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Startups

Is the Next Billion Dollar Company in South LA?

Multicultural millennial consumers are one of the fastest growing segments of the population across the United States of America and they are engaged with technology like never before. And they are the ‘super consumers’—young, connected, culturally aware and socially active—notes the trends report State of Technology and Culture: Culture A$ Currency released by venture capital firm Cross Culture Ventures.

As the
 U.S. population shifts and becomes more and more diverse, founders who take an inclusive approach in serving this market are poised launch the next billion-dollar companies. Founders with this mindset can not only realize revenue, but also affect change, unlocking new markets and opportunities and influencing global culture and trends. And with the right support, strategy, and execution, the next billion-dollar startup can most certainly bloom in South LA.

Startups who see the data showing that 86{5be84514e8f68b2a600bba95dc743ad17e8b7c13eea9b1550b2859fef5fde271} of Latinos, 76{5be84514e8f68b2a600bba95dc743ad17e8b7c13eea9b1550b2859fef5fde271} of Blacks, and 88{5be84514e8f68b2a600bba95dc743ad17e8b7c13eea9b1550b2859fef5fde271} of Asians are early adopters and heavy consumers are beginning to create products with specific use cases in multicultural markets. From deeply multicultural-focused beauty lines like the Rihanna-founded Fenty (whose groundbreaking 40 shades of foundation saw its darkest hues sell out in a flash) to financial services and beyond, there is still plenty of room for upstarts to shake things up.

See Cross Culture Ventures founder and managing partner Marlon Nichols discuss where these opportunities are, how to leverage them, and connect with the ‘super consumer’ population during the Urban Tech Connect segment Culture as Currency: The Next Billion-Dollar Company, alongside Ignition Factory founder Chris Denson on May 17, 2018, in Los Angeles. Get your tickets now.


Nielsen study the Multicultural Edge reports that multicultural consumers, the fastest growing segment in the United States, total more than 120 million and are increasing by 2.3 million per year. The growth engine of the future in the U.S. Hispanics, African-Americans, Asian-Americans and other multiculturals comprise 38{5be84514e8f68b2a600bba95dc743ad17e8b7c13eea9b1550b2859fef5fde271} of the U.S. population right now, with Census projections logging multicultural populations as the numeric majority by 2044. The addition of a MENA category for people of Middle Eastern or North African descent (who are currently identified by the U.S. Census Bureau as NHWhite) on the 2020 decennial census is under review, and could potentially change the date of the majority-minority tipping point, Nielsen said.

 

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Uncategorized

Hundreds of Start-Ups Tell Investors: Diversify, or Keep Your Money

SAN FRANCISCO — When Trevor McFedries set out last year to raise money for Brud, his robotics and artificial intelligence start-up, he found himself in many meetings with “a ton of white guy” venture capitalists.

So Mr. McFedries, who is black, and his co-founder, Sara DeCou, a Latino woman, added a condition for investors: The pair would accept money only from venture firms that had a woman or a person of color in a position to write them a check.

“It was counterintuitive for us to raise money from a bunch of white guys who want to extract all the value from the world,” said Mr. McFedries, who eventually collected several million dollars from firms that met the condition. “We’re interested in reshaping the way that tech looks.”

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NBA all-star Baron Davis wants to prep athletes and entertainers for the startup game

Last Saturday afternoon in his penthouse suite at the London West Hollywood, two-time NBA all-star Baron Davis was providing assists in a different kind of court.

In front of a gathering of entrepreneurs, athletes, artists, designers, musicians and members of the Los Angeles investment community and business elite, Davis was putting on a show designed to encourage, educate and inspire collaboration among the attendees.

The Business Inside the Game (BIG) Power Summit, which took place during the NBA All-Star Game weekend extravaganza in Los Angeles, saw Ice Cube and Lyft co-founder John Zimmer talk about disruption with Upfront Ventures board partner and MoviePass co-founder Hamet Watt; basketball stars Chris Paul and David Robinson and mega-producer Chris Budnick (the producer of “The Hangover” and “Old School”) shared insights on making an impact beyond sports and entertainment; and a panel of rising startup stars discussed how new technology trends are changing things for sports, entertainment and culture at large.

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