In a field where less than 1% of venture capital funding goes to Black founders, Connecticut entrepreneur Jay Norris is making a name for himself. By making it possible for third parties to verify percentage-rent agreements between landlords and tenants, Norris’ company, Guesst Software, provides an innovative leasing option.
Resolving the issue of trust
About five years ago, Norris saw a recurring problem in commercial real estate and founded Guesst Software. Landlords frequently rebuffed tenants’ requests for flexible rent agreements, which included lower base rent plus a percentage of sales, out of concern that the sales figures would be misreported.
What if someone developed a third-party verification tool that would allow you to see the precise amount they made last month and you were certain it was genuine and audited? Would you accept the offer? “Of course,” answered Norris. Thus, we constructed it.
Entering a challenging field
Norris has seen personally the lack of diversity that is a hallmark of the technological start-up industry.
According to Norris, Black professionals and creators have always needed to be extremely inventive because their networks aren’t as extensive. The only way would be if I weren’t more proactive rather than reactive and made sure to present myself to specific networks.
Locating financiers
According to Norris, business owners should meet investors where they congregate. This entails using LinkedIn to establish connections with hedge funds, angel groups, private equity firms, and venture capitalists. It also entails attending startup gatherings.
Norris is a co-founder of Startup Westport, a platform that connects investors and startups in Fairfield County. A finalist from the 20 remaining applicants will receive $25,000 from the group’s pitch competition, which is set for November.
Possibilities throughout Connecticut
Although Startup Westport serves as his base, Norris stated that similar incidents occur all throughout Connecticut.
He responded, “You simply need to keep your eyes and ears open.”
