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The entrepreneur said raising the company’s first investment proved to be one of his greatest challenges.
Entrepreneur Shegun Otulana is betting that Alabama can produce the next generation of high-growth technology companies through Harmony Venture Labs, a venture studio he launched after the $1.25 billion sale of his software company, Therapy Brands, Afrotech reports.
Speaking during Sloss Tech in Birmingham in June, Otulana said the venture studio was created to help entrepreneurs overcome barriers common in emerging startup markets, including limited access to venture capital, experienced talent, and industry networks.
Harmony Venture Labs identifies promising business opportunities, co-builds business-to-business software companies, and invests in founders. Although entrepreneurs are not required to be based in Birmingham, many of the studio’s portfolio companies are headquartered there.
The entrepreneur said that raising the company’s first round of investment proved to be one of his greatest challenges.
“Everybody said no, but a few people said yes, and that was all the company needed to find success.”
Following the sale, Otulana shifted his attention to building companies instead of operating just one. He said Harmony Venture Labs was designed to serve as a collaborative space where founders can develop businesses, receive operational support, and access investment capital.
“I also wanted it to be this place that you could now use as a place to train other entrepreneurs to go build things,” he said.
The venture studio also works with corporations and institutions to identify business problems that can become startup opportunities before pairing them with internal or external founders to lead new companies.
Cynthia Crutchfield, CEO of Innovate Alabama, said the partnership is intended to expand entrepreneurs’ access to funding, talent, and professional connections while helping more companies grow and remain in Alabama.
Otulana said his long-term goal is to help build dozens of successful startups across Birmingham and the broader South, creating a stronger regional technology ecosystem driven by local founders and investment.
Source: Black Enterprise
