On October 29th, 2024, NextGEN hosted an inspiring panel event for founders, investors, and advocates passionate about creating a more inclusive funding ecosystem. Focused on the unique challenges faced by underrepresented entrepreneurs, the panel featured diverse founders who shared personal stories, struggles, and insights from their journeys toward securing funding. Our panelists included Dayna Lee, Gustavo Nieves, LaChandra Brown, and Samantha Brown, with moderation by Cassy Electric’s CEO, Ebony Sullivan.
The Motivation and Mindset of a Founder
A central theme of the discussion was the mindset needed to navigate the often-challenging funding landscape. Panelists emphasized the importance of having a clear purpose, a drive that goes beyond financial gain. Founders shared insights on maintaining motivation, embracing tenacity, and seeking connections and support outside familiar networks to close knowledge gaps and grow as leaders. As one panelist put it, “There is no plan B” when it comes to building their businesses—a powerful reminder of the resilience and determination required.
Starting Close to Home
Panelists also spoke about starting within their immediate communities. From initial customer bases to acts of kindness that inspire others, several founders shared how grassroots efforts have fueled both business growth and community impact. These early connections helped establish strong, loyal followings and a foundation for scaling.
The Reality for Minority Founders
Unique pressures affect many minority founders, who often feel they must “bat 1,000” to secure funding and prove their ventures. With higher stakes and fewer second chances, panelists described the added pressure of needing to be “perfect,” driving home the message that resilience, excellence, and a willingness to go beyond typical networks are key to gaining access to critical resources.
Balancing Financial Risk and Livelihood
Panelists were candid about the sacrifices involved in funding their dreams, including the reality of financial risk, such as co-mingling personal funds with business expenses. Many founders acknowledged risking steady paychecks and financial stability to pursue their entrepreneurial ambitions, learning to manage resources more strategically as they progressed.
The audience was provided with a list of financial items to have ready before seeking out funding, including but not limited to business and personal tax returns, personal financial statements, profit and loss statements, and personal credit history.
As one attendee noted, “As you know better, you do better”—a fitting close to a powerful event that left attendees with a deeper understanding of the hurdles and rewards of the funding journey. NextGEN extends gratitude to our partners, CommunityWorks, Greenville Chamber Minority Business Accelerator, Village Launch, and our host Flywheel for helping make this event possible.
Stay tuned for more events where we continue to elevate diverse voices and foster meaningful connections within the entrepreneurial ecosystem!
#StartupGVL wrote about Founders Forum too – check out their perspective!