MIT Solve

Solution Overview

Solution Name:

Access Venture

One-line solution summary:

Utilize AI to rank thousands of start-up pitches from entrepreneurs in marginalized communities improving access to capital.

Pitch your solution.

Prospective entrepreneurs in marginalized communities have brilliant ideas and solutions to chronic issues in low-income neighborhoods based on personal experience. However, they face monumental obstacles trying to raise capital from angel investors and venture capitalists located in the wealthiest ZIP codes in the nation, who's social circle includes other ivy-league graduates. My solution is to develop a platform for these aspiring entrepreneurs to upload their pitches and rank those pitches based on artificial intelligence that compares those pitches to a database of successful pitches. Venture Capitalists would pay for "Access Venture" in order to get newfound access to entrepreneurs in markets historically under their radar. This would massively impact lives by reinvigorating economies in poorer communities by creating authentic solutions and jobs.

What specific problem are you solving?

The overarching issue here is lack of opportunity and entrepreneurship in marginalized communities, but more specifically, the issue here is geographical challenges in capital raising. It's completely illogical for the majority of the world's largest venture capital firms to collectively reside on one street in Menlo Park, CA. If you haven't heard of this street it's called Sand Hill Rd. and it is a significant roadblock to innovation. Entrepreneurs in small, low-income communities won't be able to raise funding even when their business ideas may actually be huge market opportunities for marginalized communities around the nation simply because they don't have connections or access to this capital.

What is your solution?

The concept is for this online platform to serve as a technological approach to private capital markets that destroys biases surrounding the entrepreneurs's background, location, and education by democratizing the startup "pitch." Artificial Intelligence would rank startup "pitches" (video, slide decks, white papers...) from around the world by comparing them to an existing database of successful entrepreneurs. Over time, the system would become exponentially more efficient by observing which pitches are funded and which resulting companies are more successful. Similar to the way that recruiting platforms like NCSA revolutionized college sports recruiting allowing coaches to find prospects out of previously un-recruited high schools, this system would allow venture capitalists and angel investors to put their money in low-income areas currently beyond their scope.

Who does your solution serve, and in what ways will the solution impact their lives?

Access Venture would serve underrated aspiring entrepreneurs first and foremost. As a second-order effect, it would provide substantial boosts to marginalized communities through job creation and newfound investment. All it takes is one successful business to cause a ripple effect reinvigorating a community. Lastly, this service would provide phenomenal value to our customers, venture capitalists, by giving them efficient access to entrepreneurs previously beyond their horizon.

Which dimension of the Challenge does your solution most closely address?

Support workers to advocate for and access living wages, social safety nets, and financial security

In what city, town, or region is your solution team headquartered?

Atherton, CA, USA

What is your solution’s stage of development?

Concept: An idea being explored for its feasibility to build a product, service, or business model based on that idea

Who is the primary delegate for your solution?

Sam Baker