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The Colors Momentum

Before we kick off this interview with Ammin, here’s a bit of background context to help set the stage:

  • In 2015, Ammin Youssouf and co-founder Haweya Mohamed launched Afrobytes – an international tech marketplace connecting business and technology leaders, founders, investors, policy experts, and the media – to the African tech industry.
  • In 2018, both Ammin & Haweya were added to Fast Company’s Top 100 Most Creative People list (ranking 94 & 95 + marking the first time two French co-founders made it onto this list at the same time) as well as Entrepreneur.com’s 50 Most Daring Entrepreneurs list.
  • In 2021, they launched The Colors, an online community whose mission is to contribute to the future of diversity and inclusion in the fashion and beauty industry.

How is Afrobytes connected with The Colors?

From the start, we wanted to build an ecosystem made of several connected brands. We started with Afrobytes and created its narrative arc. Then, after building a solid network and expertise in the African tech ecosystem, it was time to develop a project more connected to our status as minorities in the West. That’s why we decided to introduce another narrative arc with The Colors this year.

The two brands are separated but have strong connections. With Afrobytes, we explore how Agritech can be more sustainable for the environment, a social impact for the populations, and more transparent for consumers with traceability (IoT, Blockchain). And what is Beauty and Fashion if not Agriculture? Natural cosmetics like Coco, Karité, Hibiscus, Argan, and so on are 100% agricultural. Same thing for Fashion: environmentally-friendly cotton, hemp, pineapple, banana fibers and all the new sustainable textile innovations are changing the fashion industry.

Building a consistent and virtuous ecosystem takes a hell of a lot of time, but we believe it will be a very profitable bet in the end. Lucky ones have access to “patient capital”. Minorities in Tech do “patient bootstrapping” 😉

What makes The Colors such a special event?

The Colors is a multicultural and multidisciplinary gathering of people leveraging and sharing their expertise to achieve the same mission: contribute to the future of Diversity and Inclusion in the Fashion and Beauty Industry.

Because it is much more than a single event in the year, we prefer to call it a Momentum instead of an event. Indeed, in physics, momentum is the strength gained by a series of events also defined as “mass in motion.” This is exactly what we offer to people who join The Colors community: a platform to drive and accelerate change.

The annual event – held in person & online this November at Station F in Paris – will be the catalyst of multiple initiatives developed all along the year: programs for entrepreneurs, prizes to reward the best of them, monthly online meetups and networking, collaborations with tech companies and media.

Can you tell us more about your programs?

To support the entrepreneurs, we launched two programs: La Fabrique for Beauty and L’Atelier for Fashion. We will offer the classics: Office hours with our partners, Networking activities, Personal coaching and mentoring, Thought leadership sessions, Operational support, and Demo Day showcase.

But when you build a program for diverse founders, you have to create something different and design from your own experience as a minority founder in tech.

You have to adapt your program to the reality: the huge investment gap facing diverse founders. For example, in the UK, between 2009 and 2019, all-ethnic teams received an average of just 1.7% of the venture capital investments made at seed, early, and late-stage over this decade. Data show the racial inequity persists after George Floyd, and for example, Black women and Latina entrepreneurs get less than 1% of venture capital in the US. And in France, first, it is not even a topic of conversation, and second, you would need a Ph.D. in quantum physics to report any activity when it comes to funding minority-led startups.

Considering this situation, it would not make sense to focus too much on content such as “getting funding from VCs” since it will overwhelmingly lead to a statistically proven dead-end for most of them. Instead, we focus on how minorities can concentrate on the overlooked consumers’ expertise and leverage technology to capture this market. In a way, the Music Industry case is very inspiring. The Majors overlooked minority artists and their Hip Hop culture, but now it is the same minorities lead the game in this sector.

Can you share a bit of background with us about how this event came to be?

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ShutterStock

This photo could have been taken in any major city in the Western World. Is it Paris? London? Amsterdam? Stockholm? San Francisco? Barcelona? Toronto? We live in a multicultural society. Diversity is a fact, but inclusion is a choice. I would even say, “it is a strategic and economical choice”.

The USA’s population, the largest consumer market, comprises +40% of people of African, Asian, or Latin descent. By 2044, those minorities will become a majority simply because Gen Z and Gen Alphas are in their vast majority from those communities. And what about the fact that 85% of the world’s population lives in emerging countries with the most dynamic markets and fast-growing and connected middle-classes.

Understanding Gen Z -the first generation of true digital natives and composed primarily of people of color- means understanding multicultural consumers.

In other words, the corporates’ Gen Z problem is a multicultural problem.

What inspired you to focus on the fashion & beauty industry?

The Fashion and Beauty sector is sensitive to affinity marketing, but brands’ products and services don’t fully satisfy multicultural consumers’ aspirations because of the lack of diversity.

Diverse entrepreneurs, especially women in these sectors, create products and services but are poorly supported, highlighted, and financed.

Our ambition is to support them in developing digital skills to accelerate their direct to consumer business and to excel in customer relations.

Can you tell us about the format of this event?

We will focus on creating an online experience for each specific category of the public. Digital authorizes a more interesting personalization of the attendee journey:

  • Investors might want to know the minority-majority market size, untapped market opportunities, and how startups deploy to seize them.
  • Corporates might wish to understand the culture better and identify the touchpoints with the multicultural Gen Z.
  • The General public might want to discover new brands, the stories behind them and possibly buy from them during the event.
  • Tech companies might want to understand better how to connect with and offer services to a new breed of entrepreneurs they rarely meet.

Digital offers the possibility of having a larger audience and creating more connections. Recently we organized a session between a Senegalese Designer, a Fashion Tech expert from New York, and a Beauty brand from Ghana. The conversation was so refreshing and insightful for the audience! It resulted in immediate online sales for the Ghanaian beauty brand, requests for mentorship for the Fashion specialist and partnerships for the designer.

Why did you decide to launch a membership plan?

The Colors is a community of people sharing common interests and values. A paid membership helps to build and finance a better experience for them. With a continuous dialogue with our community, we want to better understand their needs and tailor their online event experience.

We also want to engage our audience better, be more accessible, provide support, get feedback. We believe our community should be invited to shape our brand’s future and influence speakers’ choice and themes.

In short, we want to build relationships that go beyond a single event in the year.

Who would be an ideal speaker for this event? Who’s on your wishlist?

Our ideal speaker is Thando Hopa, a South African model, activist, and lawyer. She is the first woman with albinism to be on the cover of Vogue. She perfectly interrogates us on Diversity and Inclusion.

For the wishlist, I would mention:

  • Rihanna: for the genesis of Fenty Beauty, her deal with LVMH, and Social Media’s impact on her business.
  • Berry Gordy: for creating the world’s most famous record company, the Motown Records, with 800$, but also no access to banks, media, investment
  • Vivienne Westwood: for creating a ground-breaking social enterprise collaborating with local artisan across Kenya, Nepal, Burkina Faso & Mali, with the aim to provide a sustainable stream of work, in place of charity.
  • Serena Williams: for creating a fund that invests in companies that embrace diverse leadership, individual empowerment, creativity, and opportunity.

Find out more about The Colors online at TheColo.rs!

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How do you really decide whether it’s a good reason to attend? Most investors only see the tip of the iceberg: the logo of the headline conference. They rarely see the resource constraints that come with executing the field work. That tension creates too familiar operational dramas for marketing teams, including last-minute “Where is my ticket?” message, partner demands for main-stage slots, and the flurry of FOMO driven interest because another prestigious fund has been announced as a partner. And yet, despite common belief, investors don’t attend conferences for the parties.  When I look at the 100 plus conferences I have attended over my career, I tend to group the real reasons into 10 buckets. 1. Qualified dealflow Good conferences act as magnets. They pull in the startups that are relevant for a specific thesis, geography or stage. For generalist VCs, niche events are a way to see a concentrated sample of the market in two days. For more specialist firms, these events are a way to go deeper into a vertical, and to be visible in that niche. 2. On-the-shelf networking Conferences provide “on the shelf networking”: the infrastructure of meetings, lounges, apps and social events is already built. You simply step into it. For investors, that is valuable across several fronts: they can connect with  founders and future founders, operators for senior hires, practical experts and   LPs exploring new funds.  3. LPs and the (secret) permanent fundraise Most funds are always fundraising. Events that attract LPs are therefore particularly attractive. Even a handful of good LP conversations can justify several days out of the office, especially if this involves underground Berlin (Super Return) or a roundtrip to the French Riviera (IPEM).  4. Media relationships Some partners only have meaningful conversations with journalists at conferences, mainly because engaging with the media is not part of their day-to-day routine. For them, conferences provide an efficient way to concentrate press engagement in one place without having to pitch themselves. For marketers handling complex logistics across several markets, an event is often the one moment where the stars align. 5. Thesis signalling Good investors have local-based theses and want to attract dealflow consistently across several years, whether or not they have cash to invest. Attending Stockholm-based conferences is a way to say, “we are serious about the Nordics” without having to buy billboards in the airport (although some folks do exactly that). In that sense, VCs and event organizers are sometimes competing as community enablers. Both are trying to become the natural node for a given ecosystem. 6. Speaking and thought leadership Speaking slots are a form of social currency in venture – and comes with a few perks such as “speaker dinners”. Many partners enjoy being on stage and the status premium associated with it. I guess there’s a reason why some people are more interested in how they will look like on their Slush stage picture than what they are going to say. Beyond ego, speaking opportunities give VCs a platform to articulate their thesis, test a narrative in front of a live audience, and attract founders at the very top of the funnel. Some of the best inbound I have seen has come within a week of a talk. A founder who heard a line and followed up. A journalist who spotted a quote for a later story. Someone who waited backstage with a pitch. This is part of why VCs can be VERY intense about speaking slots. From their perspective, stage time is not simply a visibility perk. It is a key input into the marketing engine. 7. Curation Some conferences have a strong reputation for curation. You trust that if you turn up at TEDx, DLD, or similar events, you will be challenged and inspired. For investors who spend most of their year buried in spreadsheets, this is attractive. Alas, I think the content quality has nosedived these last couple of years so it’s less true. 8. Portfolio support Serious investors use conferences to help portfolio companies with commercial introductions, support them on talent hunting, offer stage visibility and access to LPs, journalists, and peers. When a portfolio company is having a big moment, everything else tends to rearrange around it.  9. IRL experiences Many VC franchises have grown used to operating digitally. What is often missing is a reliable in person interface for the broader community around the fund. Conferences solve this by using those moments to crystallise the community you are building.  A simple breakfast, an LP catching up with several of your founders in one afternoon: these are small touches, but repeated over ten years they are part of how trust compounds.  10. Watching to competition Conferences are one of the few places where you can literally see how competitors behave with founders, with LPs, with the media and with each other. Who is always surrounded by founders. Who is quietly building a niche. Who is sponsoring heavily in a

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