More than one third of the BIPOC (Black, Indigenous, and People of Color) tech entrepreneurs applying for early-stage capital from individual investors or angel funds don’t make it beyond screening committees, according to the Center for Urban Entrepreneurship and Economic Development at the Rutgers Business School.
Some entrepreneurs are missing critical documents, such as term sheets or commercial strategies. Others have unfocused or complicated business models or unrealistic valuations.
CUEED wants to help.
The organization is offering tech entrepreneurs from underrepresented populations in Middlesex County an opportunity to be more prepared in their quests for equity investment.
The center’s investment readiness program, named iReady, is designed to address these gaps through one-on-one intensive coaching and training, CUEED Executive Director Lyneir Richardson said.
“For 15 years, CUEED has been developing strategies to help diverse entrepreneurs build growth plans and access capital. Our goal is to go beyond helping people create good pitch decks. We want these entrepreneurs to be equipped to navigate the investor screening and due diligence processes with confidence.”
The iReady program is free thanks to funding from Capital One, Richardson said. The program is an outgrowth of the Black and Latino Investment Fund and CUEED’s experience working with investors who could not make it through the investor due diligence process.
Participating entrepreneurs will work closely with seasoned tech executives and investors to ensure that they are prepared to address critical investor questions related to their technology roadmap, valuation and governance. The program will also offer participants referrals to prospective investors, customers and other partners in the entrepreneurship ecosystem.
Entrepreneurs from underrepresented populations with significant ownership stake in their businesses who live or work in Middlesex County are encouraged to apply. Eligible entrepreneurs must have a strong pitch deck and should be able to begin or already be pursuing equity. For more information, contact Perri Richman at Perri@BLAIFUND.com.
