'It makes me angry when people ignore the unearned advantages that they had to get to the position they are in.'
Yesterday we announced the close of Ada Ventures fund one, a $34m fund to invest in overlooked people and overlooked markets. It has taken nearly 18 months to raise the fund and it was one of the hardest things I’ve done.
I’m proud of the mission of Ada Ventures and I’m excited about the impact it will have in enabling access to entrepreneurship from underrepresented groups. I’m also hugely grateful I’ve had the opportunity to do all of this. Unless we talk about this reality and take steps to address it, I don’t believe anything will change.
I’m sharing this because I think it’s important to be radically candid and honest about the whole story, not just the headlines in TechCrunch. It is only through fronting up to the inequalities that are deeply rooted in society, that we can hope to take steps to address them. Thirdly, I had a start in the industry, thanks to a personal connection. Before you can even think about raising a fund you need a track record, in order to get a track record, someone needs to hire you in a VC fund or you need your own money. Getting this start is simply not possible for many people who either don’t have personal connections into it, don’t come from a small group of universities or a small group of industry backgrounds .
All of these factors compound, leading to a massive overall unfair advantage in being in the position to raise a fund like Ada Ventures.
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