{"version":"1.0.0","segments":[{"startTime":0.25,"endTime":3.614,"body":"So take your notes, stay tuned, and soak up this big tech"},{"startTime":3.652,"endTime":7.23,"body":"energy. Hey, what's up, everybody? This is Jared Albertan with the big tech energy"},{"startTime":7.3,"endTime":10.926,"body":"podcast where we focus and highlight on black excellence in tech."},{"startTime":11.028,"endTime":14.222,"body":"And I got a really, really dope guest representing tech stars in the building"},{"startTime":14.276,"endTime":18.046,"body":"today. My man Trey. And I'm not gonna steal his thunder. I'm gonna let"},{"startTime":18.068,"endTime":21.886,"body":"him introduce himself. Trey, thanks for being here. Appreciate you having me, man. Gave me"},{"startTime":21.908,"endTime":25.698,"body":"a good excuse to get down to Florida. Miami, Fort"},{"startTime":25.714,"endTime":29.32,"body":"Lauderdale. I know. That's why I love this location. Yeah, it's dope, man."},{"startTime":29.93,"endTime":33.702,"body":"I needed a beach in my life. So this is good fact timing, but yes,"},{"startTime":33.756,"endTime":37.538,"body":"as I said, I'm Trey Baker, managing director of building Tulsa tech"},{"startTime":37.564,"endTime":41.098,"body":"stars accelerator, also author of in the Black 2050,"},{"startTime":41.104,"endTime":44.522,"body":"a blueprint for black"},{"startTime":44.576,"endTime":47.45,"body":"economic leadership in the 21st century."},{"startTime":47.95,"endTime":51.226,"body":"So I've been a serial entrepreneur since I was"},{"startTime":51.248,"endTime":54.574,"body":"19 and made the transition into full time"},{"startTime":54.612,"endTime":58.106,"body":"investing last year. So this is my first year as quote unquote,"},{"startTime":58.138,"endTime":61.326,"body":"professional vc. But I've been angel investing since"},{"startTime":61.348,"endTime":65.198,"body":"2014. So, yeah, that's who I am. Awesome. So, I"},{"startTime":65.204,"endTime":68.77,"body":"mean, I obviously know what Techstars is. Anybody in the startup VC space"},{"startTime":68.84,"endTime":71.938,"body":"knows who tech stars is. But for those that are not familiar with techstars, how"},{"startTime":71.944,"endTime":75.494,"body":"would you describe the organization? Yeah, it's a"},{"startTime":75.532,"endTime":79.382,"body":"global accelerator platform. So we have 50"},{"startTime":79.436,"endTime":82.834,"body":"programs around the world focused on accelerating precede stage"},{"startTime":82.882,"endTime":86.658,"body":"companies. We're"},{"startTime":86.674,"endTime":90.2,"body":"global. We just launched our first program in Africa this year"},{"startTime":90.51,"endTime":93.26,"body":"in subsaharan Africa. So we're in Lagos now,"},{"startTime":94.27,"endTime":98.026,"body":"and the Tulsa program is one of the newest programs as well. So"},{"startTime":98.048,"endTime":101.45,"body":"we've got around 40 mds."},{"startTime":101.61,"endTime":105.358,"body":"So some cities have multiple programs. We are one of"},{"startTime":105.364,"endTime":109.086,"body":"the top tier accelerators in the world. And as of, I"},{"startTime":109.108,"endTime":111.36,"body":"think last week, we are now the"},{"startTime":113.35,"endTime":116.734,"body":"most prolific precede stage"},{"startTime":116.782,"endTime":119.7,"body":"investor in the world. So we make the most"},{"startTime":120.55,"endTime":124.11,"body":"precede stage investments out of all VC shops,"},{"startTime":124.19,"endTime":127.826,"body":"all investment firms in the world right now. I think"},{"startTime":127.848,"endTime":131.666,"body":"we're going back and forth with Y combinator, but pretty soon I think we'll"},{"startTime":131.698,"endTime":135.254,"body":"be solidly, like in the lead. Got you. So,"},{"startTime":135.292,"endTime":138.182,"body":"yeah, we write a lot of checks. So I think this year we'll do about"},{"startTime":138.236,"endTime":141.954,"body":"800 investments. Nice. A lot of people don't realize"},{"startTime":142.002,"endTime":145.258,"body":"that scale. Even I didn't when I joined, I didn't realize how many checks we"},{"startTime":145.264,"endTime":148.794,"body":"were writing every year got you. And then when it comes to"},{"startTime":148.832,"endTime":152.574,"body":"the companies that you tend to look at and you tend to work"},{"startTime":152.612,"endTime":156.16,"body":"with, what is that like? Or who are those type of companies?"},{"startTime":156.53,"endTime":159.902,"body":"Yeah. So it's different for each"},{"startTime":159.956,"endTime":163.614,"body":"program. Within techstars we have some vertically focused, industry"},{"startTime":163.662,"endTime":167.486,"body":"focused ones, some industry agnostic. My program is agnostic,"},{"startTime":167.518,"endTime":170.1,"body":"but focused on underrepresented founders. So"},{"startTime":171.51,"endTime":175.134,"body":"I do not have a particular focus on"},{"startTime":175.192,"endTime":178.918,"body":"industry. Obviously, underrepresented founders is kind of a"},{"startTime":178.924,"endTime":182.774,"body":"broad term, but we focus a lot on black and brown and"},{"startTime":182.812,"endTime":186.646,"body":"women founders. And I have"},{"startTime":186.668,"endTime":190.426,"body":"my preferences on the kind of industries that interest me. But I try"},{"startTime":190.448,"endTime":194.09,"body":"to keep an open mind when I'm doing screening. But my personal"},{"startTime":194.16,"endTime":197.994,"body":"interests are around the metaverse, blockchain, web three,"},{"startTime":198.192,"endTime":201.806,"body":"ag tech. So I'm a third generation farmer, so I've got an"},{"startTime":201.828,"endTime":205.646,"body":"affinity for the land and nobody's interested in"},{"startTime":205.668,"endTime":209.31,"body":"farming like my grandfather did. There's technology now, right? And I'm interested"},{"startTime":209.38,"endTime":213.054,"body":"in solving big problems with technology. And everybody's got to eat every"},{"startTime":213.092,"endTime":216.822,"body":"day, so agriculture is a big one. And then prop."},{"startTime":216.986,"endTime":220.382,"body":"So there's a housing shortage basically all over America."},{"startTime":220.446,"endTime":224.146,"body":"And every time I see a house being built the way"},{"startTime":224.168,"endTime":227.806,"body":"it's been built for the past 100 years, or housing markets"},{"startTime":227.838,"endTime":231.526,"body":"operating inefficiently or not changing because not keeping up"},{"startTime":231.548,"endTime":235.398,"body":"with technological changes, I get annoyed. And so proptech is like kind of one"},{"startTime":235.404,"endTime":239.226,"body":"of my passion projects. I've got a whole investment thesis around housing as"},{"startTime":239.248,"endTime":242.474,"body":"a service and the future of housing and a whole"},{"startTime":242.512,"endTime":245.1,"body":"other portfolio around"},{"startTime":245.71,"endTime":249.498,"body":"prefab and 3d printed houses and stuff like that. So"},{"startTime":249.584,"endTime":253.23,"body":"yeah, blockchain, agtech, proptech construction,"},{"startTime":254.05,"endTime":257.806,"body":"those are like some of my pet areas that I"},{"startTime":257.828,"endTime":261.614,"body":"like. But I keep an open mind. We've got some healthcare companies, we got"},{"startTime":261.652,"endTime":265.37,"body":"ecommerce, fintech, edtech that have come through the program. If you're"},{"startTime":265.38,"endTime":268.994,"body":"solving a problem that is relevant, you do it uniquely and it can"},{"startTime":269.032,"endTime":272.738,"body":"show potential for ROI. Then it's open. Yeah, and I have a"},{"startTime":272.744,"endTime":276.26,"body":"bias towards really big important problems too."},{"startTime":277.75,"endTime":279.94,"body":"I don't do much in"},{"startTime":281.83,"endTime":285.606,"body":"recently I've in the past stayed away from gaming and"},{"startTime":285.628,"endTime":289.11,"body":"things that are not necessary."},{"startTime":290.01,"endTime":293.754,"body":"But now that I have a different view on the metaverse and"},{"startTime":293.792,"endTime":297.626,"body":"another thesis around the metaverse, I see how important gaming is to"},{"startTime":297.728,"endTime":301.378,"body":"bringing that about. So now I do have a gaming thesis,"},{"startTime":301.414,"endTime":305.134,"body":"but it's not around games themselves, it's about the infrastructure. Got"},{"startTime":305.172,"endTime":308.862,"body":"you. Yeah. I have a bias towards things that like problems that really need"},{"startTime":308.916,"endTime":312.622,"body":"solving. And I really don't enjoy"},{"startTime":312.676,"endTime":316.434,"body":"unnecessary human suffering. So I like things that"},{"startTime":316.472,"endTime":320.274,"body":"can solve those things. That's real. So I obviously"},{"startTime":320.312,"endTime":323.778,"body":"could talk more about techstars, but I'd like to know more about you"},{"startTime":323.944,"endTime":327.558,"body":"and your story and how you got to a place where you're a"},{"startTime":327.564,"endTime":330.742,"body":"managing director of techstars and what motivates you"},{"startTime":330.876,"endTime":333.88,"body":"and what drives you in this position"},{"startTime":334.33,"endTime":337.862,"body":"beyond funding startups and making"},{"startTime":337.916,"endTime":340.666,"body":"money? And I know there's a lot, so I'm kind of setting you up for"},{"startTime":340.688,"endTime":344.278,"body":"that. But yeah, when it comes to your journey"},{"startTime":344.374,"endTime":348.054,"body":"in tech or as a startup, founder or investor,"},{"startTime":348.102,"endTime":351.786,"body":"whatever the case is, love for you to kind of walk through where"},{"startTime":351.808,"endTime":354.96,"body":"you started and how you ended up where you are today."},{"startTime":355.33,"endTime":358.894,"body":"Yeah, you can give the clip notes. Versions if you want to."},{"startTime":358.932,"endTime":362.626,"body":"Right. How long we got. Yeah. So you can just kind of keep it high"},{"startTime":362.648,"endTime":366.306,"body":"level. So the thing that will tie it all together."},{"startTime":366.488,"endTime":370.322,"body":"Well, kind of I bounced around a lot is a passion for"},{"startTime":370.376,"endTime":372.42,"body":"black economic development. So"},{"startTime":375.37,"endTime":378.966,"body":"I've been building my experience and my"},{"startTime":378.988,"endTime":382.454,"body":"skill set to be best suited to add"},{"startTime":382.492,"endTime":385.702,"body":"value when it comes to creating collective black"},{"startTime":385.756,"endTime":388.866,"body":"wealth and how to allocate those"},{"startTime":388.908,"endTime":390.7,"body":"resources. So"},{"startTime":392.35,"endTime":395.514,"body":"earliest start off, I was one of those kids, this is a"},{"startTime":395.712,"endTime":399.354,"body":"surprisingly common thing in startups and founders. I was one of those kids"},{"startTime":399.392,"endTime":403.134,"body":"who sold candy in middle school. It was basically the first time"},{"startTime":403.172,"endTime":406.894,"body":"my parents told me I couldn't have something because of"},{"startTime":407.012,"endTime":409.566,"body":"money, right? So I was like, I'm going to have to go get my own"},{"startTime":409.588,"endTime":413.386,"body":"money. So middle school, selling"},{"startTime":413.418,"endTime":417.074,"body":"candy. Fast forward to college."},{"startTime":417.192,"endTime":421.026,"body":"I was good at math and science, but actually I wanted to get into"},{"startTime":421.048,"endTime":424.59,"body":"fashion design. So in high school I was like designing my own jeans."},{"startTime":424.75,"endTime":427.758,"body":"I took homec to a whole different level, like when they taught me how to"},{"startTime":427.784,"endTime":431.586,"body":"sew, designing shoes, got into fashion,"},{"startTime":431.618,"endTime":434.406,"body":"but I was good at math and science, so ended up going to engineering. I"},{"startTime":434.428,"endTime":437.32,"body":"let people convince me to go to engineering school."},{"startTime":438.17,"endTime":440.934,"body":"First semester in, I was like, yeah, I definitely don't want to be an engineer."},{"startTime":440.982,"endTime":444.442,"body":"But I stuck with it. Got the degree immediately, went to business school"},{"startTime":444.496,"endTime":447.706,"body":"afterwards, never practiced engineering, so got my"},{"startTime":447.728,"endTime":451.454,"body":"MBA, graduated in 2008 in the middle of the great"},{"startTime":451.492,"endTime":455.102,"body":"recession. Luckily, I landed a job"},{"startTime":455.156,"endTime":458.814,"body":"like two weeks before graduation. So I worked at"},{"startTime":458.852,"endTime":462.618,"body":"GE Energy in Atlanta in renewables, so"},{"startTime":462.724,"endTime":466.466,"body":"commercializing wind and solar. Now, what"},{"startTime":466.488,"endTime":470.126,"body":"they didn't tell me when I started was that although GE Energy's"},{"startTime":470.158,"endTime":473.554,"body":"headquarters is in Atlanta, the renewables division was in"},{"startTime":473.592,"endTime":477.426,"body":"Schenectady. So they wanted me to move to Schenectady, which I did for a little"},{"startTime":477.448,"endTime":480.386,"body":"bit. And I was like, yeah, I'm going back to Atlanta. They were like, that's"},{"startTime":480.418,"endTime":484.134,"body":"not an option. And I was like, but I'm going. And they were like,"},{"startTime":484.172,"endTime":487.734,"body":"well, do you want the job? And I was like, I guess"},{"startTime":487.772,"endTime":491.402,"body":"not. That was the end of that. I wanted to get back down"},{"startTime":491.456,"endTime":494.874,"body":"south. Two years in Boston for grad school was"},{"startTime":494.912,"endTime":498.522,"body":"enough. So that was around 2010."},{"startTime":498.656,"endTime":502.074,"body":"I started doing some consulting this whole"},{"startTime":502.112,"endTime":505.486,"body":"time. So I started my first business when I was 19, like real one, not"},{"startTime":505.508,"endTime":509.102,"body":"selling candy, doing custom t shirts. Ended up getting into"},{"startTime":509.156,"endTime":512.99,"body":"ecommerce. So that's running this whole time. So that's how"},{"startTime":513.06,"endTime":516.898,"body":"I wasn't too worried about quitting my job. I did have other stuff on the"},{"startTime":516.904,"endTime":519.86,"body":"side and income, and then I would do"},{"startTime":520.31,"endTime":524.094,"body":"consulting projects around business development, financial"},{"startTime":524.142,"endTime":527.03,"body":"modeling for small businesses, startups"},{"startTime":527.69,"endTime":531.33,"body":"in 2013, learned about crypto,"},{"startTime":531.41,"endTime":535.0,"body":"got into that world, and used"},{"startTime":535.37,"endTime":539.034,"body":"the money I made from that to invest in startups. So made my first"},{"startTime":539.072,"endTime":542.842,"body":"startup investment in 2014, got my first"},{"startTime":542.896,"endTime":546.522,"body":"exit in 2020, and after that. So six years"},{"startTime":546.576,"endTime":548.94,"body":"of angel investing in"},{"startTime":549.79,"endTime":553.21,"body":"2021, I started kicking around the idea of"},{"startTime":553.28,"endTime":557.066,"body":"starting a fund, a VC fund. So we launched"},{"startTime":557.258,"endTime":561.102,"body":"HBCU Impact Capital, me and my"},{"startTime":561.156,"endTime":564.978,"body":"good friend and frat brother, Isaac Hadai. He was a professor at"},{"startTime":564.984,"endTime":568.34,"body":"TSU at the time, Tennessee State, not Texas Southern, and"},{"startTime":568.87,"endTime":572.482,"body":"noticed a gap in the tech transfer market in hbCus. So"},{"startTime":572.616,"endTime":576.23,"body":"the plan was to commercialize research coming out of hbcus."},{"startTime":577.05,"endTime":580.36,"body":"That's still a great opportunity. If anybody wants to steal that idea,"},{"startTime":581.45,"endTime":582.6,"body":"go for it."},{"startTime":584.97,"endTime":588.166,"body":"Isaac might end up doing it, I don't know. Anyway, it was a good"},{"startTime":588.188,"endTime":591.946,"body":"idea. So that brought me to Tulsa for the first time with"},{"startTime":591.968,"endTime":595.21,"body":"the black venture summit. Shout out to building Tulsa."},{"startTime":595.95,"endTime":599.386,"body":"Hosted the first black venture summit in Tulsa in"},{"startTime":599.408,"endTime":602.918,"body":"2021. I went there, it was a weekend,"},{"startTime":603.094,"endTime":606.846,"body":"had no intention on ever visiting Tulsa. That event just happened to be"},{"startTime":606.868,"endTime":610.446,"body":"there. Definitely had no intention on moving to Tulsa. But by the end of that"},{"startTime":610.468,"endTime":614.274,"body":"weekend, I saw tremendous opportunity in that city. So I came back for"},{"startTime":614.312,"endTime":617.46,"body":"a visit two weeks later, and"},{"startTime":617.99,"endTime":621.7,"body":"one of the last conversations I had before getting on the plane was"},{"startTime":622.39,"endTime":626.05,"body":"with a guy at a local vc shop there, and"},{"startTime":626.12,"endTime":629.414,"body":"he told me that techstars might be opening an office in"},{"startTime":629.452,"endTime":632.854,"body":"Tulsa. So I happened to be at that"},{"startTime":632.892,"endTime":636.166,"body":"event two weeks prior at the black venture summit with somebody, a"},{"startTime":636.188,"endTime":639.738,"body":"representative from Tulsa. But we didn't end up having a"},{"startTime":639.744,"endTime":643.434,"body":"conversation. So I reached out to her, said I was interested, and a month"},{"startTime":643.472,"endTime":646.89,"body":"later got the position of managing director"},{"startTime":648.83,"endTime":651.366,"body":"from November 2021 to December"},{"startTime":651.558,"endTime":655.086,"body":"2021. Decided to uproot my"},{"startTime":655.268,"endTime":659.086,"body":"pivot my entire career path. Well, not entirely like I was"},{"startTime":659.108,"endTime":662.786,"body":"in investing, but pivot how I was going to do it, and had a"},{"startTime":662.808,"endTime":666.498,"body":"conversation with my wife about moving from a"},{"startTime":666.504,"endTime":669.666,"body":"place we were perfectly happy and settled and"},{"startTime":669.768,"endTime":673.374,"body":"love, Atlanta and going to Tulsa."},{"startTime":673.422,"endTime":677.234,"body":"So by February of 2022, I was"},{"startTime":677.272,"endTime":680.966,"body":"in Tulsa. So that's as short sometimes I"},{"startTime":680.988,"endTime":684.102,"body":"can do that story a little bit shorter, but that's as bad. That was good."},{"startTime":684.156,"endTime":687.798,"body":"That was a good Cliff notes version. I appreciate that. So I actually met you,"},{"startTime":687.884,"endTime":691.526,"body":"listening to you at south by Southwest at a build Tulsa"},{"startTime":691.558,"endTime":694.906,"body":"event, and you all talked about the energy in"},{"startTime":694.928,"endTime":698.282,"body":"Tulsa, the history of Tulsa, and the opportunity"},{"startTime":698.416,"endTime":702.122,"body":"to, like your shirt, rebuild Black Wall street. You know what I'm saying?"},{"startTime":702.176,"endTime":705.934,"body":"So when it comes, know, obviously it must have had a huge"},{"startTime":705.972,"endTime":709.699,"body":"impression on you. What was it about Tulsa that made you say, I'm going to"},{"startTime":709.699,"endTime":713.406,"body":"uproot my family, and this is part of the mission that I want to"},{"startTime":713.428,"endTime":716.994,"body":"take a part of. Yeah. So in the book,"},{"startTime":717.112,"endTime":720.82,"body":"in the black 2050, in the intro, I talk about"},{"startTime":721.19,"endTime":724.882,"body":"kind of learning the lessons from Black Wall street, but"},{"startTime":724.936,"endTime":728.774,"body":"I never thought I'd actually get a chance to participate because that story is"},{"startTime":728.812,"endTime":732.28,"body":"ongoing. Right. So it's not just history. So"},{"startTime":733.13,"endTime":736.95,"body":"being interested in black economic development, my office is"},{"startTime":737.02,"endTime":740.698,"body":"literally two blocks from historic Black Wall street, like Greenwood and"},{"startTime":740.704,"endTime":744.554,"body":"Archer. So that was an opportunity that comes"},{"startTime":744.592,"endTime":747.994,"body":"along once in a lifetime. Also, the"},{"startTime":748.032,"endTime":751.802,"body":"ecosystem is unique in that it's very"},{"startTime":751.856,"endTime":754.818,"body":"collaborative and focused. So it's"},{"startTime":754.934,"endTime":758.11,"body":"physically, geographically"},{"startTime":758.61,"endTime":762.346,"body":"concentrated and focused. Right. So all the startup activity"},{"startTime":762.378,"endTime":765.666,"body":"is basically in the arts district, which"},{"startTime":765.688,"endTime":769.506,"body":"is adjacent to Greenwood. All of it used to be Black Wall"},{"startTime":769.528,"endTime":772.37,"body":"street back in the day. So there's"},{"startTime":773.27,"endTime":776.534,"body":"three co working spaces. All the vcs, they're all"},{"startTime":776.572,"endTime":779.51,"body":"in, call it five, six block radius."},{"startTime":780.65,"endTime":784.246,"body":"So that's unique. Right. If"},{"startTime":784.268,"endTime":787.766,"body":"you're trying to pitch vcs or if you're a startup founder trying to check out"},{"startTime":787.788,"endTime":791.046,"body":"the ecosystem, literally you just get off the airplane and go to the arts district"},{"startTime":791.078,"endTime":794.602,"body":"and walk around, you'll find stuff. But most"},{"startTime":794.656,"endTime":798.314,"body":"importantly, it's one of the few ecosystems I've been in"},{"startTime":798.352,"endTime":801.934,"body":"that are extremely well resourced and"},{"startTime":801.972,"endTime":805.71,"body":"have resources focused specifically on black founders."},{"startTime":806.29,"endTime":810.058,"body":"There's also an interesting history around Native Americans, and there's"},{"startTime":810.074,"endTime":813.54,"body":"a strong tribal presence there that ties in as well. But"},{"startTime":814.79,"endTime":817.826,"body":"most people, they'll play the whole"},{"startTime":818.008,"endTime":821.298,"body":"underrepresented minority diverse game and"},{"startTime":821.464,"endTime":825.006,"body":"lump everybody in the same bucket. And black folks tend"},{"startTime":825.038,"endTime":828.2,"body":"to fall to the bottom of that totem pole. Absolutely."},{"startTime":828.65,"endTime":832.198,"body":"It was interesting to see an ecosystem that had a very strong focus on"},{"startTime":832.284,"endTime":836.12,"body":"black founders and a bunch of money"},{"startTime":836.89,"endTime":840.678,"body":"being thrown at it. Tulsa is an oil city, so there's"},{"startTime":840.694,"endTime":844.122,"body":"a lot of oil money around. We have a $5 billion Family"},{"startTime":844.176,"endTime":847.834,"body":"Foundation, George Kaiser Family foundation, that is"},{"startTime":847.872,"endTime":851.598,"body":"very intentional about helping to rebuild Black Wall street. So"},{"startTime":851.684,"endTime":855.52,"body":"when you got that kind of financial firepower behind"},{"startTime":856.05,"endTime":859.534,"body":"a relatively small ecosystem, small and fast,"},{"startTime":859.572,"endTime":863.04,"body":"growing, it just presented a very unique opportunity."},{"startTime":864.13,"endTime":867.606,"body":"I feel like I've made more progress in my personal career"},{"startTime":867.738,"endTime":871.026,"body":"in the past year than I did in the past the five years prior to"},{"startTime":871.048,"endTime":874.734,"body":"that. A lot of stuff is happening. I'm in a lot of rooms"},{"startTime":874.782,"endTime":877.94,"body":"that I might not have got in"},{"startTime":878.95,"endTime":882.758,"body":"in Atlanta. To politic and move your way up in a"},{"startTime":882.764,"endTime":886.2,"body":"city like Atlanta was much easier, whereas now"},{"startTime":887.05,"endTime":890.746,"body":"I'm pretty plugged in and I can get to anybody in Tulsa that"},{"startTime":890.768,"endTime":893.5,"body":"I need to. And then there's a lot of energy."},{"startTime":895.79,"endTime":898.54,"body":"I'm a spiritual person, not a religious person, but"},{"startTime":899.97,"endTime":903.754,"body":"I do feel like our ancestors are still actively"},{"startTime":903.802,"endTime":907.52,"body":"involved in kind of guiding things. And"},{"startTime":908.85,"endTime":912.626,"body":"there's a very real energy around Black Wall"},{"startTime":912.648,"endTime":916.1,"body":"street that when you get there, you just feel"},{"startTime":917.27,"endTime":919.3,"body":"it's like unfinished business there,"},{"startTime":921.75,"endTime":925.346,"body":"and it's a stain on every black person that it's been"},{"startTime":925.368,"endTime":929.078,"body":"allowed to fester this long. If we"},{"startTime":929.084,"endTime":932.886,"body":"can't rebuild Black Wall street in the original Black Wall Street, I"},{"startTime":932.908,"endTime":936.13,"body":"know there's been a bunch of different ones. So, like sweet Auburn and Atlanta,"},{"startTime":936.21,"endTime":939.846,"body":"Wilmington, North Carolina, Durham, North Carolina, but"},{"startTime":939.948,"endTime":943.798,"body":"the biggest one was Black Wall street in Tulsa, Oklahoma."},{"startTime":943.814,"endTime":947.514,"body":"And if we can't rebuild that there, how are we going to replicate that"},{"startTime":947.632,"endTime":951.34,"body":"in other markets where we have the unfair advantage of a bunch of money"},{"startTime":952.11,"endTime":955.894,"body":"and a very focused, collaborative set of people focused specifically"},{"startTime":955.942,"endTime":959.406,"body":"on this goal? Like, if we can't do it with all that, then we got"},{"startTime":959.428,"endTime":962.926,"body":"to go back to the drawing where there's something very fundamentally wrong with us as"},{"startTime":962.948,"endTime":966.786,"body":"a community if we cannot do this. Yeah, that's some real stuff, man."},{"startTime":966.808,"endTime":970.626,"body":"I appreciate that breakdown. And where do you see Tulsa heading over"},{"startTime":970.648,"endTime":974.402,"body":"the next five to ten years? Yeah, man, you're asking"},{"startTime":974.456,"endTime":978.114,"body":"all my favorite questions, and we didn't even"},{"startTime":978.152,"endTime":980.82,"body":"prep. Yeah. So"},{"startTime":981.69,"endTime":985.186,"body":"personally, I still have my own personal wealth"},{"startTime":985.218,"endTime":988.966,"body":"goals, and I'm trying to get to my. Are we allowed to cuss? Yeah,"},{"startTime":988.988,"endTime":992.746,"body":"you can. Yeah, I'm still trying to get to my bucket number. So I"},{"startTime":992.768,"endTime":996.154,"body":"went to undergrad in Nashville in the early two thousand s, and I saw"},{"startTime":996.352,"endTime":999.466,"body":"Nashville go from what it was to what it is now, like a"},{"startTime":999.648,"endTime":1003.406,"body":"booming, fast growing metropolis. And I was just there"},{"startTime":1003.588,"endTime":1007.406,"body":"before I came here, speaking at Vandy. And just the number"},{"startTime":1007.428,"endTime":1011.002,"body":"of cranes and new buildings on the skyline"},{"startTime":1011.066,"endTime":1014.698,"body":"just from three years ago. Last time I was there was. 2019"},{"startTime":1014.874,"endTime":1017.902,"body":"is amazing. So there's a lot of growth happening in Nashville. Very exciting"},{"startTime":1017.966,"endTime":1021.762,"body":"ecosystem. But I missed that boat in terms of"},{"startTime":1021.816,"endTime":1025.666,"body":"investing in the local market, especially real estate. Although I"},{"startTime":1025.688,"endTime":1029.494,"body":"did try to convince my frat brothers to buy a frat house back then and"},{"startTime":1029.532,"endTime":1033.16,"body":"everybody now admits that I was right."},{"startTime":1034.25,"endTime":1037.79,"body":"So I missed that train. Similar to like, Austin, Texas."},{"startTime":1037.97,"endTime":1041.754,"body":"Imagine Tulsa. I feel like Tulsa is on that"},{"startTime":1041.792,"endTime":1045.082,"body":"same path. It's maybe ten years behind"},{"startTime":1045.136,"endTime":1048.922,"body":"Nashville, 15 behind Austin, but it's on that path. We still"},{"startTime":1048.976,"endTime":1052.81,"body":"have surface level parking lots in prime central business"},{"startTime":1052.88,"endTime":1055.92,"body":"district. Right. So there's still plenty of real estate opportunity."},{"startTime":1056.69,"endTime":1060.218,"body":"And I feel like it's kind know I like to play in emerging"},{"startTime":1060.234,"endTime":1064.046,"body":"markets. So I'm very interested in the Caribbean, very interested in Africa, but I"},{"startTime":1064.068,"endTime":1067.714,"body":"feel like we have a bunch of emerging markets within America that are"},{"startTime":1067.752,"endTime":1071.586,"body":"still relatively untapped. So just like, personally, I feel"},{"startTime":1071.608,"endTime":1075.006,"body":"like it's a good place to put down some roots, make some"},{"startTime":1075.048,"endTime":1078.566,"body":"investments. And yeah, I feel"},{"startTime":1078.588,"endTime":1081.96,"body":"like it's definitely on that growth path. And"},{"startTime":1082.57,"endTime":1086.226,"body":"unlike other cities where it kind of happened organically or through traditional economic"},{"startTime":1086.258,"endTime":1089.27,"body":"development means, by attracting corporations and whatnot,"},{"startTime":1089.69,"endTime":1093.258,"body":"Tulsa's taken a somewhat unique approach. And during the"},{"startTime":1093.264,"endTime":1097.034,"body":"pandemic, they actually just started paying people to move to Tulsa. Yeah, I saw"},{"startTime":1097.072,"endTime":1098.49,"body":"them do that in Tulsa."},{"startTime":1100.45,"endTime":1104.094,"body":"Strategically, it's a good location geographically, it's good"},{"startTime":1104.132,"endTime":1107.626,"body":"for logistics. Middle of the country, 40 minutes away from the largest"},{"startTime":1107.658,"endTime":1111.438,"body":"inland port in America. Got a"},{"startTime":1111.444,"endTime":1114.962,"body":"lot of cool organizations doing good work. The family"},{"startTime":1115.016,"endTime":1118.734,"body":"foundation. But there's like 1500 other foundations. Just a bunch of oil"},{"startTime":1118.782,"endTime":1122.514,"body":"money. The state is investing in"},{"startTime":1122.712,"endTime":1126.514,"body":"innovation, in tech, but they just need more"},{"startTime":1126.552,"endTime":1130.342,"body":"talent and more people. So they just started paying people to move there."},{"startTime":1130.396,"endTime":1134.162,"body":"So when you do that, people move. So now they're experiencing"},{"startTime":1134.226,"endTime":1137.986,"body":"a lot of rapid growth, which is why anybody who's"},{"startTime":1138.018,"endTime":1141.21,"body":"listening to this is a real estate investor or real estate developer."},{"startTime":1141.71,"endTime":1145.466,"body":"We have a serious housing shortage. You might want to look"},{"startTime":1145.488,"endTime":1149.018,"body":"into tulsa. But, yeah, that's kind of"},{"startTime":1149.184,"endTime":1152.922,"body":"what I'm seeing and why I uprooted my family"},{"startTime":1152.976,"endTime":1156.462,"body":"to get right. Dope, dope, dope. So it's a bunch of money for black"},{"startTime":1156.516,"endTime":1160.366,"body":"founders in Tulsa. Now let me do"},{"startTime":1160.388,"endTime":1164.146,"body":"a little expectation management. Of course, when you"},{"startTime":1164.168,"endTime":1167.586,"body":"show up, nobody's presenting you a check. Like, you still have to"},{"startTime":1167.768,"endTime":1171.182,"body":"go and do the work, meet people, build something worth funding."},{"startTime":1171.246,"endTime":1171.97,"body":"Facts."},{"startTime":1175.03,"endTime":1177.88,"body":"It's available, it's not free, right?"},{"startTime":1178.89,"endTime":1182.726,"body":"Whereas other places, it's just not available. But you still got"},{"startTime":1182.748,"endTime":1186.274,"body":"to do the work and still got to have a compelling value proposition."},{"startTime":1186.402,"endTime":1190.198,"body":"So that's a good segue into my next question is for the black founders that"},{"startTime":1190.204,"endTime":1193.754,"body":"are out there, because when it comes to big tech energy, I do talk about"},{"startTime":1193.792,"endTime":1197.626,"body":"how to break into tech in terms of getting tech roles. And I"},{"startTime":1197.648,"endTime":1200.854,"body":"know that's really popular in terms of podcasts and"},{"startTime":1200.992,"endTime":1204.206,"body":"TikTok and Instagram influencers. But I really wanted to"},{"startTime":1204.228,"endTime":1207.966,"body":"highlight how black founders can get funding because that's how"},{"startTime":1207.988,"endTime":1211.614,"body":"we can have real economic shift in terms of"},{"startTime":1211.732,"endTime":1214.8,"body":"big black organizations hiring us,"},{"startTime":1215.81,"endTime":1219.554,"body":"setting up roots in our communities, et cetera. Right? So it's super"},{"startTime":1219.592,"endTime":1223.298,"body":"important that more black founders get funding, but if they're not approaching it the"},{"startTime":1223.304,"endTime":1227.094,"body":"right way or thinking about the right things, they're going to consistently get denied those"},{"startTime":1227.132,"endTime":1230.822,"body":"checks for those that are talking and doing the right"},{"startTime":1230.876,"endTime":1234.146,"body":"things. So for all the black founders out there that might be hitting"},{"startTime":1234.178,"endTime":1237.51,"body":"roadblocks or just kind of"},{"startTime":1237.58,"endTime":1241.254,"body":"confused as to why they're not having as much success in terms of acquiring"},{"startTime":1241.302,"endTime":1244.986,"body":"funding from groups like techstars and others that are out"},{"startTime":1245.008,"endTime":1248.074,"body":"there, what advice do you have in terms of how they should"},{"startTime":1248.112,"endTime":1251.722,"body":"approach creating their startup"},{"startTime":1251.786,"endTime":1255.214,"body":"and then pitching their startup when it comes"},{"startTime":1255.252,"endTime":1257.31,"body":"to finding funding?"},{"startTime":1258.69,"endTime":1261.68,"body":"Well, easier said than done. It's hard."},{"startTime":1262.53,"endTime":1266.254,"body":"Get really good at prompt engineering and be a chat CBT super user."},{"startTime":1266.302,"endTime":1269.966,"body":"I love that. No prompt"},{"startTime":1269.998,"endTime":1273.826,"body":"engineers will probably be the most important job in"},{"startTime":1273.848,"endTime":1275.38,"body":"the next two, three years."},{"startTime":1279.77,"endTime":1283.074,"body":"Part of it is structural. There's just not enough money for black founders."},{"startTime":1283.122,"endTime":1286.614,"body":"So there's a little bit of, no matter what you"},{"startTime":1286.652,"endTime":1290.394,"body":"do, there's not enough yet. Got it. We still"},{"startTime":1290.432,"endTime":1294.17,"body":"got to do some work at a systemic level"},{"startTime":1294.24,"endTime":1297.85,"body":"on organizing more black lps if we don't have"},{"startTime":1298.0,"endTime":1301.306,"body":"enough black investors. And I'm not talking about people who write the checks, I'm talking"},{"startTime":1301.328,"endTime":1305.134,"body":"about the people who write them checks. So I'm still funded by other"},{"startTime":1305.172,"endTime":1308.814,"body":"people, right? So it's not my money I'm investing. So we need more of"},{"startTime":1308.852,"endTime":1312.574,"body":"those people who fund people like me to be black and give us"},{"startTime":1312.612,"endTime":1316.286,"body":"the mandate of go out and fund black founders. And since George"},{"startTime":1316.318,"endTime":1319.854,"body":"Floyd, that's been happening more. But it's still a drop in the bucket."},{"startTime":1319.902,"endTime":1322.99,"body":"So there's a lack of capital supply"},{"startTime":1323.15,"endTime":1326.674,"body":"issue. So that just makes it a very competitive"},{"startTime":1326.802,"endTime":1330.406,"body":"environment for founders, especially in this market when VC capital is"},{"startTime":1330.428,"endTime":1333.08,"body":"drying up. But"},{"startTime":1334.25,"endTime":1336.76,"body":"that being said, it's still like,"},{"startTime":1338.25,"endTime":1341.946,"body":"I mean, it sounds basic, but it's still fundamental business, right? You've got to"},{"startTime":1341.968,"endTime":1345.642,"body":"create something that the world needs and solving a problem"},{"startTime":1345.696,"endTime":1349.386,"body":"that is so painful for the market that"},{"startTime":1349.408,"endTime":1353.006,"body":"you're serving that they have to find a solution with or"},{"startTime":1353.028,"endTime":1356.56,"body":"without you. Like they're doing something about it now that something"},{"startTime":1358.29,"endTime":1362.138,"body":"is either inadequate or it doesn't exist. Maybe they've"},{"startTime":1362.154,"endTime":1364.32,"body":"been looking for a solution that doesn't exist. So"},{"startTime":1365.03,"endTime":1368.734,"body":"identifying very real pain points, especially with technical"},{"startTime":1368.782,"endTime":1372.434,"body":"founders, they get into this habit of building things"},{"startTime":1372.472,"endTime":1376.31,"body":"because they can and because it's cool and they have a good idea versus starting"},{"startTime":1376.38,"endTime":1379.846,"body":"with somebody's pain. You always got to be"},{"startTime":1379.868,"endTime":1383.622,"body":"centered around pain, annoyance, problem that somebody"},{"startTime":1383.676,"endTime":1386.92,"body":"is already actively looking for a solution for. Right"},{"startTime":1388.01,"endTime":1391.626,"body":"now, there's something to be said about creating things that people don't know they"},{"startTime":1391.648,"endTime":1395.45,"body":"need, like the iPhone, like a touch screen based"},{"startTime":1395.52,"endTime":1399.274,"body":"phone. Nobody knew they needed that until they saw it. So there was still"},{"startTime":1399.312,"endTime":1402.878,"body":"some of that out there. But most of the ideas that I fund"},{"startTime":1402.964,"endTime":1406.734,"body":"and most of the good pitches I see the founder is"},{"startTime":1406.772,"endTime":1410.318,"body":"very connected to the problem, and that problem is"},{"startTime":1410.404,"endTime":1414.234,"body":"very real for the customers that they're serving. So that's"},{"startTime":1414.282,"endTime":1418.098,"body":"just fundamental. You got to be really connected to the problem, and it has to"},{"startTime":1418.104,"endTime":1421.646,"body":"be a problem worth solving for it to be interesting because we're"},{"startTime":1421.678,"endTime":1424.58,"body":"seeing dozens if not hundreds of pitches, right? So"},{"startTime":1425.19,"endTime":1428.886,"body":"I need a compelling story to even get my attention, to focus on"},{"startTime":1428.908,"endTime":1432.36,"body":"it. And that story is usually around solving a compelling problem"},{"startTime":1432.73,"endTime":1436.246,"body":"and giving me example of what a day in the life of the"},{"startTime":1436.268,"endTime":1440.106,"body":"person who is experiencing this problem looks like and how"},{"startTime":1440.128,"endTime":1443.878,"body":"it affects the world and all that stuff. So fundamentally"},{"startTime":1443.974,"endTime":1447.66,"body":"solve an important enough problem. Second founding team"},{"startTime":1448.51,"endTime":1452.206,"body":"is the most important thing that we look at, right? Especially at"},{"startTime":1452.228,"endTime":1455.44,"body":"precede, because there's really no business to fund. We're funding people."},{"startTime":1456.13,"endTime":1459.614,"body":"So founder problem fit is a very"},{"startTime":1459.652,"endTime":1463.022,"body":"important thing. And I tend to gravitate towards"},{"startTime":1463.076,"endTime":1466.866,"body":"founders who have to solve this problem because they have a personal experience with"},{"startTime":1466.888,"endTime":1470.126,"body":"it. So you hear that a lot in the healthcare"},{"startTime":1470.158,"endTime":1473.97,"body":"industry. Everybody has a healthcare horror story and"},{"startTime":1474.04,"endTime":1477.646,"body":"they have a problem. They've experienced something that inspired"},{"startTime":1477.758,"endTime":1481.494,"body":"the solution that they're building. But"},{"startTime":1481.612,"endTime":1484.726,"body":"more than just having the idea and the need to solve it, you also need"},{"startTime":1484.748,"endTime":1488.534,"body":"to be able to build a team that's able to execute around that, right?"},{"startTime":1488.572,"endTime":1492.218,"body":"So every VC, the first thing we're going to look at is"},{"startTime":1492.304,"endTime":1495.914,"body":"who the team is and does it make, well, the idea and the market"},{"startTime":1495.952,"endTime":1499.642,"body":"size. So is the market big enough? Let's say"},{"startTime":1499.696,"endTime":1503.466,"body":"your projections are 10%, right? So you're 90% off and"},{"startTime":1503.488,"endTime":1507.23,"body":"you only get 10% of the market you were expecting to get."},{"startTime":1507.3,"endTime":1511.086,"body":"Is that still big enough? Like, is 10% of 10% still"},{"startTime":1511.108,"endTime":1514.914,"body":"a billion dollars or whatever? Is the market big enough that you can be wrong"},{"startTime":1514.952,"endTime":1517.22,"body":"and still make a ton of money? Right."},{"startTime":1518.55,"endTime":1522.046,"body":"One thing that founders that I didn't"},{"startTime":1522.078,"endTime":1525.714,"body":"appreciate because I've been in the game so long, it's kind of like second nature"},{"startTime":1525.762,"endTime":1527.75,"body":"to me, but it's not intuitive."},{"startTime":1530.25,"endTime":1533.75,"body":"This is specifically for VC investing and angel investing."},{"startTime":1535.05,"endTime":1538.786,"body":"If I make an investment in a company and they produce"},{"startTime":1538.818,"endTime":1542.33,"body":"a three x return for the founder, that sounds"},{"startTime":1542.48,"endTime":1546.074,"body":"great, right? It's like I tripled your money, you should be happy about"},{"startTime":1546.112,"endTime":1549.866,"body":"that. But when I make an investment in a company, I'm not looking at you"},{"startTime":1549.888,"endTime":1553.046,"body":"to make a good investment on the investment I gave on the money I gave"},{"startTime":1553.088,"endTime":1556.366,"body":"you. A good return on the money I gave you. I need you to make"},{"startTime":1556.388,"endTime":1559.982,"body":"a return on the money. I've given ten"},{"startTime":1560.036,"endTime":1563.834,"body":"other companies in my portfolio because I know nine of them are going to fail."},{"startTime":1563.882,"endTime":1567.314,"body":"So I need you to subsidize the losses of nine other"},{"startTime":1567.352,"endTime":1571.074,"body":"companies and still get me a three x return on"},{"startTime":1571.112,"endTime":1574.082,"body":"all of that. Right. So I don't need you to make a three x return,"},{"startTime":1574.136,"endTime":1577.942,"body":"I need you to make a 2030 40 x return, because"},{"startTime":1577.996,"endTime":1581.574,"body":"you're subsidizing the losses, essentially. Right."},{"startTime":1581.612,"endTime":1585.094,"body":"So I need the market to be big enough to allow that to"},{"startTime":1585.132,"endTime":1588.854,"body":"happen. So where even if we only get 1% of the market or a half"},{"startTime":1588.892,"endTime":1592.538,"body":"percent of the market, you can still be a billion dollar company."},{"startTime":1592.624,"endTime":1595.734,"body":"Right? And that's just VC"},{"startTime":1595.782,"endTime":1599.386,"body":"math. If you don't take VC dollars, your calculation can be"},{"startTime":1599.408,"endTime":1603.146,"body":"different. If you're doing like, revenue based financing, that's a different calculation. But"},{"startTime":1603.168,"endTime":1606.906,"body":"I'm talking specifically pitch VC. So that's what we're looking for. We're"},{"startTime":1606.938,"endTime":1610.654,"body":"looking at, will this check return the entire fund? Like, if"},{"startTime":1610.692,"endTime":1613.54,"body":"this one thing hits, can it return the entire fund?"},{"startTime":1615.03,"endTime":1618.706,"body":"Now, I kind of don't view it exactly in those"},{"startTime":1618.728,"endTime":1619.54,"body":"same terms."},{"startTime":1622.31,"endTime":1625.09,"body":"I'm not expecting to take nine out of ten losses."},{"startTime":1625.91,"endTime":1629.606,"body":"I'm thinking I'm going to do a little bit better than that, because I"},{"startTime":1629.628,"endTime":1633.414,"body":"have another strategy around supplying my own demand. So I make investments that help"},{"startTime":1633.452,"endTime":1637.234,"body":"other investments and kind of give the portfolio"},{"startTime":1637.282,"endTime":1640.842,"body":"an unfair advantage. So every single one doesn't have to return the fund,"},{"startTime":1640.896,"endTime":1644.714,"body":"maybe every two or three companies does. But anyway, the opportunity needs to be big"},{"startTime":1644.752,"endTime":1648.426,"body":"enough, the founder needs to be"},{"startTime":1648.448,"endTime":1652.266,"body":"connected to the problem or be very connected to the customer. Like have a very"},{"startTime":1652.288,"endTime":1656.126,"body":"customer centric view and be able to build a team around them to"},{"startTime":1656.148,"endTime":1659.95,"body":"plug their gaps. So if you're not a technical founder, you need some technical"},{"startTime":1660.37,"endTime":1663.786,"body":"help somehow. Like, you need to figure that out now with chat GBT"},{"startTime":1663.898,"endTime":1667.634,"body":"and chat GBT being able to write code, I"},{"startTime":1667.672,"endTime":1671.234,"body":"think this is a good time for non technical founders to be able to"},{"startTime":1671.432,"endTime":1675.154,"body":"level up their skills, but you need to have somebody who"},{"startTime":1675.192,"endTime":1678.534,"body":"can technically build the thing that you're trying to build on the team. And"},{"startTime":1678.572,"endTime":1682.2,"body":"then people who are proficient around go to market. So"},{"startTime":1682.57,"endTime":1685.926,"body":"one of the team dynamics I like to see this is not"},{"startTime":1685.948,"endTime":1689.654,"body":"a rule of thumb. I've invested in plenty"},{"startTime":1689.702,"endTime":1692.46,"body":"that don't fit into this category. But I like,"},{"startTime":1693.23,"endTime":1696.906,"body":"obviously, multi time founders, but even first time founders who"},{"startTime":1696.928,"endTime":1700.246,"body":"are able to attract talent from a more established"},{"startTime":1700.278,"endTime":1704.09,"body":"corporation. So, like, a bunch of people are getting laid off right now. Google, Twitter"},{"startTime":1704.17,"endTime":1707.694,"body":"meta. If you can attract some of that"},{"startTime":1707.732,"endTime":1711.066,"body":"corporate talent to help plug your knowledge"},{"startTime":1711.098,"endTime":1714.494,"body":"gaps specifically around when it comes to scaling, right?"},{"startTime":1714.532,"endTime":1718.05,"body":"So one thing that I learned about myself is I'm a very good zero"},{"startTime":1718.12,"endTime":1721.966,"body":"to not even one, like zero to a half founder. I'm"},{"startTime":1721.998,"endTime":1725.726,"body":"really good at starting something from scratch, getting it to hiring"},{"startTime":1725.758,"endTime":1729.206,"body":"the first two people and getting the initial revenue in the door. And then once"},{"startTime":1729.228,"endTime":1732.914,"body":"it gets past the first 1015 employees, then I lose"},{"startTime":1732.962,"endTime":1735.72,"body":"interest and I move on to the next project. Right?"},{"startTime":1736.65,"endTime":1740.282,"body":"That's not the type of founder I want to back. I need somebody"},{"startTime":1740.336,"endTime":1743.962,"body":"who can go the distance and build that team and then bring"},{"startTime":1744.016,"endTime":1747.862,"body":"people on around them who have seen what it looks like at scale."},{"startTime":1747.926,"endTime":1751.274,"body":"So somebody who you can get from Twitter"},{"startTime":1751.322,"endTime":1755.166,"body":"or Apple or Facebook or whatever, they've seen what"},{"startTime":1755.188,"endTime":1758.734,"body":"it looks like at scale, and they can maybe point"},{"startTime":1758.772,"endTime":1762.526,"body":"out some landmines that you might avoid. Like, hey, the"},{"startTime":1762.548,"endTime":1766.386,"body":"thing that we're doing now works cool at 20 people, but as"},{"startTime":1766.408,"endTime":1769.7,"body":"soon as we get to 50, there's going to be a problem right here."},{"startTime":1770.95,"endTime":1774.754,"body":"And first time founders, especially from my"},{"startTime":1774.792,"endTime":1778.614,"body":"background, I didn't have a bunch of corporate experience, typically fall into those"},{"startTime":1778.652,"endTime":1781.32,"body":"traps of scaling traps, right?"},{"startTime":1782.01,"endTime":1785.766,"body":"So people who either proven that they"},{"startTime":1785.788,"endTime":1789.37,"body":"know how to scale or can build a team that has been around scale,"},{"startTime":1790.43,"endTime":1793.82,"body":"a market that's big enough and a problem that's important enough,"},{"startTime":1794.59,"endTime":1797.98,"body":"and then being able to"},{"startTime":1798.43,"endTime":1801.85,"body":"condense your story into a compelling"},{"startTime":1802.67,"endTime":1806.174,"body":"couple of minutes, which is why our demo day"},{"startTime":1806.212,"endTime":1809.614,"body":"pitches are three minutes. That's even too long. But"},{"startTime":1809.812,"endTime":1812.846,"body":"we've got your attention because you're at demo day, so we know we've got at"},{"startTime":1812.868,"endTime":1816.706,"body":"least three minutes. But if you're pitching me and it takes you more than"},{"startTime":1816.728,"endTime":1820.526,"body":"60 seconds, my mind has already started to wonder. I'm"},{"startTime":1820.558,"endTime":1823.794,"body":"already thinking about what I'm about to eat. Go"},{"startTime":1823.832,"endTime":1826.36,"body":"see getting home to see my kid."},{"startTime":1827.53,"endTime":1831.142,"body":"You got to get very good at talking to"},{"startTime":1831.196,"endTime":1834.71,"body":"people like they have no idea what you do,"},{"startTime":1834.78,"endTime":1838.386,"body":"because most people don't. Right? Even if they"},{"startTime":1838.428,"endTime":1842.09,"body":"do technically have the technical experience and knowledge to understand"},{"startTime":1842.16,"endTime":1844.54,"body":"what you're talking about. Still, dumb it down."},{"startTime":1846.43,"endTime":1850.222,"body":"Like I said, going through this last application cycle, we had 300"},{"startTime":1850.276,"endTime":1853.822,"body":"applications. If you're not getting me in the first few"},{"startTime":1853.876,"endTime":1857.594,"body":"slides. I already lost it in the description."},{"startTime":1857.642,"endTime":1861.246,"body":"So for these type of customers who"},{"startTime":1861.268,"endTime":1864.962,"body":"have this problem, we are a SaaS platform that"},{"startTime":1865.016,"endTime":1868.82,"body":"does this. I need to get it in that,"},{"startTime":1869.51,"endTime":1872.898,"body":"right. So you got to get real good at telling a story and"},{"startTime":1873.064,"endTime":1876.834,"body":"making it personal. So if you've got a product demo that helps, just"},{"startTime":1876.872,"endTime":1879.526,"body":"let me see it. You could try to describe it all day, but let me"},{"startTime":1879.548,"endTime":1883.014,"body":"see it and play around with it. But if you don't have"},{"startTime":1883.052,"endTime":1886.774,"body":"that, tell me a story of how it"},{"startTime":1886.812,"endTime":1889.98,"body":"affects the user, not what it does."},{"startTime":1891.55,"endTime":1893.34,"body":"What are they using it for?"},{"startTime":1897.63,"endTime":1901.274,"body":"What was the example that everybody uses from McDonald's? They don't sell burgers. They sell"},{"startTime":1901.312,"endTime":1904.814,"body":"what? Well, I know they own real estate, but I don't know."},{"startTime":1904.852,"endTime":1908.606,"body":"No, it's like, we don't sell burgers. We sell convenience, or"},{"startTime":1908.628,"endTime":1912.4,"body":"I can't remember what it is. It's probably a bad example. But"},{"startTime":1913.43,"endTime":1917.166,"body":"you are not selling somebody a product. You are selling"},{"startTime":1917.198,"endTime":1920.894,"body":"them a solution. So another good time saving solution"},{"startTime":1920.942,"endTime":1923.78,"body":"maybe. Because it's so fast. Yeah, something like that."},{"startTime":1927.61,"endTime":1930.706,"body":"Black and decker doesn't sell drill"},{"startTime":1930.738,"endTime":1934.454,"body":"bits. They sell holes. I buy"},{"startTime":1934.492,"endTime":1937.798,"body":"the drill bit because I need a hole. I don't need the drill bit. I"},{"startTime":1937.804,"endTime":1941.458,"body":"just need the hole. That's the thing that gets me the hole. So they're"},{"startTime":1941.474,"endTime":1945.29,"body":"buying a solution to a problem. Get me to there, get me to understand why"},{"startTime":1945.36,"endTime":1948.346,"body":"they need to do this thing and what it does for the customer, not what"},{"startTime":1948.368,"endTime":1951.05,"body":"you're selling. Like, oh, we're a SaaS platform that helps"},{"startTime":1951.73,"endTime":1955.502,"body":"collate data and create a dashboard. Okay,"},{"startTime":1955.556,"endTime":1959.326,"body":"but why does the customer need that? Right. What problem does it solve? Like,"},{"startTime":1959.348,"endTime":1962.24,"body":"I have a problem right now, ended up using."},{"startTime":1963.65,"endTime":1966.51,"body":"I have a problem with collecting"},{"startTime":1967.09,"endTime":1970.686,"body":"data from my portfolio companies after I make the"},{"startTime":1970.708,"endTime":1974.282,"body":"investment. Right. So I was actively looking for a solution"},{"startTime":1974.346,"endTime":1976.76,"body":"for that. Ended up finding one"},{"startTime":1978.25,"endTime":1981.32,"body":"and using this product now because"},{"startTime":1982.17,"endTime":1985.894,"body":"I don't really care about what they do or the features. I care"},{"startTime":1985.932,"endTime":1989.674,"body":"about this very specific problem that I need solved. And does it do that"},{"startTime":1989.712,"endTime":1993.466,"body":"for me? Right. So just being able to dumb that"},{"startTime":1993.488,"endTime":1996.89,"body":"down and explain it in simple terms, especially the more technical"},{"startTime":1997.31,"endTime":2001.094,"body":"your product, the harder it is to simplify it. But if you can't simplify"},{"startTime":2001.142,"endTime":2004.846,"body":"it, if you can't explain it to somebody who's not familiar with"},{"startTime":2004.868,"endTime":2008.702,"body":"their industry at all, then you got to get better at that."},{"startTime":2008.836,"endTime":2011.39,"body":"It's like they say, the best professors"},{"startTime":2012.69,"endTime":2015.6,"body":"are able to simplify things the most. Right? Yeah."},{"startTime":2016.29,"endTime":2019.54,"body":"Something make it seem very simple. Yeah."},{"startTime":2083.1,"endTime":2086.28,"body":"You broke that down, bro. That was some good stuff because"},{"startTime":2086.97,"endTime":2089.846,"body":"I definitely hear a lot of pitches, see a lot of pitches, and they'd be"},{"startTime":2089.868,"endTime":2093.354,"body":"really long, confusing and talking about stuff that does not matter."},{"startTime":2093.552,"endTime":2097.338,"body":"So I'm glad the people that listen to this that are putting together the"},{"startTime":2097.344,"endTime":2100.88,"body":"pitch deck utilizing chat, GBT and other things he's talking about."},{"startTime":2102.13,"endTime":2105.92,"body":"There's a local company that I think is moving to or"},{"startTime":2107.09,"endTime":2110.366,"body":"one of the Tulsa based BC shops invested in called"},{"startTime":2110.388,"endTime":2111.21,"body":"brevity."},{"startTime":2111.37,"endTime":2115.29,"body":"Brevity.com."},{"startTime":2115.46,"endTime":2119.282,"body":"I'm not invested, but they have an"},{"startTime":2119.336,"endTime":2123.154,"body":"AI enabled tool to build decks for specific things."},{"startTime":2123.192,"endTime":2126.774,"body":"So either a sales deck, sales presentation or demo day, or"},{"startTime":2126.812,"endTime":2130.358,"body":"investor pitch, and they have a cool tool"},{"startTime":2130.444,"endTime":2134.294,"body":"to structure it for you. And then basically you're just"},{"startTime":2134.332,"endTime":2138.102,"body":"like filling out a form and it just creates the deck rather"},{"startTime":2138.156,"endTime":2141.91,"body":"than trying to do it from the good decks typically"},{"startTime":2141.99,"endTime":2145.706,"body":"fall. They're structured about the same. Maybe they"},{"startTime":2145.728,"endTime":2149.466,"body":"put the team slider earlier versus later, you might move the"},{"startTime":2149.488,"endTime":2153.278,"body":"stuff around, but they have the same like five, six elements, right?"},{"startTime":2153.364,"endTime":2157.118,"body":"So tools like that. And then I think, I don't know how to"},{"startTime":2157.124,"endTime":2160.718,"body":"pronounce it. Tomi to me Tome"},{"startTime":2160.804,"endTime":2164.526,"body":"AI, it's like an AI enabled presentation builder. So it's like build me"},{"startTime":2164.548,"endTime":2168.126,"body":"a presentation about a B, two B SaaS product in healthcare"},{"startTime":2168.158,"endTime":2171.938,"body":"space and I'll just lay. Out the template for you and start. To"},{"startTime":2171.944,"endTime":2175.766,"body":"fill it in. You just go in and edit. But"},{"startTime":2175.788,"endTime":2179.382,"body":"yeah, you don't need to reinvent the wheel. Just look at"},{"startTime":2179.516,"endTime":2183.074,"body":"examples of pet pitch decks from companies that are successful"},{"startTime":2183.122,"endTime":2186.902,"body":"now or use brevity and then just."},{"startTime":2187.036,"endTime":2190.33,"body":"Yeah, I don't know if you heard of presentations? AI."},{"startTime":2190.75,"endTime":2194.586,"body":"Yeah. And beautiful AI as well. Right? There's a bunch of"},{"startTime":2194.608,"endTime":2198.154,"body":"presentation software. If I see"},{"startTime":2198.272,"endTime":2201.798,"body":"a bad, even one that's poorly designed, I'm not a"},{"startTime":2201.824,"endTime":2205.146,"body":"stickler for that. It could look ugly. I don't really care. But if it's,"},{"startTime":2205.178,"endTime":2208.894,"body":"like, super whack. You didn't even try."},{"startTime":2208.932,"endTime":2212.622,"body":"There's so many tools. Right. Why would you put. Yeah,"},{"startTime":2212.676,"endTime":2216.514,"body":"and also, I got my start in graphic design, so I do have,"},{"startTime":2216.552,"endTime":2220.126,"body":"like, an eye for stuff, but I try not to let that sway"},{"startTime":2220.158,"endTime":2223.7,"body":"me. It just says something else to me."},{"startTime":2225.93,"endTime":2229.666,"body":"Do your sales presentations also look this bad? Yeah. Is your coding"},{"startTime":2229.698,"endTime":2233.046,"body":"sloppy? Like, what's going on? Yeah. Another resource. Have you heard of"},{"startTime":2233.068,"endTime":2236.534,"body":"GPTE AI? No. Yeah. So"},{"startTime":2236.572,"endTime":2240.294,"body":"basically it's a site where 1500 AI"},{"startTime":2240.342,"endTime":2244.026,"body":"platforms, you search in by keyword, and it just"},{"startTime":2244.048,"endTime":2247.226,"body":"lists out all of the AI platforms that match that"},{"startTime":2247.248,"endTime":2250.986,"body":"keyword. Gpte AI. Yeah. Keep me"},{"startTime":2251.008,"endTime":2254.606,"body":"honest. Does it pull up when you. All right, cool. Yeah. Because, I mean, I"},{"startTime":2254.628,"endTime":2258.458,"body":"can nerd out, too on AI and list out, like, a million AI tools,"},{"startTime":2258.554,"endTime":2262.286,"body":"but whenever we talk AI on this show, I just put that at the"},{"startTime":2262.308,"endTime":2265.986,"body":"bottom, and I just want people to really dive into the different type"},{"startTime":2266.008,"endTime":2269.646,"body":"of solutions that they need. And there's about five different AI"},{"startTime":2269.678,"endTime":2273.378,"body":"platforms for everyone. Yeah, man. That's probably the biggest piece of"},{"startTime":2273.384,"endTime":2277.094,"body":"advice I'm just piling on here because"},{"startTime":2277.132,"endTime":2280.2,"body":"I think this narrative has"},{"startTime":2280.57,"endTime":2283.96,"body":"permeated the tech easer, but. Right."},{"startTime":2288.19,"endTime":2291.706,"body":"Everybody has the potential to be ten x more"},{"startTime":2291.728,"endTime":2295.386,"body":"productive now. It's wild, the stuff that"},{"startTime":2295.408,"endTime":2298.79,"body":"I'm seeing come out since Chachi BT."},{"startTime":2298.87,"endTime":2302.662,"body":"So it's worth, like, one of the problems"},{"startTime":2302.736,"endTime":2306.586,"body":"being a founder is your attention is needed in so many different places."},{"startTime":2306.698,"endTime":2308.88,"body":"This is one of those things that's worth"},{"startTime":2310.21,"endTime":2313.966,"body":"contributing an hour or two a day to just being proficient"},{"startTime":2313.998,"endTime":2317.666,"body":"and learning all these different tools and really how"},{"startTime":2317.688,"endTime":2321.46,"body":"to apply them to your specific situation."},{"startTime":2323.19,"endTime":2326.806,"body":"The impact on productivity, I don't think is like, this is definitely"},{"startTime":2326.908,"endTime":2330.71,"body":"what Andrew Yang was talking about in the fourth industrial revolution,"},{"startTime":2331.37,"endTime":2334.834,"body":"the reason why he was running on a platform of universal basic income,"},{"startTime":2334.882,"endTime":2338.118,"body":"because we're very close"},{"startTime":2338.284,"endTime":2342.07,"body":"to being in. So one of the things that I say"},{"startTime":2342.14,"endTime":2345.322,"body":"why I got into tech investing is I want to build a Star Trek future,"},{"startTime":2345.376,"endTime":2348.954,"body":"not a Star wars future. We're very close to being able to be in"},{"startTime":2348.992,"endTime":2352.08,"body":"a system where we're so productive that"},{"startTime":2352.53,"endTime":2355.76,"body":"a large percent of the population doesn't need to work."},{"startTime":2356.21,"endTime":2359.918,"body":"Now, we don't have the economic system to handle that. So now we got"},{"startTime":2359.924,"endTime":2363.646,"body":"to rethink our economic system. We're still operating under the"},{"startTime":2363.668,"endTime":2367.434,"body":"industrial mindset of jobs equal"},{"startTime":2367.482,"endTime":2371.314,"body":"value. Your value and worth as a human is"},{"startTime":2371.352,"endTime":2375.006,"body":"tied to your job and your career. Right? So we're going to have to"},{"startTime":2375.048,"endTime":2377.16,"body":"break that down in people's minds of,"},{"startTime":2378.65,"endTime":2382.2,"body":"it could be perfectly acceptable to be like,"},{"startTime":2382.65,"endTime":2385.83,"body":"everybody is a trust fund baby basically in the future,"},{"startTime":2385.9,"endTime":2388.698,"body":"right, when we get replicators and"},{"startTime":2388.784,"endTime":2392.01,"body":"antimatter energy from antimatter or whatnot,"},{"startTime":2392.43,"endTime":2395.82,"body":"why does everybody need to work? But anyway,"},{"startTime":2396.91,"endTime":2400.714,"body":"I think we're reaching the level of productivity"},{"startTime":2400.762,"endTime":2404.03,"body":"where the difference"},{"startTime":2404.1,"endTime":2407.914,"body":"between the lowest performance and the highest"},{"startTime":2407.962,"endTime":2410.08,"body":"performance is going to be like God level."},{"startTime":2412.21,"endTime":2415.986,"body":"Yes. Right. And what's good about Chat GPT and why I"},{"startTime":2416.008,"endTime":2419.758,"body":"want our community to really get on it now is there's very low barrier"},{"startTime":2419.774,"endTime":2423.282,"body":"to entry to utilize it. But eventually they're going to create"},{"startTime":2423.336,"endTime":2426.646,"body":"stronger chat GPTs that we're not a part of, in my"},{"startTime":2426.668,"endTime":2430.486,"body":"opinion, or we're not. A part of building the"},{"startTime":2430.508,"endTime":2433.458,"body":"models. And the models continue to reinforce"},{"startTime":2433.634,"endTime":2437.286,"body":"biases and whatnot. And gaps are"},{"startTime":2437.308,"endTime":2440.906,"body":"only going to. If you think inequality is bad now, what"},{"startTime":2440.928,"endTime":2444.294,"body":"happens when you give people God powers that are not equally"},{"startTime":2444.342,"endTime":2447.58,"body":"distributed because not everybody even has access to the Internet? Or"},{"startTime":2449.63,"endTime":2453.038,"body":"inequality is going to get much worse. Yeah, that's why when it comes to"},{"startTime":2453.044,"endTime":2456.766,"body":"Microsoft that just acquired OpenAI, I'm all up in their"},{"startTime":2456.788,"endTime":2460.474,"body":"face, all in the organization trying to figure out how can we get Chachi BT"},{"startTime":2460.522,"endTime":2462.96,"body":"prompt engineering into"},{"startTime":2463.67,"endTime":2467.474,"body":"underfunded communities, black"},{"startTime":2467.512,"endTime":2471.058,"body":"communities, brown communities, et cetera. Because it's like"},{"startTime":2471.144,"endTime":2474.13,"body":"basically racing a car against a bike."},{"startTime":2474.71,"endTime":2478.354,"body":"The car is always going to beat us to the destination. It's a Falcon"},{"startTime":2478.402,"endTime":2481.96,"body":"nine rocket against walking pretty much, man."},{"startTime":2483.37,"endTime":2486.534,"body":"That's why it's really important that we talk about it. So I want to turn"},{"startTime":2486.572,"endTime":2490.106,"body":"this into clips. So why should people"},{"startTime":2490.288,"endTime":2493.37,"body":"invest in prompt engineering and learn Chat GPT?"},{"startTime":2495.07,"endTime":2498.874,"body":"The short answer is to increase your productivity, like ten"},{"startTime":2498.912,"endTime":2502.254,"body":"x your productivity. A"},{"startTime":2502.292,"endTime":2506.014,"body":"beginner junior coder can be like a"},{"startTime":2506.052,"endTime":2509.258,"body":"senior 20 year experienced"},{"startTime":2509.434,"endTime":2513.07,"body":"software architect almost overnight."},{"startTime":2513.15,"endTime":2516.434,"body":"Right? So there was a whole thing"},{"startTime":2516.552,"endTime":2520.146,"body":"about coal miners losing their"},{"startTime":2520.168,"endTime":2523.17,"body":"jobs and, well, if they just learn coding,"},{"startTime":2524.47,"endTime":2528.046,"body":"obviously that's stupid. There's a lot of things that need to happen."},{"startTime":2528.088,"endTime":2531.778,"body":"But it was always just teach everybody coding. Teach everybody code. Well, now chat"},{"startTime":2531.794,"endTime":2535.314,"body":"TBT can code. So the next thing is teach everybody prompt"},{"startTime":2535.362,"endTime":2538.95,"body":"engineering and how to use these copilots and these tools."},{"startTime":2539.61,"endTime":2543.066,"body":"So if you don't know how to use it, you will not be able to"},{"startTime":2543.088,"endTime":2546.646,"body":"compete. Like, it will be impossible. No, that's"},{"startTime":2546.678,"endTime":2550.394,"body":"real. That's well said, man. So we talked a little bit"},{"startTime":2550.432,"endTime":2553.582,"body":"about how founders can find"},{"startTime":2553.636,"endTime":2557.294,"body":"funding. One thing I want to also talk about is how can more"},{"startTime":2557.332,"endTime":2561.166,"body":"people in our community be the funders? So what ideas do"},{"startTime":2561.188,"endTime":2564.466,"body":"you have around that? And, yeah, we'd love to get your thoughts on that. Well,"},{"startTime":2564.488,"endTime":2565.78,"body":"I'm glad that you have."},{"startTime":2569.35,"endTime":2573.17,"body":"So, yeah, this is another one of these things that"},{"startTime":2573.24,"endTime":2577.03,"body":"I've got decent at condensing, but it's a big problem."},{"startTime":2577.18,"endTime":2580.44,"body":"So it stems from the fact that"},{"startTime":2581.53,"endTime":2585.366,"body":"the black community specifically has less than 1% of the wealth in the"},{"startTime":2585.388,"endTime":2589.174,"body":"United States, and we're 13% to 15% of the population."},{"startTime":2589.302,"endTime":2592.874,"body":"Right. So we don't have the level of"},{"startTime":2592.912,"endTime":2596.22,"body":"individual concentrated wealth to be able"},{"startTime":2596.83,"endTime":2600.606,"body":"to make an impact as individual investors, we have to"},{"startTime":2600.708,"endTime":2604.094,"body":"collectively pool our resources, which in the past has"},{"startTime":2604.132,"endTime":2607.406,"body":"been wrought with all types of strife and"},{"startTime":2607.428,"endTime":2611.166,"body":"shenanigans, because systems have"},{"startTime":2611.188,"endTime":2614.706,"body":"been put in place to prevent us from doing these things. But with"},{"startTime":2614.728,"endTime":2618.366,"body":"technology now, it's so easy to start an investment club, to pool"},{"startTime":2618.398,"endTime":2621.842,"body":"money together, crowdfunding campaigns, all that stuff."},{"startTime":2621.976,"endTime":2625.682,"body":"And the minimum investment, the barriers to entry to invest"},{"startTime":2625.736,"endTime":2629.254,"body":"in illiquid assets like startups, private equity, art, real"},{"startTime":2629.292,"endTime":2632.694,"body":"estate, are low, lower than they've ever been. Right. You can get"},{"startTime":2632.732,"endTime":2636.406,"body":"started with minimum investments of like $100. Like the"},{"startTime":2636.428,"endTime":2639.66,"body":"first angel check I wrote, I think, was,"},{"startTime":2641.15,"endTime":2644.986,"body":"I don't know, $10,000, which was still small. Then I got"},{"startTime":2645.008,"endTime":2648.858,"body":"in through a syndicate, but"},{"startTime":2649.024,"endTime":2652.826,"body":"now you can get in for $100. So the"},{"startTime":2652.848,"endTime":2656.554,"body":"first thing, part of the reason why black founders get so little funding"},{"startTime":2656.602,"endTime":2660.366,"body":"is because, not necessarily because of gps. So, like,"},{"startTime":2660.388,"endTime":2664.046,"body":"people in my position who are writing checks, it's the people who fund them,"},{"startTime":2664.148,"endTime":2667.858,"body":"right? So the rot in the system is at the lp base, and a lot"},{"startTime":2667.864,"endTime":2671.634,"body":"of the lps are institutions that we've not typically been"},{"startTime":2671.672,"endTime":2674.938,"body":"in leadership positions, think pension funds, corporate"},{"startTime":2674.974,"endTime":2678.598,"body":"venture, large"},{"startTime":2678.684,"endTime":2682.294,"body":"foundations and family offices and things like that."},{"startTime":2682.332,"endTime":2686.066,"body":"Sovereign wealth funds that we typically not had a seat"},{"startTime":2686.098,"endTime":2689.914,"body":"at the table in these institutions. That's starting"},{"startTime":2689.952,"endTime":2693.58,"body":"to change, but not fast enough. So we don't have"},{"startTime":2694.19,"endTime":2697.626,"body":"access to or personally the individual"},{"startTime":2697.728,"endTime":2701.486,"body":"wealth. We have to start cooperative economics, so we've got"},{"startTime":2701.508,"endTime":2705.194,"body":"to start organizing our existing groups. So we've got fraternities"},{"startTime":2705.242,"endTime":2708.958,"body":"and sororities, we've got professional organizations, we've got community"},{"startTime":2709.044,"endTime":2711.76,"body":"organizations that already bring people together."},{"startTime":2712.77,"endTime":2716.194,"body":"What we need to do next is just tack on"},{"startTime":2716.392,"endTime":2720.146,"body":"another layer of investment, an investment component. So if I'm already"},{"startTime":2720.168,"endTime":2723.714,"body":"paying membership dues, add another $100, and that"},{"startTime":2723.752,"endTime":2727.602,"body":"$100 is not a donation, that is an investment. I will see a return on"},{"startTime":2727.656,"endTime":2731.286,"body":"that investment, but we pull it collectively together. I was"},{"startTime":2731.308,"endTime":2734.994,"body":"pitching this to a lot of the NPAC organizations. So the black fraternity,"},{"startTime":2735.122,"endTime":2738.314,"body":"fraternities and sororities and I had done the calculation for each"},{"startTime":2738.352,"endTime":2741.898,"body":"organization. And it pretty quickly snowballs into a"},{"startTime":2741.904,"endTime":2745.222,"body":"sizable fund. If all MPHC organizations"},{"startTime":2745.286,"endTime":2748.62,"body":"combined participate in this."},{"startTime":2749.07,"endTime":2752.874,"body":"And with only, I think my assumption"},{"startTime":2752.922,"endTime":2756.686,"body":"was ten to 20% participation rate. So"},{"startTime":2756.708,"endTime":2760.302,"body":"like ten to 20% of the members of those organizations actually"},{"startTime":2760.356,"endTime":2764.178,"body":"participating, you quickly get to like 100 million dollar funds within a"},{"startTime":2764.184,"endTime":2767.794,"body":"few years. It snowballs pretty rapidly. And that's not"},{"startTime":2767.832,"endTime":2771.042,"body":"with any compound interest, that's just the"},{"startTime":2771.176,"endTime":2775.006,"body":"invested principle. So collectively, we"},{"startTime":2775.048,"endTime":2778.374,"body":"have enough to get the ball rolling and"},{"startTime":2778.572,"endTime":2782.134,"body":"get into some pretty substantial investments, especially"},{"startTime":2782.252,"endTime":2785.99,"body":"when you think about more"},{"startTime":2786.06,"endTime":2789.398,"body":"athletes and entertainers are starting to get into this space because"},{"startTime":2789.564,"endTime":2792.998,"body":"typically a lot of the wealth in our community has been locked up into entertainment."},{"startTime":2793.094,"endTime":2796.186,"body":"So if you think about most of the black billionaires, they have something to do"},{"startTime":2796.208,"endTime":2799.494,"body":"with entertainment. With the exceptions being people like Robert Smith"},{"startTime":2799.542,"endTime":2800.14,"body":"and"},{"startTime":2806.05,"endTime":2809.806,"body":"Robert Smith. I can't remember the Roberts brothers. They"},{"startTime":2809.828,"endTime":2813.374,"body":"do real estate in like, St. Louis. Yeah. The other black billionaires are super low"},{"startTime":2813.412,"endTime":2817.21,"body":"key, which is smart. Yeah, I was going to"},{"startTime":2817.22,"endTime":2819.906,"body":"say one and I'm hesitant to even. I'm not even going to say his name"},{"startTime":2819.928,"endTime":2823.662,"body":"because I know he likes to stay low, but he's from my hometown,"},{"startTime":2823.726,"endTime":2825.72,"body":"Louisville. But, yeah."},{"startTime":2827.21,"endTime":2830.946,"body":"So phase one is organize"},{"startTime":2830.978,"endTime":2834.754,"body":"our collective investment capital. Even though it's relatively"},{"startTime":2834.802,"endTime":2838.538,"body":"low, it is in absolute terms, pretty large. Like, we spend a"},{"startTime":2838.544,"endTime":2841.914,"body":"trillion dollars a year. If we diverted some of that"},{"startTime":2841.952,"endTime":2845.738,"body":"spending into investing, it's not an insignificant amount of"},{"startTime":2845.744,"endTime":2849.542,"body":"money, but then also using our numbers and political"},{"startTime":2849.606,"endTime":2853.278,"body":"power to start getting access to public dollars."},{"startTime":2853.364,"endTime":2856.874,"body":"Right. So there's minority"},{"startTime":2856.922,"endTime":2860.634,"body":"contractor programs and then the government. Most of that money is unspent"},{"startTime":2860.682,"endTime":2864.42,"body":"because we don't have the businesses to actually get access to it."},{"startTime":2865.67,"endTime":2869.518,"body":"But that's a political thing. So we can force"},{"startTime":2869.694,"endTime":2873.054,"body":"elected officials into making more of those public budgets"},{"startTime":2873.102,"endTime":2876.786,"body":"available. So collectively investing"},{"startTime":2876.978,"endTime":2880.614,"body":"our own personal capital, getting more access to public dollars,"},{"startTime":2880.812,"endTime":2884.2,"body":"all to build our productive capacity and our"},{"startTime":2886.81,"endTime":2890.614,"body":"essentially capacity building. Right. So all the black businesses"},{"startTime":2890.662,"endTime":2894.342,"body":"combined in America make up less than 1% of GDP."},{"startTime":2894.486,"endTime":2897.61,"body":"Walmart has 16."},{"startTime":2899.07,"endTime":2902.862,"body":"I can't remember the exact number. It's many"},{"startTime":2902.916,"endTime":2906.734,"body":"times more in revenue than the top 100"},{"startTime":2906.852,"endTime":2910.574,"body":"black owned companies combined. I think the number is 16 times. Got"},{"startTime":2910.612,"endTime":2914.446,"body":"it. So one company, Walmart, has more revenue than"},{"startTime":2914.468,"endTime":2917.774,"body":"the top 100 black owned businesses. So we need"},{"startTime":2917.892,"endTime":2921.026,"body":"like World War II level effort around"},{"startTime":2921.128,"endTime":2924.786,"body":"increasing the scale of black owned businesses. So"},{"startTime":2924.808,"endTime":2928.534,"body":"not necessarily the quantity, because the problem right now is we got a bunch of"},{"startTime":2928.572,"endTime":2932.374,"body":"small mom and pop businesses that can't scale. We need more"},{"startTime":2932.412,"endTime":2936.134,"body":"businesses that can. We need companies that could"},{"startTime":2936.172,"endTime":2939.946,"body":"create towns around them. Like Hershey, Pennsylvania. Right. Like, the company is so big"},{"startTime":2939.968,"endTime":2943.382,"body":"and employs so many people. An entire region"},{"startTime":2943.446,"endTime":2947.286,"body":"develops around these companies. This is how we one tackle"},{"startTime":2947.318,"endTime":2950.686,"body":"the employment problem. Black unemployment is"},{"startTime":2950.708,"endTime":2953.722,"body":"constantly about twice that of national"},{"startTime":2953.786,"endTime":2957.246,"body":"average. We've got to focus on"},{"startTime":2957.348,"endTime":2961.162,"body":"building capacity to create jobs and deploy capital, deploy resources."},{"startTime":2961.306,"endTime":2965.154,"body":"Also funding more black fund managers like me"},{"startTime":2965.352,"endTime":2969.054,"body":"to be able to have enough people who know how to evaluate"},{"startTime":2969.102,"endTime":2972.686,"body":"businesses and do portfolio management,"},{"startTime":2972.718,"endTime":2976.534,"body":"portfolio construction, things like that. So all of this is"},{"startTime":2976.572,"endTime":2980.322,"body":"building towards creating the capacity to deploy capital,"},{"startTime":2980.466,"endTime":2984.054,"body":"because the only way to really close this"},{"startTime":2984.092,"endTime":2987.106,"body":"gap is reparations. There's no other solution"},{"startTime":2987.298,"endTime":2991.098,"body":"within any of our lifetimes. I ran the"},{"startTime":2991.104,"endTime":2994.906,"body":"numbers. I'm actually preparing for a speech on reparations. So I like"},{"startTime":2994.928,"endTime":2998.73,"body":"to tie things to real numbers because a lot of people"},{"startTime":2998.8,"endTime":3002.0,"body":"talk about the wealth gap, but don't actually say the number."},{"startTime":3004.85,"endTime":3008.654,"body":"It's interesting to me. I was actually at a"},{"startTime":3008.692,"endTime":3012.106,"body":"very fancy dinner with a prominent black investor,"},{"startTime":3012.218,"endTime":3015.282,"body":"and they talked about racial wealth gap, and they talked about"},{"startTime":3015.336,"endTime":3019.074,"body":"entrepreneurship and stuff as a solution. But nobody ever"},{"startTime":3019.112,"endTime":3022.466,"body":"said the number, which is $14 trillion."},{"startTime":3022.648,"endTime":3025.3,"body":"$14 trillion is the gap we're trying to fill."},{"startTime":3026.65,"endTime":3030.04,"body":"That's not us getting more college education,"},{"startTime":3030.65,"endTime":3034.406,"body":"college degrees. That's not us being more responsible with our"},{"startTime":3034.428,"endTime":3037.35,"body":"money. That's not having more traditional"},{"startTime":3037.95,"endTime":3041.606,"body":"two parent households and making all the right decisions."},{"startTime":3041.638,"endTime":3045.226,"body":"Right? It's beyond all that. If we do all of that,"},{"startTime":3045.328,"endTime":3049.114,"body":"let's say so right now, the gap is growing. During"},{"startTime":3049.152,"endTime":3052.894,"body":"the pandemic, the gap grew by $9 trillion,"},{"startTime":3053.012,"endTime":3056.558,"body":"or white wealth grew by $9 trillion"},{"startTime":3056.644,"endTime":3060.238,"body":"during the pandemic. So"},{"startTime":3060.324,"endTime":3063.7,"body":"the gap is not a static thing. And even if"},{"startTime":3064.47,"endTime":3068.034,"body":"they stopped growing and just stopped time and did"},{"startTime":3068.072,"endTime":3071.806,"body":"nothing, and we closed the gap by, let's say, a billion"},{"startTime":3071.838,"endTime":3075.49,"body":"dollars a month, that will take 83 years"},{"startTime":3075.64,"endTime":3078.726,"body":"to close. I don't have that kind of time. I'm not trying to wait that"},{"startTime":3078.748,"endTime":3082.518,"body":"long. I want my check now. And if you're wondering, the"},{"startTime":3082.524,"endTime":3085.8,"body":"number is about $350,000 per individual"},{"startTime":3086.81,"endTime":3089.82,"body":"who would qualify for reparations. So"},{"startTime":3091.71,"endTime":3095.162,"body":"I've got a proposal on who should be in that."},{"startTime":3095.216,"endTime":3098.762,"body":"But I'm not trying to have that debate here or"},{"startTime":3098.816,"endTime":3102.61,"body":"get any of the people who get very upset about these conversations. You don't"},{"startTime":3102.63,"endTime":3106.366,"body":"distract from the over. Yeah, that's a debate we can have"},{"startTime":3106.388,"endTime":3110.094,"body":"as a community. It is a large contingency, call it minimum, 30"},{"startTime":3110.132,"endTime":3112.91,"body":"million people in America that would qualify,"},{"startTime":3113.67,"endTime":3117.346,"body":"and it's worth about $350,000 individually. So, like,"},{"startTime":3117.448,"endTime":3121.074,"body":"if you have four people in your household, you're talking"},{"startTime":3121.112,"endTime":3123.94,"body":"about $1.4 million."},{"startTime":3124.71,"endTime":3128.214,"body":"That is not charity that you are"},{"startTime":3128.252,"endTime":3131.414,"body":"owed, that your ancestors worked for, and their"},{"startTime":3131.452,"endTime":3134.886,"body":"labor was stolen, their intellectual property was"},{"startTime":3134.908,"endTime":3137.4,"body":"stolen, their access to"},{"startTime":3139.87,"endTime":3143.26,"body":"public investments and public infrastructure, public"},{"startTime":3143.79,"endTime":3147.194,"body":"socialized, everything was"},{"startTime":3147.232,"endTime":3150.854,"body":"stolen from the homestead act to GI Bill, slavery"},{"startTime":3150.902,"endTime":3154.318,"body":"itself, all that stuff. So we are not asking for a"},{"startTime":3154.324,"endTime":3158.014,"body":"handout. We want the debt that is owed and is the"},{"startTime":3158.052,"endTime":3161.806,"body":"only way to close the gap. It is also good for everybody in"},{"startTime":3161.828,"endTime":3165.458,"body":"America. If you give, like, it would be the"},{"startTime":3165.464,"endTime":3169.106,"body":"biggest stimulus since World War II, probably, and it would eclipse World War"},{"startTime":3169.128,"endTime":3172.914,"body":"II. The activities and the"},{"startTime":3172.952,"endTime":3176.07,"body":"infrastructure we need to build just to even get"},{"startTime":3176.14,"endTime":3179.954,"body":"reparations, would be a huge boost to the economy,"},{"startTime":3180.002,"endTime":3183.474,"body":"because it would mean that essentially the least productive"},{"startTime":3183.522,"endTime":3187.026,"body":"people in America, black folks, like, objectively,"},{"startTime":3187.138,"endTime":3190.966,"body":"economically, we are the least productive people. We would become vastly"},{"startTime":3190.998,"endTime":3194.694,"body":"more productive then. We're already the source"},{"startTime":3194.742,"endTime":3198.426,"body":"of most of the interesting cultural trend. Like,"},{"startTime":3198.448,"endTime":3202.286,"body":"we set the agenda for America and culture, we just"},{"startTime":3202.308,"endTime":3205.6,"body":"don't capitalize on the value that we create. But"},{"startTime":3207.17,"endTime":3208.35,"body":"unemployment,"},{"startTime":3210.13,"endTime":3213.39,"body":"poverty, things that disproportionately"},{"startTime":3213.75,"endTime":3217.006,"body":"affect the black community are a drag on the entire economy."},{"startTime":3217.198,"endTime":3220.42,"body":"Solving it for us will help"},{"startTime":3220.95,"endTime":3224.786,"body":"one. It'll help reduce poverty for everybody. It will help"},{"startTime":3224.808,"endTime":3228.658,"body":"boost GDP to a level never seen before. So"},{"startTime":3228.824,"endTime":3232.534,"body":"there is a capitalist argument that it is in their self"},{"startTime":3232.572,"endTime":3235.718,"body":"interest to do this. That's not why I'm in it. I'm in it because I"},{"startTime":3235.804,"endTime":3239.446,"body":"selfishly want my money that I'm owed, that my great great"},{"startTime":3239.468,"endTime":3243.206,"body":"grandfather worked for, and my grandfather and my dad."},{"startTime":3243.398,"endTime":3246.986,"body":"I want it. I have goals. Like"},{"startTime":3247.008,"endTime":3250.778,"body":"we said before, I have a fucking number. Government's holding on some of"},{"startTime":3250.784,"endTime":3254.606,"body":"my money. I want it. And the only entity in"},{"startTime":3254.628,"endTime":3258.414,"body":"the entire planet that is capable of making that happen is"},{"startTime":3258.452,"endTime":3261.92,"body":"the United States federal government. So we have to have a plan"},{"startTime":3262.55,"endTime":3266.274,"body":"for reparations at the federal level. That is the only way to close"},{"startTime":3266.312,"endTime":3269.522,"body":"the gap. Everything else we're doing"},{"startTime":3269.576,"endTime":3272.99,"body":"around wealth building racial equity"},{"startTime":3273.07,"endTime":3276.786,"body":"is just to build the infrastructure to make that happen, because if we do"},{"startTime":3276.808,"endTime":3280.134,"body":"all this and don't make that happen, the gap will not close. I already told"},{"startTime":3280.172,"endTime":3284.022,"body":"you the math. It's not possible. We're not going to do it. Definitely not"},{"startTime":3284.156,"endTime":3287.666,"body":"in either one of our lifetimes, and probably not my son's lifetime"},{"startTime":3287.778,"endTime":3291.002,"body":"right now. Man, that's deep. So when it comes"},{"startTime":3291.056,"endTime":3294.25,"body":"to how do we get the legislation"},{"startTime":3294.59,"endTime":3298.314,"body":"to actually happen, what do you think? Yeah. So, first"},{"startTime":3298.352,"endTime":3301.534,"body":"of all, I'm going to preface this. I need as many people to hear this"},{"startTime":3301.572,"endTime":3304.814,"body":"as possible. I'm not"},{"startTime":3304.852,"endTime":3307.04,"body":"suicidal. I"},{"startTime":3308.37,"endTime":3312.138,"body":"don't have any dangerous habits or vices. So if it looks like I committed"},{"startTime":3312.154,"endTime":3315.47,"body":"suicide or any accidents happen to me, I was killed"},{"startTime":3316.29,"endTime":3317.2,"body":"talking about,"},{"startTime":3321.43,"endTime":3324.146,"body":"I'm also not going to take it that far. Look, I'm telling you all right"},{"startTime":3324.168,"endTime":3327.3,"body":"now, I'm not trying to die for this. I have a plan."},{"startTime":3327.67,"endTime":3331.126,"body":"I publish as much of this stuff. I have no intellectual property around it. I"},{"startTime":3331.148,"endTime":3334.386,"body":"publish as much of it as possible. So if for some reason I do decide"},{"startTime":3334.418,"endTime":3338.166,"body":"to retire or remove myself from all of this, it's publicly"},{"startTime":3338.198,"endTime":3341.482,"body":"available. So for any government"},{"startTime":3341.536,"endTime":3344.62,"body":"agencies listening, I'm not your problem, right?"},{"startTime":3345.15,"endTime":3347.26,"body":"It's already out there. You can't stop it."},{"startTime":3349.07,"endTime":3351.44,"body":"So the short answer is"},{"startTime":3353.25,"endTime":3356.814,"body":"there are 22 congressional districts with over 50% black"},{"startTime":3356.852,"endTime":3358.4,"body":"population. You start there."},{"startTime":3361.81,"endTime":3365.498,"body":"The other part of the short answer is 848 or"},{"startTime":3365.524,"endTime":3368.834,"body":"$868,000,000. That's how much it costs to"},{"startTime":3368.872,"endTime":3372.706,"body":"buy the Congress, the people in the House and the"},{"startTime":3372.728,"endTime":3376.13,"body":"Senate that we need over the next. I'm giving it"},{"startTime":3376.2,"endTime":3379.794,"body":"three Senate election cycles, which are six years each. So 18"},{"startTime":3379.842,"endTime":3383.686,"body":"years. So my reparations plan is 18 years. I"},{"startTime":3383.708,"endTime":3386.55,"body":"think we can beat it, but I'm trying to be a little conservative"},{"startTime":3387.61,"endTime":3391.378,"body":"and I think we can do it for an investment"},{"startTime":3391.394,"endTime":3394.934,"body":"of $2 billion. So $2 billion to try to get 14"},{"startTime":3394.982,"endTime":3398.522,"body":"trillion. But say I'm 90%. Remember what I said before? Say I'm 90%"},{"startTime":3398.576,"endTime":3402.074,"body":"wrong and we only get 1.4 trillion. 2 billion to get"},{"startTime":3402.112,"endTime":3405.866,"body":"1.4 trillion. Not a bad return on investment. I think this is the highest"},{"startTime":3405.898,"endTime":3409.306,"body":"return activity that any of us could do, could be engaged"},{"startTime":3409.338,"endTime":3413.054,"body":"in. So how that breaks down is about half"},{"startTime":3413.092,"endTime":3416.21,"body":"of it is the amount of money it would take to essentially"},{"startTime":3417.75,"endTime":3420.878,"body":"buy the politicians. I don't know a better way to say that. We know they're"},{"startTime":3420.894,"endTime":3423.7,"body":"all for. Enroll them in our vision. Yes."},{"startTime":3425.11,"endTime":3428.69,"body":"Get buy in from them and lobby"},{"startTime":3428.85,"endTime":3432.674,"body":"the correct people for the appropriate amount of election cycles."},{"startTime":3432.802,"endTime":3436.646,"body":"Because the main thing people get caught up is how we're going to pay"},{"startTime":3436.668,"endTime":3439.914,"body":"for it. Right. So how you pay for it"},{"startTime":3439.952,"endTime":3443.766,"body":"is, which is why you have to go after federal reparations."},{"startTime":3443.958,"endTime":3447.18,"body":"The federal government prints the money. We saw that during"},{"startTime":3448.19,"endTime":3451.67,"body":"COVID Literally Congress authorizes"},{"startTime":3451.75,"endTime":3455.246,"body":"spending. Somebody at the Fed types. In some numbers, money is"},{"startTime":3455.268,"endTime":3459.038,"body":"created. That's where it comes from. Now the question is how to"},{"startTime":3459.044,"endTime":3462.666,"body":"do that without making it inflationary. Making the price of fucking"},{"startTime":3462.698,"endTime":3466.02,"body":"Louis Vuitton and Maybax go up."},{"startTime":3466.79,"endTime":3469.14,"body":"That's where the capacity building comes in. So"},{"startTime":3470.07,"endTime":3473.762,"body":"essentially the process of getting the reparations is"},{"startTime":3473.816,"endTime":3477.586,"body":"the easy part. It just requires organizing our"},{"startTime":3477.608,"endTime":3481.446,"body":"votes in very strategic locations. We don't need 51%. We"},{"startTime":3481.468,"endTime":3485.014,"body":"just need enough to swing votes in the House and the Senate. Right, which in"},{"startTime":3485.052,"endTime":3488.198,"body":"the House right now I think is like, ten people, nine people, you can make"},{"startTime":3488.204,"endTime":3491.962,"body":"that happen. The Senate, I think, is one or two. So"},{"startTime":3492.096,"endTime":3495.514,"body":"we just need to be able to do essentially, like, what Mitch McConnell did"},{"startTime":3495.552,"endTime":3499.142,"body":"to Obama, just obstruct. Like, nothing gets passed"},{"startTime":3499.206,"endTime":3502.826,"body":"unless you put this bill on the floor for a. Yep. We want to see"},{"startTime":3502.848,"endTime":3506.59,"body":"who votes against it. So as soon as we put it on"},{"startTime":3506.74,"endTime":3510.046,"body":"the floor initially for a vote, we know it's going to get voted down. But"},{"startTime":3510.068,"endTime":3513.346,"body":"now we have a list of everybody who voted against it or abstained, everybody who"},{"startTime":3513.368,"endTime":3517.154,"body":"did not positively vote for it. Now we start flooding their"},{"startTime":3517.192,"endTime":3520.74,"body":"districts with money and making their lives very hard."},{"startTime":3522.07,"endTime":3525.358,"body":"We do that enough times over three election cycles."},{"startTime":3525.454,"endTime":3528.822,"body":"Eventually we get a bill passed. That's the easy"},{"startTime":3528.876,"endTime":3532.594,"body":"part. How you operationalize"},{"startTime":3532.642,"endTime":3536.486,"body":"reparations is that budget allocation gets made, and it's not going to be."},{"startTime":3536.508,"endTime":3540.218,"body":"Even if it was 14 trillion, which I don't know whether we'll get that or"},{"startTime":3540.224,"endTime":3542.81,"body":"not, it wouldn't be immediate."},{"startTime":3544.03,"endTime":3547.866,"body":"Budget cycles are ten years, so maybe it takes two budget cycles. Maybe they break"},{"startTime":3547.888,"endTime":3551.082,"body":"it down over 20 years. Ten years, 1.4 trillion a year,"},{"startTime":3551.136,"endTime":3554.766,"body":"or 700 billion a year. However they break it down,"},{"startTime":3554.868,"endTime":3558.606,"body":"it's not going to come immediately. And my proposal is that this is"},{"startTime":3558.628,"endTime":3561.04,"body":"not a new thing. It's not my idea."},{"startTime":3562.77,"endTime":3565.79,"body":"I am not in favor of just writing everybody checks,"},{"startTime":3567.01,"endTime":3569.778,"body":"which I wish we were in the place to be able to do that. And"},{"startTime":3569.784,"endTime":3573.634,"body":"I would love that to happen, because I think I can invest my money"},{"startTime":3573.672,"endTime":3577.08,"body":"better than any other entity. But"},{"startTime":3578.01,"endTime":3581.794,"body":"as we determined, we need more capital"},{"startTime":3581.842,"endTime":3585.494,"body":"to create capacity, specifically like"},{"startTime":3585.612,"endTime":3589.346,"body":"manufacturing service capacity, like more business capacity."},{"startTime":3589.458,"endTime":3592.954,"body":"So when individuals do get the money, they have a place to spend"},{"startTime":3592.992,"endTime":3596.794,"body":"it without sending it right back out the door, out of the black"},{"startTime":3596.832,"endTime":3600.346,"body":"community. So the structure would be essentially like a pension"},{"startTime":3600.378,"endTime":3603.582,"body":"fund. So reparations get, the budget gets"},{"startTime":3603.636,"endTime":3606.32,"body":"authorized, the funds get"},{"startTime":3607.33,"endTime":3610.974,"body":"sent to, essentially a pension fund. That pension fund makes"},{"startTime":3611.012,"endTime":3614.658,"body":"investments that are strategically good for the black community, specifically around"},{"startTime":3614.744,"endTime":3618.142,"body":"capacity building. Some of it goes towards nonprofits"},{"startTime":3618.206,"endTime":3621.666,"body":"to plug some of the holes that the government is not filling in our"},{"startTime":3621.688,"endTime":3624.866,"body":"communities. And then the"},{"startTime":3624.888,"endTime":3628.294,"body":"returns that we make from those investments, those get"},{"startTime":3628.332,"endTime":3631.922,"body":"distributed. So instead of getting a one time check, we essentially"},{"startTime":3631.986,"endTime":3635.238,"body":"get quarterly or yearly checks for life."},{"startTime":3635.404,"endTime":3639.11,"body":"Right. And then get the ROI and then disperse that. Yeah. Okay."},{"startTime":3639.18,"endTime":3642.982,"body":"So, like, 95% gets dispersed, another 5%"},{"startTime":3643.036,"endTime":3646.87,"body":"gets or 90% gets dispersed, 5% gets reinvested,"},{"startTime":3646.95,"endTime":3650.426,"body":"5% goes to nonprofit social services or something like"},{"startTime":3650.448,"endTime":3654.174,"body":"that. Awesome. And we would collectively decide those numbers"},{"startTime":3654.292,"endTime":3658.122,"body":"right. Got you. Now that actually makes sense. That's the first reparations"},{"startTime":3658.186,"endTime":3662.014,"body":"plan that actually seems feasible that I've ever had. And then we have tech."},{"startTime":3662.052,"endTime":3665.738,"body":"So essentially it would look like a Dow. This whole thing is"},{"startTime":3665.764,"endTime":3669.31,"body":"managed with a Dow, from voting and governance to payments,"},{"startTime":3669.39,"endTime":3672.946,"body":"investments and disbursements. Yeah. And for those that aren't familiar with the Dow, what does"},{"startTime":3672.968,"endTime":3676.594,"body":"that stand for? Decentralized, autonomous organization. So it's a blockchain"},{"startTime":3676.642,"endTime":3680.36,"body":"enabled way to collectively manage"},{"startTime":3680.89,"endTime":3684.594,"body":"capital. You can also manage votes."},{"startTime":3684.642,"endTime":3687.894,"body":"Voting. So you have blockchain enabled voting, which we would"},{"startTime":3687.932,"endTime":3691.382,"body":"need because this needs to be super transparent."},{"startTime":3691.446,"endTime":3695.05,"body":"So we cannot have a situation where anybody could possibly"},{"startTime":3695.39,"endTime":3698.842,"body":"embezzle money from this thing because you know that's going to."},{"startTime":3698.976,"endTime":3702.046,"body":"Somebody'S going to want to do it. So it needs to be"},{"startTime":3702.068,"endTime":3705.15,"body":"impossible. It needs to be super transparent."},{"startTime":3705.65,"endTime":3709.086,"body":"And then we also need to be able to vote. Do we"},{"startTime":3709.108,"endTime":3712.0,"body":"collectively agree that we're not going to invest in."},{"startTime":3713.73,"endTime":3717.46,"body":"This is a bad example, but like countries that are sanctioned by the US government"},{"startTime":3717.99,"endTime":3721.474,"body":"or we're not going to invest in fossil fuels or whatever, we'll vote on big"},{"startTime":3721.512,"endTime":3725.314,"body":"things like that. And then there would be an investment committee that"},{"startTime":3725.352,"endTime":3729.186,"body":"would do the more specific day to"},{"startTime":3729.208,"endTime":3732.582,"body":"day blocking, tackling these fund managers and"},{"startTime":3732.716,"endTime":3736.486,"body":"balancing portfolio and all that stuff. But it would"},{"startTime":3736.508,"endTime":3739.72,"body":"need to be relatively democratically managed, this whole thing."},{"startTime":3740.17,"endTime":3743.946,"body":"Awesome, man. We could talk about this for hours. I know. But for"},{"startTime":3743.968,"endTime":3747.818,"body":"those that really want to learn more about your plan and the information that"},{"startTime":3747.824,"endTime":3751.562,"body":"you've been putting together, where can they go find it? Yeah. So right"},{"startTime":3751.616,"endTime":3755.166,"body":"now, the first part of that building the"},{"startTime":3755.188,"endTime":3758.318,"body":"capacity is in the book. So in the black 2050"},{"startTime":3758.484,"endTime":3762.222,"body":"dot is where you can get that working on a second"},{"startTime":3762.276,"endTime":3765.534,"body":"edition with the reparation specific stuff. And then I have some blog"},{"startTime":3765.582,"endTime":3769.362,"body":"posts on that website. Maybe"},{"startTime":3769.416,"endTime":3773.22,"body":"somebody transcribes this and puts that out as well. But"},{"startTime":3773.75,"endTime":3777.202,"body":"right now it's just a word doc. I mean, a Google"},{"startTime":3777.256,"endTime":3780.998,"body":"Doc. There's nowhere specifically, but the best place to start is in"},{"startTime":3781.004,"endTime":3784.758,"body":"theblack 2050 dot and then sign up for the email list on there"},{"startTime":3784.844,"endTime":3788.406,"body":"so you can get more updates. But yeah, that was the"},{"startTime":3788.428,"endTime":3791.898,"body":"verbal plan that I just gave you, so now it exists here. Awesome, man. Well,"},{"startTime":3791.904,"endTime":3795.066,"body":"I'm glad this is the first place you've been able to verbally put it. You"},{"startTime":3795.088,"endTime":3798.438,"body":"have the clips, let's distribute it, and let's make this seed"},{"startTime":3798.454,"endTime":3802.298,"body":"grow. So, man, I appreciate you for coming on the show. This"},{"startTime":3802.304,"endTime":3804.686,"body":"is going to be hard. I know, man, I got nervous when you said that"},{"startTime":3804.708,"endTime":3807.246,"body":"because I was like, that's just real. You know what I mean? Because that is"},{"startTime":3807.268,"endTime":3810.0,"body":"a very feasible plan. But that being said,"},{"startTime":3811.01,"endTime":3814.718,"body":"it's good for the economy. And as long as they understand that it's good for"},{"startTime":3814.724,"endTime":3817.926,"body":"the economy and we're going to be doing it responsibly and not like wreck inflation"},{"startTime":3817.978,"endTime":3821.746,"body":"and all kinds of stuff, then maybe they can get behind it. Yeah. I mean,"},{"startTime":3821.768,"endTime":3825.406,"body":"the only people who would not agree with this plan"},{"startTime":3825.528,"endTime":3829.366,"body":"are people who are like diehard libertarians who just don't believe in"},{"startTime":3829.388,"endTime":3833.094,"body":"any type of government program that big and"},{"startTime":3833.292,"endTime":3836.2,"body":"overt racist. Right."},{"startTime":3837.05,"endTime":3840.83,"body":"This is in everybody's self interest to make this happen. Yeah. There's"},{"startTime":3840.85,"endTime":3844.406,"body":"no reason not to do it, especially like, I've"},{"startTime":3844.438,"endTime":3848.218,"body":"already quashed the inflation thing. The main thing would be inflation. What do"},{"startTime":3848.224,"endTime":3851.95,"body":"you do about that? We figured that out. Inflation, embezzlement, all that jazz"},{"startTime":3853.17,"endTime":3856.826,"body":"and the blockchain I looked at for that purpose of keeping"},{"startTime":3856.858,"endTime":3860.702,"body":"it. This is raising the bar for everyone versus. Because"},{"startTime":3860.836,"endTime":3863.52,"body":"another common objection would be"},{"startTime":3865.01,"endTime":3868.766,"body":"reason why I haven't mentioned taxes this whole time. As soon as you mention taxes,"},{"startTime":3868.798,"endTime":3872.478,"body":"it's a wrap. So the plan is not to raise taxes. So if it's"},{"startTime":3872.494,"endTime":3876.306,"body":"a redistribution, then if I'm taxing somebody"},{"startTime":3876.408,"endTime":3879.734,"body":"to give it to somebody else, even whether that's right or"},{"startTime":3879.772,"endTime":3883.606,"body":"wrong, that's a political non starter. You're not going to win that"},{"startTime":3883.628,"endTime":3886.966,"body":"battle. So mine is create new money"},{"startTime":3887.148,"endTime":3890.506,"body":"towards new capacity that creates jobs for everybody."},{"startTime":3890.688,"endTime":3894.422,"body":"Right. Because black people are typically not racist."},{"startTime":3894.486,"endTime":3898.074,"body":"So we will end up employing non black"},{"startTime":3898.112,"endTime":3900.49,"body":"people when we start these black owned businesses."},{"startTime":3902.83,"endTime":3906.638,"body":"We also can't be racist. But anyway, yeah, that's a whole nother thing for sure,"},{"startTime":3906.724,"endTime":3910.51,"body":"but definitely accurate. We can be biased. Awesome, man. So"},{"startTime":3910.66,"endTime":3914.238,"body":"we're running out of time, so I'm going to go ahead and ask you to"},{"startTime":3914.324,"endTime":3917.854,"body":"let the audience know how they can stay in touch with you and any"},{"startTime":3917.892,"endTime":3921.61,"body":"final thoughts on the topic, whether it's"},{"startTime":3921.69,"endTime":3925.414,"body":"what we just talked about or tech stars, startup founders, whatever final"},{"startTime":3925.452,"endTime":3927.446,"body":"words you want to give and then let people know how to get in touch"},{"startTime":3927.468,"endTime":3931.234,"body":"with you if you want them to. So I'm mostly active on LinkedIn,"},{"startTime":3931.282,"endTime":3934.726,"body":"so it's Trey Baker on LinkedIn. I'll probably be the first thing that pops up."},{"startTime":3934.748,"endTime":3937.894,"body":"It's T-R-E with no y. And then I'm Baker"},{"startTime":3937.942,"endTime":3941.446,"body":"II. All words all written out lowercase Baker"},{"startTime":3941.478,"endTime":3945.146,"body":"II on Twitter. So that's how you can keep in"},{"startTime":3945.168,"endTime":3948.922,"body":"touch. Yeah. And if Black"},{"startTime":3948.976,"endTime":3952.37,"body":"founders want know, pitch to tulsa."},{"startTime":3952.39,"endTime":3956.174,"body":"Oh, that's pitchtrade.com. Got it. And then"},{"startTime":3956.212,"endTime":3960.046,"body":"techstars, well, that's just me in general. And then to"},{"startTime":3960.068,"endTime":3963.44,"body":"pitchtarst, Tulsa specifically, go to"},{"startTime":3964.29,"endTime":3967.474,"body":"accelerators slash Tulsa. All right. Perfect."},{"startTime":3967.672,"endTime":3971.426,"body":"Awesome. Well, I appreciate you for coming through, bro. Yeah, appreciate you having me."},{"startTime":3971.448,"endTime":3975.282,"body":"Yeah, man. And to the audience, I appreciate y'all for coming in and watching"},{"startTime":3975.336,"endTime":3979.042,"body":"the show, listening on whatever audio platform you're listening on."},{"startTime":3979.176,"endTime":3982.822,"body":"We love for you to share this episode, especially if you resonate with that second"},{"startTime":3982.876,"endTime":3986.694,"body":"half. Let's share this information. Let's see how we can make this thing happen."},{"startTime":3986.732,"endTime":3990.394,"body":"But also to all you startup founders, make sure to relisten to this. Take"},{"startTime":3990.432,"endTime":3993.782,"body":"notes. He really dropped a masterclass on the mentality,"},{"startTime":3993.926,"endTime":3997.722,"body":"the structure and the way you should"},{"startTime":3997.776,"endTime":4001.354,"body":"pitch your solution, how you should think about"},{"startTime":4001.392,"endTime":4005.178,"body":"solutions. So definitely make sure you relisten to that part. And there's"},{"startTime":4005.194,"endTime":4008.126,"body":"going to be a lot of great clips from this episode. So yeah, make sure"},{"startTime":4008.148,"endTime":4011.966,"body":"you subscribe to the YouTube, download the episodes, like comment, all that"},{"startTime":4011.988,"endTime":4014.366,"body":"good stuff. Also, I have a passion project called"},{"startTime":4014.388,"endTime":4017.778,"body":"Blackhire.com. Basically like upwork and"},{"startTime":4017.784,"endTime":4021.074,"body":"fiver. That's where you can get freelancers, but it's hard to find black"},{"startTime":4021.112,"endTime":4024.706,"body":"freelancers in particular. So I'm creating a site where if you are looking for"},{"startTime":4024.728,"endTime":4028.414,"body":"freelancers that are black, you can come there, put your roles"},{"startTime":4028.462,"endTime":4031.414,"body":"up there the same way you do on fiver and upwork. If you're a black"},{"startTime":4031.452,"endTime":4035.286,"body":"freelancer, we'd love for you to highlight your skills so that"},{"startTime":4035.388,"endTime":4039.238,"body":"folks that want to employ you can find you. Also, if you"},{"startTime":4039.244,"endTime":4042.122,"body":"want to connect with me on other social media platforms, you can go to direct"},{"startTime":4042.256,"endTime":4045.866,"body":"me, Bigtechenergy, where you can connect with me on"},{"startTime":4045.888,"endTime":4049.674,"body":"LinkedIn, Twitter, Instagram, all those great places. I have a free"},{"startTime":4049.712,"endTime":4053.338,"body":"ebook, 70 pages about my path into tech,"},{"startTime":4053.424,"endTime":4056.826,"body":"my advice on breaking into tech, but more importantly, how to have a long successful"},{"startTime":4056.858,"endTime":4060.574,"body":"career in tech with resume guide and LinkedIn completely free."},{"startTime":4060.692,"endTime":4064.494,"body":"And then also I have a free community called tech Careers where I"},{"startTime":4064.532,"endTime":4068.242,"body":"post tech roles, tech resources, tech events, et cetera. And also"},{"startTime":4068.296,"endTime":4071.534,"body":"like pitch competitions and funding and grants for startup founders."},{"startTime":4071.662,"endTime":4075.298,"body":"So all the dms that you guys would send me, asking me"},{"startTime":4075.384,"endTime":4078.93,"body":"where the jobs or where the events are, I put it all in tech careers,"},{"startTime":4079.01,"endTime":4082.838,"body":"another free platform. And yeah, love for you"},{"startTime":4082.844,"endTime":4086.454,"body":"to continue to watch the show and share with your people."},{"startTime":4086.572,"endTime":4089.85,"body":"And until next time, this is big tech energy. We'll see you."},{"startTime":4089.92,"endTime":4090.65,"body":"Peace."}]}