Ignite VC: Building a More Inclusive Future in Venture Capital with Patrick Driscoll | Ep42

The podcast episode features Patrick Driscoll, detailing his unique journey from aspiring to work in international development to becoming a venture capitalist focused on supporting LGBTQ+ entrepreneurs. Driscoll shares his experiences in the Peace Corps in Senegal, which ignited his passion for entrepreneurship and its potential to drive economic growth in developing regions. This experience led him to venture capital, where he played a key role at 500 Startups before founding Chasing Rainbows, a venture capital fund aimed at backing LGBTQ+ founded companies. Throughout the episode, Driscoll discusses the challenges he faced in the venture capital industry, emphasizing the importance of diversity and inclusion. He highlights how Chasing Rainbows not only seeks to invest in promising startups but also aims to bridge the funding gap faced by LGBTQ+ entrepreneurs. His insights into the evolution of the investment landscape underscore the growing recognition of the value of diverse perspectives in driving innovation and economic growth. The conversation with host Brian Bell also delves into Driscoll's advocacy work within the LGBTQ+ community, illustrating how his personal and professional life are intertwined in the pursuit of social justice and equity. Driscoll's story is a compelling example of how individual experiences and passions can shape a career path that is both successful and socially impactful. In addition to discussing his career trajectory and the formation of Chasing Rainbows, Driscoll offers advice to aspiring entrepreneurs and venture capitalists. He stresses the importance of resilience, adaptability, and the willingness to embrace change. The episode not only highlights Driscoll's achievements but also serves as an inspiration for listeners to pursue their passions and make a positive impact in their fields. This comprehensive episode provides valuable insights into the venture capital industry, the importance of supporting underrepresented entrepreneurs, and the impact of personal values on professional endeavors. Driscoll's journey from the Peace Corps to founding a venture capital fund dedicated to LGBTQ+ founders exemplifies the powerful intersection of business acumen and social advocacy. Chapters 00:00 Introduction and Background 02:06 Transition to Entrepreneurship 03:31 Venture Capital and Accelerator Programs 04:55 Role at the Small Business Administration 06:20 Transition to Marketing and Carta 08:41 Role at BM&T and Non-Dilutive Funding 10:32 Involvement with LGBTQ+ Founders 13:43 Joining Gangel's and StartOut 15:14 Transition to Chasing Rainbows 19:55 Fund Thesis and Investment Strategy 21:46 Deal Flow and Affinity Bias 28:08 Creating an Inclusive Environment 32:50 Competitive Cap Tables and Limited Investments 35:30 Investing in LGBTQ+ Founders 36:25 Fundraising Tactics and Visibility 44:53 Challenges in Certain Regions 47:26 Breaking into Venture Capital 52:03 Favorite VC Podcasts and Books 55:19 Passion and Impactful Advice 58:36 Exciting Sectors: Climate 01:01:15 Contact Information