Silicon Valley has deep pockets for African entrepreneurs ...

Business: Silicon Valley has deep pockets for African entrepreneurs …

Last updated on September 11th, 2021 at 02:38 pm

Sorry for asking, but do you understand that the money belongs to the business enterprise and is now not your non-public fund?”

When Jesse Ghansah noticed this question in an electronic mail from a distinguished white investor in San Francisco whilst fundraising for his first startup 4 years ago, he refused the deal.

The 28-year-old Ghanaian entrepreneur, whose enterprise is in Ghana, and his co-founder determined it condescending when they had been already in Silicon Valley’s prestigious startup development program Y Combinator. “I genuinely doubt that a white founder would be requested the same. There are a lot of systemic troubles as a black founder elevating cash abroad,” he says.

His ride is now not uncommon.

While many have been cautious of speakme publicly, African entrepreneurs talked about humiliation, discrimination, stereotyping and on occasion racism that they endure in interactions with some of the world’s most prominent investors.