The Real Unicorns Of Tech

Transcription

1 The Real Unicorns Of Tech Black Women Founders The #ProjectDiane Report Kathryn Finney, MPH with Marlo Rencher, Ph.D. FEBRUARY 2016 SPONSORED BY: For more information contact: 1

2 TABLE OF CONTENTS EXECUTIVE SUMMARY WHAT IS #PROJECTDIANE? FINDING: BLACK WOMEN ARE EXTREMELY ENTREPRENEURIAL AND LEAD STARTUP COMPANIES BLACK WOMEN AND ENTREPRENEURSHIP BLACK WOMEN AND TECH ENTREPRENEURSHIP FINDING: BLACK WOMEN-LED STARTUPS ARE UNDERCAPITALIZED COMPARED TO OTHER STARTUPS BLACK FOUNDERS AND INVESTMENT FUNDING BY STATE TOP CATEGORIES FOR FUNDING FINDING: THE LACK OF DIVERSITY WITHIN TECH COMPANIES LEADS TO LACK OF DIVERSITY IN STARTUP FOUNDERS DIVERSITY AND TECH COMPANIES BLACK WOMEN FOUNDERS AND TECH COMPANIES FINDING: BLACK WOMEN FOUNDERS ARE WELL EDUCATED FINDING: THERE ARE FEW BLACK WOMEN IN TOP TECH ACCELERATOR PROGRAMS, AND THAT S A PROBLEM SOLUTIONS: REDEFINE ENTREPRENEURSHIP FINANCIALLY SUPPORT PROGRAMS THAT PRODUCE RESULTS GIVE PROMISING BLACK WOMEN FOUNDERS DIRECT ACCESS TO CAPITAL APPENDIX ENDNOTES METHODOLOGY TERMINOLOGY INCLUSION CRITERIA ACKNOWLEDGMENT ADDITIONAL READING 2

3 EXECUTIVE SUMMARY #ProjectDiane is digitalundivided s proprietary research study about the state of Black women in tech entrepreneurship in the United States. At digitalundivided (DID), investing in the development of untapped and unrecognized opportunities in tech is what we do best. And like any other investment, we need data to support and inform our approach, but we could only find data on gender or race, but no data on the intersection of gender and race in tech. So we did the research. DID uses the insights gleaned from this study to craft initiatives focused on increasing the number of successful Black and Latina women entrepreneurs (aka Founders ) in tech. And you should too! If you re serious about supporting Black and Latina women Founders, we invite you to use these key findings to inform your efforts. KEY FINDINGS: Black women are extremely entrepreneurial and lead startups. The 88 Black women-led startups in #ProjectDiane are a part of the fastest growing group of entrepreneurs in the U.S. (over 1.5 million businesses owned by Black women). These businesses generate over $44 billion a year in revenue. But Black women-led startups are undercapitalized compared to other startups. Black women startup Founders raise $36,000 on average, while the average (mostly white male-led) failed startup raises $1.3 million. But... Lack of diversity within tech companies leads to a lack of diversity in startup founders. Nine of the 12 (75%) Founders who raised at least $1 million in outside funding worked for a tech company at some point in their career. And... There are few Black women in top tech accelerator programs. Thirty-four percent of Black women Founders in #Project Diane were a part of an accelerator program at some point in the development of their companies. Those who were in these programs were almost 40% more likely to receive funding (83%) than Founders who had not been involved in an accelerator program (45%). What s the solution? Inclusion of Black women Founders, and other diverse founders, requires bold leadership from those who have a vested interest in their success: foundations with an economic empowerment focus, individuals with a deep connection to diverse communities, and government and civic organizations who serve diverse populations. Join digitalundivided in solving this problem. Black women Founders are well-educated. Ninety-two percent of the Founders in #ProjectDiane have at least an undergraduate degree. More than 60% of the Founders are alumni of top 20 ranked schools, and 67% of the Founders who raised over $1MM in funding graduated from Ivy League institutions. 3

4 Startup and increasingly data-driven innovation methods, but we have not seen the same type of rigor applied to inclusion. Let s talk facts. Over 70% of Black households are led by Black women, yet Black women earn only 89% of what Black men earn, and 64% of what white men earn. Nearly twothirds of all non-farming Black-owned businesses are led by Black women, yet Black women received.002% of all venture funding in the past 5 years 1. The above isn t just a set of statistics about Black women. It s bigger than that. It s a statement about the economic viability of the Black community because when you improve the economic health of a Black woman, you improve the economic health of her entire community. Tech entrepreneurship can have a profound and immediate effect on the economic health of Black communities, and the barriers to entry are lower than ever. Low capital requirements, the rise in public wifi, the availability of tools like 3-D printers, and increased consumer comfort with online transactions all help make success as a tech entrepreneur attainable. If Black women arestarting businesses and tech is ripe with opportunity, why aren t Black women finding the same entrepreneurial success in tech as their White (men and women) and male (Black and White) counterparts? The world of startups, defined by innovation, disruption, and solutions, can t seem to figure out an answer. Current approaches rely on applying woefully inadequate solutions that don t seem to be designed to disrupt. Chief Diversity Officers (CDO) are supplied no urgent impetus or structural authority to make change. Companies engage nonprofits with good optics but no outcomes. HR departments have software that eliminates bias from resumes, without doing the hard work of weeding bias from the company culture. And we are only recently getting hard data about diversity in these innovative companies. Until now. WHAT IS #PROJECTDIANE? Launched in February 2015, #ProjectDiane is digitalundivided s proprietary research study about the state of Black women in tech entrepreneurship in the United States. We didn t want to hide behind anecdotal references and secondary research. We wanted to survey Black women Founders across a number of metrics and synthesize those learnings into an actionable, datadriven approach to affecting change. DID uses the insights gleaned from this study to craft initiatives focused on increasing the number of successful Black and Latina women entrepreneurs (aka Founders ) in tech. And you should too! If you re serious about supporting Black and Latina women Founders, we invite you to use these insights to inform your efforts. A NOTE ABOUT TERMINOLOGY Black and startup. You ll see these two words throughout this report, and we acknowledge that their definitions are broad. We take a very global view of the Black racial identity and include any founder who society considers as a part of the African diaspora (African, African-American, Euro-African, Afro- Caribbean, etc.). We use the term Black rather than African-American as the latter tends to be associated with those who have ancestors who were enslaved during American slavery and may exclude those who are first or second generation Americans of African ancestry. We use the following definition, created by Steve Blank, for the term Startup. Startup is a temporary organization built to search for the solution to a problem, and in the process to find a repeatable, scalable and profitable business model that is designed for incredibly fast growth. The past five years have seen the rise of the Lean 4

5 FINDING: BLACK WOMEN ARE EXREMELY Entrepreneurial AND Lead Startup Companies BLACK WOMEN AND ENTREPRENEURSHIP: THE BIG PICTURE Black women are the fastest growing group of entrepreneurs in the U.S., with over 1.5 million businesses, a 322% increase since In comparison, Black male-owned businesses only grew 93.1% during the same period. Black women own a majority of Black businesses in the U.S., with close to 60% of all non-farming Black businesses owned by black women 2. BLACK WOMEN LED BUSINESSES 322% increase since Source: U.S. Census, 2015 Black women-owned businesses generated over $44 billion a year in revenues in a variety of business categories, with health care and admin services leading the pack. Professional, technical, and scientific companies, collectively, are the fourth largest type of companies owned by Black women, with more than 100,000 Black women-owned companies fitting into this category. BLACK WOMEN AND TECH ENTREPRENEURSHIP: A DIFFERENT PICTURE A significant number of Black women start businesses in the technical category; however, a large percentage of those businesses are consultancies and/or non-technical support services for the industry. Also, a majority have no employees. Of the 378 companies submitted to #ProjectDiane, only 23% (88) fit the Blank definition of a startup. Most of the other companies were non-profit organizations at the idea stage, had a Black woman co-founder without equal, or majority equity and/or were consultancies. 5

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7 While Black women are a growing group of entrepreneurs and make up approximately 13% of women in the U.S., they re often rarely included in discussions regarding women tech entrepreneurs. Black women represent.04% of the total number of women-led tech startups (~2,200) in the U.S. $36k average amount of funding raised by Black women Founders $41MM average amount raised by companies that exit.04% percentage of women-led startups led by a Black woman Finding: Black Women-Led Startups Are Undercapitalized Compared to Other Startups BLACK WOMEN FOUNDERS AND INVESTMENT Of the Founders in #ProjectDiane, 56% raised outside funding, with the average amount raised by Black women Founders at $36,000. This amount is less than a third of the lowest average raised for pre-seed funding ($100,000-$500,000 at idea stage) and.01% of the $41 million average raised by companies that exit. Black women Founders comprised.002% (24) of all venture deals (10,238) from More than 50% of the Founders in #ProjectDiane reported receiving less than $100,000 in funding/investment suggesting that they are tapping into resources outside of the traditional venture/angel network, such as retirement accounts and personal savings, to fund their companies. This would be consistent with the funding strategies employed by the Founders in digitalundivided s accelerator program. Only 12 (14%) Founders we surveyed have raised more than $1 million in outside investment. The sustainable chemical company, Kiverdi, has raised the most outside funding at a reported, but unverified, $40+ million. Only four Black women-led companies have raised more than $5 million in outside venture capital. Of note, most startups in the #ProjectDiane database were less than five years old. Interestingly, funded startups in the database were young -- 80% of funded companies were started after

8 SO WHO INVESTS IN BLACK WOMEN FOUNDERS? A small pool of angel and venture investors fund a majority of Black women Founders. For those in the $100,000-$1 million funding range, a majority of their funders were local accelerator programs and small venture firms (under $10 million in management). One angel investor, Joanne Wilson and Gotham Gal Ventures, has invested in three of the 12 companies that raised over $1 million. On the traditional venture firm side, Kapor Capital and Comcast s Catalyst Fund have invested in at least two of the Black woman-led startups in the $1 million club. Wilson, Kapor, and Comcast often invest together, aka co-invest, in companies, thus increasing the amount of funding a company receives. FUNDING BY STATE A majority of the Founders (41%) are located in New York or California, where a substantial percentage of investment dollars are located. A higher percentage of Founders in New York raised funds versus Founders located in California. However, Founders located outside of these areas, particularly in the District of Columbia metro area as well as Ohio, had higher overall rates of funding than those in New York or California (75%-100% vs %). ANALYTICS, MARKETPLACES, AND DEVICES ARE TOP CATEGORIES FOR FUNDING Founders led startups in more than 20 categories. Analytics, consumer devices/wearables, and marketplaces were more frequently funded, with startups in the analytics category being six times more likely to receive outside funding. FEW BLACK WOMEN RAISE ENOUGH CAPITAL TO GROW THEIR BUSINESSES The small amount of funding raised by Black women Founders makes it difficult for them to scale their companies past the initial stages of development. The fact that only 12 startups led by Black women have raised more than $1MM in outside funding is striking for two reasons: (1) In tech, raising at least $1 million is an indicator that a company is at the later stages of seed funding and is moving from proving the market to growth, and (2) The average amount raised industrywide by startups that ultimately fail is $1.3 million. The takeaway is that Black women Founders are not raising nearly enough to even test their ideas in the market, and even the best Black women led startups (as indicated by the amount raised) do not raise as much as failed startups led by others, namely white men. Finding: The Lack of Diversity Within Tech Companies Leads to a Lack of Diversity in Startup Founders DIVERSITY AND TECH COMPANIES Previous employment at a tech company is a major determinant in the success of a startup founder. Over 90% of startups with billion-dollar valuations have Founders who used to work for well-known tech companies. While Black men and women, collectively, are 13% of the total U.S. workforce, they comprise approximately 1-2% of the tech workforce. The numbers are slightly better for women as a whole, with women comprising approximately 30% of U.Sbased employees at tech companies 7. The numbers are shocking when looking at individual companies, especially those based in Silicon Valley. At Facebook, 3% of new employees (36 out of 1,213) in 2013 were Black, and the company currently has only 81 Black employees in a U.S. workforce totaling 4,263. Less than 2% of Google s total workforce is Black. Similar numbers are reported for other ethnic groups like Latinos. 8

9 When it comes to Black women, the numbers are dismal. Social media giant Twitter, with over 4,000 employees, has just 49 Black employees, 14 of them are Black women (that s.004% of their total workforce, or practically zero). Interestingly, diversity in the employment ranks of Silicon Valley companies is in stark contrast to the diversity of the user base of those same companies. For example, 27% of Twitter users are Black, with a significant portion of those users being Black women. BLACK WOMEN FOUNDERS AND TECH COMPANIES 37 of the 88 (42%) Founders in #ProjectDiane worked for a tech company at some point in their careers. However, 9 of the 12 (75%) Founders who raised at least $1 million in outside funding worked for a tech company. one black employee The Guardian Found That All Black Employees (758) At The Three Top Tech Companies Could Fit Into A Single Airbus Plane for every 47 white employees Source: The Guardian, July Finding: Black Women Founders are Well-Educated Ninety-two percent of the Founders in #ProjectDiane have at least an undergraduate degree. Over 60% of the Founders are an alumna of a top 20 ranked school, and 67% of the Founders who raised over $1MM in funding are alumnae of an Ivy League institution. Black women Founders rate of postgraduate degrees or certifications is more than six times the U.S. population at large and over 13 times the rate of the total U.S. Black/African American population. Harvard, Columbia, and Northwestern had the greatest number of Black women Founders, which differs from the top three schools for the predominately white male startup general population (Stanford, UC Berkeley, and University of Pennsylvania (UPENN)). Stanford, the top school for white male startup Founders, tied for 10th place with several other schools, including Spelman College, a top ranked HBCU (Historically Black College & University) and Ohio University. 9

10 HBCUs graduate 22% of all African American students with undergraduate degrees, only 5.7% of all companies, and 9.6% of funded companies, had founders who were graduates of HBCU; however, ALL five of the HBCU graduates received funding. Graduates from tech-centered institutions like MIT and Georgia Tech were also represented but ranked outside the top five schools in terms of numbers of Founders. These schools ranked in the top five schools in terms of the number of Founder alumni who ve received funding. Founders from MIT, UC Berkeley, and Harvard raised the most funding, with the four Founders from MIT raising over $20MM in total funding. This parallels #ProjectDiane s finding that a majority of Black women Founders have business backgrounds, rather than STEM backgrounds. Finding: There Are Few Black Women in Top Tech Accelerator Programs, And That s A Problem... Incubator and accelerator programs are an important factor in the increase of startups in the U.S. These programs provide mentorship, investment, office space, and guidance in exchange for equity in early stage companies. More than 34% of Black women Founders were a part of an accelerator program at some point in the development of their companies. Those who were in accelerators were 40% more likely to receive funding (83%) than Founders who have not been a part of an accelerator program (45%). #ProjectDiane could identify five Black women Founders who were alumnae of one of the top three accelerator programs. It s important to note there are a number who are currently in the pipeline, some who were non profits (as in the case of Y Combinator), and/ or who participated, but did not graduate, from a program. However, not all accelerator programs are created equal. The top programs, Y Combinator, Techstars, and 500 Startups, offer a significant advantage over other programs by directly linking their alumni with top mentors and investors. The average amount of funding secured per TechStars alum is $1.8MM. 10

11 the solutions Black women Founders have the drive and skill to lead successful startups that can have a profound impact on their communities. However, they continue to be severely undercapitalized with little to no structures to acquire the funding and social capital necessary to scale a successful startup. The tech industry is quite myopic when it comes to inclusion. The industry sees diversity and inclusion primarily as a human resource issue, but not a market opportunity. As a result, the industry tends to fund inclusion initiatives, and leaders, that focus more on assimilation into current systems rather than those with bold ideas for diverse market penetration and adoption. This limited view of the impact inclusion can have on the tech industry is a major reason for its dismal diversity employment and funding numbers. But this isn t just a tech problem, foundations and civic institutions also are complicit by funding legacy organizations to do work they don t have the skill set to do and investing in projects that give great optics, but few measurable outcomes. Stop funding one off hackathons and start funding fully developed programs like Girls Who Code and AllStar Code. For every diversity/inclusion event you fund, also fund programs like DID s BIG accelerator. For every business grant, become limited partners in funds like Harriet Fund and Impact America. THESE SOLUTIONS CAN BE GROUPED INTO THREE MAIN ACTION AREAS: 1 REDEFINE ENTREPRENEURSHIP 2 FINANCIALLY SUPPORT ACCELERATORS AND PROGRAMS THAT PRODUCE BLACK WOMEN FOUNDERS 3 GIVE PROMISING BLACK WOMEN FOUNDERS DIRECT ACCESS TO CAPITAL The results of this study, and the anecdotal evidence gathered through working with diverse Founders over the past four years, has given digitalundivided unique insight into type of the solutions needed to increase the number of successful Black (and other ethnic groups) women Founders. 11

12 SOLUTION 1: REDEFINE ENTREPRENEURSHIP Years of institutionalized racism, sexism, and classism, as well as the pressures of being the representative of an entire culture of people, has made failure a costly proposition to many potential Founders of color, especially Black women. Solutions must extend past the creation of scholarships or remedial accelerator programs within prominently white male accelerator programs and focus on an expanded definition of entrepreneurship, where calculated risks are encouraged and supported, and the goal isn t assimilation, but valuing the potential of these markets. HOW YOU CAN SUPPORT THIS CHANGE: Policy Makers tech industry Rethink Current Approaches to Entrepreneurship in Black Communities and Shift Focus to High Growth Businesses Redistribute current resources allocated solely to low growth/high fixed cost small businesses like brick and mortar shops to also fund high growth startups led by diverse women. Create and fund targeted media campaigns that feature the diverse women Founders who received funding from you. Show who they are, their company, and how others can support them.startups led by diverse women. Use the Power of Your Marketing Dollars to Increase Visibility Stop sponsoring conferences that do not have diverse (race, gender, etc.) speakers. Require at least one Black or Latina woman speaker for every 50 attendees at conferences that you sponsor. Put your money where your mouth is. Create a mandate, issued by senior management, that at least 13% of annual marketing or operations budgets must be directed to efforts that feature, support, and/or are sourced by diverse women. FOUNDATIONS/GRANT- MAKING BODIES INDIVIDUALS Require the Inclusion of Entrepreneurship in Your STEM and Economic Development Programs Make entrepreneurship a required component of all the STEM programs you fund. Expand your definition of economic development in the U.S. from just job creation to include entrepreneurship. Require evidence that diverse women are included in the program. Be Visible, Be Present Black Techies (all genders) actively promote yourselves and your starups, especially in Black communities Black Techies submit yourselves for speaking opportunities, write guest blog posts about your startup, and start a Medium blog to document your journey as a Founder. 12

13 SOLUTION 2: FINANCIALLY SUPPORT PROGRAMS THAT PRODUCE RESULTS There s an acute need for incubator and accelerator programs that understand the cultural and structural challenges Black women face as startup Founders. digitalundivided s BIG Accelerator does just that. In addition to coaching tailored to meet the unique needs of Black and Latina women Founders, we provide equity-based funding, access to a 100+ strong mentor network, office space for up to a year, and an alumni network of over 50 Black women startup Founders. HOW YOU CAN SUPPORT THIS CHANGE: Policy Makers tech industry Create Comprehensive Programs that Focus on Developing High Growth Startups Led by Women of Color Provide financial bonuses/incentives to result-oriented accelerator programs that produce viable startups led by Black and Latina women. Encourage Economic Development Corps to dedicate funds for programs that produce diverse Founders AND jobs. Get Buy-in From the Highest Level to Fund and Publicly Support Programs That Develop Diverse Women Startups Create internal accelerators that provide a space for women of color employees to develop their ideas and FUND them. Tie senior management compensation to their diversity and inclusion efforts inside and outside the company. FOUNDATIONS/GRANT- MAKING BODIES INDIVIDUALS Actively Fund New Approaches to Entrepreneurship in Diverse Communities Stop investing in legacy organizations that don t have the skill set to implement tech-based programs and move funds to organizations with the demonstrated ability to produce positive outcomes. Realize the internal biases that are present in your organization and how they influence funding priorities. Be Vocal in Your Support of Programs that Develop Diverse Women Entrepreneurs Write letters to senior leadership in your company with a list of companies led by diverse women that the company should consider for investment. Invite Black women Founders and leaders of programs that develop women of color entrepreneurs for paid speaking opportunities at your company. 13

14 SOLUTION 3: GIVE PROMISING BLACK WOMEN FOUNDERS ACCESS TO CAPITAL The power to increase capital to Black women Founders lies with those who have the capital. Foundations and government institutions-- whose endowments, pension funds, and tax breaks are used to capitalize the tech industry-- MUST use their position to apply pressure to firms seeking their involvement as Limited Partners. HOW YOU CAN SUPPORT THIS CHANGE: Policy Makers tech industry Only Invest Public Dollars in Funds That Have a Demonstrated Commitment to Inclusion Be intentional in your inclusion. Create programs that specifically fund diverse founders (ex: Portland s Inclusive Startup Fund, Ohio s JumpStart $10MM Fund). Stop investing in funds that haven t invested in diverse women founders. Use Position as Innovators to INNOVATE Inclusion Make grant dollars to inclusion programs a function of the percentage of your customers who are people of color and/or women. Invest Research and Development dollars in accelerator programs with a history of inclusion. FOUNDATIONS/GRANT- MAKING BODIES INDIVIDUALS Be Intentional - ONLY Invest in Funds That Have a Demonstrated Commitment to Inclusion Set aside a percentage of your investment dollars to fund diverse managers of venture funds (aka Emerging Managers ) that practice inclusion. Take a page from the fossil fuel divestment movement and divest in funds that have no racial and gender diversity in their portfolios. Invest Money in Black and Latina Women Founders Join an Angel investment group that is committed to inclusion. Start an investment club with others in your network and choose diverse women-led startups as your investment targets. Write checks. Contribute to crowd-funding campaigns for ideas and startups led by Black women. 14

15 ABOUT THE AUTHORS KATHRYN FINNEY Kathryn Finney is the founder and Managing Director of digitalundivided (DID), an organization that invests in the success of Black and Latina women tech founders by providing them with the network, coaching, and funding to build, scale, and exit their high growth companies. DID runs the BIG Innovation Center, home to the BIG accelerator program, a 16-week program for high potential startups led by Black and Latina Founders. She is also a General Partner in the Harriet Fund, the first pre-seed venture fund focused on investing in the untapped potential of high potential Black and Latina women-led startups. One of the first social media stars, in 2014, Kathryn sold her site, The Budget Fashionista, to a midwest media company and later was the Editor-At-Large at BlogHer (sold to Sheknows), a platform representing 40MM+ women influencers. An honors graduate of Yale University, and Rutgers University, Kathryn received the Champion of Change Award in 2013 from the White House for her work increasing inclusion in the tech industry and is a 2016 Eisenhower Fellow. She s also listed in Marie Claire s 10 Women to Watch in 2016, Entrepreneurs Magazine s Woman to Watch in 2016, New York Business Journal s Women of Influence Award, SXSW Black Innovator Award, The Grio 100, Ebony Power 100, Black Enterprise 40 under 40 list, and was inducted into Spelman College s Game Changers Academy. On February 26, 2015, she was honored by Manhattan Borough President Gale Brewer with the Kathryn Finney Appreciation Day. MARLO RENCHER, PH.D. Marlo Rencher is the executive director of the Center for Innovation and Entrepreneurship at Cleary University as well as faculty chair of the university s Entrepreneurship department. Her research interests exist at the intersection of entrepreneurship, design, technology, and culture. She has a MBA from the Ross Business School at the University of Michigan and a Ph.D. from Wayne State University and has worked for more than seven years in Detroit tech incubators and entrepreneurial development agencies. Marlo is a 2012 digitalundivided FOCUS Fellow and designed their FOCUS Fellowship program. 15

16 digitalundivided (DID) is an organization that invests in the success of Black and Latina women tech founders by providing them with the network, training, and funding to build, scale, and exit their high growth companies. Like no one else, we excel at: 1. FINDING Black and Latina women tech Founders with high growth companies and game changing ideas 2. CONNECTING them to an unmatched network of investors, mentors, and influencers 3. DEVELOPING their start-up toolkit and leadership skills 4. SUPPORTING their entrepreneurship journey from the build phase to exit DID runs the BIG innovation center, the first entrepreneurial space focused on providing the networking, coaching, and financial support needed for diverse women Founders to excel. As the home of the BIG Accelerator a four-month world class tech accelerator program BIG is located in the heart of downtown Atlanta near the historically black colleges and universities of Spelman, Morehouse, and Clark Atlanta, providing access to today s brightest, creative, and driven minds. For more information and interviews, please contact digitalundivided at: talk@digitalundivided.com GoDaddy s mission is to radically shift the global economy toward small businesses by empowering people to easily start, confidently grow, and successfully run their own ventures. With more than 13 million customers worldwide and more than 61 million domain names under management, GoDaddy gives small business owners the tools to name their idea, build a beautiful online presence, attract customers, and manage their business. To learn more about the Company, visit 16