Yesterday a group of 32 lucky startups, including two based in Colorado, had the opportunity to present their stories to none other than President Barack Obama in the first ever White House Demo Day.
The event was probably not what you would expect. Unlike a normal demo day, where companies pitch their business ideas and are judged on their chances of success and profitability, the White House’s version was a bit different. Instead, they brought in people underrepresented in entrepreneurship like women and people of color, and gave them the opportunity to demo stories of their journeys to becoming entrepreneurs. The idea being to provide insight into how the White House can work to make entrepreneurship more accessible to those currently underrepresented.
The two Colorado startups invited to participate were Base Directory and Sword and Plough.
Base Directory, which makes an app that helps service members find their way around military bases, was developed by two service members who met while deployed. One of the founders of that company is a graduate of Galvanize’s coding bootcamp.
Sword and Plough also has its roots in the military. Run by sisters, one of whom is a U.S. Army Officer, the company takes surplus military gear and turns it into fashionable bags. Both companies are based in Denver.
The White House noted that while America's entrepreneurial economy is the envy of the world, large amounts of Americans are left out of the game. Just three percent of venture capital backed companies are led by women, and only one percent by African Americans — in fact, only four percent of venture capitalists are women. Furthermore, venture capital firms tend to be located in only a select few major metropolitan areas, cutting off large swaths of the country from the capital needed to fund innovative companies.
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