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Nonprofit 1863 Ventures has closed, reborn into for-profit New Majority Ventures
The nonprofit organization 1863 Ventures, which focused on providing capital and mentorship to early-staged underrepresented founders, will close and
For one, the organization will remain charitable and will continue to offer programs and conduct research; affiliated funds will stay the same and operate as separate LLC entities; the mission will remain to support the creation of $100 billion in “new wealth by and for New Majority founders by 2023,” she wrote in her statement. Changes include the name and some staff reduction; the org will also expand to work with other “ecosystem builders,” like accelerators and incubators — and will partner with “other institutions” — like universities — to grow its research offerings. “I believe we can do more to advance New Majority founders under a different business model,” Bradley told us, meaning a focus on working more with ecosystem partners rather than running its own programs.
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