Therapy for Black Girls, Session 404: “Black Women In VC”

Host: Dr. Joy Harden Bradford
Guest: Jewel Burks Solomon, Managing Partner at Collab Capital
Release Date: March 26, 2025

Episode Overview

In this episode, Dr. Joy Harden Bradford sits down with Jewel Burks Solomon, an influential figure in venture capital (VC) and a passionate advocate of Black entrepreneurship. Jewel is the Managing Partner at Collab Capital, an early-stage venture fund focused on closing the funding gap for Black founders. The conversation demystifies VC for listeners, explores barriers Black women face in the industry, and offers practical advice for aspiring founders and future investors alike.

Key Discussion Points and Insights

1. Venture Capital 101: Breaking Down the Basics

[05:47 – 08:57]

• Definition: Venture capital is equity-based funding. Investors provide capital in exchange for ownership (equity) in a company, expecting outsized returns if the business grows and exits (via acquisition or IPO).
• Jewel compares venture capital with bank loans, highlighting that VC involves giving up a share of the company instead of paying back with interest.
• "The structure of most venture capital firms is equity-based financing. There is no expectation that you will pay back with interest." (Jewel Burks Solomon, 07:31)

2. Jewel’s Entrepreneurial Journey and Entry to VC

[09:00 – 13:54]

• Raised in a family of entrepreneurs, Jewel always envisioned herself building something. Exposure to Wall Street and Google led her to tech entrepreneurship, bridging her family's business traditions with Silicon Valley’s innovation.
• She founded Partpic, a startup using computer vision to identify mechanical parts from images. Despite not being an engineer, she assembled the right technical team, eventually selling the company to Amazon.
• Quote: "People should be able to search for the parts they want to buy from us with an image. Very simple idea. And I called it something very simple: Partpic." (Jewel Burks Solomon, 12:02)

3. A Day in the Life: Managing Partner at Collab Capital

[13:55 – 16:59]

• Jewel’s role is split between fundraising for their $100M second fund, supporting Collab’s current 38 portfolio companies, and sourcing new investments.
• Their investment thesis focuses on Black-led innovation, with three themes:
  • Future of Care (women’s, mental, elder health)
  • Future of Work (economic mobility)
  • Community Infrastructure (transportation, food, broadband)
• "All of those go under a big umbrella around increasing Black prosperity. That's our mandate." (Jewel, 15:22)

4. How VC Funds Actually Work

[16:40 – 17:42]

• Collab Capital aggregates funds from various “limited partners” such as corporations and individuals, then invests on their behalf, functioning as a fiduciary.

5. The Fearless Fund Case & the Challenge of Affirmative Investment

[17:43 – 20:47]

• Discussion on legal challenges, like the court ruling against the Fearless Fund granting money specifically to Black women, and how Collab Capital remains focused yet cautious in legally defensible language.
• "Anytime there is progress, there's always a backlash... it's been difficult to watch what they've had to go through." (Jewel, 18:36)

6. Structural Inequities in VC

[20:49 – 23:24]

• Only 1.3% of US VC went to Black startup entrepreneurs in 2023.
• Venture capital is highly network-driven, often recycling capital through alumni and “buddy networks” of elite schools, leaving Black founders and fund managers underrepresented.
• "There's a correlation between who's writing the checks and who's receiving the dollars." (Jewel, 22:08)

7. What Needs to Change? Building Education and Thinking Bigger

[23:25 – 26:41]

• Media like Facebook’s origin movie and Shark Tank glamorize VC, giving unrealistic expectations; more education is needed on what VC really entails.
• Not all businesses need VC to thrive; seeking VC makes sense only for those aiming for massive, rapidly scalable markets.

8. How Black Founders Can Attract VC

[26:41 – 32:39]

• The further you progress before seeking VC, the more leverage you have. Metrics like revenue, customer traction, product, and assembling a team increase your negotiating power.
• “As far as you can get without investment, the better—because you have more power in the negotiation when it comes down to what an investor is willing to pay.” (Jewel, 28:49)
• Recommended steps: start with friends and family, seek angel investors or accelerators, then approach VCs. Collab Capital and many other VCs now offer open applications on their websites.

9. Stages of Funding

[36:13 – 40:03]

• Defined the journey: friends & family → pre-seed (idea/prototype) → seed (product/revenue) → Series A, B, etc. (scaling/growth).

10. Complications & Responsibilities That Come with VC

[40:03 – 42:32]

• Taking on VC means gaining co-owners and accountability: regular financial reporting, potential loss of autonomy, possibility of strategic disagreements or boardroom power struggles.
• "When you take on venture capital, you're adding owners... you have an obligation to someone else." (Jewel, 40:31)

Jargon & Key Terms: Explained

[45:27 – 52:12]

• Non-dilutive Capital: Funding that doesn’t require selling company equity (e.g., grants). "Non-dilutive is the best kind. No equity that you're giving up." (Jewel, 45:55)
• Angel Investor: Individual investing their own money—often earlier, more flexible, and for smaller amounts.
• Diversification: Building a portfolio with varied assets (private equity, stock, real estate, etc.) to spread risk.
• Unicorn Startup: A private company valued at over $1 billion.
• Incubator/Accelerator: Programs that support startups with mentorship, space, sometimes funding. Accelerators often include a short-term curriculum; incubators may be more open-ended.

Notable Quotes & Memorable Moments

• “I got entrepreneurship honest.” (Jewel, 09:15)
• “We’re making bets that a solution being built today is going to have market application in five to ten years from now.” (Jewel, 33:08)
• “The best place to source funding in my opinion is just through building a business that has customers that pay... That’s something that is under-discussed.” (Jewel, 53:28)
• On future deals: “One that I’m really interested in finding a deal in right now is in the fertility space... and addressing some of the maybe specific issues that Black families have related to fertility.” (Jewel, 54:55)
• On investing as a Black woman: “Black women in particular should be doing more when it comes to angel investing… You can start with $1,000, $5,000, $10,000. You have to be willing to lose that money because investing early stage is risky—but I definitely encourage people to get excited and started.” (Jewel, 58:18)

Advice for Aspiring Black Women Founders & VCs

• Before seeking VC, demonstrate traction: Product built, users/customers, team assembled, clear market understanding.
• Diversify your funding searches: Grants, government programs (e.g. SBIR, SSBCI), CDFIs, pitch competitions, and yes, paying customers.
• Understand the cost of capital: VC comes with accountability and loss of some control—consider carefully if this fits your vision and temperament.
• Angel investing is accessible: You don’t have to be ultra-wealthy to begin. Start with small checks in ideas and people you believe in.

Resources Highlighted

• Collab Capital (open applications) - collab.capital
• Jewel’s personal site: jewelburks.com
• Training programs: HBCU VC, Black Venture Capital Consortium, Black DC
• CDFIs, state grants, SBIR/SSBCI (government programs for research and startups)
• Startups mentioned: Goodr (Jasmin Crowe), Planet Forward (Julia Collins)

Want to Get Connected?

• Jewel on Social: @jewelmelanie | LinkedIn: Jewel Burks Solomon
• Apply for funding: collab.capital

Timestamps for Key Segments

| Segment | Timestamp | |-------------------------------------------------------------------|-----------| | Intro & Jewel’s background | 04:25 | | VC 101: What is Venture Capital? | 05:47 | | Difference between bank loans and VC | 07:16 | | Jewel’s journey to entrepreneurship and tech | 09:00 | | Building and selling Partpic | 10:57 | | The structure of a VC fund | 16:40 | | DEI legal challenges: Fearless Fund case | 17:43 | | Statistics: Black founders’ share of VC | 20:53 | | Imagining change and education in VC | 23:24 | | How to attract VC funding | 26:54 | | Stages of funding (pre-seed, seed, Series A, etc.) | 36:13 | | Additional VC complications for founders | 40:09 | | VC jargon definitions | 45:27 | | Non-VC sources of funding | 52:29 | | Collab Capital’s wish-list for future investments | 54:44 | | Black women as angel investors | 58:18 |

This episode is essential listening for any Black woman interested in entrepreneurship, either as a founder or investor. Jewel’s advice is transparent and actionable, balancing optimism with the realities of systemic barriers in the VC world. Her encouragement to aspire higher, think bigger, and invest in each other serves as a powerful call to action for the Therapy for Black Girls audience.