Coach, the energy out there felt different. What changed for the team today?
It was the new game day scratches from the California Lottery players.
Everything.
Those games sent the team's energy through the roof.
Are you saying it was the off field play that made the difference on the field.
Hey, little play makes your day, and today it made the game.
That's all of now, Coach, one more question play the new Los Angeles Chargers, San Francisco forty nine ers and Los Angeles Rams scratchers from the California Lottery. A little play can make your day. Peace made responsibilit must be eighteen years or older to purchase late or claim.
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All right, so now we're gonna talk about VC. So we talked about vcs before. Previously, we had an XNFL play shot out to Mike Brown and he's doing equity crowdfunding and he went to Duke he used to work work in Silicon Valley, so he's Silicon Valley and so yeah, he told us about the whole VC process and all that.
But like I said, one of the good things about Ernie Lisia is that it's kind of turned into like a college course in sorts where it's like you know, a lot of these things you hear about, but nobody really knows the inner workings of it. And from his perspective, he told us from the outside end, but you actually have a VC firm. Yes, so this is we're just getting the apple sauce from the apple orchard. Yes, so this is dope. So all right, all right, so we
gotta tell a story on this. How did you How did you come into the venture capital world?
Okay, so after I sold my business, I at that time was very passionate about building some kind of startup community in Harlem. So I did that and it initially started as like a little meet up that we call co found Harlem, and it just kind of turned into you know, at that point, because I sold the business, I had a lot more bandwidth and creativity and runway, and I wanted to make some shit happen, and so
we added a little business model behind it. It was not a great one, but it turned into incubator of sorts. I convinced a developer to give me space for free. By the way, this is a thing you can I learned. I learned a lot through co Found Harlem because it was a non for profit that focused on economic development so improve in the area. And so that that got me to interface with politics.
So clpful because people might not be familiar. Co Found Harlem was an initiative that you started to help small businesses in Harlem get capital right.
Yes, it was the first incubator in Harlem, and so that kind of project I stepped up a little bit in my thinking. I got a little bit more macro because I was going from just operating a business.
Now I'm helping other people operate.
So I'm interfacing with politics because I discovered, oh shit, politicians care about the area getting better, but more.
Important than politicians.
Politicians have power, but real estate developers have a very long term interest in the area. I discovered longer term than politicians because politics are just like looking for the quick election.
Yeah, these momokers are here forty fifty years.
And so I pitched a developer to give me free space, and you know, it was a very.
Bold thing, and she was like, why would I do that.
I was like, well, because I'm gonna incubate businesses and the only thing I'm going to ask for them is that they stay in Harlem.
Yeah, I think that's one of the things you said right that the businesses had to put their headquarters in Harlem.
Yes, for four years.
It ended up it started as four I ended up being two Oka and so anyway, so yeah, so we were able to get free space because they were like, all right, bet, like, we want the value of our proper our main business residence is to go up. So they had some retail that was opened, so our bet cool take that. So yeah, so we got the space, we got mentors, we made a little bit of buzz, we got companies applying. All of a sudden, I'm running
an incubator. It's a non for profit incubator. I'm raising money through grants and fund you know, and sponsors and shit like that. And I inadvertently got into running kind.
Of an event's business. We had a little bit of event That's.
When I really started dipping my toe into content and building a community type business. And then eventually one of my biggest donors, who I didn't know. His name is David Rose. He's a very prolific angel investor. He's one of the most active in New York City. He pretty much was like, yo, I come from a big real estate family. You might not know that, but I want you to do what you did for cofound Harlem for us and learn the investment side.
Can you describe what an angel funder?
Yes, So an angel investor invests in startups with their own money. A VC of venture capitalists invest in startups with other people's money. And that's really the key distinction. And so David Rose is a prolific angel and he wanted me to He wanted to recruit me and help him run a fund, as a real estate technology fund. So we invested in real estate technology, not physical stuff, property management software. And I told Dave, I was like, yo, I don't really know any of this. He's like, John,
we know real estate. You bring your energy.
So anyway, fast forward a year.
We learned, you know, we made some good investments, and like I sourced the deals on my own, like I did everything on my own because they was too busy to really give me guidance. But the most important thing I learned had nothing to do with the job itself. It had to do with like the family had generational wealth, Like they controlled thous dozens of thousands of units in New York City. I mean truly a legacy family, man. I mean, when you go to you know, Dizzey's Club,
That's that's the Rose. You know the Rose Hall. If you go to the American Museum of Natural History, it's the Rose Planetarium. Like they're embedded in what it means to be New York. Mister Rose, as David's father, large and part funded Martin Luther King Junior's original Millienmire March in nineteen sixty three. I mean, we're talking about a legacy family. And so at that point, man, I really caught the bug. I was like, yo, I gotta go
do this for us. So I went back uptown. I met the fellas whom are now my partners at ACP. They had their own background. They come from a more academic background, and they were fortunate to be exposed to finance early. You know, I learned this shit through being an entrepreneur. They learned this through like there are pathways and programs in place. There's one called SEO and there's one called MLT. These are placement programs specifically for people
of color to break into investment banking. That's only in New York or this is nationwide, I want to say. And and yeah, these brothers actually all you know, they the group was bigger back then.
They all met in these.
Placement programs, all working for banks, Goldman, Bank of America, shit like that, and they decided like, yo, let's put our bread to work. So that you know, they started doing that, and they kept hearing about me, because that's one thing. If you are top of mind at whatever you do, you're going to get more opportunities. And so you know, eventually they came on my radar, we met,
and we started investing together. And one thing to clarify, and this is really important because you know, people want to get into VC like they think, if you don't have a million dollars, you can't do it. But in reality, our first few checks were like ten or fifteen K by the way, split between like five guys, so it's like it was like literally two or three k each.
So that's what you all came to the table, like three thousand piece.
Yes, that's enough right now. Now, Look, if you.
Can't make slash save enough to make two or three K, you're not ready. But if you're not bullshitting and you're serious about your shit, you can stack two K, two or three K.
So five of you come up with three thousand, got fifteen, We put together fifteen and then what's the vision now?
Like and then and then it's like, all right, bet, now where do we put it?
You know?
And so the quality of your deal flow increases over time. But at first, you know, we caught word of a local cafe that was looking for money.
Cool.
We put a little bit of bread into that, got to experience what it was like to be invested in small business. We caught word of a dental practice. A guy that was buying in dental practice is looking for money.
Ooh.
You know, because you start communicating y'all, I'm looking for businesses to invest in, you do get deal flow back. You put it out and you start getting deal flow back. We caught word of a venture company, and so we invested in a couple of different few different assets.
The initial fifteen. No, we're grossing as we go.
No. So it was like we did capital calls, which is like, hey, we found a deal, it's time to put bread up.
So that's a capital call, and you hit the whole group. Between all the five of you, there was like six six, So there was like six all right.
So now it's like, okay, we put the first fifteen, but you you have to put five more in.
Each Yeah, I mean five was a lot for me at the time, but like you know, it was like, hey, we found a deal. Who can put what was really the question? And like if I was more liquid at that time and really liked the deal, I might have put four.
And then we might've had.
A partner who was like, ooh, I can only put one right now, and so it would vary and so yeah, over time.
You know.
The interesting thing, and this is credit to my partners at harm Capital, is like we always treated twenty five k like it was twenty five million, and now we've closed on twenty five million. So you know, so it's just crazy because you got to treat the baby step with as much respect as the end goal.
So how did you all right, how did that work out? As far as the first early like look at even the first deal that you had a dentist office or the bakery. You gave him like what like five thousand dollars something like that or yeah.
So so the way the actual mechanics is, I know Yl likes to get into that is so the way you do it is you form an LLC.
Okay, okay, and so each of the partners become members in that LLC.
You name that shit whatever you want, and yeah, so it ends up being what we call an SPV, which is a special purpose vehicle, which is pretty much fancy talk for saying like, hey, anytime we invest in said company, it's gonna come through this entity, right, And the LLC is a fascinating legal entity because it's a flow through entity. So it's like, you become members in that and like
you on the company. Let's say we invest in you know, the cafe on that company's docs, on the formation documents for that company, they're going to see Harlem Capital Partners LLC on there.
But then you.
Know, if we make a profit or a loss, the profits and or losses from that entity flows through to each of the individual partners. So it's really just like a like a shield. It's like a step step away is removed. So anyway you make an LLC, you invite whomever, for anyone listening who wants to create a little syndicate.
That's what you call it, an angel syndicate. You invite homies that you think are serious, you join the l see you brand it, come up with a cool name, and then you start communicating into the world at large that you're looking to invest, and you know, and then you look for deal flow, and that's you know, that's
how it works. And so we would put ten k, and then I think we ended up doing like six deals as angels, ten, fifteen, twenty if it was a hot deal, ten if I was low on cash, and like, man, it's not really about We haven't seen a dollar, by the way, from any of the Angel investments we've made. In fact, we've lost money. Yeah, the cafe closed down. You know, we've seen some distributions from the dental practice, but not really a lot of stuff doesn't work out
according to plan. But the most important thing is being on the ride. Like I don't listen to anyone in business who hasn't lost more money than me. Like, you gotta get skin in the game. I can't take you serious if you don't have skin in the game. Like you guys got cameras, you got mics.
Lost a lot of money if this shit.
Wouldn't have worked, Like you know, you got the focus right, you got the mac butt, Like you know what I'm saying. Like you guys are putting bread in you put bread up to buy the shirts. You're putting bread in right, and and so anyway, with the angel investing thing, it's a lot more important to get in the game.
And you will not know this why.
At the beginning you asked me, like, yo, if I got any book tips, and I said, I don't really fuck with books, because you will not know what acid class you like until you invest in it.
I thought I loved.
Investing in small business, and then I discovered I really don't like this ship because when I was meeting with the business owners, we were talking about napkins and forks, and I'm like, dude, you know, I want to talk about scale, and you know, like this just wasn't It wasn't for me.
I discovered that I like real estate a lot.
I love real estate. I wouldn't have known that unless I jumped in. So I'm a really big fan of jumping in. And if you can't jump in a big scale, you're jumping in a small scale.
Just jump in. So how does that work when it's six of you?
Right as far as decisions, is it like majority or if it's like you know what, you don't like it, you're just not part.
Yeah, So it has changed over time.
So when we were an angel syndicate, it was like, hey, are you interested.
Some folks might have said no.
But also, you know, going back to this business is really a people first thing. You know, it's also respect for your partners, because your partner might find a good deal and you know, might have gotten in a good rapport with that founder and then two months in it's time to invest, and like, you know, I want to support the fact that my partner's excited about this deal, and I'm gonna put I'm not going to step up big. I might put up a thousand and be like yo,
all right, cool, you know, put that in the deal. Conversely, when it's a hot deal, when it's by the way, hot deals, you're not they're not pitching you, you're pitching them to get in. Hot deals are oversubscribed, meaning a company typically will raise a finite amount of capital that's what we call around at a fixed evaluation. Okay, so they'll say, hey, I'm raising one point five million dollars at an eight million dollar valuation, i e. They're giving
away twenty percent of the company. And then if it's a high deal, you get good funds in investing, and so like a fund you know, is like for anyone maybe doesn't know, is like you know entrepreneurs who go out there and rate.
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Coach, the energy out there felt different. What changed for the team today?
It was the new game day, scratches from the California Lottery players, everything. Those games sent the team's energy through the roof.
Are you saying it was the off field play that made the difference on the field.
Hey, little play makes your day, and today it made the game. That's all for now, Coach, One more question.
Play the new Los Angeles Chargers, San Francisco forty nine ers and Los Angeles Rams Scratchers from the California Lottery. A little play can make your day. Peace made responsibily. Must be eighteen years or older to purchase plate or claim.
Paise money from the market. You know, in institutions and downmns, shit like that. And you know they have a great brand name. And over time, especially from Silicon Valley, you've had prestige funds emerge. These are funds that have proven track record that they know how to spot winners Sequoia, Benchmark, Kleiner Perkins.
Whenever you see them on the cap table.
The cap table is short for capitalization table, which is the page on your company's documents that shows who owns what and so the cap table, you'll see a list and it'll say NAS invested fifty K owns too PID. Yeah, and so he also invests an angel you know such and such invested this.
So the cap table. So we have this thing in VC.
You want to be on cap tables, you know, like a lot of motherfuckers talking shit.
But I never see you on the cap table. You know, you might be at.
The club table, but I don't see you at the cat table at the crap table. Yeah right right, so that's good on the cat table.
You ain't on the cat table.
So so so anyway, Yeah, when you see a marquee fund, meaning a top fund on the cat table, it's a competitive deal. That founder has options, and we were fortunate a couple of times to squeeze into a very competitive deal. And in those deals, when a deal is hot, you want to make sure you as much as it costs you. I don't care if you got to pawn your fucking watch, get in the deal in as big of a way as you can.
You might lose that money. I'm not gonna lie.
But when you can get a good amount of exposure into that deal, you know those deals that end up doing ten twenty.
X, I'm an ask you a question for some good deal before I forget this. The reason the reason why I like this podcast is that we get to interview people and nobody. Like the last guest that we had was talking about stocks shot the Wallstreet Trapper and he was saying how it excites him and like you I could see like it's like you've seen paid in full before.
Yeah, okay, so so and.
Mitch, he was like I love a game. Obviously he was talk about illegal game. But business is like a it's like a competitive sport. So it's like, that's what I really loved, Like even with Steve Jobs when he said that it's the process that really excites him, not even getting this is the journey. And it's like for people I really want everybody to understand, even like with the podcast, it's like it's ups and downs, but it's an exciting ride.
Sure, and I could tell it.
I could see the excitement when you're telling a story, and it's like for people that have never been entrepreneurs, I.
Just encourage just to have that feeling.
Yeah.
Man, it's like a natural.
The feeling is everything, bro.
But I wanted to ask you, so, how do you all?
Right?
So you started as Angel investors and you said that didn't really work out for you guys for the most part, it wasn't profitable.
Yeah, I mean so, so one thing to know is like when you make an angel investment, the yield curve on it, meaning the amount of time with which you're expected to make anything back, if at all, is typically seven to nine years because that's the average life cycle of a business. And so when I say we haven't made any money, it's like a chance for sure, and we're in some companies that were expecting to make some
money back. But like you, I quickly found out, like it's funny because you know I'm making you know, we're making deals and every time we make a deal, and we announced that deal, and so my social was blowing up.
Yo, your angel.
I'm like, yeah, yeah, you know, and then I'm I'm like, fuck, I'm not seeing any money. Like it just literally feels like you're just like your money's just disappearing because it goes to work. And then what happens for anyone who doesn't know how you make money adventure? You only make money in venture on a liquidation event, which is the company is sold. You do not contrary to small business investing, if you invest in an ice cream shop, barbershop, restaurant, whatever, you're yielding.
Profits, so you have a profit split.
So because the example would be like when nas Or in his firm invest in Ring and then Ring gets put by Amazon.
Or pill pack correct right, pill pack. So if you invest in a restaurant, you're making quarterly dividends. You get cash flows in venture because you're typically reinvesting profits in the business because growth and profits are inversely correlated. If you want to grow, you got to sacrifice profits, and so it's a very different kind of investing game. So you don't invest in a startup with the pretense that you're going to get profits.
You would be hurting that business. So the trick.
Is jumping in and getting in early at a nice valuation. On average, we invest in businesses along the businesses that are coming from the Midwest are on average valued between four to six million inventure and businesses along the coast are valued between eight to ten million. So now eighty percent of m and A, which is mergers and acquisitions, are happening right now between the one hundred and fifty
to two hundred million dollars price point. Like gimblet Media got acquired for two hundred million by Spotify or whatever. If I would have gotten into Gimli Media when they were worth ten million, you do the math on that. You get in at ten, they get sold at two hundred. Whoop, you know you got a twenty x. So what money did you put into that deal? You know, if you put in one hundred, that'll tell you what you net at the back end. So anyway, I'm just clarifying how
you actually make money in venture. You get in into the sweet spot, and then that business grows and if you're fortunate, it gets acquired and then you net.
What's the difference between the valuation of cities that are inland and the ones against the coast.
That's a great question.
And the real reason that businesses are priced differently based on geographies is due to cost of living.
Okay, so like.
Businesses make, you might make more as an individual in New York, and so as a result, employees are more expensive, offices are worth more and so, and there's also more capital in that market, and so you can usually justify a higher price point, Whereas I love investing in businesses from the Midwest because they're reasonably priced.
In fact, they say this is a nugget.
Vcs say that the actual valuation, the true valuation of a business is the Midwest valuation. And then when you go out to the coast you get inflated because when you're in Silicon Valley, those motherfuckers will pay any price for any business. And so we actually rarely invested, We haven't invested in a single business from the valley, because by the time they come to us, they're like, oh, yeah, we're worth twenty million dollars. I'm like, show me a revenue.
They got one hundred k revenue. I ain't paying twenty million for one hundred k revenue. So, like there's one thing to know as well. It's like there's actual different investment climates among the coasts. The West coast is very like, yo, we're looking at scale by any means, and the East Coast is a little bit more like conservative, We're looking for revenue and a little bit more modest growth, but revenue.
So how did you guys go? You have twenty five million dollar war chests right now.
Yeah, yeah, it's a little bit beyond that. And we get this a lot because people say, yeah, I want to break into VC. Well, there's a number of ways.
You either.
Work at a venture firm, good luck breaking into one, they're very exclusive, or like the path that we took, we started as angels, and eventually once you have enough of a track record you can you can go out to the market as a whole and say hey, here's my thesis, like here's my idea, and it could be like our shit is around investing in the you know, diverse founders, like we invest in women and minorities. But that doesn't have to be your thesis. Your thesis could
be around sports, Your thesis could be around music. Yo, I want to create a fund that invests in you know, music companies, sports companies, sewage, you name it. And the true test of whether you can raise a fund or not is if you can convince enough people to believe in your ship. And what I found out raising money is there's a lot of montherfuckers with money for wealth.
You said you said that the founding the goal is to invest in one thousand companies over the next twenty years, right, sir, So that would mean like fifty companies, is that the goal? Like you're doing fifty companies, we're.
Doing a thousand founders over twenty years. So like if we invest in one company has four founders, we're counting that as four. But yeah, the way our fund model is structure. Right now, we're looking at doing uh, you know, thirty deals out of this first fund and then you know it'll accelerate, so it's not very linear. It's like our first fund might be twenty five to forty million our second fund is going to be one hundred million, then court you know, then quarter billion and then a billion.
You know, we're you know, we're thinking pretty big.
So it's our relationship people. You build relationship people when they invest in your fund.
Yep, that's right.
The same way that entrepreneurs are asking for money, we're doing the same ship.
Okay.
And so the biggest misconception, like when we close our fund and we make the announcement, I think it's gonna make a very big splash because we're gonna be like, you know, young of color, and I think we we're gonna raise a considerable amount. People are gonna look at the headline and automatically think.
That you.
Our bread.
Okay, full disclosure, not our It's very important that.
A lot of times people that Angel in the VC they kind of get that mix and they think, if you have a VC firm, all of that money is your money that you're putting up.
Yeah, and if you want so, I'll just break this down quickly. The fund my all right, this is how you make money. When you cross over from ANGEL to VC. You get paid a what's called the two and twenty. That's the fee structure. So the two refers to your management fee. So whatever the total size of your fund is. This is why your incentivized to go for a big fund. Whatever the total size of that fund is, two percent of that annually is what you make as your fee.
So on a twenty five million dollar fund, two percent of that is five hundred grand, So you get five hundred grand every year to pay for a salary, office, travel, everything. Now, if you know, with a team of four in office and stuff like that, like you know, you might make one hundred g's on salary, Like that's nice, but you're not going to get rich off of that. You're not meant to get rich off of that.
The LP. There's two kinds of partners in the fund.
There's the GP, the general partner, which is the partner's putting in the work, and then there's the LP's a limited partners, the person who's investing. So your LPs do not want you to get rich off the fees because then you would never work. You get rich on the other side. I remember I said it's two and twenty too is a management fee. The twenty is what we call the carry, and the carry is your share of the profits. So now because we can, because we can get in a little detail.
I'll just explain this.
Typically, you as the GP, if you set out to go raise a fund, your commitment to the fund. You put up one percent of the total fund. Okay, So if my partners and I are set out to raise, as an example, twenty million, one percent of that is two hundred thousand. So we have to come up with two hundred g's across you know, the four of us. Okay, bet now, but here's a mind blowing ship. Remember I said the twenty is that refers to your share of
the profits, which is twenty percent. So we're making twenty percent of the profits on twenty million. So it's just like you know, I guess it might be complicated. It's like ingrained in me now, so it's not the complicated to me now. But like in a nutshell, you're if you can put together two hundred g's, it's buying you a ticket to get the profits on twenty million.
Like, so that's two million.
Well, it depends on how much money you make with the twenty million, and that's the incentive. So it's like, can you make this twenty million and turn it into one hundred million. If you do, you get twenty percent of that, you get twenty million millions.
Yeah, you know.
So it's like it gets complicated, but like.
How can people if they want to move on to the next segment? But I want to So if people are interested in like pitching their business, It's like shark tank.
How realistic is shark tank?
Shark Tank is to angel investing what Indiana Jones is out.
So they're not coming in front of you and you're not, So how do they Jones to Indiana Jones?
Nothing like that shit?
Yeah, So yeah, the real way is like people send in a pitch deck and we you know, and then you know, if the pitch deck looks good, then we will sign apart. There's different levels of a deal screen, so you know, pitch deck looks good, If not, then we'll we'll we pass pretty quick. And we see a thousand deals a year. We invest in ten deals a year, so we're talking about a one percent investment rate.
So if we see a hot deal.
One partner's jumping on the phone with that founder, then that partner reports back with about a page of notes to the rest of the team.
Yo.
Cool, And then if there's interest, then another partner will jump in as many partners as are interested. Then we jump in with the full with the full team, we try and get a fuller team situation, and we learn more. We have interns, so then our interns might go and do market research and analyze what we can expect to make, and then interest grows. And usually you have every partner leads their own deal at the fund. So it's all about like a right, what deals? What deals am I getting?
Versus Brandon versus Jerry versus on reed, We're all looking for our own deals. And to your question about voting, we have a conviction over consensus philosophy. Like it's not like all of us have to agree. It's like if someone really worked up about this deal, and can you get people excited, You're.
Judging off the passion of one of your partners for.
Sure, and their ability to defend the deal. And we'll test you. We'll he check each other and grill each other, like, yo, I don't know if this deal is gonna make it. Like like I try to get a media deal through and I couldn't get it through. It got shut down because my partners were like yo, you know, the media climate is really hairy right now. You know Vice and
BuzzFeed and Refinery twenty nine. You know they're not doing too well and they're the big dogs, so how the small dogs and you just it's a mental game.
And if you can get people excited, then.
We close the deal and we say, all right, bet we're gonna invest X amount and then we just wire them the money and then we put the prayers up there.
You have it, ladies and gentlemen, one O one, one O three, one o four on one oh five. That was it, right, Venture capital and Angel Investments.
My graduates from my school being forced bad drops drop, Mike drop.
Bad drop drop.
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