Nex Cubed Partners with HBCUvc to Launch Scout Program

Nex Cubed and HBCUvc Join Forces to Support Black Venture Capitalists

A Partnership to Boost Diversity in the Tech Industry

In a significant move towards increasing diversity in the tech industry, Nex Cubed, a venture accelerator, has announced a partnership with HBCUvc, a nonprofit organization that offers fellowships and an angel investing network to students and alumni from Historically Black Colleges and Universities (HBCUs). This collaboration aims to provide HBCU students and alumni with real-life experiences working with a VC firm and support the development of the next generation of Black venture capitalists.

The Power of Collaboration

Instead of creating separate programs, Nex Cubed has chosen to team up with HBCUvc, leveraging their existing expertise and resources. This strategic partnership will enable both organizations to achieve more together than they could alone. As Marlon Evans, CEO of Nex Cubed, explained in an interview with TechCrunch:

"Instead of reinventing the wheel and setting up a separate program targeted at HBCUs, we decided to team up with HBCUvc and provide them with an opportunity to go beyond their fellowship program to provide their fellows with real-life experiences working with a VC firm."

A Shared Goal: Closing the Diversity Gap

The venture scouting partnership between Nex Cubed and HBCUvc is part of a broader effort to address the significant diversity gap in the tech industry. According to data, Black founders account for less than 5% of all investors and receive just about 1% of all venture capital funding each year. This underrepresentation has far-reaching consequences, including missed opportunities for innovation and financial losses.

By partnering with HBCUvc, Nex Cubed is committed to tapping into the vast talent pool at HBCUs, which have long been incubators for Black talent. With over 100 HBCUs across the United States, these institutions graduate a quarter of all African-American STEM students, many of whom hail from prestigious schools like Howard University and Clark Atlanta.

The Importance of HBCUs in Tech

HBCUs have played a pivotal role in shaping the tech industry by producing talented individuals who are well-equipped to tackle complex problems. As Marlon Evans emphasized:

"Part of our investment thesis is that the individuals who have firsthand experiences of some of these problems are going to be the people who can come up with some of the most innovative solutions to address them."

A New Era for Black Venture Capitalists

The partnership between Nex Cubed and HBCUvc will provide fellows and alumni with invaluable experience, training them on essential skills such as performing due diligence and drafting investment memos. As a bonus, they will receive a percentage of carry in the fund if a startup they sourced goes on to receive investments.

A Growing Movement to Support Diverse Venture Capitalists

Nex Cubed’s partnership with HBCUvc is not an isolated effort. Other initiatives, such as The Historical Fund’s donation of $10 million to nine HBCUs to help them invest in venture capital and Lo Toney’s efforts to get more VC firms to accept HBCUs as limited partners, demonstrate the growing recognition of the importance of diversity in the tech industry.

Call to Action: Apply Now

Applications for the HBCUvc x Nex Cubed program are now being accepted. Those interested can apply here. This partnership marks an exciting step towards creating a more inclusive and diverse venture capital landscape, where Black founders and investors have equal opportunities to succeed.

Key Takeaways:

• Nex Cubed has partnered with HBCUvc to provide HBCU students and alumni with real-life experiences working with a VC firm.
• The partnership aims to support the development of the next generation of Black venture capitalists and address the significant diversity gap in the tech industry.
• HBCUs have played a pivotal role in shaping the tech industry by producing talented individuals who are well-equipped to tackle complex problems.

Conclusion

The partnership between Nex Cubed and HBCUvc is a beacon of hope for a more inclusive and diverse venture capital landscape. By recognizing the value of diversity and leveraging their expertise, both organizations can achieve more together than they could alone. As the tech industry continues to evolve, it’s clear that collaboration and innovation will be key drivers of success.