Black & Found: Amplifying the voices of Black founders

Black & Found

Introducing the Imperial podcast amplifying the voices of Black and mixed Black heritage founders.

Black entrepreneurs receive just 0.24% of capital. Clearly, the startup scene for Black founders in the UK is bleak. Forbes research revealed that COVID-19 had a disproportionate financial impact on Black small businesses, with the path to recovery proving even harder. Black tech entrepreneurs in the UK say they have to rely on foreign investors to get their businesses off the ground. In June 2022, TechCrunch calculated that Black entrepreneurs saw a dramatic decrease in funding as investors continue to pull back (a decrease of over £600 million), despite the sector generating over £1.4 billion in the first half of 2021.

Companies like Google and YouTube, however, are committed to ensuring Black entrepreneurs have platforms and are able to progress. The Black Founders Fund is a Google for Startups initiative giving funding access to Black-founded startups in Europe. In 2022, it’s aiming to double 2021 investments (a whooping £6.5 million) by funding 40 Black-led startups. YouTube’s Black Voices Fund, initiated in 2020, is a multi-year commitment dedicated to highlighting and growing Black creators and Black music on the platform, and giving them access to resources to help them thrive.

Introducing Black & Found

Despite the implicit racial bias that prevents Black startups from excelling, there have been many that have flourished regardless. At the start of 2022, Imperial launched a new podcast called Black & Found, dedicated to hearing the voices and experiences of Black and Black mixed heritage founders. It specifically recognises the achievements of past Black and Black mixed heritage Imperial alumni. Hosted by Bosede Ogunleye, Innovation and Entrepreneurship Manager at Imperial, the podcast explores the entrepreneurial journeys of individuals at different stages of the Imperial Enterprise ecosystem and beyond.

Although the podcast has only been running for four months, the quantity of people reached and the topics discussed have been genuinely inspiring. Bosede doesn’t shy away from any market, interviewing CEOs across a range of fields, from tutoring to technology. During each episode, Bosede chats with her guest about their link to Imperial, As they share details of their company’s founding story and exchange entrepreneurial gems.

Alberta Asafo-Asamoah

As a dynamic start to the series, we meet Alberta, dual founder of companies AlgebraInTheCity – an educational support organisation striving to close the attainment gap for students – and Vetemonde – an eCommerce platform that supports fashion and beauty brands across Africa. This episode explores the harsh realities and shockingly low capital figures of the Black startup scene. Alberta says: “We need to incorporate entrepreneurship into our syllabuses so people who are creatively driven, rather than academically driven, can explore it from an early age.”

Michelle Palmer

Since founding her award-winning technology and recruitment business, TheDifferenceEngine, Michelle has mentored individuals displaying entrepreneurial intent who hope to push their startups to the next level.

When asked what surprised her about her journey, Michelle says: “I was shocked by just how rewarding founding a business could be. It is an amazing alternative to a corporate career. There has never been a dull day … You need to be a lawyer, an accountant, a PR machine, a financier; there are so many facets to running a business, I never fail to learn on a daily basis.”

Nate Macabuag

After falling in love with design and technology at secondary school and studying Mechanical Engineering at Imperial, Nate discovered prosthetics. He is now the founder of Koalaa Prosthetics and was named in Forbes 30 Under 30. Nate’s conversation with Bosede is full of banter, and he says: “I never thought about starting up a company. Ever. There were people in my class who were traditionally entrepreneurial, hustling and looking for ideas and doing things. I was never like that. I just wanted a normal job where I design some cool things. But things started to converge!”

Meet the host: Bosede Ogunleye, Innovation & Entrepreneurship Manager, Imperial College London

Why did you start Black & Found?

I’ve always been inspired by the achievements and innovation of the Black heritage community. Equally, I’ve often been frustrated at the lack of recognition, opportunity and celebration of individuals of Black heritage within entrepreneurship and beyond. The figures back up my frustration, too, with just 0.24% of UK venture capital investment going to Black founders between 2009 and 2019. This represents a total of just 38 entrepreneurs – with only 0.02% of venture capital investment going to Black female founders. When I joined the Imperial Enterprise Lab, I was inspired to find a solution to amplify and bring to the fore the ‘hidden’ journeys of Black heritage founders, hence why ‘Black & Found’ was created!

What was the process of reaching out to Black alumni for your podcast like?

The process has been heartwarming! Genuinely, most people I’ve reached out to have been wildly enthusiastic about being a guest! I’ve actually been quite overwhelmed with people wanting to be on the podcast, which has been very encouraging.

What have you learned since starting Black & Found?

So much! I’ve learned that founders of Black heritage, though not a monolithic group, have a drive and determination to succeed, despite several structural barriers and damaging stereotypes in their way. I’ve learned how Black heritage founders are very international, with several of the podcast guests coming from the African diaspora and launching their ventures across international locations – so impressive! Black heritage founders are brave, resourceful and determined individuals!

What’s been your favourite episode so far?

It’s impossible to choose! Honestly, I’ve loved them all!

What’s next for Black & Found?

Hopefully another series (watch this space!) I’m hoping to branch out of Imperial a little, too – perhaps interviewing Black heritage founders from more varied backgrounds.

What would be your advice for aspiring Black entrepreneurs?

Utilise the power of networking. This includes connecting with those who look/come from the same background as you, as well as others outside of the Black heritage community. It’s so important to learn from the journeys of others – both their successes and failures.

More to be announced!

Nana Nyantekyi

Nana, aka ‘Mr Worldwide’, completed his education across the UK and America through an Ivy League scholarship. He was able to join a startup company which exposed him to a flexible working schedule that “lit a fire” under him. RightTrack Sports was the first company he founded and combines his experiences on a sports scholarship in the US with his practical startup know-how. The company helps students find sports scholarships in American Universities. Nana is currently an entrepreneur-inresidence for technology-focused investment firm Marcho Partners and Co-Founder of Spiny.ai, which creates software solutions for digital publishing businesses.

Ezechi Britton MBE

Ezechi Britton MBE was founding Chief Technology Officer of Neyber, a UK based FinTech company that raised over £200 million and also founded Code Untapped to train the next generation of underrepresented technologists. Ezechi shares his journey from developer to CTO, Founder and investor, and how he is now supporting the next generation of startups and founders to build innovative companies.