Let’s talk about something that hit close to home recently. When the court recently ruled against the Fearless Fund’s ability to issue grants specifically to black women, it struck a chord.
I’ve walked that path, pushing every day to turn a vision into reality. And trust me, it’s a big deal, especially for us black women out here grinding and striving for success. These specialized funds aren’t just a bonus; they’re a lifeline, giving us that much-needed boost to chase our dreams.
Now, here’s the real scoop: when a door gets slammed in our faces, we don’t just pack it up and go home. Nope, we get creative and find a new path. And that’s what legends like Arlan Hamilton are all about—rising to the challenge, ready to support us with grants and a whole lot of love.
So, what’s the bottom line? We keep moving, keep innovating, and keep supporting each other. Because when we come together, there’s nothing we can’t achieve. That’s the spirit that’s going to take us places, and I’m all in for that ride. Are you with me?
As we stand at this crossroads, let’s seize the moment to spark a dialogue about the vital role of targeted funding. It’s more than a financial issue; it’s about justice, equality, and the recognition of our worth. This is our narrative, and it’s time for the world to listen.
The Reality In Numbers
Despite being the fastest-growing group of entrepreneurs, black women face a stark reality when it comes to funding. They represent only 0.2% of all venture deals from 2012 to 2014, with an average of only $36,000 in funding. To put this into perspective, the average amount raised by startups that ultimately fail is $1.3 million. So imagine trying to do something as a business woman with only $36,000 in funding to help….
The Pandemic: A Double-Edged Sword
The COVID-19 pandemic, while devastating, did present new opportunities for black women entrepreneurs. Targeted grant programs during this time helped them grow revenue considerably. From 2019 to 2023, black women-owned businesses nearly doubled the rate of men-owned businesses, employing 528,000 people and generating $98.3 billion in revenue. Yet, these businesses were more likely to be in industries like restaurants and retail, which were hit harder by pandemic lockdowns.
A Closer Look At The Data
The numbers tell a story of resilience amidst adversity. Black women’s businesses were the only demographic with a greater-than-majority share of businesses owned (52.1%) than their male peers. Their revenues rose nearly 33% to $47,300 in 2023, compared to an 11.2% rise to $192,600 for all women-owned businesses. However, businesses owned by white men generated nearly 16 times more revenue than black women-owned businesses. If black women-owned businesses could reach that revenue level, they would add an extra $1.5 trillion to the nation’s economy.
A Path Forward
The data underscores the critical need for targeted funding and support. As we continue to navigate the aftermath of the court’s decision, it’s imperative that we not only discuss these numbers but also act on them. The entrepreneurial spirit of black women has proven to be a formidable force, one that can significantly contribute to the economy when given the chance. The journey of black women entrepreneurs is one of courage, tenacity, and hope. The recent court ruling may have presented a hurdle, but history has shown that we are masters of the leap. It’s time for the investment community to recognize the untapped potential that lies within black women-led startups. By supporting targeted funding, we’re not just investing in businesses; we’re investing in a future where equality and prosperity go hand in hand.
My Personal Journey
As a black woman who has navigated the entrepreneurial landscape, I’ve experienced firsthand the barriers that can stop our progress. The challenges are real, from securing funding to finding mentorship. It’s a journey to say the least–in pursuit of our dreams, despite the odds stacked against us.
These types of experiences are what inspired me to create TechMae.
Imagine a place where we don’t wait for a seat at the table; we build our own. A place where funding is not a gatekeeper, but a bridge we construct together. This is TechMae—a movement where we, as women, harness our collective power to shape a future defined by us, for us.
Let’s unite within TechMae and show the world the power of collaboration. Our time is now, and our potential is limitless.