#StartupsEverywhere Profile: Kelly Holmes, Founder, Skoden Ventures
This profile is part of #StartupsEverywhere, an ongoing series highlighting startup leaders in ecosystems across the country. This interview has been edited for length, content, and clarity.
Supporting a new generation of entrepreneurs building an economy that works for everyone.
Skoden Ventures is a VC firm that backs startups led by Indigenous, Black, brown, and women founders, aiming to foster a more equitable and creative economy. In our conversation with founding partner Kelly Holmes, we explored the challenges she encountered while building her company and her aspirations to ease the path for the next generation of underrepresented founders.
Can you tell us a little bit about yourself and your entrepreneurial journey?
I am Mnicoujou Lakota and I currently reside in Denver, Colorado, but I am originally from the Cheyenne River Reservation in South Dakota.
I founded Native Max magazine, the first Native fashion magazine of its kind, which has evolved into a multimedia company. After transitioning from roles as a model, writer, designer, and stylist, I embarked on creating my own business. I felt that by launching a magazine that features Native talent I could better promote self-esteem, self-respect, and pride in Native communities. Our platform spans print, digital, web, social events, and e-commerce, sharing positive stories of Indigenous people. As we mark our 11th year, it’s a significant milestone considering I launched Native Max with no external funding, limited resources, and minimal support. My entrepreneurial journey began with a radical idea that Native and Indigenous fashion could be a thriving industry.
Can you tell us more about starting a fund and your motivations behind it?
Last year, we started an education program in partnership with an accelerator, specifically geared towards Indigenous creative entrepreneurs. While teaching this program, I encountered a significant issue—bringing Indigenous entrepreneurs and funders together at demo days. The funders were hesitant to invest in the Indigenous entrepreneurs, and the event failed to foster meaningful connections or potential funding opportunities.
The experience left me frustrated and I questioned why it was so challenging to invest in Native entrepreneurs. I faced similar challenges when I started my own business—limited access to business loans due to the absence of a physical office, financial backing, or a proven business history. While I received investment inquiries, many weren't values-aligned or were from individuals who didn't understand my niche. This led me to wondering, how could I leverage my experience and voice to instigate change within this space?
I decided to co-found Skoden Ventures, where we aim to raise $10 million to invest in pre-seed stage Indigenous, Black, brown, and women entrepreneurs in the creative sectors. Our distinctive approach prioritizes impact over mere financial returns, and my goal is to support entrepreneurs from marginalized and historically excluded communities.
I want to empower Indigenous Black, brown, and women entrepreneurs because I believe they can be successful. It happened for me—I have my own thriving business, but it took a lot of work. It’s sad that I didn’t have the support I’m trying to give now, but that’s why I’m doing this. At a recent conference, I was called a “one-in-a-million success story,” and I paused. I'm not a one-in-a million success story. There are many of us who are successful, creative, and worthy of this. I never want to hear that again.
Are there specific barriers that Indigenous founders encounter during their entrepreneurial journeys? How can policymakers support Indigenous founders?
Indigenous entrepreneurs face multifaceted challenges deeply rooted in historical, cultural, and systemic disparities that significantly impede their growth within the entrepreneurial landscape. Addressing these challenges requires a policy landscape that acknowledges and actively counters these entrenched barriers.
When I was looking at the financial benefits of managing a fund, my co-founder and I looked into the possibility of reinvesting some of our personal profits. We wanted other ways of supporting the entrepreneurs that we worked with or creating grants using those funds. We were shocked when informed by our lawyer that the only way for any kind of reinvestment would be if we qualified as accredited investors. Outside of that distinction people are really limited in how they can support founders, which is a barrier policymakers can remove. Policymakers should also make funding more accessible by simplifying and expediting grant allocation processes and minimizing bureaucratic processes around loans and other financial support.
Many Indigenous founders reside on reservations with varying infrastructures and limited access to resources. The seasonal challenges, particularly in regions like South Dakota with harsh winters disrupting business operations, add another layer of difficulty. Additionally, Indigenous entrepreneurs encounter a critical barrier related to limited access to reliable Internet access. Policies should target bridging this digital divide, ensuring connectivity for these communities and enabling them to participate more equitably in the digital economy.
Cultural factors also play a significant role. Indigenous communities often maintain an aversion to risk, emphasizing stability and community welfare over the risk-taking ethos of traditional entrepreneurial environments. Addressing this requires policies that respect and understand cultural norms while encouraging an environment conducive to entrepreneurial endeavors. Moreover, there’s a longstanding mistrust of financial institutions among Indigenous communities, rooted in systemic mistreatment and exploitation. These historical factors instill hesitancy in engaging with traditional banking systems. People often make recommendations to approach Community Development Financial Institutions (CDFIs), lenders that typically focus on underserved and under-resourced communities, including Native communities, but their dispersed nature and adherence to standard guidelines pose obstacles, particularly in terms of credit checks and financial stability evaluations. Policies aimed at fostering trust through specialized and community-focused financial services tailored to the specific needs of these entrepreneurs are necessary.
What are your goals for Skoden Ventures moving forward?
My primary goal for Skoden Ventures is to empower Indigenous, Black, brown, and women entrepreneurs in the creative sectors. I want to provide the support and resources necessary for them to succeed. I believe that with the right assistance and opportunities, they can achieve their entrepreneurial dreams. My vision is to see these entrepreneurs thrive and make a substantial impact on their communities and industries. I also want to increase the accessibility of funding for Indigenous entrepreneurs and ensure that they receive equitable opportunities in the business world.
All of the information in this profile was accurate at the date and time of publication.
Engine works to ensure that policymakers look for insight from the startup ecosystem when they are considering programs and legislation that affect entrepreneurs. Together, our voice is louder and more effective. Many of our lawmakers do not have first-hand experience with the country's thriving startup ecosystem, so it’s our job to amplify that perspective. To nominate a person, company, or organization to be featured in our #StartupsEverywhere series, email advocacy@engine.is.
