While Rapper Chamillionaire may not be making history on the rap scene, he is certainly blazing trails in the tech scene. He recently became an “Entrepreneur-in-Residence” at top-tier investment firm, Upfront Ventures. The firm focuses on investments in the technology sector and is located in the L.A. area. Given the capsizing nature of the music industry and the rapid explosion in the technology sector, Chamillionaire is certainly making Grade A moves.
The Houston rapper’s shift into the technology start-up scene along with networking amongst the likes of Mark Suster is important for many reasons. Rarely is it the case that venture capital and hip-hop intersect. While mainstream hip-hop music can bestow generous financial rewards upon a lucky few, it has been showcased too many times to count how the money these famed individuals accumulate seems to evaporate overnight. A constant wealth principle taught here at Minority Fortune is diversifying your investments. Making money is NOT an investment. Chamillionaire is making his way in a sector that has been making financial leaps and mostly benefitting wealthy white males by making them even wealthier for over a decade.
Needless to say, this isn’t just something celebrities should be paying attention to, but regular individuals as well. African American participation in the startup and technology industries are highly underrepresented due to various barriers and exclusionary practices. While it is not recommended for someone with modest income to become a venture capitalist or join an investment firm, there is much opportunity on the entrepreneur, creator side. With incubators like Y-Combinator, investment firms like Upfront Ventures and Sequoia, and crowdfunding sites like Kickstarter, more options make entrepreneurship easier than ever. While it may be daunting for African Americans and other minorities to enter a predominately white male space, Chamillionaire and various others are proving that it can be done.
We want to celebrate the accomplishments of Chamillionaire, as these are the behaviors individuals determined to leave a legacy of wealth will demonstrate. While it is certainly more convenient to stick to our convenient truths of wealth coming through traditional methods (working, gambling, borrowing, etc.), the volatile economy shows us that wealth will only remain in the hands of those who keep “doing the education”. Many of us may not be ready for entrepreneurship or investing in tech ventures. In the meantime, reading, educating, saving, and diversifying will eventually get us there. Embrace change! What changes will you make today?
*Image courtesy of Business Insider.
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