HBCU Founders Accelerator Fall 2023 Cohort Spotlight: Meet Averett Barksdale from CashPool
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 Averett Barksdale from CashPool!
Can you tell us a little about your background and what inspired your entrepreneurial journey?
I am a front-end dev and UX developer and was previously working in the financial services industry when I discovered this problem and felt that my brother and I could solve it.
What problem is your startup solving and what inspired you to tackle this issue?
Around 90% of traders lose money every year, but the consumption of trading content has grown 400% over the past 5 years. The issue is there are no platforms to easily connect the financial influencers who know what they are doing to their followers looking to become profitable traders.
What have been some of the biggest challenges you have faced while building your startup, and how did you overcome them?
The process of legal and getting in contact with the influencers for the platform. I have realized I shouldn’t focus so much on the legal side and get caught up in doing things that companies 100 times my size need to focus on. For the influencers problem, it's just something that I need to go through right now, at the beginning you need to be doing things that don't scale.
How have your background and previous experiences influenced your approach as a founder?
I have always been a builder and a problem solver so this field is amazing for me. Just mixing that in with the thought that I could build something that has an impact on the world.
Where do you see your company in 5 years and how do you see it impacting your community?
I see us being in that "Unicorn" space but really helping decrease the loss that 90% of traders experience each year, especially in underrepresented communities.
What led you to become interested in Nex Cubed? What resources do you believe will be most helpful?
What led me to be interested in Nex Cubed is Mike Ma. The way he interacts with me as a founder is exactly what I need in these early stages. There is a psychology that I think a lot of early founders need to understand, especially those who have not been in the space or exposed to the space before.
What is the most valuable lesson you have learned as a startup founder so far?
The lesson I am learning with Nex Cubed and Mike Ma is to build out loud, build in public - don't just keep it all in your head. Your head is the loneliest and most restrictive place you can be.
What advice would you give to aspiring entrepreneurs who are looking to make their mark in the industry?
Start small before trying to change an industry. Netflix started with DVDs and Amazon started as an online bookstore.
What advice would you give to other HBCU entrepreneurs around fundraising?
The best thing I can say is to turn fundraising into a process, not just shots in the dark. Organize who you are reaching out to, who you want to connect with, and why. Then go back and analyze those interactions and build or adjust from there.