Fund Black Women

You don't have to be a VC to make a major difference.

There is never been a more important time for us to acknowledge one of the most critical things that we can be doing in the world of business to level the playing field.

Which I would say unequivocally is to fund the work of Black women.?

The data shows that less than 3% of venture capital dollars go to female founders, a number that unfortunately has been decreasing in recent years since the pandemic, the percentage that Black women receive is even more appalling, a measly 0.41% . This data is frankly, fucking ridiculous considering that women of color make up 71% of the population of net new female founders, and studies have shown that Black women found companies at 2x the rate of their female counterparts and make up the fastest-growing demographic of entrepreneurs.

I could spend several newsletters talking about why that is, but quite frankly as a woman who identifies as white, I think that it is inappropriate to claim to know the lived experience of Black women business builders. However, what I do know is that working women still are navigating a whole slew of systemic inequities like a lack of flexibility, pay gap, and childcare disparities (to name a few) that serve as primary motivators towards the path of entrepreneurship.?

I've said it before, but I'll say it again:

And we will get there faster if we fund Black Women.

Data shows that when we put money in the hands of Black women, they accomplish incredible outcomes. I can think of countless stories in my own network of how Black women have taken what seems like the smallest amount of seed funding, and not only been able to support their families but also gone on to cultivate companies and create jobs and opportunities for others. I also think about women in my network, who have defied the odds and fundraised in bigger ways as well, and the impact they've been able to make, not only for themselves but their community.

There are countless initiatives out there claiming to support Black women, but I don't really believe in any of them unless they're putting money where their mouth is. I also think it is all too easy for us to look at inequity like this and think that because we're not venture capitalists, we don't have the capacity to create systemic change. But I would argue that actually, if we think a little bit differently, we do.?

It starts with looking at where we spend our dollars.?

One of the best ways we can fund Black women is simply by buying from them, whether it's purchasing from them online or in person. That is one of the easiest entry points into getting capital into the hands of the creators and companies that start simply with just looking at where you're already spending your money and reallocating it towards more companies that are Black-owned. I think if you did an audit, you would be surprised and if not a little bit appalled (like I was) at how much of the money you are transacting with companies that primarily only are run by and employ people of a certain skin tone.?

Another idea is creating collective resources that fund Black women more fully. I had the great pleasure last year of interviewing Emily Rasmussen, the founder of Grapevine , a crowdsourcing platform that creates opportunities to pull together resources in a collective fashion to give funds in a more meaningful way through the power of collective resources. Last year I led their Women Fighting For Women’s Rights group, and within the first few quarters, we were able to raise collectively among a group of less than 200 women over $40,000 to donate to causes we cared about. The first one that we funded was a Black-led reproductive rights organization, the kind that's often overlooked in the mix of much larger nonprofits that have flashier websites and social media presences, but we decided as a collective that Sister Song was deserving on our dollars.?

So that's exactly what they got.?

We can also take action to support and fund the work of Black women by talking about the disparities that we see in the funding environment and taking a stand for the system to change.?

I know for a fact that I can go into a bank right now and be able to get capital. In fact, when I first started my business, I was able to secure a $30,000 line of credit with Chase, despite the fact that I didn't even have any revenue to show for it.?

However, I have had many conversations with friends of color, who have tried to get the same level of resources to get their businesses off the ground and haven't been met with the same level of opportunity.? We need to push back on systems that systematically oppress Black people from being able to step into their opportunities and shine, and we also need to support each other by identifying resources that can elevate and support business owners of color.?

I'm proud to say that I'm a graduate of Chase's new Small Business Program, and in the last three years, they have done a lot more to create equity for small business owners of all backgrounds, but I do believe there's a multitude more of things that I think banks and small banks can be doing to support founders of color.?

Another simple way we can support Black women in business is by simply showing up and shouting out about the amazing work they're doing. This takes us no money at all but is a great way to amplify and draw attention to their incredible work. Whether it's posting something on your social media stories, or putting together an email that highlights founders you admire, you can use your own platform to pass the mic and to bring more eyeballs, and ideally, transactions towards Black-owned businesses are a small way that we can each step up and have a bigger impact.

Last but not least, hire Black women.?

Whether that's to work inside your company or to help you as you grow, look at the service providers you use, and look at the people you bring into the fold and use it as the opportunity it is to create opportunities for others.?

Every transaction we take as business owners is a vital and valuable chance to spread equity.

Use it.?

I encourage you to audit the areas where you could be doing more than take action. I am by no means perfect in this endeavor, but I think about these things in hopes that I can improve over time and also inspire others to create the change we want to see.?

Black women have been building businesses at a record rate and it's time they get the flowers and recognition they deserve.?

Each of us has the capacity and ability to be a part of the change that funds Black women.?

And it starts with taking the first step.

-Madeline

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Dr. Gertrude Lyons is the Founder and CEO of Rewrite the Mother Code, and her work is dedicated to helping women connect with the maternal power that lies deep within us all. Her writing and coaching is based in an expansive lens on the notion of mothering and makes strides in reclaiming the very definition of what it means to be a mom. Through her podcast, retreats, coaching work, and upcoming book Dr. Gertrude is transforming the lives of all people who are looking for new ways to harness their initiate mothering abilities.

On our most recent podcast, I got to sit down with Dr. Lyons about harnessing our innate feminine power, both on a personal level and within leadership roles. Renowned for her expertise in women's leadership development, relationship satisfaction, and parenting, this podcast delves into her journey and what influenced her to begin her work with individuals and families to help them lead more fulfilling lives. Some topics that come up: are the significance of self-care and introspection, the influence of feminine power on business frameworks, fostering change, and the importance of involving men in this evolving paradigm.

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