Every founder has unique journeys and hurdles to jump through for business success. However, for some entrepreneurs, the cards may already be stacked against them based on race and gender.
This is especially true for Black women business owners. According to a study from JPMorgan Chase, Black women are the fastest-growing demographic of entrepreneurs in the U.S., with nearly 2.7 million businesses nationwide. However, this group receives significantly less funding than those identifying as white.
According to a CNBC article, "while overall VC funding dropped by 36% in 2022 as inflation and interest rates surged, financing for Black businesses saw a steeper drop of 45%, according to the Crunchbase data. That drop is the largest year-over-year decrease Black entrepreneurs have seen over the past decade."
Some of these unique challenges were highlighted in our blog post "Ways to Turn Challenge into Opportunity for Black Women Entrepreneurs."
It's one thing to read about trends. However, we took it further and asked some of our Black founders about their journey and the best way to support them. Here are some of their responses.
February is Black History Month, but it is crucial to support Black-owned businesses year-round. As highlighted in "Free to Empower All Women Entrepreneurs," women of all backgrounds can empower each other and lift everyone in many ways. Although, as women founders, we know the challenges firsthand in starting a business, it is an incredible gift if you can make that journey easier for someone else.
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