it was gold and he presents it to bob. and then you know, they chatted and i sed the two of them together. and at one point in time, i was going to say should i get an apple box because bob is so much shorter than ali. >> and you can find my entire interview with ken regan on cnn.com. thanks for watching. good night. this is a white and asian world. it just is. >> people are minting money in silicon valley right now. i want a piece of it. >> hi. >> it's a capitalist endeavour. we're all serious adults. >> i'm determined. >> i'm tired of playing games. >> i believe in my products. i believe in my ideas. >> i'm chasing success. >> we want to stand out because we are so good that they have to notice us. >> each will have two minutes to pitch their idea. >> i'm nervous.

>> the way we're going to make money. >> um. >> you didn't tell me a thing about what your business plan was or what you intend to do for revenue. >> my buddies advised me and said get a white guy to be my front man. so i did that. i hired a polished white guy and let him do all the talking. >> it's very sad. we got a black president. and, he's not putting no money in my pocket right now directly. so what do we got to do? play the game until we successful. >> ten years down the road there are no more black entrepreneurs than there are today, what's at risk? >> a permanent underclass. >> in this unassuming three bedroom home in mountainview, california, angela and wayne hope to make history.

>> one of them is supposed to be a sofa bed. overwhelmingly white industry. >> for whatever reason, african-americans tend to be consumers of technology and not really creators of technology. >> they need one black web tech founder and start-up ceo. where is a black mark zukerberg? >> angela and wayne created the new media accelerator. a ground breaking program designed to speed up the development and success of minority led start-ups in silicon valley. >> if you're going to be an actor you go to la. if you're going be in fashion you go new york.

and if you're going to be in technology, then you come to silicon valley. >> immediate access to deep pocketed investors, well connected mentors and opens doors so some of the most successful internet companies in the world. the downside? >> everyone will be living together. >> eight people, nine weeks one one house, one goal. changing the face of silicon valley. >> for it to be successful to me, founders have to get investment. >> thanks for your enthusiasm in coming to google. >> the high stakes program culminates in demow day when each will have just six minutes to pitch their company to a room full of investors. 75 people applied. six were chosen by angela and

wayne based on start up ideas. >> people are leaving their loved ones for the summer. they are leaving their spouses, leaving their kids. some of them are quitting their jobs. people are making major life changes to take a risk and be involved in this program. and that's a little bit of pressure. >> nice to meet you. >> they include a former mit student body president. >> he is really smart. he is really strong. >> a master programmer. >> she is a girl and also a programmer. so that's an oddity. >> a former hedge fund project manager. >> kristen is really focused. >> and anthony is just laid back. not trying to be something he's not. >> he's a sales guy. >> a former dot come millionaire.

>> and wayne sutton. >> come out here and pursue your dreams. >> this isn't a charity. this isn't a summer camp. we're trying to secure the funding needed to build the businesses. >> how can you have a huge and growing part of the economy with no participation from a significant demographic? >> the odds of success are slim. 80% of all start-ups founded by first time entrepreneurs fail. but angela is confident her accelerator will help the house meats beat the odds, something she says she has done her entire life. >> i was 15, in the ninth grade and pregnant. it was a hard time.

you are around people in society and you are also around your own family and people think they know how your life is going to end up. >> driven to prove people wrong, she earned a masters degree in graphic design. today angela is 30, a single mother of three. in addition to running the new me accelerator with wayne, angela is working on her own start up. get queued, a mobile app that makes recommendations based on past experiences. >> people often have a lot of past excuses. >> one bathroom? >> a door. >> the eight entrepreneurs arrive in mountain view with billion dollar dreams.

but for the next nine weeks they will sleep on $80 air mattresses. >> it is not five star accommodations. i would call it scrappy. >> but their first event is first class. welcome reception sponsored by google. >> how you doing? >> good. how you doing? >> the first inkling that something may be different than what we expected is when there was an announcement about the dragon's den and that they should please come up to the stage. >> dragons don't sound good. >> i'm pitching. >> cued is basically -- >> i don't know what i'm supposed to say next. so, kathryn, post more youtube videos of your baby acting adorable. baby. on it. matt, ignore me and keep updating your fantasy team. huh? jeff, play a game. turbo-boosting now, sir. dennis, check in everywhere you go on foursquare. that's mayor dennis... of the water cooler. you're the best. liz, rock out to pandora.

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5 the first day the new me entrepreneurs find themselves inside the headquarters of google. worth $200 billion. >> this place is amazing. >> hello. welcome to google. >> quickly their excitement is replaced by concern. >> if anyone who is involved in judging the dragons please come

up to the front. >> we're all wondering what is the dragon's den. we're -- they throw you and your company in. they rip you to shreds after you pitch. and it's really the antithesis of an unstressful event. >> first founder is tiffany bell. >> tiffani graduated with a degree in computer science. she quit her job as a web developer to join the accelerator. >> how many black female programmers do you know? >> before i went to howard i would say none. historically black people whether we are talking buffalo soldiers have not been thought of as capable of things so i think that is how it is for me as a black woman in technology.

>> right now i am allowing the appointments online. at this point i had a functional product. >> the judges started critiquing her. >> you do your darnedest to differentiate what you are doing. >> our next is anthony frazier. >> we're going to give gamers a chance to recommend games and have the app recommend games to them based on what they have played. >> you didn't tell me what your business plan was. >> it was a dragon's lair. >> what are your launch plans? >> some people got chewed up more than others. >> our first is called cloud organizer. >> i don't know who your customer is. >> give specific numbers. >> my way of impressing my

girlfriend is building a web app. >> there are things you said that back me off. figure out how to relate to your audience. >> i don't know what you built, what you are inspiring to build. >> cued is a mobile application. >> when i was giving my pitch. my mind kind of blanked. >> i am nervous. >> i was like wait. i'm at google and i'm pitching and i don't know what i'm supposed to say next. >> that's it. [ applause ] >> you're nervousness cut you a little bit short. >> the google event is over and the impression left is not good. >> i felt bad for them. any time you give a pitch, it's a missed opportunity. >> the house felt they went okay. >> the presentations were really strong. >> i would probably give myself a seven. >> i thought people did really well considering that there was no preparation.

>> house mate hank williams has pitched to silicon valley investors before. >> are you the oldest in the house? >> by far. >> hank grew up in harlem, the son of a judge. he left the university of pennsylvania his jr. year and founded an internet radio start up that raised $40 million. >> emotionally it was very difficult. i didn't want anything to do with technology at all. >> hank has spent the last four years developing cloud co, a web platform to help people organize their e-mail and personal documents online. >> over the course of the next several years five to ten million dollars. >> are you competing with the people in the house? >> not autoall. we are eight companies out of

thousands seeking funding. >> silicon valley is a long way from newark, new jersey. >> i think we will put a lot of money in. >> when i was living in newark, any time i would see a person of a different color, a white person would be like the missionaries walking around. >> after dropping out of community college, he worked the overnight shift. >> the people i worked with, that was your life. i don't want to work like that. i want to make my own way. >> a video game fanatic, he created a video game website. >> tell me about played. >> it is a social network for gamers. i got passion, determination, heart. i may not have the paper to say i know what i know but i know what i know. >> for new me entrepreneur, the summer in silicon valley is

about going all in on his dot come idea. an mit grad and former student body president, he quit his consulting business last year to work with his co-founder and girlfriend developing a social network for couples. >> this isn't a summer project. it's not a hobby. >> living off their savings, the couple bought one way tickets to the west coast. becky will live close during the nine week program. >> the stakes are high. >> the house mates know the road to demow day won't be easy. >> you are going to take something personal when someone is blunt and straightforward, go home now. >> there are lots of people who hear about a program like this and they assume it's more or less a handout and that we aren't serious entrepreneurs.

all they're doing is a charity for minorities. we want to stand out because we're too good. >> why do you think they're so good? >> they probably think it is an uphill battle. >> for everyone or african-americans specifically? >> for everyone. >> perhaps the most influential investor. papal and twitter, conway ip vests about $10 million a year in start ups. >> we only invested wount of 30 companies that we see. so it's a very -- it's -- it's a whittling down process that is brutal. i have to admit that a lot of it

is who you know. if they are well known to us we will tend to see that person before an entrepreneur that is coming in blind. >> is that particularly hard if you are african-american? >> i would say yes. it's disappointing. we don't know how to go recruit those people. all you should be thinking about is how do i execute on my idea. >> the chief technology officer for the internet company interactive one. he was one of the four dragons during the google event. >> what was your take? >> i said that they weren't ready. everyone looking at this environment say ing saying i don't want to tell this black person today.

>> so nobody thinks they did well? >> i did okay. >> i think you guys need to be a little bit harder on yourselves. my goal say that is not to belittle anybody in this room. my goal is that i need you guys and want you guys to understand the vastness of this opportunity. right? you guys walked to get here. this is the most black people in the town right now right? >> no one who walked into that room knew they were about to pitch. >> what if mark zuckerberg was in there and he wanted to hear your idea. do you make those excuses and not be where you need to be? but the only person in control of that was yourself. it wasn't the valley or the investors. it was you. you made the decision to come out here.

it is bigger than you. an investor is only seeing one african-american a year give a pitch and you don't do well you affected other people. there is a tag line. no whack demos on demo day. >> every day the challenge seems greater. >> this is a white and asian world here. >> my buddy's advice is get a white guy to be your front man. [ beep ] [ mom ] scooter?

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>> the new me entrepreneurs start their journey humbled. they have eight week left to develop their companies and refine their pitches before demo day. >> this is anything but the real world or jersey shore. i don't know if there is any alcohol in this house. there are a lot of computers. a lot of people coding late at night. >> i wake up at 6:00 and there

are already one or two people who have take an shower. i think everyone is focussed and intense. there is not a lot of play time. >> start ups are hard. you have to go through suffering most of the time in unexpected ways to accept the challenge. >> are you trying to do an actual raise of capital. >> this is a sponsor and mentor of the new program. >> what your plan is. >> in 1982, he founded the lotus development corporation which developed the popular lo tus 123 spread sheet. today he invests in start-ups.

>> i am excited about new me. >> why do you care about a bunch of black entrepreneurs who have come here to try to be successful? >> we have serious problems being economically competitive in the world. we have to have everyone who can contribute making a maximum contribution. >> is it true that everybody gets an equal shot? no. >> there are so few asking for money, i am not sure there is enough data to know if there is a built in bias. >> michael is founder of tech crunch. today arington is outspoken about his belief that success in the valley is more mar rit based than anywhere else in the world. >> why do you think there are so few african-american tech entrepreneurs. >> a lot of the successful people here are engineers. if they are not engineers they have to find an engineer. >> so the pipeline issue. >> i think that's a big problem.

>> who would you say is the number one black technology entrepreneur? >> that's a weird question. >> i don't cover technology. >> i'm trying to think of any black ceos and i'm not coming up with any. >> people making companies. >> i don't know a single black entrepreneur. >> and you cover the industry. what does that say? >> there are not any. generally speaking it doesn't matter what your education is. it doesn't matter who your parents are here. you can become very successful based purely on your brain size and how you use it. >> i have not been in the room recently when someone said that's an african-american lead company. i'm not going to invest there. but i guarantee that that is what people are saying. i would go toe to toe. it is great and there is a big

part that isn't. >> arington says the rarity of black entrepreneurs might give them an edge. >> this is a white and asian world here. it just is. it's not a good thing. >> we're looking for women and minorities all the time. there is a guy actually, my first client when i was a lawyer. he is african-american. it's a cool start-up. he could have launched a clown show on stage and i wouldn't put him up there. it is the first time i have had one that is the sole founder. >> me and bucky sometimes watch that show, down home cooking. >> among the speakers and mentors who meet with the entrepreneurs, it is this visit that leaves them speechless. >> i think what you are doing is

fantastic. >> he is a professor at duke. he came from india in 1980 and founded two companies that raised $50 million. >> you folks don't help each other. some parts of america you have this entitlement attitude and that has held this community back. my community did the exact opposite. we didn't -- we said all right there is a problem here. we will fix it ourselves. >> he says investors practice what is known as pattern matching. they see entrepreneurs who are successful, mainly young white males, and invest in that pattern. >> my buddy's advice is get a white guy to be your front man. i did that.

i hired a very impressive fix foot tall polished white guy. that's the way it is here. i have done it. this is like i said. this is how i surmounted the problem. that's the way the system works here. understand it and then use it to your advantage. >> i am still speechless. >> there is something raw and direct about it that is a little -- it's jarring. >> it's very sad in 2011. it is very sad. we got a black president. and he's not putting money in my pocket directly. we got to play the game until we successful. >> there are so many kids in berkley and stanford that you can hire. >> the professor believes and hank gathers the house mates to

talk. >> we are alone. we are just us. this is it. there is not that many of us. and so it's kind of weird. we been here a week and no one has done a demo or shown a screen shot or anything between us. it's crazy. i guess we're all just -- everyone is so focused on themselves and i don't mean to offend anybody. i'm saying that we're -- you know, who else is going to help [ indistinct talking on radio ]

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>> we're about a month out from demo day and the pressure is on. >> thinking mistakes are not high enough maybe you are not taking enough of a risk. i testify knitly took a huge risk coming out here.

>> i am trying to get some information. >> my state of mind is focused on the product. get as many big people and places excited about what i'm doing. you know, i guess that comes with it. so i started a brand new start up called playd. it's going to be a gaming network. you got a card? >> doi. >> that's what i'm realizing. this whole thing is about relationships. playd is a good idea. i'm thinking this one is going to be the big one. it will be interesting. see how it all folds out. >> with less than two weeks until demo day, the stress level inside the house is rising. piuss's girlfriend does not live in the house but she is a constant presence.

he doesn't drive so becky must walk several miles to take the bus to get to the house unless one of the house mates drives her. >> it is annoying that we are supposes to take care of them. it's not my responsibility to make sure that you get home at 1:00 in the morning. >> it is interesting to see how resistant certain people have been. it's odd. >> are people hostile to becky? >> people are honest. >> my name is pius. >> and i am becky and we are co-founders. are. >> some people have had latent hostility towards her. >> is race an issue? >> i think there seems to be some element that seems like this is a program for black entrepreneurs and you're not a

black entrepreneur. and i certainly would not dispute that. >> if no one can pick you up or drop you off and you had to take the train or bus, that had nothing to do with becky being white. >> it's just another problem for angela to deal with. rsh you seem very stressed. are you? >> i am. it's a lot going on. a lot happening. >> we need to know. >> she is away from her three daughters, running the accelerator, developing her own dot come kpan and it's become clear, the best way to make the accelerator a long term success is to move to silicon valley with her kids. >> if i do it, i want to do it right so that they can start the new school season out here. i mean, that's in three weeks.

>> yeah. that's crazy. we'll see. >> for weeks the entrepreneurs have worked day and night developing business plans, bidding websites, refining their pitches. but for wayne sutton, the hardest part is missing his 7 month old son. >> it's emotional. you want to play with him or hold him and stuff but you across the country and just dealing with stuff and i could be playing with him. i know i'm not doing this, making this sacrifice so i can get rich. i want to teach him to be successful. >> most nights wayne works until

11:00 p.m. at a neighborhood yogurt shop. he walks home to clear his head. on a monday night he is walking home when he is stopped by police. >> i saw two cops ready to pull out a gun, a baton or something to take me down if necessary. >> 404, clearing someone. nc dl number available. >> wayne doesn't have a criminal record. he's told he can go.

>> 11:00, 2:00, 1:00 in the afternoon, 11:00 at night. if i walk on the street just trying to get home, i shouldn't get stopped by the police. >> mountain view police tell us they stopped wayne because he was an unfamiliar face in the neighborhood. >> i'm not trying to sell a rap album. i don't need to street credibility. i need business credibility. >> you think in silicon valley where you are supposedly judged based on talent alone and great ideas that you would be judged the same way whether you are walking down the street or pitching an idea. it reinforces that that's not the reality that we live in. >> i want to get back to my computer science. >> show how your product works. >> i have been writing software for a long time. >> standing in front of a podium is always a little nerve wracking. >> i feel good. but i realize there is a difference between practice and game day. it's totally different when the lights are off. >> my heart is still beating heart. >> whens to is a salons. >> tiffani is nervous. >> probably the most high profile thing i have done as far as a speaking event. i feel like it could be one thing that determines the course

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keep a cool head. focus. >> it's like opening night on broadway. now it's show time. >> i'm a little nervous. >> of course you're going to be scared. it's only human. >> let's do it again. >> less than an hour to go and the entrepreneurs run through their demo day pitches one last time. >> the counsel that i try to give is be real, have substance but say enough to get a serious investor interested and hungry for more. >> when we walk in we see it is standing room only.

investors, members of the press. it was a big deal. really high stakes. >> for anthony frazier, demo day is much more than an opportunity to pitch. >> for a large part of the first half of my life, me and my mother and brother had to go to different houses and stay with different family members. we never had a place to call our own. and one day my mother told me you going get me a house. i think about her wanting a house and i'm going to get her a house. >> father god, thank you for allowing us to take the journey together. let us recognize that our talents have brought us here. thank you for letting these ideas come to fruition. we thank you in jesus name. no whack demos. amen. >> amen. >> demo day begins. each entrepreneur gets six minutes to pitch. >> one last call to take your seats. >> good morning, everyone.

so, without further adieu, piuss and becky. >> we kind of just launched into it. >> i'm the product designer and hacker behind becouply. >> everything starts to fade away. the crowd disappears and there is nothing but the material. >> we're not just building an app here but we are really building a mission. >> thanks. >> if you work with them you might want to put them not breaking up in your liquidation pref sense. >> i personally feel a responsibility to make sure that i leave everything on the floor and out there.

in life you want to be able to say you know what? i have no regrets. >> you see the united states alone made $37 billion in revenue. >> standing off to the side and watching everyone present -- that was like going your kids' graduation. >> there is no way i could have expected things to turn out as well as they did. >> the thing we're going to focus on is specific features that we have that relate to collaboration. >> i was a little nervous, of course, but, got to shake it off when it's time to go. >> the cool thing about it is when people see this -- >> what was going through your head? >> i thought about what i don't want to be doing next year?

>> what do you mean? >> i don't want to work at k-material. so, you know, it's either this or nothing. >> so you had to hit it. >> yeah. >> we will give gamers digital rewards when they go out and buy it the first day. >> suggests and the recommendations. so can you really connect what you like online with what you like in real life? >> we saw some great ideas today and great products. >> i think the group did amazing. every single person i thought represented the accelerateaccelerator, the race.

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after delivering their pitches on demo day, it's time for the new me entrepreneurs to chat with potential investors. >> we got to kind of take the temperature of the crowd, see which investors were really interested.

>> is success getting funded? >> i think a few companies getting funded should be part of the score of whether it was successful or not. >> will some of the companies that were presenting get funded? >> i think so. >> nine weeks after arriving in silicon valley, the first new accelerator. >> so what's next? >> everything's next. if i didn't come out here and do the acceleraccelerator, i wouldn't probably have had the chance to meet other entrepreneurs and bond with just like me. if i had that example early on, maybe i would have done it. if i had myself now go to my younger self and say, look, you need to do this, this, this and you can be like right here, i'd be different. yeah.

i would love that. >> if no one were funded, i would be extremely surprised. having been out here, it's clear that people, a lot of them have great intentions but i think a lot of the people we met throughout the program and on demo day were, you know, utterly surprised just how good everyone was. now why is that a surprise? >> do you think you've changed the world? do you think you've changed silicon valley? >> no. >> what did you do then? >> what we have done is that other entrepreneurs who look like us and be like if you guys can do it, we can do it. >> within the black community we're starting to understand how person technology is and we're starting to want to participate. on the other side, we have to demonstrate success.

we have to get some points on the board and in a visible way. that's why this is really significant. >> when the accelerator ended in august, tiffany returned home. she hasn't received any funding yet but said her startup is building customers and plans to move bag to silicon valley. chrisson, wayne and tajj haven't received funding either. they say they remain committed to building their startups into successful companies. in october hank received an undisclosed investment in kloudco. he continues to talk investors in his home base in new york. anthony is back in new jersey and said his playd app will be available in the apple app store by the end of the year. pius and becky moved to san francisco. this fall two investors invested an undisclosed amount if their startup becouply.

and in september angela moved to silicon valley with her three daughters. she put her startup on hold and is planning the second edition of the new me accelerator program set to start in early 2012. this time she says she wants to include more women and other underrepresented minorities. >> a lot of people have complained about the issues of a lack of diversity in silicon valley, but nobody else created an accelerator fix it. >> when i think about my life,ing being pregnant at 15, all of the circumstances that i've had in my life are really just similar to what i did with the accelerator. like literally it's just problem