30 Days of Reflection: Day 13 (Raising the Bar: Part 2 of 3)

“You will be wounded many times in your life. You’ll make mistakes. Some people will call them failures, but I have learned that failure is really God’s way of saying, ‘Excuse me, you’re moving in the wrong direction.’ It’s just an experience.” – Oprah Winfrey

It’s hard to raise money. It is *very* hard to raise money while building a new product. The difficulties are further compounded when you’re trying to build a new product and raise money as a Black woman.

The ways in which bias manifests in the fundraising process are innumerable. It has garnered significant attention, as widely recognized, that the number of Black women who have successfully raised over $1 million in venture capital is astonishingly low. According to the 2020 ProjectDiane report, a mere 93 Black women had achieved this milestone. When one personally encounters this reality, it becomes evident that structural, interpersonal, and systemic racism play significant roles in perpetuating this disparity.

Even outside of venture, in the philanthropy space, these biases still ring true. Through all of these issues, a hard truth emerges — when we really break it down, many funders don't want to invest in Black women. They’d rather believe their own unfounded assumptions, like the opportunity being “too risky” or “not closely enough aligned" with their strategy. Whatever they believe their “reasons” to be, this remains a silent hurdle when Black women are fundraising.

I want to emphasize that I don’t believe I should be entitled to every opportunity that comes my way. I recognize that factors such as timing, parties involved, shifting priorities, and overall fit contribute significantly to determining the outcome.

However, I have had multiple scouts from a very prominent Silicon Valley funding institution tell me that our pitch, funding application, and business model were some of the best they’ve seen. Yet, even after applying 3 times and being told the first time we were in the top 10% of applicants, we never obtained funding. I’ve been told that we were too early stage for a fund that specialized in early-stage companies; then applied again a year later only to be told we were too far along. While I am not one to be disheartened by hearing ‘no’ repeatedly — it’s part of the process that makes the yeses sweeter — it’s the ways in which the no’s came to be and were delivered.

Moreover, we return to the recurring narrative that highlights the scarcity of Black women who have successfully raised over $1 million in venture capital, and it becomes a kind of limiting belief. It's crucial to recognize that there are indeed individuals who have achieved this milestone, and we must stop overlooking their accomplishments. Simultaneously, we must acknowledge the very real and additional barriers that Black women face in doing so. Both truths can coexist simultaneously.

There were many days when I found myself questioning, “What's actually the point?” This might be the place where I insert some lofty motivation in response to this question, but I’m not sure I have any. Quite frankly, I'm still searching for a compelling answer to that question.

Until the answer comes, bring folding chairs and build your own tables, my friends.