Let’s Stop Leaving Trillions of Dollars on the Table!

By Gayle Jennings-O'Byrne  

It's unusual for me to be motivated by a politician's speech, still when Vice President Kamala Harris talked about breaking through barriers during a live-streamed event at the 2024 APAICS Legislative Leadership Summit in May, she galvanized a renewed sense of purpose and urgency within me to spread the word about the importance of diversity in entrepreneurship and investing.  Drawing on her mother's experience as an immigrant, the Vice President advocated for people to fight for equality and opportunities.  "Sometimes people will open the door for you and leave it open. Sometimes they won't. And then you need to kick that f--king door down."  "Sometimes people will open the door for you and leave it open. Sometimes they won't. And then you need to kick that f--king door down." As a Black woman who has spent my career breaking barriers in finance, technology, and global business, I know firsthand the urgency and necessity of that directive. When we fail to back entrepreneurs from underrepresented backgrounds, we're not just perpetuating inequities - we're leaving significant money and innovation on the table. Research consistently shows that diverse teams drive better business outcomes, yet women and people of color still receive a shockingly small slice of startup funding. It's not just a moral imperative to change this status quo; it's an economic necessity. By not investing appropriately in Black women, we lost out on $500 billion being added to the U.S. economy. That's $500 billion that could have been used to improve public education, fund our first responders and military personnel, repair roads and bridges, help cities recover from natural disasters, and more. Are we destined to repeat and perpetuate that? That's why I founded Wocstar Capital to invest in game-changing companies led by diverse founders. I'm calling on the entire business community to join us in building an ecosystem where everyone's ideas and talents can thrive.

My journey to this purpose began with a trailblazing mom - a hidden figure in science and business who shaped my earliest understanding of what was possible. As the daughter of a tech pioneer who helped usher in the computer age, I grew up surrounded by brilliant minds who were transforming industries. However, I also saw how their groundbreaking achievements were often underleveraged and undervalued by traditional power structures. Those early experiences ignited my passion for not just celebrating diverse innovators, but fighting to ensure they have the resources and recognition to reach their full world-shaping potential.

After decades of breaking barriers on Wall Street and abroad, I knew it was time to channel my knowledge, network, and hard-won resilience into leveling the playing field for the next generation. Surviving cancer crystallized my commitment - I vowed that if I made it through, I would spend every day working to rewrite the rules of access and opportunity. Wocstar Capital is the manifestation of that purpose, built on the conviction that investing in diverse entrepreneurs isn't just the right thing to do - it's the smart thing. We're not just providing capital but leveraging our expertise and connections to help founders navigate systemic hurdles and achieve breakout success. We are creating wealth for women and our allies.

The impact we're driving extends far beyond any single portfolio. Through the Wocstar Academy, we're equipping hundreds of underrepresented entrepreneurs with the fundraising and storytelling acumen to launch and scale. Our Ally Capital Collab is mobilizing new investors to proactively back diverse founders. The Wocstar Media Foundation is changing the narratives and assumptions about who becomes an innovator. We're weaving a robust ecosystem to catapult diverse founders from overlooked to unstoppable.

But for all our progress, this battle for equity is far from over. As a Black woman raising a fund, I still contend with the doubts, dismissals, and double standards that my entrepreneurs face in their journeys. Far too many investors still view diversity as a concession rather than a competitive edge. There are still far too many rooms where women and founders of color are glaringly absent. But in the face of those obstacles, I always remember the wisdom my mother taught me - no one ever died from hearing "no." I've learned to alchemize every rejection into redoubled resolve, secure in the knowledge that the naysayers will one day realize how much they underestimated our vision and value.

And the truth is, the cost of that underestimation is staggering. Morgan Stanley estimates that the funding gap for women and multicultural entrepreneurs costs the US economy $4.4 trillion in unrealized returns. Those are losses we can't afford, especially in the face of complex global challenges that demand audacious, unconventional solutions. By investing in diversity, we tap into a wellspring of world-changing potential that benefits us all.

So, to my fellow investors, business leaders, and changemakers, I issue this bold call to action: it's time to go all in on inclusion. It's time to fundamentally reimagine how we allocate capital, resources, and trust.

Whether you're writing checks, buying from a woman-owned business (legal services, florist, accounting, skincare, etc.), offering mentorship, or leveraging your platform, everyone has a part in building a more equitable and innovative future. The entrepreneurs we're betting on today will be tomorrow's iconic companies and category kings, but only if we dare to challenge convention and champion their potential.

At Wocstar Capital, we've seen the extraordinary ripple effects when diverse founders finally have the backing to bring their visions to life. We've watched our portfolio companies pioneer cutting-edge solutions in health equity, education access, clean energy, and beyond. And we've only begun to scratch the surface of what's possible when we harness the full spectrum of human ingenuity.

So, let's seize this moment to set a new standard for what investing in the future really means. Let's commit to seeking out and scaling the overlooked ideas, the talents that are underestimated, and the changemakers who are poised to redefine what's possible. Because when we bet on diversity, we all win—with stronger businesses, bolder innovations, and a more vibrant and equitable world for all.

The door to opportunity is ours to kick down. The future is ours to claim. So, let's get to work and make it happen together. Time to be the fabulous, rockstar women I know we are!