Some of the wealthiest and most influential investors in Silicon Valley have publicly announced their support for Donald Trump’s campaign. These investors lead powerful firms that every entrepreneur dreams of having as backers. However, due to their financial backing of Trump, some Black founders are reconsidering whether they should include them on their cap table, as reported by seven Black founders and investors who spoke to TechCrunch.
The fact that some venture capitalists who support Trump are not surprising, as they have historically leaned politically right, like Doug Leone from Sequoia, Shaun Maguire, Keith Rabois from Khosla Ventures, and David Sacks from Craft Ventures. However, the recent public support of Trump by Marc Andreessen and Ben Horowitz, founders of Andreessen Horowitz, has shocked many in Silicon Valley.
One Nigerian American founder, who preferred to remain anonymous for fear of career repercussions, expressed concern about the lack of a fair playing field due to the support of candidates who do not advocate for people like him. This sentiment is shared by other Black founders who feel betrayed, especially by Horowitz, who was seen as an ally to the Black community.
The founders’ concerns stem from Trump’s advocacy for policies that could adversely affect people of color. These policies include anti-immigrant measures, bans on diversity, equity, and inclusion initiatives, threats to school funding related to race education, and a lack of action on climate change that disproportionately impacts Black and brown communities.
The decision of Horowitz to support Trump has been particularly jarring, given his previous efforts to support the Black community. His actions have led many to question his understanding of their experiences and commitment to their well-being.
While some Black founders and investors are indifferent to an investor’s political views and are willing to collaborate with Trump supporters, others feel disillusioned by the lack of alignment with their values. The revelations about Horowitz’s support for Trump have raised doubts about his true intentions and commitment to social justice.
Black founders now face the challenge of navigating relationships with investors while being mindful of their values and principles. The recent disclosure of support for Trump by prominent investors has prompted a reevaluation of existing partnerships and a search for alternative avenues for funding and support.
Moving forward, Black founders are striving to strike a balance between conscious networking and strategic collaborations, all while standing firm in their beliefs and values. The evolving landscape of venture capital demands a deeper reflection on the impact of political affiliations and the necessity of aligning with investors who share a commitment to diversity, equity, and inclusion.
