Pedro Moore hopes to create an angel network for Black and Latino investors - Technical.ly Delaware

Access

Apr. 25, 2017 10:25 am

Pedro Moore hopes to create an angel network for Black and Latino investors

Why the Delaware Innovation Fund executive director hopes to bring more diversity into the investment world.

Pedro pitching FundingFuel at Startup Launchpad in 2016.

(Photo by Mona Parikh)

Pedro Moore, Executive Director of the Delaware Innovation Fund, wants to create an angel network for Blacks and Latinos to teach them how to invest.

He cites an article by the Chicago Tribune noting that “data show[s] that African-Americans are seriously underrepresented in the investment community. “Less than 1 percent of venture-backed internet companies were founded by African-Americans, according to a 2010 report by CB Insights.”

“The ones that can invest choose things they’re comfortable with, such as real estate,” Moore says. He wants to broaden their scope by encouraging them to invest in local small businesses and startups. For him, its a “no brainer.”

As someone who’s dedicated to helping his community, he says that “we have to invest in ourselves. The ones that are rich have to get in the practice of investing in companies.”

His guess for why minorities are often reluctant to invest is due to an “intimidation factor.” He says “it’s hard finding those investors, [it’s] like pulling teeth.”

He continued:

“They think they have to invest alone, but the network effect is what makes them more comfortable. We want to get them to pull the trigger. Let’s get them to thinking of angel investing the same way they would a retirement plan — a percentage of your portfolio could go towards investing in small businesses.”

He expects these minority investors to diversify their investments as well, not simply choosing businesses run by people who look like them. Though he does expect them to invest in those companies, too.

“There are African-American entrepreneurs, and since we’re such a small state, there’s a good chance that they know each other,” he says. “With that, they’ll be more likely to cut a good deal with quick execution.”

He’s utilizing a grassroots strategy by planning small events to gauge the local interest. In the long run, he’d like to create a national network of investors, but for now, he’s focused on Delaware and Philadelphia.

Advertisement

“They’re here,” he says, and for him, it’s just a matter of finding a few individuals to get started.

Pedro is also the founder of FundingFuel, previously called Shell Capital, which won first place at Startup Launchpad and third place at Startup Weekend. The online equity crowdfunding platform aims to provide funding opportunities for everyday people by allowing them to invest in franchises.

Anyone interested in learning about becoming an angel investor should contact Pedro via email.

-30-
JOIN THE COMMUNITY, BECOME A MEMBER
Already a member? Sign in here

Advertisement

Wilmington clothing brand AndAgain thrives on collaboration and sustainability

StartUpAfrica to honor young Delaware entrepreneur at Oct. 6 awards dinner

These 3 Delaware startups get to ‘Swim with the Sharks’ Sept. 28

SPONSORED

Delaware

Win up to $360,000 in funding at the WeWork Creator Awards

Wilmington, DE

CSC

Lead Software Test Engineer

Apply Now
Wilmington, DE

CSC

Security Analyst

Apply Now
Wilmington, DE

CSC

Software Test Engineer

Apply Now

Here’s the data on race and education in Delaware

Meet 11 of Delaware’s up-and-coming technologists of color

Golf-cart taxis are coming to downtown Wilmington

SPONSORED

Delaware

10 Delaware brands totally crushing it on social media

Hunt Valley, MD

ArmadaHealth

Full Stack Engineer

Apply Now
Newark, DE

The University of Delaware

Associate Director, Digital Communications

Apply Now

Sign-up for daily news updates from Technical.ly

Do NOT follow this link or you will be banned from the site!