can be an entrepreneur that means we are all missing out on the innovative ideas that might come from someone who happens to be low income. If money determines who can be an investor that means we’re all missing out on the innovative ideas that might come from communities that have been economically disenfranchised. The merit of an idea should decide who is allowed to be an entrepreneur; wanting to manifest an incredible idea should decide who’s an investor.  

When I talk to black folks about the importance I place on courting Black venture capital it’s seems to be such a foreign concept to them, and I think it’s because we’re conditioned to not see ourselves as deserving that level of agency. This post is already long so I wont go into too much detail but I think some of the answers lies in understanding that money isn’t the only way to be an investor, and understanding that small investments, like the concept of penny stock, are just as important as large investments and that if we have a collectivist approach we can find the capital to launch thriving tech companies.

It’s disheartening to know that its very likely that when I’m at the stage were I’m looking to on-board investors I’ll be faced with a situation where my startup is undervalued because I’m a Black founder and I will only have the option of selling to non-black investors which would undermine my personal goal of increasing Black ownership in the tech industry. 

Let’s say a Black founder comes up with the next super innovative and lucrative idea, non-Black investors will be able to get ownership of that founders company at a discount because the companies of black founders are systematically undervalued. 

Black investors and established Black folks should invest in Black startups because not only is it the right thing to do, its also cheaper. All things equal investing in Black startups brings more value at a lower price because of the systemic undervaluing of them. I haven’t seen any Black VC groups in Canada that explicitly prioritize investment in Black startups but I think its a great missed opportunity. 

At the end of the day the push for diversity and inclusion in tech is at the mercy of political cycles, trends, and how convenient they are to the companies that are implementing them. If we want to see real change come to the tech industry the only answer is to focus on addressing the systemic barriers to Black ownership so that we can see it rise to a proportional level. 

Recently a mentor of mine said to me there isn’t a lack of ideas in Black communities, we have all the million dollar ideas its the capital and other barriers that stops them from happening.

So where’s the Black VC firms at? I honestly hope I’m wrong about the lack of Black focused VC firms in Toronto so if you know of any please share! Or share any cool initiatives that you know of that are aimed at increasing Black ownership in the tech industry in North America!