HBCU Founders Accelerator Fall 2023 Cohort Spotlight: Meet Ebonique Boyd from Budget Collector

Last Fall, we launched the second cohort of the HBCU Founders Accelerator Program. Over the next several weeks, we are excited to showcase each of the exceptional founders and their entrepreneurial journeys. Up next, meet Ebonique Boyd from Budget Collector!

Can you tell us a little about your background and what inspired your entrepreneurial journey?

I was in political data analysis beforehand and I didn't have a life outside my job. I would work during the day and spend time with my political friends in the evening. My husband told me to get a traditional hobby because I was stressed. I gave myself a budget of $5000 per year to learn and enjoy fine art. I called myself a "Budget Collector" and started a blog about learning about fine art and exploring museums. One day, I stumbled upon an unbidded lot at Christie's. The starting bid was $5000, and it said I could put it into my cart at that price. I put it into my cart, only to find that Christie's had an additional fee of $20K at that time.

Then I spent the next five years of my life trying to find how I could find more art like that without that fee. As I soon discovered, the market is a closed market for many reasons. It practices several outdated business practices that are not normal in other business industries. I wanted to envision a way to open the market, but that was also within my moral framework that strengthened the market for those operating outside the normal paradigm.

What problem is your startup solving and what inspired you to tackle this issue?

We are still in the most basic sense, solving my personal difficulty with not being able to find a similar item to the unbidded lot at Christie's. As I soon discovered, there are a myriad of reasons, why this problem is difficult and we are attempting to solve this issue in a multifaceted way from the perspective of data scientists.

What have been some of the biggest challenges you have faced while building your startup, and how did you overcome them?

As a Black woman, the biggest challenge is building within society's expectations of gender and race. I don't see anything inherently negative about myself or even with the stereotypes surrounding either of these perceptions. However, I realize that others sometimes believe that doubt, a strong belief in equality, leading with emotion, and humbleness are not signs of a leader. I have to fight past those assumptions and beliefs, to believe that all those can be strong characteristics of leaders. We might not have seen that as leadership traits yet, because leadership is still defined by the stereotypes of another race and gender, but under visionary investors, I believe we can redefine leadership.

How have your background and previous experiences influenced your approach as a founder?

Howard University was a place where I defined my moral code that has guided my career and perspective. I learned the uncommon and untold stories of Black leaders who changed the paradigm, not for glory, but to make life better for everyone. My leadership comes directly from those untold stories. I don't work for primarily the glory of "our company", although I believe in our company, I work for the fine art ecosystem as a whole. Howard University taught me that was possible. It also taught me that it was up to me, to envision what is next for our community. I believe that as the laws have changed to protect Black wealth, there is a pathway for me to build a business that can revolutionize the industry and I can also profit from it to keep the business' moral code to the high standard that I believe our community expects.

Where do you see your company in 5 years and how do you see it impacting your community?

I want to see our company at the forefront of helping other art ecosystem partners to become more profitable ventures. In five years, we want to be the primary technology platform that helps connect multiple stakeholders to each other.

What led you to become interested in Nex Cubed? What resources do you believe will be most helpful?

I knew Margo, one of the founders that Nex Cubed invested in. After she was accepted to Nex Cubed, she seemed to grow in a way that I wanted my company to grow. The advisors that Nex Cubed selected were amazing, and as soon as we met, our company radically transformed. I'm really excited about the direction that we're heading.

What is the most valuable lesson you have learned as a startup founder so far?

There are a lot easier ways to earn money. 

What advice would you give to aspiring entrepreneurs who are looking to make their mark in the industry?

For US-based tech/science entrepreneurs, the National Science Foundation has a customer discovery program. This government-funded program works with the best universities in the US to help businesses learn more about their customers.

What advice would you give to other HBCU entrepreneurs around fundraising?

Focus on making money and investors will come.

Where can readers/listeners/viewers learn more about your business? 

On our app! It can be downloaded in the Apple or Google Play stores by searching for "Art Scene: Meet More Friends"