A Crypto Obsession And Early Crocs Investment Lie Behind An Outsiders ‘hustle Mentality

Spice Capital's website , with colorful text and quirky cartoon animation , looks more like the online portfolio of a recent art school graduate than the landing page of a venture capital firm. But maybe that's the point.

Maya Bahai, 28, founded her company WallVest in October 2021 with the goal of adding spice to the white-dominated venture capital space. According to recent data, women-founded companies receive less than 3% of all venture capital investments, and women make up less than 15% of investors. "In previous jobs, whenever the company's brand, messaging or team diversity was boring, I always said, 'We need to change it,'" says Bahai, a venture capital firm owned by basketball star Kevin Durant.

Bahá'í uses his perspective as a young black man to identify friendships that many traditional communities may miss. An initial investment in shoe brand Crocs while still in college has grown over 350%. "I didn't work for JP Morgan or any of those big banks," says Bhai, who grew up in Fort Lauderdale, Florida, in an Indian family. “I don't have a traditional resort, I just have a busy mindset.

I don't have a traditional resort. I just have a busy mindset

Mayan Baha'i

Since founding his firm, which operates out of his Brooklyn home, he has invested between $100,000 and $250,000 in capital in about 40 ventures. "The only way to break the men's club of finance, technology, venture capital is to put women and people of color in positions of power," she said.

Creating a sense of community in the venture capital world is part of Bacha's mission. His newsletter, Hot Sauce, is a collection of blogs, tweets and podcasts for tech and crypto enthusiasts. On the Telegram platform, Spice List runs a group chat called Spice Jar where founders can meet and share ideas.

Attracting a new generation of investors is part of the mission. While most venture capitalists require a minimum investment of $250,000, Bahá'í has ​​removed the minimum financial barrier for women and people of color to enter the market. “If you're a guy, you might invest $250,000, but if you're in an underrepresented group, you might invest $5, $1,000, or $10,000. No matter how much I want you in my community,” he said.

How did you become interested in finance?

Ever since I was a child, I dreamed of becoming a pop star. Originally, I wanted to go to New York to pursue a career in music. But my first-generation South Asian immigrant parents would only support me if I got a business degree, so we exhausted our means and studied music. After meeting the amazing professors and circles at the Stern School of Business, I finally decided to study finance and data science. I ended up interning at [Jay-Z's entertainment company] Roc Nation. Spice today gives a lot of attention to the creative arts. While my childhood dream of becoming a pop star has yet to be achieved, I do my best to support companies that work to improve the lives of freelancers.

What was the motivation behind starting Spice Capital?

When founders borrow money from me, they get great advice from someone else if they hadn't heard it

Mayan Baha'i

I've noticed a mismatch between venture capitalists and people building startups. Over the past four years, there has been an influx of investors thanks to Wall StreetBet's subsidiaries and programs like Robin Hood that waive trading fees. We were in a period of low interest rates and companies were starting to think more about who they were going to borrow money from. When founders borrow money from me, they get a tip from someone else that they wouldn't have listened to.

What do you look for when evaluating a company to invest in?

I need three things: group, TAM (total addressable market) and traction. The team is the most important. As a founder, you must have a constant obsession with solving a specific problem. So if they have personal experience with what they're offering or know the market better than the investors, that's a big opportunity for me. A general identifiable market. What is your market size? If you sell leads, how many leads do you sell per year? Spread out. Are people willing to pay immediately for something you create? Even if a company starts small with 5 users and grows to 100 next month, it is very attractive to me.

Who are you looking up to the most right now?

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Dart, a Web3 media company, is using blockchain to create a community-based entertainment brand at the intersection of print and consumer social media. Founder Daisy Aliotta found a way to monetize her audience directly with NFT. Within a year of being in business, Dart Digital has racked up more than six figures in sales.

There is another company called Bonside that offers alternative financing to traditional companies. Let's say you are running a matcha business and you want to open a second location, then you have to go to the bank and get a loan for the house. To avoid this, the founders created a platform where ordinary investors can find a lender and in return get a share of the revenue and earn passive income.

Do you think the investment framework needs to change to adapt to a changing world?

I am here and I say. "Hey, have you ever heard of this?" It's bigger. believe me'

Mayan Baha'i

In the past, having perfect one-off economics might have been enough for a successful business, but brand and culture are becoming increasingly important. Companies with strong brands succeed in creating a community that people want to be a part of, and when they sell a product, they gain an untold cultural dynamic.

What should investors consider when making their next move?

Creative economy. I know it exploded five years ago, but it was very narrow. I think we're moving into the second phase where, before Patreon and Substack, the next wave of companies investing will be companies that combine the maker economy with the ownership economy. The internet not only makes people famous but also their businesses. That is why I am interested in companies that create solutions for the future of work.

What are the challenges of managing a small venture capital fund?

Because I don't fit the traditional profile of a fundraising investor, my financial capabilities are low. I saw a chart showing how big the difference is. In the year In 2022, all US VC funds raised a total of $170.8 billion, compared to $2.4 billion for US VC funds led by women. Spice Capital expands the definition of success. I am here and I say. "Hey, have you ever heard of this?" It's bigger. believe me."

The market is a big warning sign. (The Bitcoin Problem)