Vernon Lee on the importance of supporting black entrepreneurship

In this episode, Ian and Nique are joined by Vernon Lee to discuss the role of entrepreneurship as a catalyst for the uplift of black Americans. Vernon is a partner at the Marathon Fund, an organization dedicated to supporting a new generation of underrepresented entrepreneurs with high potential for growth. Vernon argues that we need stronger institutions to act as a “pipeline” for minority Americans, teaching them the skills they need to be successful in their ventures. Most importantly, Vernon contends that black entrepreneurs need more opportunities to fail. Black men and women are much less likely than their white peers to be given a second chance by investors when one of their businesses fails. But any well-seasoned entrepreneur knows that a failed business can be an incredibly valuable asset in building a successful enterprise in the future.

Later, Vernon shares how he grew into an entrepreneurial mindset in his own life. From running a paper route in middle school to being inspired by “Puppy Combs” to start a successful party-promotion venture in college, a few early touchpoints inspired Vernon to pursue entrepreneurship as a long-term career. Importantly, Vernon’s life journey has closely mirrored the characteristics of successful black men outlined in Brad Wilcox and Ronald Mincy’s “Black men making it in America” report — from following the success sequence closely to participating in a faith community and serving in the military. Watch the full episode to hear more of Vernon’s story and find out what his advice to “Darryl” is.