Ep. 4 – Is Raising Money the Right Route for Your Business?

Dec 9, 2022 | Podcast

True Wealth Conversations
True Wealth Conversations
True Wealth Conversations

Summary

On today’s episode of True Wealth Conversations, I am joined by Felecia Hatcher. Felecia is the CEO of the Pharrell Williams Black Ambition Opportunity Fund and co-founder of the Center for Black Innovation. Felicia and I chat about entrepreneurship and the transition that she made after selling her company. We talk about Black Ambition which is an amazing organization that helps support Black and Latinx startup founders. We also talk about how to prepare to raise money including how to make sure your application shines through, how to know if your company should be raising money, and we even reference back to episode 3 with Gamal Codner when we talk about exit plans. This was a great conversation with Felecia and I hope that this allows you to start thinking about what it truly takes to raise money and deciding if this is the right route for your business. There are so many tips and wisdom in here that can help you.

Key Takeaways

On today’s episode of True Wealth Conversations, I am joined by Felecia Hatcher at Black Equity Con. Felicia is the CEO of Pharrell Williams Black Ambition Opportunity Fund and co-founder of the Center for Black Innovation in Miami, FL. 

Felecia and I chat about entrepreneurship. Felecia shares her story about her first company that she founded was actually stolen from her and what she learned through that. She talks about her company, Feverish Pop, that was the first company to put alcohol into popsicles and her company Black Tech Week that she sold. She talks about the transition that she made as an entrepreneur when she sold Black Tech Week and how it was a hard transition. She shares the inspiration that she had in selling her business as well. She now is focusing more on speaking.

Felecia and I talk more about Black Ambition which is an amazing organization that funds Black and Latinx HBCU startup founders at the highest level – from mentorship to resources to help. She helps create pathways for them in their entrepreneurship journey.

Our conversation then transitions into how does someone prepare to raise money whether they are new to business or in a position in their business that they haven’t done this yet. How do you prepare or best position yourself so that your application shines through the others? Felecia shares more about being vocal about raising capital, product market fit, showcasing your good team, and sharing receipts. We chat about how important that is and how it’s ok to brag a little and explain why you’re qualified to build this.

We chat more about if a company should be raising money. Felecia shares that the biggest way to know if you should be is to know if you are a small business that happens to be playing well in the startup space or if you’re an actual true startup. She shares more about what a true startup is and explains how much happens after you receive the money. She explains to make sure that you are the type of leader that can lead leaders and someone that can communicate with investors on an ongoing basis and being honest with yourself about if this is something that you really want in your business.

We even reference back to episode 3 with Gamal Codner when we talk about having an exit plan and how you should be thinking about exiting as part of your business future.

This was a great conversation with Felecia and I hope that this allows you to start thinking about what it truly takes to raise money and deciding if this is the right route for your business. There are so many tips and wisdom here that can help you prepare.

In this episode, we covered:

-Entrepreneurship

-Black Ambition – an organization that funds Black and Latinx HBCU startup founders

-How to raise funds

-How to make sure your application stands out when applying for funds

Resources and links mentioned in this episode:

-Connect with Felicia on her website www.feleciahatcher.com, Linkedin (linkedin.com/in/feleciahatcher), and Instagram (www.instagram.com/feleciahatcher)

www.blackambitionprize.com 

-Check out episode 3 with Gamal Codner (link episode 3 here) talking all about preparing for your exit plan.

-Connect with me on Instagram and Facebook: @dominiquebroadway

MORE ABOUT TRUE WEALTH CONVERSATIONS WITH DOMINIQUE BROADWAY

True Wealth Conversations is your safe space to have healthy and wealthy conversations about life, love, business and motherhood. Together we will unlock the true meaning of wealth with weekly episodes hosted by Top Millennial Money Expert Dominique Broadway.Dominique has won numerous awards such as being named one of the Top Financial Advisors for Millennials in the U.S., Changemaker of the Year, Businessperson of the Year in Washington D.C. and the Top 30 under 30 in Washington D.C. She does all of this while also being a mom of 2, a friend, and an inspiration to many. Connect with Dominique across social media: @dominiquebroadway or learn more on her website at: www.dominiquebroadway.com.

Is Raising Money the Right Route for Your Business

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