Backstage Capital was founded by Arlan Hamilton while she was homeless with no finance or tech background, making it one of the only institutional VC funds created from that level of financial precarity and outsider status. The fund requires at least one founder to be a woman, person of color, or LGBTQ and openly treats capital allocation as activism, arguing that "underestimated" founders are systematically mispriced assets that create alpha rather than requiring concessionary returns.
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