The New Builders

CHAPTER FIFTEENNew Capital Models

Seth has devoted his entire career to financing early‐stage businesses. As a venture capitalist for over 20 years, he has been a part of the system and the establishment. For most of this time, the industry paid limited attention to questions of equity and inclusion in what has historically been a White, male‐dominated industry. It has only been in the past several years that somewhat of a reckoning has started to take place – a reckoning about how little progress has been made around diversity in the venture business and about how narrow a slice of the business world venture capital actually addresses. We see this work as positive but also recognize that it is slow‐moving and deliberate. It will take time. Our hope is to see this work accelerated with change coming both from inside the industry as well as from disruptors from the outside, challenging the status quo and doing exactly what the venture industry prides itself on: innovating.

The venture industry has created many great successes and has played a part in helping bring to life world‐changing businesses. It's also been incredibly myopic in its thinking and insular in the way it has operated. The result is an industry that believes it is transforming the world, while at the same time operating in an incredibly narrow segment of that world. To have a front‐row seat to the explosion of venture capital over the past decade provides what is perhaps a glimpse into the possibility for other ...