Pyrium

Governor Gavin Newsom signed into law California Senate Bill 54!! This bill is a milestone and the first-of-its kind in the country, not only for us but for every aspiring female entrepreneur and founders of color who have faced countless obstacles on their fund raising journey. I am thrilled to share with you this momentous achievement, one that I hold close to my heart and that represents the collective dedication of this incredible team- Allison Byers, F5 Collective, Marquesa Finch, Derek Ali, Kelly Kimball, Luis Sanchez, Larisa Cespedes, Nancy Skinner, Kate Chatfield, Kapri Walker. Transparency and accountability are the key to reform. Venture funds play a critical role in driving innovation, job creation and wealth creation opportunities and they hold the power in which companies get funded. Bill SB-54 is the first step towards transparency, it requires these funds to join us in addressing funding disparities, take pride in their decisions, be transparent and share it with the world, nothing more, nothing less. The passing of Bill SB-54 is undoubtedly a momentous event that will help reshape the funding landscape for female founders and founders of color but the full extent of its impact remains to be seen. As the bill begins to take effect, it will be closely monitored, and its consequences will be closely scrutinized by entrepreneurs, investors, and policymakers alike. I am posting my testimony here as I highlight the funding disparity that exists in the startup ecosystem and why accountability matters! Please share this post to help us celebrate this critical milestone! Full bill: https://lnkd.in/e-fDqSFN #FemaleFounders #LegislationImpact #venturecapital  #fundraising  #founders  #diversity  #socialentrepreneurship  #investment  #entrepreneurship  #funding #entrepreneurs #california

It is a momentous day! Our bill, SB 54 has been signed into law by California State Governor Gavin Newsom! With the passing of this bill, we will be able to bring real transparency and accountability to venture capital when it comes to who they fund. Last year, out of $238 Billion dollars of capital disseminated, only 1.9% of that went to female founders (down from 2.4%) and for Black founders, it was less than 1%. Furthermore, almost 40% of all funds are domiciled in California, making the state one of the most influential when it comes to backing founders. With the current bias in venture capital, we risk effecting future generations who will not see themselves represented in entrepreneurship. As a woman, a Black and Filipina woman, a venture capitalist, and a founder, this represents a brighter, more equitable future. SB 54 not only addresses bias with policy, it creates a more reliable and uniformed data set for everyone to work off of. It will make public who is committed to creating equitable systems in capital dissemination and who is not. It creates a basis of understanding for the entire industry to improve upon, and it allows us to better advise additional policy, programs, and initiatives to finally create equity and parity within venture capital. At Pyrium and the F5 Collective, our mission is to ensure that women founders and founders of color have equitable access to venture funding and we are so proud to have sponsored SB 54. This incredible work would not be possible with out the support of Senator Nancy Skinner, Senator Toni Atkins, Divya Reddy, Derek Ali, Allison Byers, Scroobious, Kelly Kimball, Luis Sanchez, Larisa Cespedes, Kate Chatfield, and Kapri Walker. Additionally, I am grateful to Hanisha Harjani and The Fuller Project, The Guardian, Dominic-Madori Davis and TechCrunch, Michael Berhane and POCIT, Bobbie Carlton and Innovation Women, and Women of Community for covering our journey. The work is far from finished--this is only the beginning! If you would like to get involved with creating equity in venture capital, please get in touch and send me a DM.

I am honored to be featured in this great segment on our work with the California SB 54 bill to mandate diversity reporting of portfolio founders within venture capital funds. Thank you to Hanisha Harjani at The Fuller Project, VICKI GONZALEZ and CapRadio for covering this important initiative. A special thank you to Ellen K. Pao for her insights! Listen in (starts at 14:20)! Shout outs to contributors and those who testified: Allison Byers, Divya Reddy, Derek Ali, Kelly Kimball, Luis Sanchez, and Larisa Cespedes

Continued coverage of our CA Bill, SB54! We've passed the Assembly and now it's up to Governor Newsom to sign. In 2022, $238 billion dollars were allocated. Just 1.9% went to women, down from 2.4% in 2021. In the first half of 2023, Black founders received 0.75% of venture funding, down from 1.25% from a year ago. We are in a crisis situation. SB54 seeks to bring greater transparency on diversity in entrepreneurship and venture capital through data collection and public access to support accountability and progress just as similar bills have done. We need your help! Please share coverage of SB54 like this one with your networks and tag Governor Gavin Newsom to highlight just how important this bill is to us and our community. https://lnkd.in/eHN5F6Uy