Why Are We Building the Founder Program?
Article By: Kristian Kletke, Content at Gradient Spaces Edited By: Jessica Galang, Content Editor at Georgian Technology plays an important role in facilitating how we live and work together. When used correctly, it can be a tool for encouraging connections between us and tackling society’s biggest challenges. However, there are many existing barriers which means not everyone can participate equally.
There’s a lack of equity in the fundraising ecosystem. So not all of the best ideas actually grow into world-changing companies. Venture capital firms have been pledging to “do better” while acknowledging the strategic benefits of incorporating diversity and inclusion at the cap table.
Still, the stats remain staggering and unchanged each year, and there are many conversations about moving beyond tokenism and strategic planning to both action and accountability.
“Less than 1% of Venture Capital deals go to 2SLGBTQIA+ Founders. ”
2SLGBTQIA+ founders face several obstacles in the VC space.
A recent survey by StartOut & Credit Suisse found that:
Low representation: Less than 1% of VC deals in Canada go to 2SLGBTQIA+ founders. This is congruent with the stats around the lack of control over capital for women and BIPOC founders. Over 50% of investors surveyed couldn’t even identify one openly 2SLGBTQA+ founder in their portfolio.
Negative impact: when fundraising, a meaningful 37% chose not to self-identify as members of the queer community, with 12% citing concerns that it may hurt their chances to get capital.
Intersectionality (Read our 101 guide): Intersecting identities come with their own set of challenges as founders who identify with multiple marginalized communities face double or even triple tax when securing VC funding from investors.
The most recent VC Human Capital Survey showed that Black & Latinx people comprised only 4% of VCs — and the homogeneity of the current VC industry, if they are only tapping into networks of people who are like them, can result in funding barriers for founders from underserved groups.
The homogeneity of investors surely trickles down to the diversity of their portfolios. To combat this, some founders have started to go beyond the traditional investment sources like equity crowdfunding platforms & micro funds.
Partnership with Georgian Venture Capital firm
There’s clearly much restructuring, dismantling and work to be done from the inside-out - including the historic lack of diversity when it comes to VC funding.
That’s why the Gradient Spaces team partnered with Georgian, a leading venture capital firm based in Toronto, and to launch our 2022 Founder Program - Canada’s first equity-free accelerator for 2SLGBTQIA+ and underrestimated founders.
“We recognize the lack of companies founded by 2SLGBTQIA+ founders coming through our investment pipeline. We feel lucky to have the opportunity to work with such a passionate team to create a program that will enable more Canadian 2SLGBTQIA+ founders to compete in the technology industry on the world stage.”
2022 Founder Program
The 3-month-long intensive will focus on everything from customer discovery and product-market-fit, to building a GTM strategy and preparing participants for pitch day. We know that building a startup can be lonely, so we aim to build a safe and supportive community along the way.
Our mission at Gradient Spaces is to increase the visibility, diversity and impact of 2SLGBTQIA+ founders, and the intersections within, in the innovation economy. We see an opportunity to help achieve this goal through our 2022 Founder Program, which will provide Education, Networking & Mentorship opportunities to startup founders in the space.
“We are now turning this magical support into a program so that more founders in the community can access the resources they need to launch their company.”
Who is this program for?
The program, designed for early-stage, tech-enabled companies will provide resourcing for 2SLGBTQIA+ and underestimated founders to build and scale their business. This includes:
Early founders who are developing their ideas
Solo founders or teams developing scalable solutions
Founders open to building an enduring business in a number of different ways, whether through bootstrapping, funding, or otherwise
Eligibility
You work at least part-time on your startup
You are developing a tech-enabled solution to address a large market
You are able to identify specific and critical milestones that you can realistically achieve in the next 12 months
Service-related businesses (one-on-one coaching businesses, consulting companies, single brick & mortar establishments, etc) will only be eligible for our community resources
So, do expressions like “pre-seed”, “scorecard”, & “MVP” get you jazzed up?
Apply to be part of the first Founder Program cohort here.
The deadline of the program is December 31, 2021, and the program will take place from February 1, 2022 to April 30, 2022.
Have questions? Book a 15 min call with us.
