Ignite VC: Building a More Inclusive Future in Venture Capital with Patrick Driscoll
Episode 42 of the Ignite Podcast
The journey from international development to venture capitalism embodies the remarkable trajectory of Patrick Driscoll, a venture capitalist and LGBTQ+ advocate. His story, shared on the Ignite podcast with Brian Bell, unfolds a narrative of transformation, driven by a passion for economic development through entrepreneurship and an unwavering commitment to the LGBTQ+ community.
Key Takeaways:
· Career Evolution: Patrick’s career transitioned from international development to venture capitalism, fueled by his experiences in the Peace Corps and his realization of the impactful role of entrepreneurship in economic development.
· Championing Diversity: As a co-founder of the venture capital fund Chasing Rainbows, Patrick has positioned himself at the forefront of supporting LGBTQ+ founded companies, emphasizing the importance of diversity and inclusion in the venture capital ecosystem.
· Building Networks: The fund’s strategic approach involves leveraging Patrick’s and his partner’s extensive networks within the LGBTQ+ community and beyond, to support and invest in startups that promise innovation and growth.
· Educational Initiatives: Through his involvement in various educational programs and initiatives, Patrick aims to bridge the gap between potential LGBTQ+ entrepreneurs and the resources needed to launch successful ventures.
Conclusion: Patrick Driscoll’s story is a testament to the power of harnessing one’s passion for societal impact through the lens of venture capitalism. By focusing on LGBTQ+ founded companies, Chasing Rainbows seeks to not only generate financial returns but also foster a more inclusive and diverse entrepreneurial landscape. Patrick’s journey underscores the significance of representation, mentorship, and advocacy in creating opportunities for underrepresented communities within the venture capital sector.
Chapters
00:00 Introduction and Background
02:06 Transition to Entrepreneurship
03:31 Venture Capital and Accelerator Programs
04:55 Role at the Small Business Administration
06:20 Transition to Marketing and Carta
08:41 Role at BM&T and Non-Dilutive Funding
10:32 Involvement with LGBTQ+ Founders
13:43 Joining Gangel’s and StartOut
15:14 Transition to Chasing Rainbows
19:55 Fund Thesis and Investment Strategy
21:46 Deal Flow and Affinity Bias
28:08 Creating an Inclusive Environment
32:50 Competitive Cap Tables and Limited Investments
35:30 Investing in LGBTQ+ Founders
36:25 Fundraising Tactics and Visibility
44:53 Challenges in Certain Regions
47:26 Breaking into Venture Capital
52:03 Favorite VC Podcasts and Books
55:19 Passion and Impactful Advice
58:36 Exciting Sectors: Climate
01:01:15 Contact Information
👂🎧 Listen Here:
YouTube: https://www.youtube.com/channel/UCe9Kc7HMhXKqRddgJN01jNw
