WE TURN NOW TO ANOTHER STORY

ABOUT CHANGING CULTURE.

MEET ARLEN HAMILTON, THE FORMER

LITTLE HOMELESS TECH

ENTREPRENEUR WHOSE VENTURE

CAPITAL FIRM BACKSTAGE CAPITAL

IS DEDICATED TO INVESTING IN

STARTUPS FOUNDED BY WOMEN AND

PEOPLE OF COLOR ONLY.

AT A TYPE WHEN 90% OF VENTURE

FUNDING GOES TO WHITE MEN.

ALICIA MENENDEZ TALKED TO HIM

ABOUT THE CHANGING FACE OF

ENTREPRENEURSHIP PART OF OUR

ONGOING INITIATIVE ABOUT

POVERTY, JOBS AND ECONOMIC

OPPORTUNITY IN AMERICA CALLED

"EDUCATION THE DREAM."

>> THE 2015, YOU SET A GOAL FOR

YOURSELF, INVEST IN 100

COMPANIES BY 2020 AND EVERYONE

SAID THAT'S NOT GOING TO HAPPEN.

>> ANYONE WHO WOULD LISTEN

BECAUSE THERE WERE A LOT OF

PEOPLE WHO WOULDN'T LISTEN TO ME

I WAS BEING TOLD LEFT AND RIGHT

TO MY FACE WITHOUT ANY SORT OF

APOLOGY, I WAS BEING TOLD THERE

ARE NOT ENOUGH GOOD BLACK

FOUNDERS TO INVEST IN.

THERE ARE NOT ENOUGH GOOD WOMEN

TO INVEST IN.

THAT THIS IS WHY I WILL NOT

INVEST IN YOUR FUND.

SO IT'S 90, 95% WHITE MEN THAT

I'M TALKING TO BECAUSE I'M BEING

INTRODUCED OR I'M FINDING MY

WAY.

AND THEY'RE SAYING TO ME, I HAD

SOMEONE SAY TO ME, YOU'RE NEVER

GOING TO GET ANYONE WHO INVEST

IN THIS FUND.

BECAUSE THERE'S NOT ENOUGH DEAL

FLOW.

AND THAT SAME PERSON WHO WAS A

WHITE MAN WROTE TO ME THREE

YEARS LATER LAST YEAR TO ASK ME

IF I COULD HELP HIM WITH HIS

DEAL.

>> COULD YOU GIVE US A SENSE FOR

THOSE OF US NOT IN THIS WORLD,

HOW MUCH MONEY DID YOU NEED TO

RAISE TO INVEST IN 100 COMPANIES

AND REALLY MAKE THE TYPE OF

DIFFERENCE YOU WANTED TO MAKE?

>> WE ARE A DROP IN THE BUCKET.

BACKSTAGE CAPITAL KARK THE FIRM

I RUN WE ARE A DROP IN THE

BUCKET AND REALLY SET OUT TO BE

AN EXAMPLE.

REALLY BE A CASE STUDY OF WHAT

OTHER FUNDS AND FIRMS COULD DO.

USUALLY FUNDS VENTURE FUNDS WILL

HAVE AT THE VERY LEAST $25

MILLION UNDER MANAGEMENT FOR ONE

FUND.

AND THEN YOU MOST OF THEM ARE

BETWEEN $100 MILLION AND $500

MILLION EACH FUND AND THERE'S

SOMETIMES MULTIPLE FUNDS THAT

ARE RAISED OVER A FEW YEARS.

THEN THERE'S LIKE ANDRIESEN

HOROWITZ OR SEQUOIA OR CLINER

PER KIN WHO HAVE BILLIONS OF

DOLLARS UNDER MANAGEMENT.

WHERE I WANTED TO BE WAS LET'S

FIND THE FOUNDERS AT THE

EARLIEST STAGES.

THIS IS PEOPLE ACTUALLY OUT

THERE DOING THINGS, HAVE

TRACTION BUT STILL BEING

OVERLOOKED AND NOT TAKEN

SERIOUSLY.

LET'S FIND PEOPLE ARE RIGHT

THERE AND WRITE A $50,000 CHECK,

WRITE $100,000 CHECK BECAUSE

WHAT WE WANTED TO DO WAS REPLACE

THIS OR BECOME THIS PART OF THE

FUNDING PROCESS CALLED THE

FRIENDS AND FAMILY ROUTE.

SO IF YOU ARE AN AFFLUENT WHITE

MAN OR AFFLUENT BLANK BUT IF YOU

HAVE ACCESS TO THIS, AND YOU GO

OUT AND YOU SAY OKAY, I WANT TO

START A COMPANY.

I NEED ABOUT $25,000, $50,000 TO

MAKE THE APP AND I WANT TO HAVE

THIS FOR MARKETING AND I WANT TO

HIRE A SALES PERSON.

>> YOU ASK YOUR FRIENDS.

>> YOU HAVE A FRIENDS AND FAMILY

AROUND.

YOU GO BACK TO YOUR SCHOOL THAT

YOU WENT TO, HEY, YOU WANT TO

THROW IN 10,000, YOU'LL HAVE A

PIECE OF WHAT I'M DOING.

BUT FOR A LOT OF US, INCLUDING

ME, THIS IS LIKE A FAIRY TALE.

IT IS FANTASY LIKE YOU WOULDN'T

BELIEVE.

IT WOULD BE LIKE SAYING TO THAT

SAME PERSON, ASK YOUR FRIENDS

AND FAMILY FOR $10 MILLION FOR

YOUR LITTLE APP.

SO WE WANTED TO BE LIKE LET'S BE

THE FRIENDS AND FAMILY ROUND FOR

THESE FOUNDERS BECAUSE WHAT

HAPPENS THEN IS IF YOU INVEST IN

THIS ONES THAT YOU REALLY

BELIEVE IN, YOU PATTERN MATCH

YOURSELF, I'M A BLACK GAY WOMAN,

I DON'T LOOK LIKE EVERY OTHER VC

OUT THERE, I'M GOING TO WRITE

THE CHECKS, I'M GOING TO PATTERN

MATCH.

I'M GOING TO REPRESENT AND

ADVOCATE.

YOU GET THE MONEY THAT BE SEED

MONEY INTO THE HANDS OF PEOPLE

WHO YOU KNOW CAN DO MORE WITH

LESS BECAUSE THEY'VE PROVEN THAT

DAY AFTER DAY.

IT'S JUST HOW IT IS.

THEN IT STANDS TO REASON THAT

SOME OF THEM WILL GO ON TO DO

WELL.

>> RIGHT, YOU SAY YOU PATTERN

MATCH.

>> YES.

>> TALK TO ME ABOUT SOME OF THE

INVESTMENTS YOU THINK ARE MOST

EMBLEMATIC OF YOUR THEORY.

>> A WOMAN NAMED JESSICA

MATTHEWS LIVES IN NEW YORK.

HER COMPANY IS CALLED UNHARTED

POWER.

SHE'S AND I DEVELOPMENTER, A

CEO.

SHE'S BEEN ON THE COVER OF

FORBES AFRICA TWICE.

SHE INVENTED MULTIPLE RENEWABLE

ENERGY PRODUCTS SOME THAT ARE

CONSUMER-BASED AND THEN NOW MORE

FOR CITIES AND SMART CITIES AND

FOR COUNTRIES AND THINGS LIKE

THAT.

SHE IS SOMEONE THAT AT FIRST

HOME RUN TO GO KNOCKING ON DOORS

AND GET PEOPLE TO PAY ATTENTION

TO HER.

SHE SHE DOESN'T.

ALL THEY HAVE TO DO IS VISIT HER

SIX-STORY LAB TO SEE WHAT

THEY'RE BUILDING OVER THERE.

AND I THINK SHE'S GOING TO --

SHE WANTS TO BE THE FIRST

UNICORN OUT OF HARLEM.

SHE WANTS TO BE THE FIRST

BILLION DOLLAR COMPANY OUT OF

HARLEM.

I THINK SHE CAN DO IT.

>> THERE'S ONE CALLED SEEK VR.

AND MARY SPEO IS THE FOUNDER, A

BLACK WOMAN.

SHE GREW UP IN GHANA AND SHE

WOULD WATCH TELEVISION TO KIND

OF TAKE HER MIND AWAY FROM ALL

OF THE THINGS THAT WERE GOING ON

OUTSIDE.

AND ALL OF THE TERRIBLE THINGS

THAT WERE HAPPENING AROUND HER.

IT WOULD HELP HER ESCAPE.

A FEW YEARS AGO, SHE SAID WHAT

COULD BE THAT LITTLE TELEVISION

BOX IN MY ROOM IN MY LIVING ROOM

THAT HELPED ME ESCAPE, THAT

COULD BE VR FOR SO MANY

UNDERREPRESENTED PEOPLE THAT WE

NEED TO GET VR TO A PLACE THAT

IS ACCESSIBLE THAT IS NOT SO

EXPENSIVE.

YOU DON'T HAVE TO HAVE A

THOUSAND DOLLAR SET TO BE ABLE

TO ENJOY IT.

SHE STARTED FROM THE GROUND UP

CREATING THE MOST ACCESSIBLE VR

HEADSETS THAT SHE COULD.

SHE'S DEVELOPED SEEKVR.

I JUST THINK SHE SHOULD HAVE HER

OWN HIDDEN FIGURES MOVIE AS

SHOULD JESSICA.

THERE ARE PEOPLE WORKING ON ALL

SORTS OF WONDERFUL THINGS AND

NOT JUST MEDIA AND BEAUTY AND

WHAT A LOT OF PEOPLE THINK BUT

IN DEEP TECH.

>> SO YOU SPENT IS THE EARLY

PART OF THE YOUR CAREER AS A

PRODUCTION AUDIO COORDINATOR AND

MUSIC MUSIC TOUR MANAGER.

TELL ME ABOUT THE MOMENT YOU

SAID TO YOURSELF, I WANT TO BE A

VENTURE CAPITALIST.

>> I'M NOT SURE IF THERE WAS

THIS COME TO JESUS MOMENT WHERE

I THOUGHT I'M GOING TO BECOME A

VC.

I HAD BEEN LEARNING ABOUT

VENTURE CAPITAL AND DIFFERENT

EQUITY CLASSES AND I UNDERSTOOD

VC TO BE THIS 2% SLIVER OF

PRIVATE EQUITY THAT WAS MEANT TO

POWER INNOVATION.

AND I THOUGHT, WELL, IF WHAT I'M

TRYING TO DO IS SET OUT TO GET

MORE CAPITAL TO UNDERREPRESENTED

UNDERESTIMATED FOUNDERS AND AT

THIS TIME IT WAS 2012ISH WHERE

NO ONE WAS TALKING ABOUT IT, IF

I'M GOING TO TAKE THIS BIG MOON

SHOT, QUOTE UNQUOTE, LEAP, THEN

I SHOULD GO TO WHERE PEOPLE ARE

BETTING ON MOON SHOTS EVERY DAY.

>> HOW DID THE IDEA EVEN COME ON

YOUR RADAR?

>> I SET OUT TO RAISE MONEY TO

START A COMPANY MYSELF.

I WAS IN TEXAS.

AND VERY NAIVELY AND INNOCENTLY

STARTED, ASKING PEOPLE FOR MONEY

WHO WERE ON COASTS AND DIFFERENT

ANGEL INVESTORS WHO INVEST THEIR

OWN CAPITAL AND PEOPLE INVESTING

OTHER CAPITAL.

THAT'S WHEN I STARRED SEEING

THIS PATTERN THAT A LOT OF THE

WHITE MEN NO MATTER -- IT WASN'T

NECESSARILY THEIR FAULT.

IT WAS WHAT WAS TRUE AND

HAPPENING.

THEY WERE GETTING MEETINGS WITH

INVESTORS NO MATTER WHAT THEIR

PRODUCT WAS, THEIR SERVICE WAS

OR WHAT STAGE THEY WERE IN OR

WHAT THEIR BACKGROUND WAS, ALL

OF IT.

THEY WERE GETTING MEETINGS

BECAUSE HAD PERSON HAS POTENTIAL

AND IN THE INVESTORS EYES.

>> THEY WERE PATTERN MATCHING.

> YOU'RE RIGHT.

SO EVERYONE ELSE THAT I TALKED

TO WAS NOT.

THEY HAD NOT GOTTEN THE

MEETINGS.

THINK HAD NOT -- SO A LOT OF

THEM HAD MAYBE SPOKEN TO ONE OR

TWO PEOPLE AND GOTTEN NOES.

BUT MOST OF THEM HAD NOT EVEN

HAD THE CHANCE TO PITCH.

I STARTED TO RECOGNIZE THAT

THERE WAS SOMETHING IN THAT.

THERE WAS A GREAT DISAPPOINTMENT

IN BEING A GAY BLACK WOMAN THAT

WAS SAD TO SEE THAT EVERYTHING I

IDENTIFY WITH WAS, HAD, THE

DOORS CLOSES ON THEM.

>> AT THE TIME THAT YOU'RE

TEACHING YOURSELF ABOUT VENTURE

CAPITAL THAT YOU ARE SMOOTH OFF

THESE E-MAILS TRYING TO GET IN

FRONT OF PEOPLE, ARE YOU

UNEMPLOYED.

HAVE YOU LESS THAN STEADY

HOUSING.

>> YES.

THAT'S A VERY NICE WAY OF SAYING

IT, THANK YOU.

>> PAINT A PICTURE FOR ME

BECAUSE I KNOW THE RETELLING OF

YOUR STORY SOMETIMES GETS TOLD

IN DIFFERENT WAYS.

>> WHERE ARE YOU LIVING?

WHAT ARE THOSE CIRCUMSTANCES?

>> 2012, '13, '14 I WOULD HAVE

BEEN TEXAS LIVING WITH MY MOM.

WE CALLED OURSELVES "THELMA AND

LOUISE."

I HAD A BLOWUP BED, INFLATABLE

MATTRESS AND A WHITE BOARD AND

MY MOM HAD A BED AND THE TV.

I THINK I PUT MYSELF THROUGH

LIKE A FOUR-YEAR HOME SCHOOL

FROM THE TIME I STARTED THINKING

ABOUT IT AND LEARNING ABOUT IT

TO THE TIME I GOT MY FIRST LP

LIMITED PARTNER TO INVEST.

SO PART OF IT WAS I HAD SHELTER

BUT HAD VERY LIMITED MEANS AND

HAD TO FIGURE OUT OKAY, I HAVE

$15 IN THE BANK ACCOUNT TODAY.

I HAVE $50 TOMORROW.

THEN IT ACTUAL GOT WORST WHERE

WE HAD TO LEAVE THAT APARTMENT

BECAUSE WE COULDN'T AFFORD IT.

MY MOM AND I SHARED A ROOM IN A

HOTEL AT BEST WESTERN TYPE

PLACE.

AND THEN COULDN'T SUSTAIN THAT

ANY LONGER.

AND COULDN'T GET ANOTHER

APARTMENT BECAUSE WE BOTH HAVE

YOU KNOW POOR CREDIT AND ALL

SORTS OF THINGS WHERE IT'S KIND

OF STACKED AGAINST US BUT WE

WERE BOTH ABLE BODIED AND WE

WERE BOTH ABLE MINDED.

WE GOT TO A POINT WHERE WE JUST

COULDN'T DO IT ANYMORE.

SHE MOVE BACK IN IN MISSISSIPPI

WITH HER FAMILY.

AND I WENT OUT AND MADE ENDS

MEET ON THE WEST COAST OVER

TIME.

>> TELL ME ABOUT THAT 2015, YOU

KNOW THERE'S A BOOT CAMP AT

STANFORD.

>> YEAH.

>> COST ABOUT $10,000.

WOMEN GET 20% OFF.

>> $20,000.

>> $10,000 WAS THE DISCOUNTED

RATE.

>> $18,000 AT THE TIME.

I DON'T KNOW WHAT IT IS NOW.

IT WAS A PILOT PROGRAM WITH 500

STARTUPS WHICH IS AN ACCELERATOR

IN SILICON VALLEY.

I WAS ABLE TO GET TWO PEOPLE TO

NOMINATE ME BUT NOT EVERYBODY

KNEW ME.

THAT WAS THE POINT.

AND SO THEY NOMINATED ME FOR THE

SCHOLARSHIP.

IF YOU WANT TO CALL IT THAT.

IT WAS A TWO-WEEK PROGRAM.

AND WENT THERE AND IT WAS REALLY

AWESOME.

AND SO I CROWD FUNDED LIKE

$3,000 OF THE $10,000 BUT

ACTUALLY THERE WAS THE EXPENSE

OF LIVING AND EATING.

I BASICALLY HAD A ONE-WAY

TICKET.

HAD I ENOUGH FOR AN AIRBNB FOR

TWO WEEKS AND I HAD A DOWNTOWN

PAYMENT ON THIS SCHOLARSHIP I

HAD TO PAY OVER TIME.

>> WHAT WAS YOUR PLAN AFTER

THAT?

>> I DIDN'T HAVE ONE.

MY PLAN WAS ULTIMATELY THE SAME

IT HAD BEEN FOR THE PREVIOUS

THREE YEARS, WHICH WAS I KNOW

THAT THIS NEEDS TO EXIST.

AND THESE TEMPORARY

CIRCUMSTANCES AND MY PERSONAL

LIFE ARE ALMOSTEN CONSEQUENTIAL.

YOU HAVE TO UNDERSTAND TOO THAT

I WAS READING THINGS LIKE

OUTLIERS AT THE TIME.

I WAS BEING INSPIRED BY PEOPLE

AT THE TIME LIKE ELON MUCK AND

RICHARD BRANSON AND ALL OF THESE

WHITE MEN WHO HAVE YOU KNOW

UNLIMITED ABILITY TO TRY AND

FAIL AND TRY AGAIN.

AND I SAID, WELL, THAT RESONATES

WITH ME.

THAT'S ME.

THEY'RE TRYING FOR BIG BOLD

IDEAS.

AND IT'S NOT ALWAYS GOING TO BE

A LINEAR EASY PATH.

HERE I AM.

>> TELL ME THEN ABOUT THE FIRST

MANOR SAYS YES.

>> YES.

SO HER NAME IS SUSAN KIM BERLIN.

SHE USED TO WORK AT SALESFORCE I

BELIEVE PAYPAL BEFORE THAT.

AND IN PRODUCT.

AND SHE IS AN ANGEL INVESTOR.

I MET HER AT THE STANFORD BOOT

CAMP.

AND WE BECAME FRIENDS.

AND OVER TIME I WOULD HELP HER

DILIGENCE DIFFERENT DEALS SHE

WAS DOING AND TRY TO GIVE VALUE

AND I ASKED HER WILL YOU INVEST

IN THIS ONE THAT I'M STARTING.

I BELIEVE SEPTEMBER 14th IS WHEN

SHE SAID YES, AND SEPTEMBER 15th

IS WHEN I GOT THE FIRST WIRE

FROM HER.

>> THERE'S NEWS I WANT YOU TO

RESPOND TO THIS WEEK.

AXIOS BROKE NEWS THAT THE $36

MILLION IT'S ABOUT DAMN TIME

FUND HAS FALLEN THROUGH.

THAT WAS A FUND INTENDED TO

INVEST SOLELY IN BLACK FEMALE

FOUND OTHERS FALLEN THROUGH.

THE BOTTOM LINE, HAMILTON HAS A

COMPELLING BIOGRAPHY AND SOUGHT

TO DO SOMETHING OUTSIDE OF

SILICON'S MATCHING MOLD.

TECH MEDIA HAS BEEN SO THIRSTY

FOR SUCH STORIES IT MAY HAVE PUT

THE CART BEFORE THE HORSE

ATTRIBUTING SUCCESS TO A WORK

STILL VERY MUCH IN PROGRESS.

HOW DO YOU RESPOND?

>> YEAH.

FIRST OF ALL, THE FALLEN THROUGH

PART OF THE HEADLINE WAS VERY

SHOCKING TO ME.

I TALKED TO SO MANY MEN AND

WOMEN WHO RAISE FUNDS OR WHO ARE

RAISING FUNDS WHO ARE GOING

THROUGH THE EXACT SAME THING I'M

GOING THROUGH.

I CAN UNDERSTAND IF YOU'RE

OUTSIDE OF SILICON VALLEY OR

OUTSIDE OF VENTURE.

IF YOU'RE NOT AS EDUCATED AS DAN

IS.

THINKING, ON THE SUBJECT,

THINKING OH, WELL, THEY SAID

THEY HAD A FUND AND THEY DON'T

HAVE A FUND RIGHT NOW SO THEY

MUST HAVE FAILED.

BUT IS HE TOO SMART FOR THAT.

I DON'T REALLY UNDERSTAND IT.

SO I DON'T ACCEPT THE FAILED

PART OF IT.

IT'S ALMOST LIKE SAYING, YOUR

FLIGHTY JUST TOOK A FLIGHT FROM

LA TO NEW YORK.

YOU SAY YOUR FLIGHT FROM L.A. TO

NEW YORK HAS NOT LANDED YET,

THEREFORE IT'S A FAILURE.

IT HASN'T LANDED YET.

THAT'S ALL IT IS.

>> LET'S USE YOUR FRAMEWORK.

WHY IS IT ON HOLD?

>> IT'S NOT ON HOLD.

IT'S FRUSTRATING BECAUSE THAT IS

WHAT FUND-RAISING IS.

WE HAVE -- IT'S JUST LIKE SAYING

HAVING A CAPITAL CALL.

YOU DON'T HAVE A $36 MILLION

FUND AND VIN 36 MILLION IN THE

BANK.

YOU DO CAPITAL CALLS OVER FIVE,

SIX YEARS FROM YOUR LIMITED

PARTNERS AND YOU SAY OKAY, CAN

YOU GIVE ME 10% OF THAT FOR THIS

YEAR.

I'LL TAKE 15% THE NEXT YEAR, ET

CETERA.

THIS IS THE SAME.

WHEN YOU LAUNCH A FUND, YOU

RAISE IT.

AND A LOT OF PEOPLE CHOOSE TO

RAISE THE FUND AND THEN ANNOUNCE

AND SOME PEOPLE LIKE US CHOOSE

TO DO A GENERAL SOLICITATION

FUND WHERE YOU'RE ALLOWED TO

TALK ABOUT IT IN PRESS BECAUSE

WE KNEW WE WERE UP AGAINST A LOT

OF ODDS AND WANTED MORE PEOPLE

TO KNOW ABOUT IT WHO COULD WRITE

THOSE LARGER COLLECTS,

INSTITUTIONALS, NOT INDIVIDUALS.

OUR TARGET WAS ANNOUNCED.

WE ALREADY HAD COMMITMENTS TO

KICK US OFF BEFORE WE MADE THE

ANNOUNCEMENT.

WE HAD AND CORE SHORTLY AFTER

THAT -- ANCHOR MEANING SOMEONE

WHO WOULD PUT IN 21% OR MORE AND

WOULD HELP LEAD THE ROUND.

THEY UNFORTUNATELY HAD TO BACK

OUT.

AND THAT WAS THEIR WHOLE, YOU

KNOW IT WAS ON THEM AND THEY

UNDERSTOOD THAT AND WE

UNDERSTOOD THAT.

IT WAS A DISAPPOINTING TIME BUT

WE HANDLED IT WITH GRACE AND

DIGNITY BEHIND THE SCENES AND WE

DIDN'T GO OUT AND ANNOUNCE IT

BECAUSE THAT WASN'T PART OF OUR

STRATEGY.

WE JUST SIMPLY GOT BACK ON THE

FUND-RAISING TRAIL THAT WE HAD

BEEN ON AND CONTINUED RAISING.

TO ME IT'S NOT NEWS AND IT'S NOT

NEWS FWHEERTH.

I DON'T THINK THAT DAN HIMSELF

IS A BAD PERSON.

I DON'T.

I'VE KNOWN HIM FOR YEARS.

I'VE SPONSORED ONE OF HIS

CHARITY BASEBALL GAMES YOU KNOW.

WE'VE BEEN COOL.

I DO THINK THERE'S BIAS TO HIS

REPORTING BECAUSE IT'S ALMOST

LIKE SOMEONE DESCRIBE IT THE AS

SORT OF LIKE GLEEFULLY WATCHING

THICK NOT DO AS WELL AS WE HAD

HOPED.

I DON'T THINK THAT HE REPORTS

THE SAME WAY ABOUT OTHER FUND

MANAGERS IN THE EXACT SAME

POSITION AND ALSO WE'RE

DIFFERENT.

>> SO NOT THE ONLY NEWS THIS

WEEK.

WE ALSO LEARNED YOU'RE STEPPING

DOWN.

>> A BIG WEEK.

>> WE'VE ALSO LEARNED YOU'RE

STEPPING DOWN AS CEO OF

BACKSTAGE STUDIO THAT INCUBATES

NEW COMPANIES AND PRODUCTS.

>> YEAH, AND RUNS OUR

OPERATIONS.

>> AND THAT CHRISTIE PITTS YOUR

PARTNER AND STAFF WILL NOW BE IN

CHARGE.

WHAT DOES THAT MEAN.

>> BACKSTAGE STUDIO IS SOMETHING

WE LAUNCHED A LITTLE OVER A YEAR

AGO TO KEEP THE LIGHTS ON AND

KEEP GOING SO THAT WE COULD

CONTINUE TO SUPPORT OUR

PORTFOLIO OF 100 PLUS COMPANIES.

I'LL SAY THAT AGAIN.

MOST FUNDS DO NOT HAVE THAT MANY

COMPANIES.

SO THE STEPPING DOWN OF CEO

PART, I WENT INTO IT AS CEO.

CHRISTIE WAS MY CO-FOUNDER.

WE WORKED TOGETHER EVERY DAY ON

MANY THINGS AND SHE'S A

REMARKABLE PERSON.

I HAVE TAKEN ON THE ROLE OF TOO

MANY PEOPLE AT BACKSTAGE.

I TAKE ON TOO MUCH.

I TALK ABOUT SELF-CARE ALMOST

EVERY DAY ONLINE.

I TELL PEOPLE TAKE CARE OF

YOURSELF.

IF YOU DOAN TAKE CARE OF

YOURSELF HOW CAN YOU TAKE CARE

OF YOURSELF.

HAD I BEEN TRYING.

I REACHED A POINT WHERE I AM TOO

STRESSED DAY TO DAY ABOUT THE

TINIEST THINGS.

IT DOESN'T MAKE SENSE.

>> FOR THOSE OF US WATCHING IT

RAISES THE QUESTION, CAN YOU BE

THE BRAND AND DO THE WORKING?

>> RIGHT.

SO THIS IS TO ME, HONESTLY, THIS

IS JUST AN EVOLUTION.

I LOVE LAUNCHING THINGS.

I LOVE CATALYZING.

I LOVE INSPIRING.

I LOVE WORKING WITH OUR FOUND

OTHERS TO HELP THEM GET MORE

RESOURCES THAT THEY DESERVE.

I LOVE ALL OF THAT.

I LOVE SITTING ONE-ON-ONE WITH

FOUNDERS AND JUST WORKING

THROUGH A PROBLEM WITH THEM.

I HAVE A DIFFICULT TIME BEING

ABLE TO DO THAT AS MUCH AS I

WANT WHEN I'M OVER HERE WORRYING

ABOUT THE PRICE OF OFFICE

SUPPLIES.

IT'S JUST REALLY BASIC.

AND IT'S NOT A BIG STORY TO ME.

IT'S A PRACTICING WHAT I PREACH.

I FEEL LIKE I HAVEN'T EVEN

BEGUN.

>> AND THERE'S SO MUCH MORE FOR

ME TO DO SLRG.

>> ARLEN, THANK YOU SO MUCH.

>> THANK YOU.

APPRECIATE IT.