Startup Tree https://hssu-cie.startuptree.co/

Kristy Jackson from the Center of Innovation and Entrepreneurship (CIE) at Harris-Stowe State University talking about challenges to minority founders

Supporting Minority Entrepreneurs in St. Louis

Mary and Kristy discussed the challenges minority founders face, including funding gaps, knowledge gaps, and a lack of mentorship and sponsorship. Kristy, as the Executive Director of the Center of Innovation and Entrepreneurship at Harris Stowe State University, highlighted their entrepreneurship program's efforts to address these issues by providing resources and support to St. Louis entrepreneurs. They also mentioned Kristy's personal experience as an entrepreneur and her involvement in creating a co-working space in St. Louis.

Challenges for African American Entrepreneurs

Kristy discussed the challenges African American entrepreneurs face, including access to capital, business plan development, and financial statement management. She emphasized the importance of market validation, mentorship, and having both industry-specific and diverse mentors to support business growth. While resources like Small Business Development Centers and SCORE can be valuable, Kristy noted that early-stage entrepreneurs might find them intimidating and suggested that culturally aligned mentors can be more beneficial.

Entrepreneurial Mentoring and Incubation Programs

Kristy discussed the challenges and benefits of mentoring early-stage entrepreneurs through SCORE, emphasizing the importance of matching expectations and providing resources. She highlighted the innovation center's programs, including the 24-week Next Level business incubator, which focuses on building trust, community, and business skills. The center offers business coaches, performance coaches, and additional support, such as meals, to help entrepreneurs develop resilience and apply business knowledge to their specific needs.

Entrepreneur Support and Resources Overview

Mary and Kristy discussed the importance of supporting entrepreneurs holistically and shared information about upcoming events and resources.

Culture and Commerce Fair https://hssu-cie.startuptree.co/event/s/fjWFGDcqJSe9hNQB6RzZyq/Culture-and-Commerce%253A-Black-History-Vendor-Fair/19

https://www.farzanachohan.com/

Dr. Farzana Chohan from Optimized Excellence talks about AI for Startups

AI Strategies for Startup Success

Mary introduces Dr. Farzana Chohan from Optimized Excellence to discuss AI strategies for startups. They plan to explore common mistakes startups make when approaching AI and how to work effectively with it.

AI Adoption: Fear vs. Blindness

Dr. Chohan discussed the two extreme approaches to AI: fear and blind adoption. She emphasized the need for leaders to learn about AI and its potential benefits for their specific business areas. Mary asked about a healthy approach to using AI, and Dr. Chohan suggested learning about AI and having a clear purpose for data analysis.

AI Tools for Professional Use

Dr. Farzana Chohan discussed the use of AI tools like ChatGPT, Perplexity, and Copilot for professional purposes. She emphasized the importance of using the paid version of ChatGPT to protect data privacy and explained how these tools can be used for deep research and target client analysis. Dr. Chohan advised starting with ChatGPT and learning to use it effectively through prompt engineering, while also mentioning that there are many other specialized AI tools available for different purposes. Mary encouraged attendees to learn more about AI tools and offered to share Dr. Chohan's contact information for further tips on AI usage in startups.

Responsible AI Adaptation Discussion

Dr. Chohan discussed the importance of adapting to artificial intelligence responsibly, emphasizing the need to understand and harness its benefits before it becomes a super intelligent technology. She encouraged learning about AI to maintain control over one's life and business.

Connect with Dr. Farzana Chohan Websites: https://www.aia818.com

Appointments: https://www.aia818.com/appointments

Book on Amazon: https://a.co/d/5aDsrBk

https://tencapital.group/

Hall Martin from TEN Capital talks about Success Factors in Early Stage Diligence

Due Diligence for Startup Investors

Mary and Hall discussed the importance of due diligence for early-stage startups. Hall explained that investors examine pitch decks, legal structures, cap tables, financial projections, and revenue models to assess a company's potential. He emphasized the need for entrepreneurs to demonstrate knowledge of their business and to show evidence of support from others, such as family and previous customers. Hall also stressed the importance of being transparent about a startup's current stage to help investors draw a realistic five-year plan and make informed decisions.

Entrepreneur Investor Transparency Strategies

Mary emphasized the importance of honesty with investors, advising entrepreneurs to be transparent about their business's current state and future plans. Hall added that entrepreneurs should provide compelling answers to investors' questions, demonstrating their understanding of the market and their ability to make good decisions in challenging environments.

Customer Validation for Startup Success

Hall and Mary discussed the importance of customer validation and market fit for startups. Hall emphasized the need to show customer interest, even if there's no revenue yet, and advised founders to always have customer-related information when meeting investors. They also talked about the common mistake of startups focusing too much on product details and not enough on other crucial aspects like market size, competition, and team composition when presenting to investors.

Startup Exit Planning Strategies

Mary and Hall discussed the importance of calculating potential returns for investors over different timeframes, emphasizing the need for startups to plan for exits. Mary highlighted the significance of due diligence for startups and encouraged them to book a call with her for guidance.