Q & A

We recently sat down with Y. Elaine Rasmussen to find out more about her passions, her calling, and generally dive in deeper to get to know her.

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What are some of the biggest challenges you’ve faced in your work over the last few years?

From a business perspective, the pandemic really hurt my business. We were really fortunate that we had a reputation for our mission work, and were able to keep the doors open, keep people employed. We were pivoting and helped other businesses pivot. But, there was a personal toll it took on me. After two years of just going and going, I had a breakdown and I don’t think I am alone in feeling this way. It was time to restructure, rethink and reimagine the business model of our company. We have this unique moment, a unique opportunity to build the infrastructure and address the structural issues. Minnesota has a 9B surplus. What could it look like if we took those dollaes to put the infrastructure in place that would allow us to thrive as a result of this pandemic, but also survive and mitigate the next pandemic?

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Developing alternative business models to the startup status quo has become a central moral challenge of our time. These alternatives want to balance profit and purpose and put a premium on sharing power and resources.

Why is getting investments in this alternative model crucial for those who seek it?

Because entrepreneurs need help in the second stage, years 3-10 of the business, as there are a whole different set of problems in that phase. Alternative investment models aren't just about the money, they’re about closing the knowledge gap. Because of this, we have an integrated capital fund that blends capital with fractional executive support and coaching. We would like to be a $50Bfund, and that requires moving $50,000 at a time. That’s like removing sand from the beach with a spoon. Who wants to sign up for that? But it needs to be done, somebody needs to do it otherwise we are not going to have these entrepreneurs move and grow. My job is to be the bridge that can be walked over to get there.

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How do we shift the narrative about the role of capital in BIPOC communities and reframe the perceptions of the risk involved?

I just keep singing the same record, every space, I go in every room I’m asked to appear, I’m playing the record. What I am saying to them is the antithesis of their confirmation of what they think and know. With my marketing background, they say it takes seven times before you actually hear it, but it takes another 10 times before you actually act. So I just keep beating the drum set, and being unrelenting about the massage. It is grounded in what I see every day, working with entrepreneurs and investors. This is the value and importance of ICC, we’re all butterflies flapping our wings to create a tsunami of change.

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What are the top three pieces of advice you would give to BIPOC entrepreneurs, who are dedicated to both purpose and profit, as they are starting or scaling their business?

• Know whether or not you want to be a business person is tantamount. When things get hard, meaning you need to start putting in the infrastructure, the processes, the polices, and the financials in place, you have to be honest with yourself about whether or not when you get to that point you still want to be a business person.

• Being an entrepreneur you have to have an ego, the ego allows you to be resilient. But you need to know when your ego and arrogance is getting in the way of them growing the business. You don’t need to follow every piece of advice, but you need to have a decision matrix by which you’re going to filter that advice.

• There is nothing wrong with debt. You sometimes have to bring on debt to grow–you cannot have enough sales that outpace the growth you need. Not all money is good money, and not all debt is bad money. So be clear what is your trauma around money and unpack that, understand it so it does not hinder you from growing your business.

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What is the call to action for investors who seek to promote social justice through investment solutions?

• Don’t do the work alone, work with a partner organization.

• Build an entrepreneur profile. What are the kinds of entrepreneur investment you want–get clear about it! Do you want to be in a sector where you have some experience and knowledge? Do you want to know you’re going to see them on a regular basis? Do you want to be on the board? Do you want to provide them advice, connections? Then as opportunities come to you, you’re able to easily swipe left or right.

• Investors need to realign their expectations. I show the line of white wealth. I show the line of the Dow Jones and the stock market over the past 100 years, and they are almost lockstep. And when you look at the line of black and brown people, especially black people it’s relatively flat. But investors come in and ask them for a market rate return, think about it as the Grand Canyon. These are businesses that probably have 20 employees or less, where Black and Brown folks are mostly at right now. Know your appetite, is this really what you want?

• You are more than welcome to call me and I am happy to help.