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An Atlanta-based tech startup recently received $100,000 and access to training and resources through a national program designed to help black entrepreneurs.
Co-founded by Brian Hobbs and Marcus Schutte, Proven (pronounced “Proven”), a Milwaukee-based Northwest Mutual and generator8tor initiative, is one of five startups accepted into the Black Founder Accelerator program.
The company uses blockchain technology to provide a one-click platform to verify information during the hiring and onboarding process, especially for independent contractors and those working in the gig economy, Hobbs said. Today, such employees must track things like college transcripts, proof of skills, and proof of previous employment.
Proven acts as a data trust to store users’ personal information such as social security, IP addresses, licenses and other information they need to get a job, get a bank loan or school.
“Previously, for every single job, opportunity, financial product service, or whatever they want to find or need, they have to go into individual systems and find the same information over and over again,” Mulu Hubs said. -Time job is project manager at MARTA. “Our system eliminates that process.”
“We are just a trustee. We are the ones who make sure of everything. We will also carry them,” he said.
Hobbs, a civil engineer, came to Prove in 2017 when he was trying to help his wife, a teacher, get a job in a new school district. He said every time teachers apply for a new job, they should check their previous work history. One year she lost $6,000 because a system didn’t send back the necessary information.
“It just didn’t make sense to me when I thought the technology was so advanced,” he said. “Why are you verifying information that has already been verified by another organization?”
Hobbs said being accepted into the Black Founder Accelerator program has been a “tremendous help” as the company tries to grow.
Black founders receive less than 1% of venture capital, according to Accenture, a global professional services firm. The Black Founder Accelerator program provides selectees with a $100,000 investment, a 12-week business training program, venture capital partners and Northwest Mutual mentors. This initiative is designed to help address the seed wealth gap in venture capital.
“It was difficult to raise funds, especially in the region. We’ve had more success just trying to go national,” Hobbs said. “It’s hard to grow without capital and you lose a lot of ideas that way.”
“You see a lot of your peers who don’t look like you, who aren’t as tall as you, get funding. I think there’s still a big need to put more emphasis on putting capital into black founders or minority founders in general.
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