I caught up with Lightspeed Scout and Co-founder and GP of The Community Fund, Lolita Taub, about her journey to VC and advice for aspiring investors. This kicks off Lightspeed’s new “Scout Spotlight” series showcasing our amazing Scouts, what they care about, and some lessons learned along the path to venture.
Me: Let’s start with who you are! What’s your story?
Lolita: I grew up underestimated as a first-generation Mexican-American, daughter to immigrants with a dream to give their family a better shot at life. My first-home was a garage that my dad turned into a one-bed apartment, and I was often told that I’d amount to nothing based on my socioeconomic status, ethnic background, and gender. But I didn’t let that deter me. I knew I had to work hard and push hard to make my parents’ dream of a better life come true. So, I did.
Fast forward, I’ve worked in tech for 15 years in corporate, startups, and now venture capital in and out of Silicon Valley. My greatest accomplishment: taking my family through bankruptcy and out of poverty, and supporting my siblings in their passions (e.g., Healthcare and Engineering). My non-ending battle, though, continues to be getting the world to see those of us who are underestimated and underrepresented as savvy contributors to the world of money. No: we are not niche markets or charity cases. Yes: we represent trillions in outsized returns. And if you need a16z to say point some of this opportunity out, read here.
Full-circle, I continue to work on my parents’ goal to give our family a better life and, because of the opportunities and privilege I have built (thanks to them and my community), I’m working towards bettering the Startup-VC world starting with content and resources on Twitter @lolitataub.
Me: What led you to become a Lightspeed Scout?
Lolita: It all started on Twitter. I followed Monique Woodard, GP at Cake Ventures. One thing led to another and we found ourselves at the Angel Collective together. Soon after that, Monique reached out and told me about the Lightspeed Scout program. She said I could scout for deals and write checks into startups that I selected.
I clicked on the Lightspeed Scout program link Monique provided and saw that three POC scout alumni, LaDante McMillon, Ivan Alo, and Monique Woodard, had gone off to launch their own funds — something that I aspired to do myself. I kept reading and saw that their program appreciated the value that BIPOC investors bring to the world of VC and planned to cater the program to our community. So, I applied and got in. But I replied with a pass.
That was because, right around the same time, my deal flow and community of underestimated founders, funders, and friends was growing rapidly — through my newsletter, Twitter, and through my Startup-Investor Matching Tool — and the opportunity to launch a fund with Jesse Middleton at Flybridge came up. I said yes to launching The Community Fund (TCF) and I thought scouting for Lightspeed could create a conflict of interest.
Well, I shared this with you, Mercedes, and you said it wasn’t a problem for Lightspeed. So, I talked to Jesse, he was supportive, and I joined as a Lightspeed Scout.
Thank you Mercedes Bent, Monique Woodard, Ivan Alo, LaDante McMillon, Barry Eggers, Amy Wu, and Guru Chahal for kick-starting my Lightspeed Scout career, making space to challenge the status quo, and having my back.
Me: What’s your investment focus? Any companies / new investments you want to highlight for readers?
Lolita: Launching The Community Fund provided a clear focus to my investment thesis. We, and I, invest in early-stage community-driven companies. And we define community-driven companies as companies with 1) customers that identify as members; 2) where members have a space to create value for each other; and 3) the community kicks off the marketing-sales flywheel.
So I’m always looking out for community-driven companies. How I decide what I invest through TCF or Lightspeed depends on an if/then structure I created.
- If a company is pre-seed/seed, community-driven, has a valuation of around <$10M, and has an allocation for a $50K check, then my first look-through will be with the TCF family.
- If a company is outside of the parameters above and accepts $25K checks, I look at it through the Lightspeed lens.
Fun fact: one of my Lightspeed portfolio companies also belongs to the TCF family (thanks to investment partners Aaron Samuels (Blavity) and Sonia Nagar (Pritzker Group)!). That’s Ayana, a Black founded and led company that provides therapy by and for underestimated and underrepresented communities. I chose to invest in them because of the market opportunity, founding team (hey, Eric Coly!), and its timeliness in the market. With everything that’s happened in the last year and this one, mental health is something that will continue to be prioritized.
On that note, it’s Mental Health Awareness Month, and Ayana is providing a $60/session promo. Check them out here!
Me: What advice do you have for other aspiring VCs out there?
Lolita: Follow awesome people on Twitter (I shout out a lot of them all the time @lolitataub), show what you’re about through your content consistently, and be prepared to meet investing career opportunities by having answers to the following questions:
- What’s your investor thesis?
- Where does your differentiated deal flow come from?
- How do you select investments?
- How do you support your portfolio companies?
- You can make a personal notion page to host these answers, like mine here.
Me: What advice do you have for founders out there looking to raise?
Lolita: First, consider your fundraising strategy options. If VC ends up being part of your strategy and…
- You’re an underestimated founder, consider submitting your company to the Startup-Investor Matching Tool, to connect with investors.
- You’re an early-stage community-driven company, consider submitting to The Community Fund (no warm intros required!).
Lastly, do your investor due diligence before letting anyone on your cap table. Ask them, “how will you be a good steward to my company?” and assess if they’re a good fit for your company. For example, at The Community Fund, our value add is our ability to support founders through the collective skillsets and network of our community of investment partners who are representative of our population and are founders, funders, and operators. The areas I support founders on the most are GTM/sales, community, and making space for emotional support.
Me: Last question, where can others learn more about you and connect with you?
Lolita: You can learn more about me on my site here, follow me on Twitter @lolitataub, and here’s a page on how I can help you!
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Many thanks Lolita, this was a fun trip down memory lane!
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