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When given the opportunity to achieve great heights, we have a responsibility to leave the door open for others and provide a path for them to aspire to and follow. Technology Entrepreneur and EBONY 2022 Power 100 winner Iddris Sandu is a staunch supporter of this belief. Raised in Compton with a Ghanaian heritage, Sandu understood early in his life that black excellence has the power to extend beyond what our community normally thought possible. was doing. The development of his company, his Spatial Labs (sLABS), allowed him to blend technology with culture and care for the well-being of our community.
Spatial Labs has been invested by social figures with enormous cultural currency, including Jay-Z, Scooter Braun, the late Nipsey Hussle, and Anthony Tolliver. Last June, Sandu developed her LNQ, a clothing line that incorporates innovative chip technology, giving consumers access to brands and retailers. The technology “tracks the authenticity, provenance, ownership history and real-time value of physical items, enabling additional benefits such as loyalty incentives and enhanced insights.”
Sandu, 25, has accomplished more than many entrepreneurs, regardless of race or age. Yesterday, Spatial Labs secured his $10 million seed funding round through Blockchain Capital and Marcy Venture Partners. When the round closed, his total investment in the company reached $14 million.
Sandu caught up with EBONY to talk about this historic announcement and his hopes for the future of technology.
ebony: What inspired you to start Spatial Labs?
Idris Sandu: From an early age, I was always focused on what it means to best represent the Black community as it relates to innovation. hidden figure Just like Katherine Johnson handwriting the lunar landing calculations. There are different venues for innovation, but always through the lens of contributing to a platform that was not originally designed for us. Because of this, I realized that the true level of cultural influence comes from creating, not consuming.
Steve Jobs and the iPhone inspired me by showing me that it’s possible to not just build apps, but think about building phones that run apps.That’s the real power and the space within [Black people] access is rarely granted. Ten years later, consulting with some of the largest technology companies has not only provided us with trust, but also provided us with insight into how to do it effectively and the various factors that help bring that vision to life. was given. One of those pieces is obviously the actual innovation that needs to happen from a device perspective. My team and I asked ourselves. “What are we building and why are we building it? What are we actually inventing? Are we building the equivalent of some of today’s big companies? The future build?” I think these things build the gist of what Spatial Labs stands for and what it means. That is, a company that develops physical products with a focus on technology equity, makes them available to all, and represents technology in ways that have often been undermined.
What are some of the successes and challenges you have experienced as a young entrepreneur? Do you have any advice you would like to give to young entrepreneurs?
In general, you will always experience some resistance, especially when you are young. It doesn’t matter what color your skin is or where you come from. The world generally does not accept young people who make great strides in innovation. The older generation has always taken care of and led the young, but we do not realize that it was not always based solely on the physical. We are inspiring a generation to be more emotionally aware, more empathetic, more aware of the environment and the impact we have on it. I can see it going down. One of the things you will naturally experience is relating to the Black community itself.If you are not at the same validation point that people expect you to be, your message will be a little less relevant. Go low. Nipsey Hussle took me to the gates of hip hop and led me to work with some of the biggest figures in the culture. As a young founder of color wanting to invest in your product You need to add 100x the verification points so that people who know you are getting the same level of quality or what others aren’t getting. I have. That’s one of the things I’ve been trying to do.
Spatial Labs has received $10 million in seed funding. What does this achievement mean for you?
With the brutal murder of George Floyd, the funding available to founders of color was around $1.2 billion, and has been declining by 30% each year since then. Currently, he is at a stage where he was allocated $120 million during the last year. If so, Spatial Labs raised his 10% of the total funding allocated to a black founder. This is a problem. The reality is that when you raise $14 million total, you’re in a position where no founder is under 30, but even under 30 people of color can technically raise more money. must. back so much.
With so much information gatekeeping, we can actually create more equity across different industries. Spatial Labs’ ongoing mission and investments of this magnitude are paving the way for young people to know they can participate in these spaces. This is the biggest seed his round ever raised by a person of color under the age of 30 and a history-defining moment. What was particularly inspiring to me was seeing this happen for the first time and seeing it possible for other people. This is one less thing he has to feel he hasn’t had the chance to do before, especially for young entrepreneurs in this market.
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