1863 Ventures Transitions to For-Profit New Majority Ventures
Nonprofit 1863 Ventures, focused on supporting underrepresented founders, is transforming into a for-profit entity named New Majority Ventures. Founder Melissa Bradley states the new organization will operate under a fiscal sponsor, potentially the Tides Foundation.
Over eight years, 1863 Ventures claims to have assisted over 5,000 founders and created 2,000 jobs. The organization managed two funds: 1863 Venture Fund I and Innovation Equity Impact Fund (IIEIF), with investments in companies like Lingo, The Black Girl Doctor, and Harlem Candle Co.
Changes and Continuities
Despite the shift, core elements of 1863 Ventures will remain. The organization's charitable focus, existing funds, and mission to create substantial wealth for "New Majority founders" will continue. New Majority Ventures will expand collaborations with accelerators, incubators, and universities to broaden its research initiatives. For insights into other entrepreneurial ventures, see OpenAI and Anduril's AI-powered drone defense.
Key changes include the name, some staff reductions, and a shift towards supporting the broader ecosystem through content and research. The organization will not create new funds at this time, relying instead on its fiscal sponsor. This transition reflects a strategic move to maximize impact by working with ecosystem partners rather than solely running its own programs. For more on tech industry developments, check out 9to5Mac Daily: Apple, Spotify, and Apple Wallet Updates.
Bradley emphasizes the continued commitment to supporting underrepresented founders. This restructuring aims to amplify their work by fostering collaboration and providing valuable resources to the wider entrepreneurial ecosystem. For related news on business ventures, see Cyber Monday Apple Deals.