Find Ventures is closing due to funding challenges, six years after the startup program launched to support early stage tech companies and underrepresented entrepreneurs in Washington state.
The organization was not able to secure enough capital to support a second batch of founders, said Elizabeth Scallon, a Seattle tech ecosystem leader who co-founded Find Ventures in 2019.
“Over the past years, I’ve sought additional funders and partners to sustain this mission,” Scallon wrote on LinkedIn. “But with the shifting macro environment, from lawsuits against equity-focused funds to rollbacks on DEI, donors grew hesitant.”
“Rather than compete with other nonprofits for scarce resources, we made the difficult decision to close Find Ventures,” Scallon added. “We notified our founders, donors, mentors and advisors back in May, and it has taken till now to finish the paperwork and final tasks.”
The organization’s remaining funds will go to the Buerk Center for Entrepreneurship at the University of Washington.
Find Ventures previously raised $700,000 from more than 30 donors to support ten startups in 2022 as part of its inaugural Equitable Innovation Accelerator, run in partnership with the Washington state Department of Commerce.
Companies received non-dilutive funding and were not required to give up equity or ownership. Founders were encouraged to support Find Ventures when they reached sustainable revenue or a Series B funding round.
The cohort included several Seattle-area startups that went on to raise future rounds, such as legal tech company Clearbrief and observability startup WhyLabs.
Scallon co-founded Find Ventures with Justin Brotman, son of Costco co-founder Jeffrey Brotman. The Brotman Family Foundation helped support Find Ventures.
Find Ventures also partnered with the Port of Seattle on its business accelerator supporting small businesses.
Scallon, who is currently director of incubation at HP and an adjunct teacher at the UW’s business school, said supporting underrepresented entrepreneurs — including women, people of color, and LGBTQ+ founders — is more important than ever as innovation accelerates at a rapid pace.
“In times like these, entrepreneurship must be accessible to all,” Scallon told GeekWire via email. “We need broad participation so that innovation is distributed widely, not concentrated in the hands of only a few.”
She added: “Expanding access to entrepreneurship isn’t just about opportunity, it’s about ensuring the future is shaped by diverse voices and ideas that truly represent humanity, leading to stronger and more meaningful solutions for us all.”
Scallon also shared some lessons learned from the Find Ventures journey:
- Traditional startup funding models — loans and equity investments — can be predatory, especially for underrepresented founders. “We highly recommend that founders reach out to their trusted council before agreeing to any terms,” Scallon said.
- People often want to donate their time and expertise versus providing capital. But sometimes their perspective may be outdated, based on surveys Scallon conducted with startups. “Founders need current operators that are one or two steps ahead of them to apply the learnings, as the market is dynamically moving at rapid speed,” she said.
- Entrepreneurial curriculum is important, but so is general leadership development. Find Ventures partnered with Julie Pham’s Seattle-based CuriosityBased group to provide training. “We need to support early stage founders with holistic support, not just in the mechanics and technicalities of running a business, but also the human aspects of being a leader,” said Scallon.
