Cooperative Economic Empowerment Movement dedicated to increased wealth, prosperity, and educational outcomes in the Black Community.
To this we say - if you are not part of the solution, you are part of the problem. Sadly, the future landscape of funding for Black entrepreneurs shows no signs of improving. In fact, according to a recent piece by AFROTECH, it's getting worse. "According to insights from Crunchbase, Black-founded startups pulled in a mere $705 million in venture funding in 2023, barely scratching the surface (0.5%) of the colossal $140.4 billion #VC pot feeding all U.S.-based #startups last year. For the first time since 2016, this drop is below the billion-dollar mark, though still higher than that year’s total of $582 million raised by Black-founded startups. This is particularly striking considering that 13.6% of the U.S. population identifies as Black or African-American, per the United States Census Bureau." And, if the recent successes in the higher courts of the case against the Fearless Fund, brought last year by the American Alliance for Equal Rights, a group led by Edward Blum, who also led the charge to overturn Affirmative Action tells us anything, interest in leveling the playing field in general is clearly still subject to "fragility." Harder still, according to an outlook published by Wellington Management, distributions from VC funds overall dropped a staggering 84% from 2021 to 2023, further growing dry powder inventory and extending the allocation drought. Competition for fundraising will continue to be a trending theme among all emerging companies in 2024. It's up to us as a community to see and build our way out of and beyond this. We cannot rely on anything but our own proven will to thrive against all odds. But we must do it together. If we intend to thrive as a community we must work as a community. Join our movement today! #BlackBusinessesMatter #VentureCapitalInequality #LevelThePlayingField #EntrepreneurshipEquity #FundingDisparities #BlackStartupStruggles #CommunityEmpowerment #InclusiveEconomy #BuildingBlackWealth #SupportBlackEntrepreneurs
We know entrepreneurship is one of the greatest opportunities for wealth generation, but the playing field is not even for Black founders. Less than 1% of venture capital goes to Black founders. BIA's CEO, Kelly Burton, PhD , summed it up best when asked whether venture capital is racist. Dr. Burton answered," Venture capital is not anti-racist." Watch her complete response in the video from her conversation on the stage at the Web Summit 2022 conference. #BlackInnovationAlliance #DecadeofBlackInnovation #BlackInnovation #Blackfounders #Blackentrepreneurs #BlackinTech #Blackbusiness #SupportBlackBusiness
