New Majority Ventures: Transforming Underrepresented Founders into Billion-Dollar Entrepreneurs

1863 Ventures Transitions to For-Profit Entity, Rebrands as New Majority Ventures

1863 Ventures, a nonprofit organization known for its support of underrepresented founders, has announced its transition to a for-profit entity under the new name New Majority Ventures. Founder Melissa Bradley revealed the change, emphasizing that while the operational structure will shift, the organization’s core mission remains intact.

The newly formed entity will operate under a fiscal sponsor, with discussions currently underway with the Tides Foundation to fulfill this role. This transition comes after eight years of operation, during which 1863 Ventures has supported over 5,000 founders and contributed to the creation of 2,000 jobs.

Since its inception, 1863 Ventures has been a significant player in the entrepreneurial ecosystem, focusing on supporting founders of color. The organization has managed two funds: 1863 Venture Fund I and the Innovation Equity Impact Fund (IIEIF). Notable investments include companies such as Lingo, The Black Girl Doctor, and Harlem Candle Co.

Despite the shift to a for-profit model, New Majority Ventures will maintain its charitable status, continuing to offer programs and conduct research. The affiliated funds will operate as separate LLC entities, preserving their existing structure. The organization’s mission remains steadfast: to create $100 billion in new wealth for New Majority founders by 2023.

The transition brings several changes, including a reduction in staff and an expanded focus on collaboration with ecosystem builders such as accelerators and incubators. New partnerships with institutions, including universities, are planned to enhance research offerings. While New Majority Ventures will not create new funds, it will continue to support underrepresented founders through a different business model.

Bradley stated, “Our strategic focus will shift towards working with ecosystem partners rather than running our programs. We aim to support the field with content and research to advance New Majority founders.”

This pivot is designed to leverage partnerships to amplify the organization’s impact and support for underrepresented entrepreneurs. As New Majority Ventures embarks on this new chapter, it seeks to build upon the foundation laid by 1863 Ventures while adapting to meet the evolving needs of the entrepreneurial landscape.