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In this episode, we have a conversation with Justis Mendez, who is the Managing Partner and Co-Founder of OneSixOne Ventures. Justis shares his journey from the tough streets of Cleveland to becoming a leading figure in the venture capital world. From experiencing the harsh realities of gang violence and incarceration to founding Qu Parking, an innovative startup that revolutionizes residential parking. We also delve into Justis's transition into the venture capital sphere and his role in building a robust tech ecosystem, tracing his path from his initial introduction to VC at OneSixOne Ventures.
During our conversation with Justis, he highlights the significance of making a positive impact through venture capital and offers valuable advice for aspiring founders. He emphasizes the importance of being authentic and having technical expertise. Justis also discusses the challenges of raising capital in Florida and their mission to support local founders and keep them in the state. Building a strong community and providing value to founders beyond just capital is also a key point that he talks about, sharing insights into their investment strategy, focusing on early-stage startups in the enterprise software and AI infrastructure space.
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Founder Bio:
Justis was born and raised on the west side of Cleveland. He grew up around gang violence, drug traffickers, and drive-by shootings happening as often as one could imagine. Many of his childhood friends have been either gunned down or locked up in prison. His best friend even ended up on First 48 after being involved in the murder of a high-profile gang member they knew. Justis founded Qu Parking, an "Airbnb for residential parking" startup, and led business development for Pinata, a fintech startup based in NYC helping tenants earn rewards for paying rent. OneSixOne Ventures is a leading pre-seed venture capital firm in the Southeast that identifies and invests in enterprise software and government tech startups that are developing breakthrough dual-use technologies.
Time Stamps:
03:13 Justis Mendez's background and introduction to VC 12:41 Building a tech ecosystem: The genesis of OneSixOne Ventures 17:05 Launching a virtual accelerator during the pandemic 19:12 Launching their fund after realizing the need for monetization 22:15 Making a positive impact through venture capital 24:24 The strategic focus on enterprise software and AI 26:56 Investing in pre-seed and seed stages with small checks 30:05 Joining the fund's ecosystem and warm referrals as ways to connect with OneSixOne 34:20 Current state of the VC space and capital deployment 38:57 Plans and predictions for 2024 40:52 Advice for founders: Authenticity and technical expertise 44:06 Considerations when outsourcing technical development for AI 46:17 Upcoming events for 2024 and how to get in contact with the OneSixOne group
Resources
Company website: https://www.onesixone.ventures/ Instagram: https://www.instagram.com/onesixoneventures/ Facebook: https://www.facebook.com/onesixonegroup/ LinkedIn: https://www.linkedin.com/company/onesixone-ventures/ Twitter: https://twitter.com/161ventures
