Derrius Quarles (M.S. Ed ’18) is the CTO and founder of BREAUX Capital, the first fintech company created to enhance the financial health of black male millenials. BREAUX Capital is a software program that combines community with automation and savings, as well as peer-to-peer investing.
Derrius is a serial entrepreneur: BREAUX Capital is his third company. When he was developing his first company, he realized how difficult it was for him to raise capital, especially with no family or friend resources, despite having shown traction and post-revenue post-capital success. Loaners often told him to obtain capital from his friends and family, and he wondered what factors contributed to why the people in his life didn’t have those resources.
5 out of 10 people could not afford a $1000 emergency if they needed to tomorrow- and that number raises to 7 out of 10 if you’re black. These financial emergencies can be debilitating to families, and Derrius had seen it operate in his own community and life. One factor that contributes to these stats is peer accountability.
Derrius aimed to make financial services and banking more social and transparent. In his financial health and education research here at Penn, he learned that black males are doing the worst in America in terms of financial health. He also learned that you are 30% more likely to complete a goal, such as saving a lump sum of money, if you do it with a friend. Combining these findings, he developed BREAUX Capital’s unique social aspect. By connecting with your friends over the platform, you can hold each other accountable to your savings goals and ensure the financial health of your family and friends.
Derrius advises new student entrepreneurs to remember that “fundraising is not entrepreneurship,” and that you should be prepared to build a company that can survive off its own revenues and doesn’t need outside capital to remain viable.
To learn more about BREAUX Capital, check out their website here. To watch the full interview, click here.
This week, meet Thomas Cavett (WG ’18), an army veteran who (fun fact!) spent some time protecting Obama in his motorcade in Asia. Thomas Cavett is co-founder of POWTI Innovations, a company building wearable devices that detect when a traumatic injury has occurred and notifiy emergency personnel.
POWTI stands for Point of Wounding Trauma Indicator. The goal of this device is to increase response time to emergency traumatic events, both in the military and in civilian life. POWTI was inspired by Cavett’s time in the military as an Army Green Beret, where he had learned skills to treat his teammates and allies. Sadly, he saw many traumatic injuries where the response time just wasn’t fast enough, and he sought to alleviate this problem.
The device is still prototyping, and has undergone several iterations. However, Cavett says a launch will hopefully occur by the end of 2018.
Cavett’s most important advice to new entrepreneurs is to “find something you’re passionate about.” He says that entrepreneurship is complicated and chaotic, and working with something you’re passionate about will keep you committed even when things get tough.
To learn more about POWTI Innovations, visit their website here. To watch the full interview, visit our YouTube here.
BioBots, a Weiss Tech House Innovation Fund start-up producing 3-D bioprinters that have revolutionized labs across the U.S., has recently changed its name to Allevi.
Ricky Solorzano, CEO of BioBots, says Allevi was “inspired by our community of users who work every day to make living solutions for humanity’s most important problems- to cure disease, to alleviate suffering, to build with life.” Allevi’s mission is to change the course of medicine for generations to come, and to influence the world with their ingenious product.
Allevi also recently launched a new software that aims to standardize experimental methodology and workflow in the field biofabrication. This new software aims to make bioprinting easier and more accessible. The new software can be found here.