Connecticut entrepreneur Jay Norris is carving out space in an industry where Black founders receive less than 1% of venture capital funding. Norris’s company, Guesst Software, offers a creative leasing solution by enabling third-party verification of percentage-rent agreements between landlords and tenants.
Solving the trust problem
Norris launched Guesst Software about five years ago after spotting a persistent issue in commercial real estate. Tenants wanted flexible rent deals, paying lower base rent plus a percentage of sales; but landlords often refused, fearing misreported sales numbers.
“So, what if somebody could create a third-party verification platform that would share with you the actual number they made last month, and you knew it was audited and authentic? Would you take the deal? Of course,” Norris said. “So, we built it.”
Breaking into a difficult industry
The technology start-up sector is known for its lack of diversity, a reality Norris has faced firsthand.
“We’ve always had to be very creative as a Black professional or creator, because our networks aren’t as vast,” Norris said. “If I wasn’t more proactive instead of reactive, and made sure I put myself in front of certain networks, that’s the only way.”
Finding investors
Norris said entrepreneurs need to meet investors where they gather. That means using LinkedIn to connect with venture capitalists, private equity firms, hedge funds and angel groups. It also means showing up at startup events.
Norris co-founded Startup Westport, which serves as a bridge for Fairfield County startups and investors. The group’s pitch competition, scheduled for November, will award $25,000 to a finalist from among 20 remaining candidates.
Opportunities across Connecticut
While Startup Westport is his base, Norris said events like it are happening throughout Connecticut.
“You just got to have your eyes and ears open,” he said.
