A dinner laid the groundwork for Philadelphia native and famed rapper Tariq Trotter to formally enter the world of venture capital.
What Impellent Ventures Managing General Partner Philip Beauregard, a New Bedford native, initially “thought was going to be a casual dinner conversation with a friend,” turned out to be anything but.
Beauregard and Trotter — who goes by "Black Thought" and fronts hip-hop group The Roots — discussed the ins-and-outs of venture capital on March 29 at Le Pavilion in New York. Beauregard recalls Trotter being intrigued.
“Tariq literally just peeked his head up from his meal, looked at me, and said ‘I want to do all of that,’” said Beauregard, a graduate of the Wharton School of the University of Pennsylvania.
He told Trotter that "this isn't something you can take lightly," stressing that to assume the "partnership role" is a "marriage, which is very, very all-encompassing."
Beauregard acknowledged Trotter's demanding schedule. The Roots are the house band on "The Tonight Show with Jimmy Fallon" and Trotter is also involved in the musical "Black No More."
But as the evening continued, Beauregard found that Trotter was eager to get on board, telling Beauregard he wanted to create a financial legacy and "help out underserved communities and entrepreneurs that are sometimes overlooked."
They later came to an agreement, and Trotter signed on as a general partner with Impellent Ventures in May. Impellent Ventures Founding General Partner David Brown was also at the dinner.
Headquartered in Rochester, New York, Impellent Ventures is a pre-seed and seed venture firm that focuses on various technology sectors including artificial intelligence, consumer goods and health care.
Founded by Brown in 2018, the company has offices in Boston, Los Angeles and New York. Beauregard joined the firm last November after working in the startup and investment spaces.
Trotter shared his enthusiasm in a statement this week, noting interests in finance and brand awareness.
“The combination of these elements made it natural to align with Impellent Ventures,” he said.
Beauregard said Trotter's history with Philadelphia adds to the match's significance as they look to explore the local "ecosystem" for investments.
“Tariq’s involvement just supercharges that to a certain extent because … Philadelphia’s his hometown,” Beauregard said. “Because he has so many ties to the community. Because he knows so many people, and because so many people know him.”
Beauregard, 41, found his way from Massachusetts to Philadelphia in 2000 to study finance at Wharton.
After graduating in 2004, Beauregard started his career in investment banking, but left amid the 2008 financial crisis, and started Objective Logistics, a company focused on helping other businesses increase sales. Landing outside funding gave him insight into the world of venture capital.
While Beauregard concentrated on investments and startups, technology remained a passion of his. It was a subject he was engaging in when he encountered Trotter on Twitter.
“So all of a sudden ... you’re reading through these tweets, and … you see 'Black Thought' of The Roots contributing with his blue checkmark,” Beauregard said.
Beauregard sent Trotter a message asking if he’d like to speak at Harvard Innovation Labs; he was surprised to find that Trotter responded, and obliged. In April 2016, Trotter gave a “fireside chat” about entrepreneurialism to about 50 people in Boston.
“It was a very 'Odd Couple' friendship to say the least, but it was extremely natural as well, because it was just two human beings, that I think liked each other, from different experiences, and I was building companies, and investing in companies, and ... Tariq was doing his thing," Beauregard said.
Beauregard said mentorship is a key responsibility of a venture capitalist. As Trotter assumes his new role, he'll be charged with “help[ing] companies go from this little tiny [fish] in an estuary, to a large fish or whale in the ocean, and that’s not an easy task.”
Shining a light on Philadelphia startups, Beauregard said he’s excited to work with academic and industry leaders in the city he used to call home. He’s now based in Baltimore and Boston.
“Philly is an absolute perfect type of city that we are already kind of targeting as core to our thesis of trying to help reemergent or secondary hubs and seeing if we can help those cities become the next San Francisco, LA, New York, or Boston,” he said.
