[Music] [Applause]
[Applause]
[Applause] entrepreneurs tireless dogged
entrepreneurs tireless dogged
entrepreneurs tireless dogged risk-takers giving it their all and
risk-takers giving it their all and
risk-takers giving it their all and putting it all on the line we celebrate
putting it all on the line we celebrate
putting it all on the line we celebrate our entrepreneurial culture in America
our entrepreneurial culture in America
our entrepreneurial culture in America the great entrepreneurs and the great
the great entrepreneurs and the great
the great entrepreneurs and the great companies that they’ve built indeed the
companies that they’ve built indeed the
companies that they’ve built indeed the American Dream itself is built on the
American Dream itself is built on the
American Dream itself is built on the belief that anyone from anywhere can
belief that anyone from anywhere can
belief that anyone from anywhere can take forward the next big idea and let’s
take forward the next big idea and let’s
take forward the next big idea and let’s remember 250 years ago America itself
remember 250 years ago America itself
remember 250 years ago America itself was just a start-up and no telling of
was just a start-up and no telling of
was just a start-up and no telling of the American story would be complete
the American story would be complete
the American story would be complete without the telling of our great
without the telling of our great
without the telling of our great innovators and entrepreneurs like Thomas
innovators and entrepreneurs like Thomas
innovators and entrepreneurs like Thomas Edison who didn’t just start the General
Edison who didn’t just start the General
Edison who didn’t just start the General Electric Company his innovations
Electric Company his innovations
Electric Company his innovations literally lit up the world or Alexander
literally lit up the world or Alexander
literally lit up the world or Alexander Graham Bell whose contributions brought
Graham Bell whose contributions brought
Graham Bell whose contributions brought us Bell Telephone Company but more
us Bell Telephone Company but more
us Bell Telephone Company but more importantly help create the connected
importantly help create the connected
importantly help create the connected world that we all enjoy today or even
world that we all enjoy today or even
world that we all enjoy today or even the creative spirit of Walt Disney whose
the creative spirit of Walt Disney whose
the creative spirit of Walt Disney whose company has entertained families for
company has entertained families for
company has entertained families for generations now for nearly a hundred
generations now for nearly a hundred
generations now for nearly a hundred years and those that have followed in
years and those that have followed in
years and those that have followed in their footsteps from Mark Zuckerberg to
their footsteps from Mark Zuckerberg to
their footsteps from Mark Zuckerberg to Elon Musk to Steve Jobs it’s
Elon Musk to Steve Jobs it’s
Elon Musk to Steve Jobs it’s breathtaking to think about the impact
breathtaking to think about the impact
breathtaking to think about the impact on society just these few innovators and
on society just these few innovators and
on society just these few innovators and entrepreneurs have had so I started my
entrepreneurs have had so I started my
entrepreneurs have had so I started my career in technology helping to build
career in technology helping to build
career in technology helping to build the internet revolution that gave me a
the internet revolution that gave me a
the internet revolution that gave me a terrific view and an understanding of
terrific view and an understanding of
terrific view and an understanding of how the entrepreneurial spirit has the
how the entrepreneurial spirit has the
how the entrepreneurial spirit has the power to change the world indeed I
power to change the world indeed I
power to change the world indeed I didn’t see the internet as a product or
didn’t see the internet as a product or
didn’t see the internet as a product or a technology
a technology
a technology I saw it as a movement that could
I saw it as a movement that could
I saw it as a movement that could democratize access to ideas information
democratize access to ideas information
democratize access to ideas information and communication for people everywhere
and communication for people everywhere
and communication for people everywhere in fact those of us working to take the
in fact those of us working to take the
in fact those of us working to take the Internet to the masses in those early
Internet to the masses in those early
Internet to the masses in those early days or animated by to questions who
days or animated by to questions who
days or animated by to questions who haven’t we reached and who isn’t in the
haven’t we reached and who isn’t in the
haven’t we reached and who isn’t in the arena building the next great
arena building the next great
arena building the next great innovations and the next great companies
innovations and the next great companies
innovations and the next great companies that could change the world and recently
that could change the world and recently
that could change the world and recently as I’ve been working in the startup
as I’ve been working in the startup
as I’ve been working in the startup community I came to realize a few things
community I came to realize a few things
community I came to realize a few things are true today
are true today
are true today we aren’t tapping the full potential of
we aren’t tapping the full potential of
we aren’t tapping the full potential of innovation and ingenuity in this great
innovation and ingenuity in this great
innovation and ingenuity in this great nation because although we’ve built a
nation because although we’ve built a
nation because although we’ve built a startup culture that’s powered our
startup culture that’s powered our
startup culture that’s powered our economy and brought jobs and improved
economy and brought jobs and improved
economy and brought jobs and improved lives we’ve been building it with one
lives we’ve been building it with one
lives we’ve been building it with one hand tied behind our back because the
hand tied behind our back because the
hand tied behind our back because the entrepreneurial path that has led to
entrepreneurial path that has led to
entrepreneurial path that has led to many of these iconic companies that
many of these iconic companies that
many of these iconic companies that breakthrough has favored just a limited
breakthrough has favored just a limited
breakthrough has favored just a limited view most of them men and most of them
view most of them men and most of them
view most of them men and most of them white but here’s the good news
white but here’s the good news
white but here’s the good news that means there’s a powerful
that means there’s a powerful
that means there’s a powerful opportunity to seize here by simply
opportunity to seize here by simply
opportunity to seize here by simply extending the same benefits to more
extending the same benefits to more
extending the same benefits to more segments of society so there’s lots of
segments of society so there’s lots of
segments of society so there’s lots of different businesses in America and in
different businesses in America and in
different businesses in America and in fact the vast vast majority of them are
fact the vast vast majority of them are
fact the vast vast majority of them are small businesses and many of those small
small businesses and many of those small
small businesses and many of those small businesses don’t actually aspire to
businesses don’t actually aspire to
businesses don’t actually aspire to become big businesses someday but that’s
become big businesses someday but that’s
become big businesses someday but that’s not the sector I want to talk to you
not the sector I want to talk to you
not the sector I want to talk to you about the sector I want to talk to you
about the sector I want to talk to you
about the sector I want to talk to you about is what we call the high-growth
about is what we call the high-growth
about is what we call the high-growth sector entrepreneurs who start companies
sector entrepreneurs who start companies
sector entrepreneurs who start companies with big ideas and big dreams that they
with big ideas and big dreams that they
with big ideas and big dreams that they can grow and become successful – you
can grow and become successful – you
can grow and become successful – you know some of these companies Tesla Whole
know some of these companies Tesla Whole
know some of these companies Tesla Whole Foods Google Airbnb and Starbucks and
Foods Google Airbnb and Starbucks and
Foods Google Airbnb and Starbucks and what do they share in common they’ve all
what do they share in common they’ve all
what do they share in common they’ve all been powered by something called venture
been powered by something called venture
been powered by something called venture capital and in fact venture capital has
capital and in fact venture capital has
capital and in fact venture capital has become a focus of great study in recent
become a focus of great study in recent
become a focus of great study in recent you
you
you Stanford Business School did a study and
Stanford Business School did a study and
Stanford Business School did a study and came out with this to say venture
came out with this to say venture
came out with this to say venture capital has profoundly changed the US
capital has profoundly changed the US
capital has profoundly changed the US economy it has become the dominant force
economy it has become the dominant force
economy it has become the dominant force in the funding of new innovative
in the funding of new innovative
in the funding of new innovative companies so what is venture capital
companies so what is venture capital
companies so what is venture capital anyway well as its name suggests its
anyway well as its name suggests its
anyway well as its name suggests its capital it’s cash infused in a company
capital it’s cash infused in a company
capital it’s cash infused in a company at a very early stage that can also
at a very early stage that can also
at a very early stage that can also often be transformative for a young
often be transformative for a young
often be transformative for a young company but it also brings things like
company but it also brings things like
company but it also brings things like coaching and mentoring and strategic
coaching and mentoring and strategic
coaching and mentoring and strategic advice sometimes when it’s needed most
advice sometimes when it’s needed most
advice sometimes when it’s needed most and it often brings an entrepreneur
and it often brings an entrepreneur
and it often brings an entrepreneur access into an elite network of powerful
access into an elite network of powerful
access into an elite network of powerful people’s or other successful companies
people’s or other successful companies
people’s or other successful companies that can be game-changing for a young
that can be game-changing for a young
that can be game-changing for a young firm or a new entrepreneur but if you
firm or a new entrepreneur but if you
firm or a new entrepreneur but if you peel back the onion and say gosh so this
peel back the onion and say gosh so this
peel back the onion and say gosh so this really looks like jet fuel that powers
really looks like jet fuel that powers
really looks like jet fuel that powers companies that have the potential to
companies that have the potential to
companies that have the potential to break out who’s getting this venture
break out who’s getting this venture
break out who’s getting this venture capital in recent years only 10 percent
capital in recent years only 10 percent
capital in recent years only 10 percent of venture capital has gone to companies
of venture capital has gone to companies
of venture capital has gone to companies with a female founder and if you flip
with a female founder and if you flip
with a female founder and if you flip that that means that 90 percent has gone
that that means that 90 percent has gone
that that means that 90 percent has gone to men and only 1 percent have gone to
to men and only 1 percent have gone to
to men and only 1 percent have gone to companies with an african-american
companies with an african-american
companies with an african-american founder and 75% of all Venter capital
founder and 75% of all Venter capital
founder and 75% of all Venter capital went to just three states California New
went to just three states California New
went to just three states California New York and Massachusetts so what’s going
York and Massachusetts so what’s going
York and Massachusetts so what’s going on here why are we putting all of our
on here why are we putting all of our
on here why are we putting all of our eggs in a small basket well could be a
eggs in a small basket well could be a
eggs in a small basket well could be a lot of things right maybe women and
lot of things right maybe women and
lot of things right maybe women and people of color aren’t actually starting
people of color aren’t actually starting
people of color aren’t actually starting new firms maybe there isn’t really a
new firms maybe there isn’t really a
new firms maybe there isn’t really a performance track record that we can
performance track record that we can
performance track record that we can look at and feel good about investment
look at and feel good about investment
look at and feel good about investment in this segment and maybe those states
in this segment and maybe those states
in this segment and maybe those states between the coasts may be successful
between the coasts may be successful
between the coasts may be successful companies aren’t being started there
companies aren’t being started there
companies aren’t being started there well turns out that the fastest-growing
well turns out that the fastest-growing
well turns out that the fastest-growing segment of entrepreneurs are women in
segment of entrepreneurs are women in
segment of entrepreneurs are women in fact women-owned firms are growing at a
fact women-owned firms are growing at a
fact women-owned firms are growing at a rate 1.5 times faster than the national
rate 1.5 times faster than the national
rate 1.5 times faster than the national average there are more than 9 million
average there are more than 9 million
average there are more than 9 million women owned firms in the United States
women owned firms in the United States
women owned firms in the United States an african-american owned firms they’re
an african-american owned firms they’re
an african-american owned firms they’re growing at a rate of 60% while non
growing at a rate of 60% while non
growing at a rate of 60% while non minority firms are growing at a rate of
minority firms are growing at a rate of
minority firms are growing at a rate of just 9% Hispanic entrepreneurs have
just 9% Hispanic entrepreneurs have
just 9% Hispanic entrepreneurs have tripled there’s more than 2 million in
tripled there’s more than 2 million in
tripled there’s more than 2 million in the United States right now so they’re
the United States right now so they’re
the United States right now so they’re definitely out there so could it be this
definitely out there so could it be this
definitely out there so could it be this performance thing let’s look at some
performance thing let’s look at some
performance thing let’s look at some data if we’ve looked at women led
data if we’ve looked at women led
data if we’ve looked at women led organizations what do we see they
organizations what do we see they
organizations what do we see they outperformed the S&P 500 by 3x and one
outperformed the S&P 500 by 3x and one
outperformed the S&P 500 by 3x and one firm peeled back their portfolio of
firm peeled back their portfolio of
firm peeled back their portfolio of investments and they found that the
investments and they found that the
investments and they found that the firms with a female founder performs 63
firms with a female founder performs 63
firms with a female founder performs 63 percent better than firms with all-male
percent better than firms with all-male
percent better than firms with all-male founding teams and Forbes reported
founding teams and Forbes reported
founding teams and Forbes reported racially diverse organizations
racially diverse organizations
racially diverse organizations outperformed by 35 percent so they’re
outperformed by 35 percent so they’re
outperformed by 35 percent so they’re clearly performing these segments are
clearly performing these segments are
clearly performing these segments are and in some cases outperforming okay so
and in some cases outperforming okay so
and in some cases outperforming okay so what about those flyover states that
what about those flyover states that
what about those flyover states that don’t get much venture capital what’s
don’t get much venture capital what’s
don’t get much venture capital what’s happening there there’s a growing view
happening there there’s a growing view
happening there there’s a growing view that the successful companies are being
that the successful companies are being
that the successful companies are being started in Silicon Valley or just on the
started in Silicon Valley or just on the
started in Silicon Valley or just on the coasts what this map of the United
coasts what this map of the United
coasts what this map of the United States draws out where we find the
States draws out where we find the
States draws out where we find the fortune 500 and why does that matter
fortune 500 and why does that matter
fortune 500 and why does that matter because any definition of a successful
because any definition of a successful
because any definition of a successful startup is one that makes it to the
startup is one that makes it to the
startup is one that makes it to the fortune 500 the elite 500 and as you can
fortune 500 the elite 500 and as you can
fortune 500 the elite 500 and as you can see these successful companies have been
see these successful companies have been
see these successful companies have been started all over America many of them
started all over America many of them
started all over America many of them between the coasts so what is holding us
between the coasts so what is holding us
between the coasts so what is holding us back then what could it be
back then what could it be
back then what could it be there’s been a lot of focus lately on
there’s been a lot of focus lately on
there’s been a lot of focus lately on something called unconscious bias and
something called unconscious bias and
something called unconscious bias and put simply this is the effect on our
put simply this is the effect on our
put simply this is the effect on our decision-making in our perceptions
decision-making in our perceptions
decision-making in our perceptions based on our own backgrounds often
based on our own backgrounds often
based on our own backgrounds often unknowingly making decisions based on
unknowingly making decisions based on
unknowingly making decisions based on our own experiences TechCrunch took a
our own experiences TechCrunch took a
our own experiences TechCrunch took a look at this and said entrepreneurs will
look at this and said entrepreneurs will
look at this and said entrepreneurs will be categorized as similar if they have a
be categorized as similar if they have a
be categorized as similar if they have a shared parallel experience with the
shared parallel experience with the
shared parallel experience with the investor and they will have a distinct
investor and they will have a distinct
investor and they will have a distinct advantage if they do now consider that
advantage if they do now consider that
advantage if they do now consider that 93% of the investing managers of the
93% of the investing managers of the
93% of the investing managers of the leading 100 firms are men to overcome it
leading 100 firms are men to overcome it
leading 100 firms are men to overcome it we must recognize that unconscious bias
we must recognize that unconscious bias
we must recognize that unconscious bias is real
is real
is real and by the way isn’t it natural that the
and by the way isn’t it natural that the
and by the way isn’t it natural that the people in our networks are people
people in our networks are people
people in our networks are people similar to us and the people that we
similar to us and the people that we
similar to us and the people that we closely relate to and understand are
closely relate to and understand are
closely relate to and understand are people similar to us it’s only natural
people similar to us it’s only natural
people similar to us it’s only natural but we must recognize it and we need to
but we must recognize it and we need to
but we must recognize it and we need to take steps to level the playing field so
take steps to level the playing field so
take steps to level the playing field so that budding entrepreneurs everywhere
that budding entrepreneurs everywhere
that budding entrepreneurs everywhere and heard of their size their shape
and heard of their size their shape
and heard of their size their shape their color where they come from or
their color where they come from or
their color where they come from or their background can believe that they
their background can believe that they
their background can believe that they can get that jet fuel and maybe build
can get that jet fuel and maybe build
can get that jet fuel and maybe build the next great American company
the next great American company
the next great American company entrepreneurs like Shaw’s Eva’s room
entrepreneurs like Shaw’s Eva’s room
entrepreneurs like Shaw’s Eva’s room Ozzy was a child of immigrants who came
Ozzy was a child of immigrants who came
Ozzy was a child of immigrants who came to America when she was young and she
to America when she was young and she
to America when she was young and she found a path that led her to Columbia
found a path that led her to Columbia
found a path that led her to Columbia Business School and while she was at
Business School and while she was at
Business School and while she was at Columbia she befriended a bunch of young
Columbia she befriended a bunch of young
Columbia she befriended a bunch of young moms and she heard a common theme they
moms and she heard a common theme they
moms and she heard a common theme they were having trouble finding healthy baby
were having trouble finding healthy baby
were having trouble finding healthy baby food alternatives as the new sort of
food alternatives as the new sort of
food alternatives as the new sort of health focus and organic movement was
health focus and organic movement was
health focus and organic movement was taking place so Shazi saw an opportunity
taking place so Shazi saw an opportunity
taking place so Shazi saw an opportunity she said I can solve that problem and
she said I can solve that problem and
she said I can solve that problem and she created a company called happy
she created a company called happy
she created a company called happy family as founder and CEO happy family
family as founder and CEO happy family
family as founder and CEO happy family has found so much success that inc
has found so much success that inc
has found so much success that inc magazine named it one of the fastest
magazine named it one of the fastest
magazine named it one of the fastest growing companies in the United States
growing companies in the United States
growing companies in the United States two years in a row and fast company
two years in a row and fast company
two years in a row and fast company called Shazi a rock star of the new
called Shazi a rock star of the new
called Shazi a rock star of the new economy this is Steph Spears
economy this is Steph Spears
economy this is Steph Spears Steph is founder and CEO of a company
Steph is founder and CEO of a company
Steph is founder and CEO of a company called solstice Steph was raised by a
called solstice Steph was raised by a
called solstice Steph was raised by a single mom on welfare and through that
single mom on welfare and through that
single mom on welfare and through that experience she watched her mom struggle
experience she watched her mom struggle
experience she watched her mom struggle to pay the monthly bills to make it all
to pay the monthly bills to make it all
to pay the monthly bills to make it all work so when the solar revolution came
work so when the solar revolution came
work so when the solar revolution came along stuff got really excited about its
along stuff got really excited about its
along stuff got really excited about its potential to address families like the
potential to address families like the
potential to address families like the one she was raised in so she saw an
one she was raised in so she saw an
one she was raised in so she saw an opportunity so she looked at the solar
opportunity so she looked at the solar
opportunity so she looked at the solar revolution she was stunned to learn
revolution she was stunned to learn
revolution she was stunned to learn something was true tens of millions of
something was true tens of millions of
something was true tens of millions of households are potentially locked out of
households are potentially locked out of
households are potentially locked out of the solar revolution simply because they
the solar revolution simply because they
the solar revolution simply because they rent their house or they’re a low-income
rent their house or they’re a low-income
rent their house or they’re a low-income family or maybe their house is just
family or maybe their house is just
family or maybe their house is just positioned in the wrong way but that
positioned in the wrong way but that
positioned in the wrong way but that fact didn’t dodge Steph in fact it
fact didn’t dodge Steph in fact it
fact didn’t dodge Steph in fact it inspired her so what did she create
inspired her so what did she create
inspired her so what did she create through solstice these are community
through solstice these are community
through solstice these are community solar farms that neighborhoods can share
solar farms that neighborhoods can share
solar farms that neighborhoods can share their low-cost access to solar think of
their low-cost access to solar think of
their low-cost access to solar think of it as the sharing economy for those who
it as the sharing economy for those who
it as the sharing economy for those who need it most so really the question is
need it most so really the question is
need it most so really the question is here how do we get more Shahs ease and
here how do we get more Shahs ease and
here how do we get more Shahs ease and how do we get more stuffs today I want
how do we get more stuffs today I want
how do we get more stuffs today I want to propose five new rules that perhaps
to propose five new rules that perhaps
to propose five new rules that perhaps if followed could be game-changing rule
if followed could be game-changing rule
if followed could be game-changing rule number one let’s lose the stereotypes
number one let’s lose the stereotypes
number one let’s lose the stereotypes that have been holding us back this is a
that have been holding us back this is a
that have been holding us back this is a recent Google search under successful
recent Google search under successful
recent Google search under successful entrepreneurs now it’s not really about
entrepreneurs now it’s not really about
entrepreneurs now it’s not really about Google is it because their algorithms
Google is it because their algorithms
Google is it because their algorithms just rely on what’s out there in pop
just rely on what’s out there in pop
just rely on what’s out there in pop culture and media in movies and in
culture and media in movies and in
culture and media in movies and in television we need to begin to focus on
television we need to begin to focus on
television we need to begin to focus on other great entrepreneurs that come from
other great entrepreneurs that come from
other great entrepreneurs that come from other sectors like Daymond John like
other sectors like Daymond John like
other sectors like Daymond John like tory burch and yes like Oprah Winfrey
tory burch and yes like Oprah Winfrey
tory burch and yes like Oprah Winfrey rule number two recognize that
rule number two recognize that
rule number two recognize that unconscious bias is real it doesn’t have
unconscious bias is real it doesn’t have
unconscious bias is real it doesn’t have to be intentional but it will play a
to be intentional but it will play a
to be intentional but it will play a role if we are not intentional which
role if we are not intentional which
role if we are not intentional which brings us to rule number three be
brings us to rule number three be
brings us to rule number three be intentional let’s really put our efforts
intentional let’s really put our efforts
intentional let’s really put our efforts into extending
into extending
into extending the same privileges that have been there
the same privileges that have been there
the same privileges that have been there for limited few to many many new
for limited few to many many new
for limited few to many many new segments of society rule number four
segments of society rule number four
segments of society rule number four diverse entrepreneurs are going to bring
diverse entrepreneurs are going to bring
diverse entrepreneurs are going to bring us new diverse kinds of innovations
us new diverse kinds of innovations
us new diverse kinds of innovations think about Steph if her mom hadn’t
think about Steph if her mom hadn’t
think about Steph if her mom hadn’t struggled so much to meet basic bills
struggled so much to meet basic bills
struggled so much to meet basic bills she might not have seen the need to
she might not have seen the need to
she might not have seen the need to address that market there’s an exciting
address that market there’s an exciting
address that market there’s an exciting opportunity in our communities if
opportunity in our communities if
opportunity in our communities if diverse entrepreneurs who see things a
diverse entrepreneurs who see things a
diverse entrepreneurs who see things a little differently come in and mix it up
little differently come in and mix it up
little differently come in and mix it up and bring us all kinds of new
and bring us all kinds of new
and bring us all kinds of new innovations and finally rule number five
innovations and finally rule number five
innovations and finally rule number five be fearless and get in the arena so no
be fearless and get in the arena so no
be fearless and get in the arena so no matter who you are there’s a role you
matter who you are there’s a role you
matter who you are there’s a role you can play help champion the need for
can play help champion the need for
can play help champion the need for entrepreneurship for all share the
entrepreneurship for all share the
entrepreneurship for all share the stories in the data that I’ve shared
stories in the data that I’ve shared
stories in the data that I’ve shared with you today look at your network and
with you today look at your network and
with you today look at your network and asked do you know some others who can
asked do you know some others who can
asked do you know some others who can help do more here and finally if you’re
help do more here and finally if you’re
help do more here and finally if you’re out there and you have a new idea be
out there and you have a new idea be
out there and you have a new idea be fearless start your own next great
fearless start your own next great
fearless start your own next great American company so these are the faces
American company so these are the faces
American company so these are the faces of founders they’ve all started new
of founders they’ve all started new
of founders they’ve all started new companies and have big dreams their hope
companies and have big dreams their hope
companies and have big dreams their hope is that this is their moment in the
is that this is their moment in the
is that this is their moment in the American story from Alexander Graham
American story from Alexander Graham
American story from Alexander Graham Bell to Oprah Winfrey to Steve Jobs
Bell to Oprah Winfrey to Steve Jobs
Bell to Oprah Winfrey to Steve Jobs American ingenuity has brought us the
American ingenuity has brought us the
American ingenuity has brought us the quality of life we enjoy today
quality of life we enjoy today
quality of life we enjoy today so let’s seize this moment together
so let’s seize this moment together
so let’s seize this moment together this powerful opportunity to democratize
this powerful opportunity to democratize
this powerful opportunity to democratize entrepreneurship strengthen our economy
entrepreneurship strengthen our economy
entrepreneurship strengthen our economy and make sure that anyone from anywhere
and make sure that anyone from anywhere
and make sure that anyone from anywhere has a fair shot at the American dream
has a fair shot at the American dream
has a fair shot at the American dream thank you very much
thank you very much
thank you very much [Applause]
”
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