Silicon Valley based venture capital firm Andreessen Horowitz (a16z) launched The Talent x Opportunity Fund (TxO) and program.
The vehicle is designed for entrepreneurs who have the talent, drive, and ideas to build great businesses but lack the typical background and resources to do so.
The fund, which will be led by Nait Jones, who’s been a partner at Andreessen Horowitz for the past five years, will fund and train a small group in the first year, then expand in subsequent years.
The vehicle is looking for entrepreneurs who did not have access to the fast track in life but who have great potential. Their products can be non-tech or tech; they should be from underserved communities (all backgrounds welcome); and ideally, their business will have an interesting model, niche market, and/or a little traction to indicate the promise and potential. In addition to seed capital, the fund will provide knowledge and network of the firm through training programs and more.
Andreessen Horowitz will invest in exchange for equity in the business, but 100% of the investment returns will remain in the fund to finance future entrepreneurs. Each cohort will join a 10-month training program where we will provide mentorship and instruction (online) from experienced operators in our networks.
The fund begins with $2.2M in donations from the partners of Andreessen Horowitz and aims to raise further donations from others. Ben and Felicia Horowitz will match up to an additional $5m total in any other donations.
FinSMEs
04/06/2020