BIPOC stands for Black, Indigenous, and People of Color.
According to the National Venture Capital Association (NVCA), over $244 billion was spent on R&D from VC-backed public companies, and 75% of the largest U.S. VC-backed companies would not even exist or achieve their current scale without an active VC industry. California is one of the hottest markets for VC firms and Bloomberg reported that Silicon Valley has reshaped the Venture Capital Industry.
Despite this, a report from Harvard Technology Review revealed in March 2023 that Silicon Valley’s lack of diversity has long been something that people have highlighted as well as worked on improving, but this has continued to be an issue. Venture capital firms have continued for decades to fund and elevate founders of the same background: white, male, computer science students from elite institutions like Stanford, MIT, and Harvard. The lack of racial diversity in this industry is incredibly apparent when you see that only around 1.2% of total venture capital funding in the US was raised by black founders in 2022. VC dollars to BIPOC startup founders fell more than 50% in 2022 according to Crunchbase data.
However, this disparity in funding and the lack of diversity amongst startup founders has been frequently brought up as a problem people are focusing on solving.
LNB Accounting would like to be part of the solution by recognizing SF Bay Area VC firms that are led by or focused on serving the BIPOC community of entrepreneurs.
Methodology
The 2024 edition of the BIPOC VCs Recognition Night has happened.
WHEN ?
June 19th, 2024, from 5:30 pm to 10:30 pm
WHERE?
W Hotel San Francisco
181 3rd Street, San Francisco CA 94103
Agenda
5:30 PM - 7:00 PM: Open bar and exhibition of Hors-D'oeuvres from BIPOC Entrepreneurs and Networking with VCs.
7:00 PM - 8:00 PM: Three-course seated dinner with meat and vegetarian options and beverages.
8:00 PM - 9:45 PM: Celebration, special guest speeches, and awards presentation.
9:45 PM - 10:30 PM: Dance party with DJ Jason.
The process
-
The advisory board will select the nominees in each category. Refer to the categories section for the list of nominees.
-
The nominees will be notified via email. They will have three weeks to accept the nomination and send us a video describing why they believe they should win the recognition.
-
Registration for the participants is now open and tickets are on sale now. Purchase a ticket for this event as a token of your support to the BIPOC entrepreneur community. Check the video by category to discover he nominees.
-
The voting process will close on June 18th. The advisory board will count the votes, and the results (winners) will be announced during the event ceremony.
Advisory Board
The advisory board serves as the organizing committee and will play the following role, among many others:
Event planning.
Selection of the categories and nominees per category and follow-up.
Invitation of special guests and other contacts with sponsors and partners.
Coordination with the event food and beverage exhibitors.
Coordination of participants registrations.
Meet our 2024 Board of Advisors
Lilas Baketa, CPA, Managing Principal at LNB ACCOUNTING
James Rohn, Financial Advisor at Ameriprise Financial Services – Broadview Wealth Advisors
Sophie Rougerie, (French contact), Director at La French Tech SF
Categories & Nominees
Category 1
BIPOC VC Firm of the Year
This is the core category where we recognize SF Bay area VC firms with a significant number of members of the BIPOC community at the key decision-making level. In essence, we are recognizing VC firms that promote diversity, equity, and inclusion at the board or management level.
We selected the ideal nominees based on the profile below :
VC firm: have 2+ partners (not a solo practitioner).
Located within the Bay Area (North, South, East Bay, including Sacramento).
Has +50% of partners, managers, or key decision-makers from underrepresented communities.
VC firm that is actively funding underrepresented communities.
Here was the only nominee and winner for this category: BLCK VC
We honored them as a champion in transforming the venture capital industry to mirror the diverse demographics of the U.S. Venture Capital.
Winner: MenoWell
Category 2
BIPOC VC-backed Startup of The Year
This category recognizes SF Bay area BIPOC small businesses backed by VC firms. These small businesses have created a social and economic impact in the BIPOC community thanks to the VC firm funds.
We selected the ideal nominees based on the profile below:
Startup small business with 2+ entrepreneurs (not solo practitioners).
Located within the Bay Area (North, South, East Bay, including Sacramento).
Recommended by a VC firm.
Has +50% owners from underrepresented communities.
An organization that promotes diversity, equity, and inclusion in the VC community will also qualify as a candidate in this category.
Here were the nominees for this category : (watch the introductory video)
Winner: Tanvi Lal
Category 3
BIPOC Individual VC of the Year
This category recognizes an individual VC who made a difference within his/her VC firm by creating a social and economic impact in the BIPOC community.
We selected the nominees based on the profile below:
Individual venture capitalist located within the Bay Area (North, South, East Bay, including Sacramento).
From the BIPOC community.
has funded 5+ companies in his portfolio.
Here were the nominees for this category: (watch the introductory video)
Yash Hemaraj, General Partner, BGV
Tanvi Lal, Investor, Intuit Ventures
Winner: Lisa Love
Category 4
BIPOC Entrepreneur of the Year
This category recognizes a VC-backed entrepreneur (individual) and member of the BIPOC community who made a difference through his/her leadership, drive, and support to the BIPOC community.
We selected the ideal nominees based on the profile below:
Solo practitioner or a member of a group of entrepreneurs.
Located within the Bay Area (North, South, East Bay, including Sacramento).
Recommended by a VC.
From the BIPOC community.
Here were the nominees for this category: (watch the introductory video)
Sidarth Radjou, CEO, Okomera
Lisa Love, Co-founder, Tanoshi
Julie Gordon White, Founder and CEO, MenoWell
Crystal Nyitray, PhD, Founder and CEO, Encellin
Winner : Vincent Diallo
Category 5
BIPOC French VC of the Year
This category recognizes SF Bay Area French-led VC firms or individuals who made a difference in supporting the BIPOC community of the SF Bay Area.
We selected the ideal nominees based on the profile below:
Individual venture capitalist located within the Bay Area (North, South, East Bay, including Sacramento).
Has ties with France or the French Culture.
Is from underrepresented francophone communities.
Has funded 5+ companies in his portfolio.
Here were the nominees for this category : (watch the introductory video)
Vincent Diallo, General Partner, Interlace Ventures
Sunil Chhaya, Co-Founder and General Partner, Kearny Jackson
Keynotes speakers
Dr. Sheryl Davis, Executive Director, San Francisco Human Rights Commission.
Dr. Amos Brown, National Board Member, NAACP.
Julie Castro Abrams, CEO, How Women Lead.
Charlene Lawson, Director of Planning and Consultant for Dr. Joseph Bryant Jr.
Paul Salvaire, Deputy Consul General of France in San Francisco.
SPECIAL GUEST
WITH THE SUPPORT OF
NAACP - San Francisco
Contact us for sponsorship or partnership opportunities by emailing: connect-bipocreconight@lnbaccounting.com.
Music by: DJ Jason Aquino
Host:
Reporter, KTVU Fox 2
Exhibitors
As a token of our support, we have selected exhibitors of hors-d’oeuvres (food and beverage products) and other products from entrepreneurs and members of the BIPOC community. They have showcased and advertised their products to our attendees.
Contact us for exhibition or advertising opportunities by emailing: connect-bipocreconight@lnbaccounting.com