Managing Partner @RareBreedVC | underrepresented founders | Hacker turned Hustler | Entrepreneur | Vampire | Former Gamer | @inside | @KauffmanFellows class #26
Baltimore, MD
- Tweets 36,548
- Following 39,841
- Followers 100,472
- Likes 79,367
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I decided to turn my thread into a medium article
I just published How Desperation Drove Me to Use Twitter to take 1,128 Meetings to Raise the First $3M of RareBreed… link.medium.com/mLN89B4Jgqb
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I'm from Baltimore, I went to public schools, I dropped out of college my junior year of college because I got a top secret clearance and got a job a Northrop Grumman, started making 6 figures at 21, quit that job to start 2 startups over 6 years with 1 exit, and now I'm a VC
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I got a #story to tell. This is my North Star. This is why I am going to change how Pre-Seed #Funding is done. This is why I'm soon to be your favorite VC favorite #VC. Message me if you want to help this founder or help me help founder like her #startup
piped.video/tt512mRXlM8
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This is the face of:
A Venture Capitalist
-People are always shocked when they find out what I do for a living. Let's fight stereotypes with the hash tag #ThisIsTheFaceOf.
Let's keep it going and smash a bunch of stereotypes!
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As I'm a little more then 30 mins away from testifying to congress at 2pm est on the importance of allowing fund of 150M or less to have up to 600 LP which you can see here - piped.video/live/c65Twc9DJ60…
I must say I clean up well
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🧵 1/ I regularly hear founders, especially underrepresented founders, getting upset that they have to show traction and work so hard to raise. Compared to a White guy from Stanford who's done far less than them but can raise money with just a deck. well here's the secret
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I can't explain the frustration or better yet the embarrassment I feel after becoming so scared and anxious just because a cop car pulls up behind me or beside me. I'm doing absolutely nothing wrong but that fear hits like a ton of bricks every time
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Today I hit another milestone. As a Black man from Baltimore who is a college drop out, I had the honor of speaking to a graduate-level class today at Harvard. I mean how dope is that. From Baltimore living out of a truck to speaking to a class at Harvard. Momma, we made it!!
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Cheers to all the entrepreneurs pursuing their dream despite the haters, lack of funding, No's, long hours, and a undying passion to change the world!
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Founders, please be kind to yourself. Sometimes when building a startup, things won't always go as planned. Sometimes things flat out won't go at all. but it's not the end of the world, it doesn't make you a bad founder or a failure.
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Founders, especially underestimated founder, please please please don't use passive language. Don't say things like "I think", "About", "We could", "We hope". Just tell me what you are doing. Speak with confidence (even if you aren't 100% confident. It's part of the game).
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Just went into the bank for the first time and forever and there was a young man handling my transaction. I asked him what his goals were, he said moving on to the investment side of things. Told him what I did and if I could make a few intros for him. He said he was alright 🤷🏾♂️
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IT's official, I'm a Kauffman Fellow!
DRUM ROLL: We're thrilled to announce KF's newest cohort of 57 brilliant leaders in VC hailing from top firms across 18 countries 🎉 Our most diverse class yet (51% people of color & 42% female)with incredible investing power ($30.8B in total AUM) bit.ly/3gISQ1z
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Wow, just Wow 1 million downloads in 36 hours 🤯🤯🤯. Thank you to the community. We did it!
🚨 36 Hour Download Record 🚨
To @MacConwell this was all you my friend and testament to you!
thetwentyminutevc.com/mac-th…
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A lot of networking is just putting yourself in the position to allow serendipity to happen.
It's good to be heads down but you should make some time for serendipity to happen. It could change your life.
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I invest in and support Black-led startups, I invest in and support women-led startups, startups ran by founders who identify as LGBTQ, rural-based startups, starts ran by POC, and startups ran by white men. Now that wasn't so hard. #ChangeIsNeed #VC #Startups #funding #RareBreed
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The Lean Startup concept is amazing but looks different today in 2021 than it did at the time the book was written a decade ago in 2011. I think one of the biggest changes is yes you can have a not finished product but I don't think you can have an ugly product.
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(Long thread) 1/11
-A confession from a recovering entrepreneur
While running my first startup, I turned into a workaholic, bought into hustle culture, and developed anxiety from it making it hard to live a normal life. This is my story
#vc #founders #startups #mentalhealth
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I got the worst advice in my first accelerator. We had 3 mentors who were local Angel investors who hounded my team about doing a business plan. It was a waste of time as we pivoted 2 weeks later. What's the worst startup advice you've gotte #vc #startup #badadvice #founders
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Today I did a podcast, pitched an LP, spoke at Harvard, Spoke at @500Startups D&I summit, had a board meeting, Spoke at Johns Hopkins University, did a weekly Clubhouse with @jefielding & @dunkhippo33 and still able to rally the @RarebreedVC team to support a portfolio company 🙌🏾
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Fundraising can suck, got several no's yesterday. But it's part of the journey and at the end of the day regardless if it takes 10 meeting or 5000 meeting the goal will be reached. Keep Pushing. #vc #startups #funding RareBreed.vc
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While I prepare to board my plane to be a judge at Harvard Business Schools's Black New Venture Competition two days after speaking at the White House it is not lost on me that my goal of being a cross between Whitney M. Young Jr and Reginald F. Lewis feels like it is happening
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I am currently at the Harvard Club of New York speaking at a PE event. The reason this is a milestone for me is because I am currently walking the same halls Reginald F. Lewis used to. He is a true inspiration of mine and I can now say I'm following in his footsteps.
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Founders and VCs, please find your tribe. You need to have peers you can go to and vent to, party with, and ask confidential questions. That last part is so important. The ability to call a peer and ask "How much carry did you get" or "what was on your term sheet" is needed
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Yo, I've given my pitch well over 2500 times (yes this is a real number and probably low) and I still get nervous from time to time when I do it. So founders, it's ok if you get nervous because you still got this!
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Hi startup founder, I'm an investor.
Please pitch me using this link. No warm intro needed. Thank you
airtable.com/shrhaAMLB7IP8tv…
#vc #startups #funding #founders #RareBreed
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Founders when an investor says "I really like what you are doing, please add me to your updates and let's stay in touch", I know it sounds disingenuous and like a polite rejection but It's not. The investors actually mean it. we just invested in a company that did this well.
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Founders this is your regular reminder, if you have a first call with an investor (which is usually 30 mins) your pitch shouldn't be more then 10 mins that way most of the call is a discussion. Don't pitch for 27 min then ask if I'm in. We need to actually talk things out.
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10/ This is the point at which some founders complain that it's not fair, and they are right. This is also the point in which I refer founders to QB Lamar Jackson and his shirt I wear to startup events often
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1/ Two weeks ago I was testifying in front of Congress, today I'm across the street speaking at the White House with public and private officials. This is all to push for more LPs into smaller emerging funds and to change the rules around accredited investors. @MarlonCNichols
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🧵1/ Calling all founders and early-stage fund managers. Funding is changing and one thing I'm starting to see more and more are harsher terms in early-stage term sheets that weren't used as often in previous years but I think you might want to be aware of and understand
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Quick tip, If you have a 30 min meeting with an investor do your best to keep your pitch to 10 mins. That leaves 20 mins to deep dive into the company and team. Lately, I've had founder take 20+ mins to pitch, leaving little time for us to get to the important stuff.
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If you don't feel like working today I understand, If you need to take a personal day I understand. Hell if you need to take off the rest of the week I understand. If you need someone to talk to or vent to go do it now. But don't forget your dreams are still there for the taking
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Yo @premiumbusiness , how the heck did my request get denied? Please explain to me how the VC that raised a fund on @Twitter can't get verified?? Make it make sense 😥
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I'm literally heartbroken. I've know Pava since she was a college student with dreams of being an entrepreneur. I was there when she started her company and helped her with funding and clients, and today she's gone because of a horrific act 😥
dailymail.co.uk/news/article…
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This advice just makes me sad. I hope more of the emerging managers like myself can help kill this sad sad sad narrative that exacerbates issues for underrepresented funders
1. Invest in Bay Area or Bay Area connected companies.
Most +$10 billion companies started in Bay Area or had a connection there. Yes, companies can come from all over. But for many reasons, Bay Area companies are more likely to have huge outcomes.
Covid might change this. TBD
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Now that it has been reported @krollja, @imessien , @Amanimalc, and I are @RarebreedVC. Here is how and why RareBreed Ventures came to be!
medium.com/@MacConwell/the-s…
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Big announcement #2 today, I am part of the 26th class of the @KauffmanFellows. I'm joined by other amazing investors like @BHolls1, @Claire, @jenrichardx, @maggiesprenger, @mayahorgan, @meghalexander, @MoniqueWoodard, @NasirQadree, @SamaraMHernandz, @SeanMendy, @SydneyPaige10
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#Update RareBreed Ventures has crossed $5M committed to our fund. That's right we hit the 50% mark. Now $5M left to go to reach our goal of $10M. If you are interested in joining as an LP or Min investment is 25K which can be paid over 2 years, just go to rarebreed.vc
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Just to say it again. Self-care is important everyone. If you find yourself hustling and putting in so much work that you stop doing the things you used to do to de-stress than you're doing it wrong. You owe it to yourself. Don't outwork your health or happiness. #startups
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1/ this thread is a PSA and potential lesson to founders and other fund managers/VCs. When you build in public you have to share the good with the bad. Last week we had our first @RareBreedVC company fail and go to zero but that is only the beginning of this story
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Hey everyone, I just got done chatting with the homie @alison_stillman from Serena Ventures.... Yes, that Serena. The woman works for and helps manage Serena Williams venture arm. Any who, she is new on Twitter so help me welcome her and follow her too!
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Startup growth hack - Find a niche newsletter that has a fairly engaged audience and sponsor it. you can probably get a nice reach to direct potential customers cheaper than google ads #startups #vc #GrowthHack #founders
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That moment you get news so terrible you don't know what to say or do. Today's going to be a rough one. DAMN.
Checking in on all of you to make sure you are OK today. We see you.
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PSA: I don't know who needs to hear this but Covid-19 is real and we aren't done with this fight. I just found out one of my closest friends and his mother both died of covid-19 this morning minutes apart in different hospitals. Wear Your Damn Mask #FuckCovid #BeSafe #StayIn
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I just got all my God kids' a share of AirBnB for Christmas. Time to help build wealth in my community, friends, and family. (Yes I got them each a book or toy too. They are still kids lol)
#RareBreed
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Just to be clear we invest in Black-led startups, women-led startups, founders who identify as LGBTQ+, rural-based startups, POC-led startups, and startups ran by white men. Join the revolution of investing in everyone as an LP in RareBreed go to rarebreed.vc - 10K min
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Crazy to think it was January 3rd of 2020 when @krollja and I closed on the first $1.3M and made @RarebreedVC first investments and today one year and a day later we are oversubscribed and have just invested in our 29th company. Wow, what a difference a year will make
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A note to founders who want to meet me. I understand your startup is your baby and how important you think getting funding or specifically funding from @RarebreedVC is. But sending me a nasty email, DM, message for not reply to you isn't going to make me want to talk with you.
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Some pre-seed founders aren’t polished, don’t know the lingo, don’t have networks, or don’t know how to make a pitch. But, they are as amazing as founders who have raised tons of money with deep networks.Join us as an LP by going to RareBreed.vc and join the revolution
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I literally laughed out loud. Of course successful people work hard but almost every successful person got lucky. Hard work is not what cause success. If that was the case more underrepresented people in this country would be successful. @APompliano no one makes it without luck
Very few successful people got lucky.
In reality, it was almost always hard work, discipline, and relentless determination.
Put the work in and you got a shot.
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Yesterday I had the honor of testifying to Congress for a bill that would increase the limits of LPs into a Venture fund from 100 to 600. While many got to see my oral statement here is a copy of my longer written statement.
link.medium.com/80FxVCDohxb
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Hi, if you are an emerging manager or someone looking to raise a fund, please use this thread to ask me anything about RareBreed, fundraising, negotiations, fund dynamics, anything. Just trying to be helpful. I'll also tag other investors in to try and help answer questions
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PSA🚨📢, IT IS OK TO BE A SOLO FOUNDER.
Now, will it mean it might be harder to raise money since some VCs don't invest in solo founders, yes. Does it mean that there is a lot more work for you as a single person, yup. But does it mean you can't grow a massive business, NO.
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Today @Cartainc announced their investment in
@RarebreedVC. For more info, here is Carta's memo of our fund - carta.com/carta-ventures-fun…
If you are interested go to rarebreed.vc and click "Become an LP". Min investment is 25K that can be broken up over 2 years
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I'm so fan boying out right now. I've been a listener and learner of 20 minute VC and @HarryStebbings for years. I never thought I'd be at a point where I'd be asked to be on the show. This was an amazing conversation btw.
🚨 One of the most requested eps 🚨
Tomorrow we release our ep w/ @MacConwell on:
From homeless to becoming a VC.
Raising @RarebreedVC on Twitter.
Why venture is f****** up?
What needs to change in the LP world?
Mentions @jasonlk @dunkhippo33 @lo_toney @hunterwalk
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Hey Everyone, I need some help. I just met with @shanalawlor who is 3X founder and has recently started angel investing, and now she is making a list of women investors (Angels and VC). Please tag some women investor to this tweet and help out
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People will tell you LinkedIn is the best platform for #networking. I'd disagree, for me, Twitter has been the greatest form of networking I've ever had access to. #founders and aspiring #VCs take note. if some likes a tweet or follows you in your industry, DM'em #vc #startup
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It's so crazy, today marks 2 years since I left my job @MDTEDCO to start @RarebreedVC. Today also marks us making a commitment to our 39th company. A lot has happened in 2 years
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Hustle Fund, a pre-seed firm, closes $30M for a new fund
Tjis is so exciting and congrats to @dunkhippo33 and @ericbahn 🚀. I couldn't be happier for you and the @HustleFundVC team.
techcrunch.com/2020/11/03/hu…
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Founders, please please please stop waiting until you have 2 months of runway/money before letting your investors know you need more cash. The longer you wait the harder it is for us to help you. 4-6 months or more makes it a lot easier especially in times like now
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Man when I was 19 I was living in a truck, at 22 I had a 6 figure job-house- and 3 cars, at 24 I had a car, at 26 I sold my first company, at 28 I lost everything on my second company, at 30 I broke into VC, at 36 I'm an established investor. Success isn't a straight line.
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1/ 🧵 one of my top ten secrets for managing a large portfolio of companies. Aspiring VCs, new VCs, Emerging managers, and even Established managers I hope this can be helpful to you.
One of my secrets to managing a large portfolio is Random Text messages (RTM) - read more below
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Founder, understand I and many of the investors I roll with will give you the grace to not know VC lingo or all the ins and outs of a pitch deck BUT, we are still looking for great businesses. Giving you grace doesn't mean we are going to go easy when evaluating your business
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Just realized I got to 15K followers. Thank you everyone for the support and hi to all my new followers. Just so you know this is a community of support. All I ask is that we all help eachother and pay it forward!
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1/🧵 A @RarebreedVC Q2 2021 Update. We currently have $8.1M in commitments towards our goal of $10M. Read the thread all updates 👇🏾
Interested in being an LP in RareBreed? Our minimum LP investment is 25K. just go to RareBreed.vc and click the button to become an LP
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It's Twitter official yall
.@MacConwell founded @RareBreedVC, a pre-seed fund that invests in exceptional founders outside of large tech ecosystems. Mac led the charge to create the Minority Business Pre-Seed Fund, the 1st state-backed pre-seed fund for women & minorities in the country. Welcome to #KF26!
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BIG ANNOUNCEMENT TIME!!!
I am joining the @inside crew to launch a new Podcast with my co-host @LiamGill_77 called "Inside Business" where weekly we will go deep into the decisions you’ll face as a founder or business leader.
Go to insidebusinesspod.com/ for early access
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I'm thrilled to be part of @500Startups 2021 Unity & Inclusion Summit, one of the top diversity events in VC & startups in 2021. I’ll be speaking on Emerging Fund Managers To Watch with @VelissarisVC & @jessicapeltz . bit.ly/500unityspeaker #500unityinclusion
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Follow up on my last Tweet. Don't talk to me about it being hard to find Black founders. We just invested in a company where one founder went to Harvard with real estate experience and the other manages over 100 AirBnB's. Ok now tell me why they are going to fail, I'll wait
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OMG we made it. We made it to 10K followers. Yes it's we because yall made this happen.
Again my squad is DOPE AF! Thank you
*Mac starts playing "started from the bottom no we here*
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Do I have any Black angel investors or black-led VC firms that invest in early-stage Web3? (Asking for myself and founders)
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Thank you @businessinsider! Grateful to be included on this top 100 rising star in VC list with my fellow rising star GPs @SamaraMHernandz, @Vincent11D and at @alpacavc (@BrianBrackeen, @CandiceBrackeen, @acharoo) any may others
After weeks of research, meet Business Insider's 100 rising-star VCs of 2020 who represent the future of venture capital and don't work for the big firms businessinsider.com/rising-s… via @businessinsider
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1/ UPDATE! The founder in my North Star video is the amazing @Shanonce - Shawna Stepp-Jones and the product she wanted to make is a Dryer that can dry a Wig or Hair Weave in 15 mins with NO HEAT. I am TOO HYPE to introduce you to meetspundle.com -let's make this go viral
I got a #story to tell. This is my North Star. This is why I am going to change how Pre-Seed #Funding is done. This is why I'm soon to be your favorite VC favorite #VC. Message me if you want to help this founder or help me help founder like her #startup
piped.video/tt512mRXlM8
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Cheers to the entrepreneurs taking a moment fir yourself this weekend. Self-care is important. Work hard play hard and rest. Do it all and back to the grind after the holidays!
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Hey Founders and VCs, make sure that you are giving back. This is a pay-it-forward industry and the amount of deal flow, partnerships, funding, etc that will come your way from helping others will be so abundant. Take it from me, @RarebreedVC exists today from me helping others.
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