Giving others a shot Kyrie firm seeks a game-changer
Kyrie Irving is launching a consulting firm that will provide coaching and mentoring services to black- and womenowned businesses — and it’s teaming up with a new venture-capital firm that will provide the cash.
The Brooklyn Nets star’s new firm, called KAI 11 Consulting, is partnering up with Lockstep Ventures, a venture capital firm that with Irving’s help has raised $25 million to invest in about 20 businesses. The two firms said they plan to work together on each investment to help it succeed and grow.
“Traditional business growth opportunities have disproportionately excluded various minorities, tremendously limiting access and creating mistrust,” Irving said in a statement. “KAI Eleven Consulting’s business model seeks to provide a more equitable process that eliminates systemic barriers to entry.”
Their first investment includes $500,000 in seed money for Fleeting, an Atlanta-based, black-owned commercial trucking company that has committed to hiring women and people who were formerly incarcerated. In addition to a three-month training program for a commercial drivers license for new hires, Fleeting offers incentives for women truckers and those with families by providing flexible hours and access to shorter trips.
Lockstep was co-founded earlier this year by Michael Loeb, Marcus Glover and Bonin Bough, who was the host of the LeBron James-created “Cleveland Hustles,” a local TV series about investing in local companies to improve struggling neighborhoods.
Bough said investors in the “Cleveland Hustles” show put $1 million into local businesses and ended up doubling their money while improving the community.
“I’ve never seen anything … that truly has an impact on social change unless it is tied to an economic return,” Bough said.
Lockstep has developed a plan to invest in companies that address racial disparity in health, criminal justice, financial literacy and education. On the latter, Bough said the firm is interested in distancelearning companies that help students at underperforming schools.