#Faqt black woman how to
How to Support Black Women in BusinessĮnsuring Black women create businesses - and stay in business – will require lots of intentional effort and letting our principles guide our practices.Īt a larger policy level, it will take federal investment in targeted programs that expand equity and access. We must address these barriers to open the path to entrepreneurship to more Black women. The irony here is that the same barriers and microaggressions that caused many Black women to flee Corporate America and venture out on their own are still obstacles when they re-engage with these same spaces as entrepreneurs. Black women receive less than 0.35% of all VC funding - or not even a full percentage point of the billions of dollars that flow through the startup ecosystem. The stories are well known at this point of the disproportionate amount of funding White male founders receive compared to female founders, but the gap is widest between them and Black women. In several industries, Black women also face an uphill climb to get access to loans, grants, outside capital and venture capital (VC) funding. Currently, only 3% of Black women run mature businesses, meaning they have survived past the five-year mark.
Black women’s businesses also are not as mature as their counterparts. Businesses with Black female founders have $24,000 in annual revenue - about six times less than women-owned businesses overall. But as Black women launch their own businesses, they also face distinct challenges as entrepreneurs.
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