BLCK VC launches new network to support black founders

Nonprofit venture capital firm BLCK VC teamed up with Sequoia Capital and Lightspeed Venture Partners in May to launch a network that supports black founders.

There have been series of scout programs in the venture capital sector, which have helped founders, operators, and angel investors better connect. Venture scouts are the link between venture funds and firms or startups looking for support.

BLCK VC said that Scout programs so far have been instrumental for venture capital firms to engage founders, operators, and angel investors in their communities to augment deal flow and to provide fresh perspectives. It also said that the purpose of creating the BLCK VC Scout Network was to create equal opportunities for black founders in the industry.

“Scout programs create an opportunity for those individuals to expand their networks, build an investing track record, and engage actively in the venture industry,” the firm wrote on its website. “Similar to the rest of the venture industry, scout programs have historically excluded Black individuals. Since scouts provide crucial deal flow and unique perspectives of their firms, the lack of Black representation not only hurts aspiring Black investors but also venture firms.”

BLCK VC launched the scout program after realizing that only three percent of venture capital investors are Black. The firm is committed to bridging the racial gap and increasing diversity in venture capital.

Two cohorts of 15-20 scouts will be implemented each year. Scouts from any firm can participate, however, they will not be allocated funds through the program to invest. Rather, scouts will leave with the education and community they need to become better scout investors. The inaugural cohort will feature scouts from Sequoia, Lightspeed, Cowboy Ventures, Index Ventures, Accel Ventures, Noemis Ventures, Necessary Ventures, Bonfire Ventures, RareBreed Ventures, and Wing Ventures.

The Scout Network program is scheduled to take place over six months. It consists of three phases: education, community, and deal flow.

The phases of the scout program are:

• Phase 1: June 14 – July 2

• Phase 2: July 19 – November 5

• Phase 3: November 19

The concluded first phase of the Scout Network Program was an intensive four-week curriculum that touched topics such as deal sourcing, due diligence, and winning deals as a scout. The sessions were all hosted virtually and each featured a weekly training and a speaker session, followed by bi-weekly Deal Group meetings.

The second phase will include monthly convening with top venture firms for educational and networking dinners. The Deal Groups will continue to meet bi-weekly during this time. Phase three will feature the final event of the program, an in-person convening in which current and former scouts, leading Black investors, BLCK VC founder partners, VC firms, and other ecosystem supporters will be in attendance (public health guidance will be adhered to). This gathering will be to celebrate the successful completion of the program, as well as facilitate deeper connections for the scouts and continuity.