On December 15, 2020, we convened investors and innovators to discuss the challenges of driving growth for underserved audiences and how we can help drive growth in the ecosystem. The event was in salon format, a gathering of people to increase our knowledge through conversation. The 90-minute thought-provoking conversation surfaced positive forces driving us forward, the hindrances holding us back, and the resources required to achieve the ideal future state we envision for the ecosystem.

1. humble ventures
Diverse Investor And Innovator
Salon: The Current State Of The
Ecosystem
DECEMBER 15, 2020

2. COVID-19 and inequality disproportionately hit minority businesses. Analysis from the National Bureau Of Economic
Research reveals 41% of Black business owners disappeared in April. More than 80% of venture firms don’t have a
single Black investor. Only 2.6% of venture capital dollars have gone to Black and Latinx startup founders so far in
2020. Additionally, only 3% of business investment goes to women.
On December 15, 2020, we convened 20 investors and innovators to discuss the challenges of driving growth for
underserved audiences and how we can help drive growth in the ecosystem.
The event was in salon format, a gathering of people to increase our knowledge through conversation. Cocktail kits
mailed to each participant courtesy of event sponsor, Unicorn. Promo codes for our new humble t-shirts were also
provided upon completion of the virtual event.
We hoped to discuss how business models — partnership, acceleration and acquisition strategies, including startups,
investors, and corporations — affect ecosystem health. What are the gaps or opportunities that need to be addressed?
This 90-minute experience sparked a lively discussion and helped surface many insights around what is possible in
2021.
Background

3. The 90-minute thought-provoking conversation surfaced positive forces driving us forward, the hindrances holding us
back, and the resources required to achieve the ideal future state we envision for the ecosystem.
Social inequality trees down from the top. We discussed ways to make investing in us the norm and not the exception.
There are too many reasons to say no, even when there’s proven outperformance. “It shouldn't take another public
execution for change to happen,” one participant said.
There are opportunities to influence, build the investing culture beyond a few well-meaning funds, and make drastic
changes in the face of a talent shortage perception despite success on both sides of the table.
We’ve identified the gatekeepers and key stakeholders for change. Lastly, we proposed a scope of activities to activate
the community, convene private and public conversations, and publish reports assessing the ecosystem’s state.
Executive Summary

4. Ogilvy Consulting
Agenda
2.
Salon Objectives
Approach the salon with a beginners mindset and open mind.
Ideate and brainstorm partnerships, opportunities, and define the
current state and future state of the innovation ecosystem.
This session included two design thinking exercises.
Exercises
1. Sailboat: The first exercise helped us define the current state for
the ecosystem, specifically diverse investors and founders, what is
working well and what might be holding us back.
2. Cover Story: The second exercise helped us quickly sketch out a
future-state to articulate our vision for success.
1.

5. Ogilvy Consulting
THE SAILS: What speeds us up?
Sailboat: defining the current state
THE ANCHORS: What slows us down?
● What are the key drivers behind our growth?
● What is currently working and contributing to forward momentum?
● This exercise helps to identify these critical attributes, and understand what
activities drive value for our organization
● What hinders our ability to deliver value?
● What are the key blockers at the moment?
● What currently prevents the organization from achieving our goals?
● This helps to identify the key barriers that prevent your engine from
reaching its full potential.
Objective: As a diverse investor or diverse innovator, this exercise helps us get insight about the challenges you might face, and what might be an obstacle
to progress. It helps us define what is working and moving diverse investors and innovators forward, as well as the activities or circumstances which hold us
back from our ambitions.

6. Ogilvy Consulting
What we learned about the current state
THE ANCHORS: What slows us down?
THE SAILS: What speeds us up?
Check Writing
Ability For Diverse
VCs
Same
Conversations/Perfor
mative Activities
Charity/Impact
Narrative
Homogeneity
Standards To
Incentivize Firms
Bigger Pools Of
Capital Remain
Silent
Racial Reckoning
More Opportunities
To Back Diverse
Founders
COVID’s Shown
Opportunity For Impact
Of Remote Work
More Corporation
Support
More Online Channels
As Opposed To
In-Person
Supply Of Quality
Founders
Amplified Voices
Diversifying
Narratives
Community
Increasing
Accountability With
Data
Intentionality For
Writing Checks &
Long-term Solutions
Unapologetically
Black
Regulation & Policy:
Accredited Investor,
Equity Crowdfunding
Implicit Bias Towards
Founders And
Emerging Managers
Quota System Of
Fund Rather Than A
True Thesis
Don’t See
Representation
Across Capital Stack

7. Ogilvy Consulting
Cover Story: An exercise in visioning
Objective: Cover Story is a game about pure imagination.
The purpose is to think expansively around an ideal future
state; it’s an exercise in visioning. The object of the game
is to suspend all disbelief and envision a future state that
is so stellar that it landed the organization on the cover of
a well-known magazine. Participants must pretend as
though this future has already taken place and has been
reported by the mainstream media. This game is worth
playing because it not only encourages people to “think
big,” but also actually plants the seeds for a future that
perhaps wasn’t possible before the game was played.
This exercise should start to define a concept around how
we could jointly create a valuable experience for a specific
audience.

8. Ogilvy Consulting
What does success look like: Time Magazine cover 2021
8
This Time Magazine cover reflects the near future of December
2021 displaying a coalition of people of color leading the way -
walking in a new direction. The title reads, “The Best Investors
In The World.”
Two quotes from the article are highlighted in red from hedge
fund manager Bill Ackman and the diverse investors doing the
work - an unlocked class of Americans that can finance
entrepreneurs in the ecosystem.
Inside the article are sidebars on educating the new class of
investors and Limited Partners who are investing in diverse
General Partners building more evidence that this success
isn’t a flash in the pan.
Within this issue are images conveying company logos of
unicorns founded by Black founders, infographics, big visuals
showing data and impact.
“These investors
had a smarter
thesis.” - Bill
Ackman
“We finally
solved for the
biggest market
inefficiency of
our time" -
Diverse
Investors
The Best Investors In The World
Inside this issue:

9. Our opportunity and proposed scope of
activities
● More successful cases will change the perception of
opportunity, but not without fair access to capital for
investors and founders.
● There's been a lot of statements about the support
of diversity, but there’s straight-up racism that
happens in this space.
● High-growth investing tends to get the short-end of
the space. We have to truly amplify the economic
output of what we do in venture.
● Consumers are starting to hold brands accountable
for diversity & inclusion metrics.
● Anniversary of George Floyd’s murder, May 25th,
2021, is a day of reckoning for enterprises/VCs.
● It can't be us individually but as a group.
● Commitment to outcomes and capital affect change.
● Recognize the game that’s being played and use it
to our advantage.
● Be open and honest about what's worked and not.
● Let’s continue to move this forward and not let the
anchors hinder us.
● Community activation
○ Make space available for real-time
dialogue and support in social channels.
● Quarterly Salons
○
● Semi-annual Pop-Ups
○
● Continuous Reports
○ We will gather qualitative, quantitative, and
stakeholder testimonials to continually
assess the state of the ecosystem.
Opportunity Scope of Activities

10. Thank
You