1863 Ventures Says Goodbye!
The ecosystem has changed, so the organization adjusts.
1863 Ventures has been committed to creating $100B of new wealth by and for New Majority founders for almost ten years. Since our inception, we have helped over 5,000 founders, created over 2,000 jobs, and maintained a 96%+ survival rate amongst our alumni. We set a precedent through our accelerator program, coined the term “New Majority,” advanced policy for Black founders, catalyzed the “Founder to CEO” movement, and so much more. I am incredibly proud of the work we have done and our impact to date.
1863 Ventures, a project that started in 2015 with my students at Georgetown University, has achieved significant milestones. Our initial aim was to bring awareness to entrepreneurship in Southeast DC, a predominantly Black community. We showcased the success of Black founders, who had been in business for years and were a core part of the entrepreneurial infrastructure development in DC. Our success propelled us from a two-day event to a three-year project. We surpassed our goal of finding 500 Black founders to demonstrate the need for funding and policy support for growing businesses. Within 18 months, we transitioned to a regional program and then to the national stage, a testament to our impact and success.
As we approach our 10th anniversary, we remain more committed than ever to accelerating our mission. The need and opportunity to foster entrepreneurship in the New Majority community are clear. Our history is a testament to our unwavering commitment to our mission, which is not about building an empire but about making a difference.
When we first started, we were laser-focused on training and supporting New Majority founders. A few years later, we ran our training programs and created and led corporate partners’ programs. Shortly after that, we started a fund, then another. A few years ago, we launched our research to change the narrative about founders of color. Whew! What a journey!
As our goal of reaching $100B of new wealth remains, we recognize the need to shift our current model and think more extensively as we strive to achieve our goal. Therefore, we are implementing a new approach:
- We will continue to offer programs but shift our focus to packaging them and making them available to other institutions. Replicating our programs will create a better operating model for the industry. We will achieve scale by leveraging our successful curriculum amongst other ecosystem builders who desire to accelerate their small business community.
- We will continue our applied research to inform the field, investors, and policymakers and undergird the growth opportunities among New Majority founders. Our research has changed minds, hearts, funding decisions, and policy to date.
- We will initiate strategies to improve the efficacy of entrepreneurial training programs and establish standards and evaluation in the field to improve business longevity, operational efficiency, and profitability for New Majority founders.
We have spent almost 10 years in the field and want to share what we have learned more broadly. This work will fuel our mission and vision and provide much-needed support for a field under attack amidst the DEI backlash. However, this new strategy will take on a new form. We will no longer be 1863 Ventures.
What will happen to 1863?
1863 Ventures will be dissolved. We will launch a fiscally sponsored entity named New Majority Ventures. This shift more accurately reflects our goal of not building an empire but creating change, allowing us to move faster and more effectively.
Why the name change?
1863 was chosen to remind people of the rich history of African Americans in the US and the missed opportunities as founders of color were overlooked. We wanted to remind the country of the economic value generated by Black Americans after slavery, which was lost but could have been instrumental to this country’s prosperity.
The new name reflects our future state as a strategy and a country. As people of color become the majority with the rapid demographic changes, we find it essential to be more forthright with the term to remind people of the economic power and potential that could exist if we leveraged ALL individuals and their assets in America.
We will continue to engage with our alumni, founders, funders, and supporters as the work evolves and expands.
Stay tuned for more information about new roles, strategies, and expanded opportunities for New Majority entrepreneurship.
