Being a black investor in Canada
Phil G. Joseph is the kind of person who can’t stand by and watch a problem unfold, especially if he can do something about it! This champion of equity, diversity and inclusion is the creator and executive producer of Rep Matters, a video series highlighting black entrepreneurs and investors in Canada. Interview.
URelles: You don’t come from a technology or venture capital background. What inspired you to create this video series?
Phil G. Joseph: In fact, I’ve always had a passion for technology and entrepreneurship. At the beginning of my professional life, I had decided to focus on another passion, sports therapy, but I knew that ultimately there was something else for me, and I ended up following that instinct. I left sports therapy to create a place for myself in the tech ecosystem.
One day, a friend put me in touch with John Stokes, co-founder and partner of Real Ventures. We talked about the lack of black diversity in the tech and venture capital world in Canada. We wanted to collaborate together, and I pitched him the idea of the video series I would have liked to see as a black man searching for his bearings in this industry. That’s how “Rep Matters” was born. It’s incredibly powerful to see yourself represented!
URelles: Your previous professional career was in sport. Are there any similarities between tech and sport when it comes to the representation of black people?
Phil G. Joseph: Not really. Some sports have an over-representation of black people (soccer, basketball, etc.). But that’s only at the athlete level. At the level of top-level coaches and team owners – the people with the real power – there are very few black people.
In tech in Canada, there are very few black people at all; whether on the employee, founder or investor side, there’s simply a lack of representation.
URelles: What do you hope to achieve with this interview series?
Phil G. Joseph: The ultimate goal is to change the perception of who can work in tech, found a startup, or be an investor. We want to improve the participation of black people in tech and venture capital, so that they too can benefit from entrepreneurial opportunities and high salaries. To do this, people already in the field need to be aware of the problem and have a desire to solve it. Also, black people need to feel invited to participate in our innovation economy and be aware of the field’s potential for a better life.
URelles: The series highlights the main obstacles facing black entrepreneurs and investors today. Can you give us a few examples?
Phil G. Joseph:There are many, but the most important is access to capital. In Canada, very few startups founded by black people receive the capital – and the mentoring that comes with it – that would enable them to grow rapidly. There are several reasons for this, but it’s hard to be sure given the lack of data on black entrepreneurs. What is certain is that systemic racism plays its part in this reality.
For black investors, the biggest difficulty is becoming one. The venture capital world is an exclusive environment where you practically have to be invited. There aren’t many jobs, and the few that are available are quickly filled through the connections of people already working there.
“I’ve been trying for a year to meet every black venture capitalist in Canada, and so far I know less than a dozen…” – Phil G. Joseph
URelles: What can individuals and organizations do to support black entrepreneurs?
Phil G. Joseph: Start by watching the whole series Rep Matters. There’s a lot of information and context in each episode. Then, I think the best answer to this question requires a tailored approach depending on the individual or organization, but in general, I’d say you need:
1. Make a conscious effort to expand your circle to find black contractors and buy their services.
2. Ask them what they might need and help them, whether it’s introducing them to potential investors, customers, employees, etc.
3. Support organizations that seek to solve problems of racial inequity.
URelles: You created this series of video interviews to highlight role models for the black tech community. Why is highlighting role models essential?
Phil G. Joseph: This is essential for two reasons:
1. By placing these examples within the tech and venture capital communities, it normalizes the presence of black people in the field and can help lower barriers to entry.
2. Sometimes you have to see it to believe it. Seeing people who look like us can be extremely inspiring and can generate interest from young black people who are looking in what professional direction to go.
Rep Matters is present on social media: Facebook // Twitter // LinkedIn // Instagram
