To help connect minority and women-led startups with resources to help navigate business challenges caused by the coronavirus, a Chicago-based group is setting up VC office hours to give founders access to venture capitalists who can offer advice.
Chicago:Blend, a VC-led organization working to diversify Chicago’s tech ecosystem, announced Thursday that it will begin offering founders the chance to virtually meet with venture capitalists to ask advice, practice pitches and get other helpful tips for sustaining a business through the COVID-19 crisis.
Venture capitalists from Chicago Ventures, Hyde Park Venture Partners, Chingona Ventures, Origin Ventures, Energize Ventures and Vitalize Venture Group are set to participate.
Lindsay Knight, director of platform at Chicago Ventures and the founder of Chicago:Blend, said as Chicago braces for a VC slowdown, underrepresented founders could be at an even deeper disadvantage during a downturn.
"While no one knows how this downturn will shake out, we anticipate that, at least immediately, network and relationships will be more crucial than ever as VCs work to build trust remotely," Knight told Chicago Inno. "We also anticipate that underrepresented founders may be hit harder than others, especially if they don't have those relationships in place."
Founded in 2018, Chicago:Blend set out to examine the diversity gap in Chicago’s tech community. Some of its initiatives have included outlining the gender and racial demographics of local startups’ leadership teams, and collecting diversity data across all of Chicago's venture firms.
Knight said Chicago:Blend's goal with office hours is to bring more resources to Chicago founders who need it most, adding that the group plans to keep the program going as long as there's interest.
"Our promise is to provide honest, no-nonsense feedback about what we see and hear in the funding market, and to help make connections where it makes sense," she said.
