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We have been really successful in changing our community’s culture. We were identified as having a culture that was extremely risk averse and complacent, with very low levels of entrepreneurial activity. We’ve also had some success in convening ecosystem actors to discuss and share programs, refer entrepreneurs, etc.
We may as well get compensated for referring them to others. Alpha Partners , Proof VC ) which share the carry earned in their coinvest to the referring party. Certain late-stage VCs have invested in some of my past funds, partly to motivate us to refer future investment opportunities to them. Refer a startup, get $2,500”.
I continued to listen to non-e-commerce pitches as well, simply to give myself a point of reference for evaluating online shopping opportunities. I also knew Peter Fenton, one of Silicon Valley’s most successful investors and a leading funder of the company.
Having to deal with the culture entrenched with the decision-makers and having to dissolve the old way of thinking in order to utilize best practices of the past and integrate these practices into forward-thinking methodologies. Dealing with resistive funders, however, is our biggest challenge. The scarcity mindset holds us all back.
This is not a fight I choose to fight, mainly for my sanity, but because most of us (and I mostly speak for myself here) have to conform to speak and portray ourselves in a way that makes us is less threatening to the “bro” culture to be seen in the same light. If you are not in Nigeria, Kenya, South Africa or Egypt, they have no reference.
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