When you don’t have generational wealth or a built-in network, the startup path isn’t just harder — it’s different.

In this episode, I’m joined by James Norman and Sean Green of Black Operator Ventures for a candid conversation about what early-stage founders actually need to understand to raise capital and scale companies when they’re coming from the outside.

We talk about why fundraising is a power-dynamic game, not a meritocracy — and why underrepresented founders have to master the theater of venture capital without losing themselves in the process.

James and Sean also break down what they look for when leading seed rounds, why warm intros function as the first real filter, and how founders can manufacture momentum even without friends-and-family money.

This conversation goes deep on:

How to position yourself when you don’t start at the same starting line
The difference between venture-scale companies and businesses that shouldn’t chase VC
Why execution, storytelling, and follow-up matter more than polish
How to turn cold outreach into real human capital
Why Black founders are uniquely positioned to exploit the current AI moment

If you’re an underrepresented founder trying to de-risk your leap, get into the right rooms, or understand why the rules feel unwritten — this conversation names the rules out loud.

RUNTIME 54:24

EPISODE BREAKDOWN

(1:52) What motivated Sean and James to start Black Operator Ventures

(6:51) Where are they looking for opportunities?

(8:27) Top priority: Founders building real-world solutions with few regulatory hurdles

(11:44) Why obtaining a warm intro to a VC is a founder's first test

(15:20) Fundraising is theater: Study the audience to learn your role

(22:29) Red flags first-time founders should avoid waving

(27:00) Tactical advice for aspiring founders who still work full-time jobs

(30:24) “ It doesn't seem risky because we're betting on ourselves, and we believe we can do anything.”

(34:38) How to find out if you should bootstrap or find a VC

(38:30) Which signals tell Sean and James a founder is ready for a check

(41:55) Why founders still need to spend some time in Silicon Valley

(46:02) Black founders can " 10x ourselves with AI in ways that other people can't."

(48:32) One action you can take this week to extend your network

LINKS

James Norman
Sean Green
Black Operator Ventures
Q2 2025 Black Venture Funding Report, HBCUvc
Share Of Startup Funding For Black Founders Hits Multiyear Low, Crunchbase
The State of U.S. Household Wealth, Federal Reserve Bank of St. Louis
Three in Ten Black Americans Over Age 25 Hold a Bachelor’s Degree, The Journal of Blacks in Higher Education

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Thanks for listening!

– Walter.

Why Black Startup Founders Have to Play a Different Game