Changing the narrative: towards an inclusive innovation economy

Despite increased awareness and scrutiny, our innovation ecosystem remains stubbornly homogeneous. We all know the numbers and they are dismal: Even though female founders received a record $3.54 billion in funding in 2019, this represented only 2.7% of the total venture capital investments, according to PitchBook data. As a point of comparison, WeWork garnered more investment than all global female founders combined last year. If not for irony, then for the despair of the missed opportunity.

Is it possible to change this narrative? Is there a more equitable way of dispersing capital? Can we find a way that looks beyond the next shiny object?

For those of us working within the innovation economy, we have a duty and a responsibility to make entrepreneurship more inclusive, by extending opportunities to diverse minds and talents in all corners of the society, regardless of their age, ethnicity, backgrounds, and gender.

Look no further than Village Capital, a DC-based accelerator that supports impact-driven, seed-stage startups, along with an affiliated fund VilCap. Among their portfolio companies that span 28 countries, 46% are founded by women; 30% are black or Latinx.

They are also unique in their areas of focus: Sustainability, Financial Health, and the Future of Work, all of which are sectors that directly impact the financial well-being of consumers and small businesses, as well as the long-term viability of our civilization as a whole.

Some of their portfolio companies include:

[1] CNote – A certified B Corp investment platform founded by Catherine Berman and Yuliya Tarasava, two successful women in finance, with a mission to make financial freedom more accessible to the masses. The money is invested with community lenders committed to supporting LMI (low-to-moderate income) communities and investing in women & minority entrepreneurs.

[2] Landit – A technology platform designed to increase the engagement and success of women and diverse groups in the workplace and help companies attract a diverse workforce. It has a presence in over 20 countries (and counting).

[3] MPOWER Financing – A public benefit corporation that extends credit to international students based on their potential, rather than the traditional model which requires an established U.S. credit history, collateral, or a cosigner.

[4] Vault – A fintech solution that allows users to automatically invest part of their paycheck into a retirement fund, helping them plan for retirement without an employer sponsored plan. It was acquired by Acorns in 2017.

[5] PiggyVest – The first and largest online savings & investing platform in Nigeria, enabling savers to put away funds that they don’t want to withdraw easily. By restricting access, it helps its users maintain their savings discipline while building their savings habit.

The impact results thus far have been inspiring. Here are some of the metrics according to the corporate website:

– 144.2 million pounds of CO2 emissions offset

– 27.5 million low-income students served

– 1.6 million low-income patients reached

– 652,000 people provided access to affordable financial services

– 15,200 smallholder farmers served

– 13,400 jobs created

Perhaps, there is really another way after all.

Perhaps, when the pandemic is over, we can kickstart the economy by refocusing on what matters: the values of our society and the well-being of our citizens.

Perhaps, we will emerge as a kinder, more united, and more empathetic world.

We must remember that we only survive and thrive when we work as teams — when we work as an “us.” Douglas Rushkoff – Team Human

Tune in for an aspirational podcast episode of One Vision via iTunes and Spotify with Victoria Fram, Founding fund manager of VilCap Investments and co-founder of Village Capital.

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