A Conversation with Morgan DeBaun at AfroTech 2024
Early Thursday morning, excited attendees of the esteemed AfroTech conference gathered in a packed conference room to witness something special. The room buzzed with anticipation as two notable figures took the stage: Hannah Bronfman, a renowned angel investor and wellness content creator with over 1 million followers on social media, and Blavity founder and CEO Morgan DeBaun.
Hannah Bronfman’s Journey
Bronfman, an accomplished author and investor in more than 70 companies, including Topicals and Sienna Naturals, shared her remarkable journey with the audience. She is best known for founding HBFIT, a health, beauty, and fitness marketplace that closed its doors after eight successful years.
Lessons Learned from Founding HBFIT
Bronfman’s experiences as a founder were invaluable in shaping her perspective on entrepreneurship. She discussed the challenges she faced, including co-founder fallouts, which ultimately led to the closure of HBFIT. Her words of wisdom resonated with the audience:
"I learned that it’s essential to lean on your network, whether for advice or simply to connect."
This emphasis on community and networking is a crucial aspect of her success as an angel investor.
From Founding HBFIT to Angel Investing
Bronfman’s journey from founder to angel investor was not without its challenges. However, she credits her extensive network with enabling her to grow her investment empire:
"I began advising and mentoring founders, which led me to write angel checks to their companies."
Her role as a content creator further amplified her impact, allowing her to receive equity in brands she worked with.
Breaking Down Barriers
The AfroTech audience was comprised of young Black professionals and industry leaders. The room acknowledged the scarcity of Black investors, who make up fewer than 5% of the total investor base. Bronfman spoke about the importance of increasing transparency and accessibility:
"More people could be investors if they wanted to."
An increase in Black representation among investors will undoubtedly lead to a more inclusive and diverse startup ecosystem.
Overcoming Obstacles
Bronfman shared her approach to navigating the complex world of venture capital. She emphasized the need for founders to start conversations with their network, noting that many people around them may be investors but haven’t included them in deals:
"Only feel comfortable investing the amount you are comfortable losing."
Her guidance was well-received by the audience.
Mentoring and a Hands-On Approach
Bronfman’s approach as an angel investor stands out from traditional institutional models. She offers her network, mentoring, and a more hands-on relationship:
"I don’t mind cold emails, and I’m a fan of casual conversations that aren’t always focused on money."
She encourages entrepreneurs to reach out and explore opportunities.
Building a Black-Led Investment Empire
Bronfman’s vision extends beyond individual investments. She is dedicated to building a platform that empowers the next generation of Black leaders in tech:
"We want to create a pipeline for talented individuals from diverse backgrounds to access venture capital."
This mission-driven approach will undoubtedly make a lasting impact on the startup ecosystem.
Conclusion
Hannah Bronfman’s conversation at AfroTech 2024 was a testament to her dedication, perseverance, and commitment to creating a more inclusive investment landscape. Her experiences serve as a reminder that success is not solely defined by individual achievements but also by the positive impact one can have on others.
As the startup world continues to evolve, Bronfman’s story will undoubtedly inspire entrepreneurs from diverse backgrounds to pursue their passions and build a better future for themselves and their communities.
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