The Invesco QQQ’s Legacy Classic is making its grand return with MaC Venture Capital and Concrete Rose Capital. And, it’s set to be even bigger.
In 2021, the inaugural Legacy Classic announced the competition for HBCU-bred founders, as previously reported by AfroTech. The news resulted in over 200 startup submissions.
Now, for the second year, the competition is opening the opportunity to all Black founders, AfroTech has learned exclusively.
“We know that Black founders often hire talented HBCU alumni and we wanted to give even more phenomenal founders the opportunity to submit this year,” Mike Palank, General Partner of MaC Venture Capital exclusively shared with AfroTech. “We’re excited to have Michael B. Jordan join us and help evaluate the startups, interview the three finalists and ultimately pick the winner. Michael is a savvy businessperson, so being able to tap into his talents will be a fun and exciting addition to this year’s competition.”
In addition to the winner, there is a possibility that any of the VC partners could invest in any of the companies, Palank emphasized.
Meet The Competition’s Advisors
Alongside Jordan, Invesco, Concrete Rose Capital, and Harlem Capital will serve as advisors for the competition, the press release details. Additionally, Sean Combs Capital/Combs Enterprises and Endeavor will offer mentorship.
“HBCUs are an invaluable and integral part of the entrepreneurial fabric of this country,” Jarrid Tingle, Managing Partner of Harlem Capital told us. “As a fund that has a mission of investing in 1,000 diverse entrepreneurs over the next 20 years, Harlem Capital recognizes the unique innovation brimming across the nation’s HBCU campuses. We were excited to be a part of the inaugural startup pitch competition and are thrilled to participate again this year, as we continue to discover and invest in the next generation of tech talent.”
Update On Last Year’s Winner, TracFlo
As previously reported by AfroTech, last year’s competition included advising from leadership at MaC Ventures, Serena Ventures, Invesco, Thirty Five Ventures, Harlem Capital Partners, and Cake Ventures. The goal is to ensure longtime success even after founders win the competition. For TracFlo, which took home the $1 million investment from MaC Venture Capital and Serena Ventures, the promise is being fulfilled.
“I’ll say first that just the public recognition TracFlo received from winning the competition immediately helped with internal talent recruitment and external business development,” Palank said. “Suddenly everyone knew about Khalid [David] and TracFlo. It was great to see. But more importantly, TracFlo got two new partners in MaC and Serena Ventures, and the teams behind these two great venture firms.”
He continued: “I’ve been to New York to visit the growing TracFlo team and walk through the company goals for the next 12-18 months, including new and upcoming fundraises. Alison at Serena Ventures has been working with the company to set up the right KPIs to target and the right goalposts are set in preparation for a successful next fundraise next year. We’ve found that the most important work we do as VCs starts after we wire the money, and it was no different with TracFlo.”
The Invesco QQQ’s Legacy Classic is making its grand return with MaC Venture Capital and Concrete Rose Capital. And, it’s set to be even bigger.
The Second Annual Invesco QQQ Legacy Classic Startup Pitch Competition
In 2021, the inaugural Legacy Classic announced the competition for HBCU-bred founders, as previously reported by AfroTech. The news resulted in over 200 startup submissions.
Now, for the second year, the competition is opening the opportunity to all Black founders, AfroTech has learned exclusively.
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“We know that Black founders often hire talented HBCU alumni and we wanted to give even more phenomenal founders the opportunity to submit this year,” Mike Palank, General Partner of MaC Venture Capital exclusively shared with AfroTech. “We’re excited to have Michael B. Jordan join us and help evaluate the startups, interview the three finalists and ultimately pick the winner. Michael is a savvy businessperson, so being able to tap into his talents will be a fun and exciting addition to this year’s competition.”
In addition to the winner, there is a possibility that any of the VC partners could invest in any of the companies, Palank emphasized.
Alongside Jordan, Invesco, Concrete Rose Capital, and Harlem Capital will serve as advisors for the competition, the press release details. Additionally, Sean Combs Capital/Combs Enterprises and Endeavor will offer mentorship.
“HBCUs are an invaluable and integral part of the entrepreneurial fabric of this country,” Jarrid Tingle, Managing Partner of Harlem Capital told us. “As a fund that has a mission of investing in 1,000 diverse entrepreneurs over the next 20 years, Harlem Capital recognizes the unique innovation brimming across the nation’s HBCU campuses. We were excited to be a part of the inaugural startup pitch competition and are thrilled to participate again this year, as we continue to discover and invest in the next generation of tech talent.”
As previously reported by AfroTech, last year’s competition included advising from leadership at MaC Ventures, Serena Ventures, Invesco, Thirty Five Ventures, Harlem Capital Partners, and Cake Ventures. The goal is to ensure longtime success even after founders win the competition. For TracFlo, which took home the $1 million investment from MaC Venture Capital and Serena Ventures, the promise is being fulfilled.
“I’ll say first that just the public recognition TracFlo received from winning the competition immediately helped with internal talent recruitment and external business development,” Palank said. “Suddenly everyone knew about Khalid [David] and TracFlo. It was great to see. But more importantly, TracFlo got two new partners in MaC and Serena Ventures, and the teams behind these two great venture firms.”
He continued: “I’ve been to New York to visit the growing TracFlo team and walk through the company goals for the next 12-18 months, including new and upcoming fundraises. Alison at Serena Ventures has been working with the company to set up the right KPIs to target and the right goalposts are set in preparation for a successful next fundraise next year. We’ve found that the most important work we do as VCs starts after we wire the money, and it was no different with TracFlo.”
Starting Nov. 9 through Dec. 9, startup founders with seed-stage companies that have under $3 million in capital raised can submit their business proposals and investor decks.
What’s more, the winner will be announced by Jordan during halftime of the Invesco QQQ Legacy Classic Basketball Showcase Finals, which is on Feb. 4, 2023, at the Prudential Center in Newark, NJ.
