"You’re Not in This Alone” - Ellen McGirt
Greetings.
I wrapped up Black History Month in San Francisco at a meeting of The BLCK Founders Forum, a new venture from Jonathan Speed of 1790 Media (now 1821) and Alchemist Accelerator.
It was good for the soul for many reasons.
I interviewed Paul Campbell, the founder and CEO of Moneta Health, a company that uses neuroscience, AI, and trained clinicians to deliver phone-based interventions to people who are in the early stages of dementia. “I’ve been a technology entrepreneur in health care for the last 13 years, but when my mom was diagnosed with dementia in 2016 — despite my privilege — I had to navigate the system,” he says. What should he do? What would help her? “And there were no treatment options.”
What neuroscience shows is that behavior and lifestyle interventions matter, but so does the venture funding that allowed him to turn a devastating personal moment into a scalable healthcare business. “Some 40% of dementias are preventable,” he said to audible gasps.
When you think about the intersecting issues of stress, pollution, lack of sleep, and lack of access to health care — like hearing aids, which can stave off cognition issues — then people from marginalized communities could be greatly served by an affordable intervention targeted to them. “When I say I want to democratize access to dementia care, this is what I mean,” Campbell adds.
And he knows, despite his success, the funding landscape remains woefully inadequate for Black and brown entrepreneurs. A new Crunchbase survey found that just 0.48% of all venture dollars allocated in 2023 went to Black founders. That’s about $661 million out of $136 billion, the lowest figure in three years.
That’s why relationships are vital.
“It’s still hard. But I’ve been fortunate enough to build a community — like the first venture capitalist who believed in me when I pitched my first business in 2010 — when I had no history in healthcare. He’s here in the room.” So was the lawyer for his first startup, Troy Foster, who hosted the event at his office at Perkins Coie LLP.
While the ingredients that made up the evening were nothing new — a fireside chat, a company presentation, meaningful roundtables, and good food — the parts added up to something that felt wholly different.
It was a gathering of people who believed in each other, even if they hadn’t met yet.
Here’s what I thought worked:
People from multiple generations were present. Each person was encouraged to feel that they had valuable insights to share, regardless of where they were in business or life.
People from multiple industries were present. Unlike many events in an “industry town” like San Francisco, there was no single shared business language in the room. It made getting to know new people much more satisfying.
Vendors were treated as company founders. Many events offer food and hospitality options that reflect the community they want to support. But in this case, Speed went out of his way to ensure the purveyors were presented as entrepreneurs with stories and expertise to share.
We were not there to discuss the problem. We all got the “diversity is good” business memo; most of us wrote it. Instead, we were there to connect; share; and contribute resources, ideas, and contacts. And to enjoy each other’s company.
All of this was by design.
“Especially now, we all have unique experiences that can be really important for other people to hear,” Speed says. “Everyone needs mentors of all ages, friends in different industries, and everyone needs to be reminded that they’re not doing this all on their own.”
Community building is hard work. For Speed, the work is made lighter with purpose. “Look at the world! We need Black founders, entrepreneurs, creatives, investors, educators — all of us to succeed. It’s better when we do it together.”
