In February 2019, we launched the Women of Color Connecting* initiative to help women of color entrepreneurs have an equal opportunity for entrepreneurial success. Through Women of Color Connecting, we invite champions, supporters, and allies for Women of Color to embrace our vision as agents of change. Through our collective energy, expertise, relationships, and resources, the grow-scale-exit trajectory to wealth creation and economic empowerment can be possible for more Women of Color entrepreneurs. #InclusionMustBeIntentional.
In 2022, we are embarking on an ambitious project to get 10 Black and Latinx women the funding they need to be positioned to exit with substantial wealth within the next five years. These statistics from the digitalundivided ProjectDiane 2020 report tells the story:
- For those who have not raised over $1MM, the median seed round raised by Black women founders is $125,000 and the median seed round raised by Latinx women founders is $200,000. As of 2020, the national median seed round funding for a startup is $2.5M. Only 93 Black women and 90 Latinx women raised over $1M in 2020.
- Black and Latinx women combined received just 0.64% of total venture capital investment between 2018 and 2019, for a total of $3.1 billion; 0.27% went to Black women and 0.37% went to Latinas. The failed WeWork alone received $5 billion in 2019.
We need your help to raise $200K to support our work to help 10 Black and Latinx women entrepreneurs secure the resources they need to succeed. Listen to Adrienne Fudge, owner of 40 Dream Catering, talk about access to capital in this interview excerpt from The Righteous Capitalists podcast.
Our vision for this movement is bold and ambitious, but with your help, we are confident that we can change the game for Women of Color entrepreneurs.
*Women of Color Connecting is a program of the Institute for Entrepreneurial Leadership (IFEL). Founded in 2002, IFEL is an independent, not‐for‐profit organization that supports economic development through entrepreneurship. We are experts in creating and implementing small business programming in support of larger economic development objectives. We envision a future with inclusive entrepreneurial ecosystems in which people from historically marginalized populations have equal opportunity for success. In pursuit of this vision, our mission is to eradicate the systemic barriers that prevent people of color from being able to access the knowledge, networks, and capital required for entrepreneurial success and wealth creation. Learn more about IFEL at www.weareifel.org.