REI Co-op believes the vibrancy of the outdoor industry depends on the economic mobility and contributions of diverse communities as customers and creators. In 2020, we accelerated our efforts to advance racial equity across every piece of our business and wanted to set bold goals towards diversifying our supplier base, however we discovered that the lack of representation was a broader issue across the industry. After hundreds of discussions with founders, investors, and industry and community leaders, REI identified how they could bring unique value and invest for lasting impact.
REI launched an impact-driven corporate venture capital fund, Path Ahead Ventures (PAV) in October 2021. Path Ahead Ventures offers full-spectrum support to startups owned and led by Black, Indigenous, Latina/o/x, Asian American and Pacific Islander people in the outdoor industry. It is backed by a commitment by REI to invest $30 million to accelerate the success of founders of color.
Path Ahead Ventures focuses on putting founders first, directly engaging the individuals behind each business and recognizing the unique challenges faced by founders of color in the outdoor space. They regularly seek feedback to continually evolve the support they offer to ensure they are making a positive impact on founders and their businesses. Path Ahead Ventures’ goal is to support founders at every stage of their growth with programming, capital, community, and resources:
Programming – Path Ahead Ventures leads a variety of programs for founders at various stages of their entrepreneurial journeys, from cohort-based programs to intensives that dive deep on a specific topic.
Capital – Path Ahead Ventures makes direct equity investments in businesses they believe represent the future of the outdoor industry. They maintain a founder-first approach, collaborating with companies to support their growth and development. Additionally, Path Ahead Ventures offers equity-free grants to companies as a benefit for participating in specific programs.
Community – Path Ahead Ventures connects founders with a community of peers and the broader outdoor industry through industry events, networking opportunities, and other founder gatherings. In 2024, the Path Ahead Ventures founder community has grown to include over 100 founders.
Resources – Path Ahead Ventures provides founders with tailored resources for their growth – from one-on-one meetings with mentors and subject matter experts to self-service resources. They aim to be a resource that founders can call on beyond a specific funding round, program, or event.
“PAV has been instrumental in helping me develop invaluable business acumen as an outdoor brand. The community has been super supportive and the continued support has assisted me through challenges that felt insurmountable. I appreciate the ability to pick up the phone and tap into PAV.”— Charlotte Young Bowens, Founder, Conscious Gear.
