Devin Thorpe’s Post

Alicia Keys Launches $1 Billion Fund for Black-Owned Businesses Credits: Black Business Singer Alicia Keys is using her platform to help further racial equality. She has launched a new $1 billion endowment fund aimed at supporting Black businesses and communities. The new fund will come as several crises unfold around the world, including the global coronavirus pandemic and the protests against systemic racism and injustice that were sparked by the police killings of Breonna Taylor, George Floyd, and others. During an interview with Billboard, she commented, "We are already seeing the blatant injustices that are going on around us. As an artist, I’m always thinking about how can I use my platform to further racial equity. This fund is one of the answers and our goal is to empower Black America through investing in Black businesses, Black investors, institutions, entrepreneurs, schools, and banks in a way to create sustainable solutions." #StartupToScaleUp #BusinessGrowth #Entrepreneurship #Changemakers #LearningFromTheBest #entrepreneurship #BusinessOwners #diverseentrepreneurs #diversityandinclusion #Entrepreneurs #disabled #disabledentrepreneur #inspire #mindset #business #NYAE2024 #neurodiversity #longtermhealthconditions #businessprogram #creativity #Dyslexia #Dyspraxia #education #Dyscalculia #Diversecreative #TDC #ADHD #training #learning #disabilityawareness

These lawsuits are similar to the massacres and/or burning of entire Black communities like Rosewood and the Greenwood section of Tulsa (known as the Black Wall Street). The target: Black prosperity. By suing Fearless Fund and Hello Alice, opponents kill two birds with one stone: (1) Black female entrepreneurs and (2) Employment in Black communities. It’s not enough to try to take away the opportunity to attend elite universities or participate in fellowships. It’s not sufficient to prevent Black people from engaging in executive and professional level careers in the workplace, or contributing to the corporate supply chain. These folks want to STOP Black VC funds from supporting Black women-owned businesses, which are the fastest growing group of entrepreneurs. What’s bananas is that the courts and anti-DEI crew will leave in place efforts to help White women (who are also STILL underrepresented in VC efforts by the way…), as well as other communities, but dismantle anything that translates into advancement for Blacks. Note: it still renders exclusion when the process is seemingly “open” to everyone but the RESULT is that no Black individuals obtain VC funds or bank loans. All of this. It is all the *very* definition of racism. WELCOME TO BLACK HISTORY BEING MADE.

In the Child Welfare and Racial Equity Collaborative that I convene, we have a shared agreement that we call “Locate yourself” (s/o to Stephanie Ghoston Paul for helping us develop it). Locating yourself is the practice of being aware of yourself physically, emotionally but also socially and historically. We take stock of the unearned advantages that we carry into a shared space. Our country’s analysis of discrimination allows folks to claim a harm without locating themselves in our socio-economic-political reality. Our evaluations of discrimination claims need to include an assessment of collective identity or historical marginalization. Keeping a racially neutral standard allows for these “reverse racism” claims to perpetuate the historical harm that anti-racist efforts are seeking to mitigate. This would require an agreement on history and identity that we are OBVIOUSLY sooooo far away from achieving. P.S. for the other PKs, it’s just me or are these lawsuits reminiscent of that justice lesson that Nathan gave David (2 Samuel 12).

300+ years of social and economic terrorism against the Black community yet one fund trying to support Black women entrepreneurs achieve economic liberation is illegal. The justice system is not working when a fraudsters who calls for the overthrow of our democratic system (aka sedition) finally faces accountability. It is functioning when it recognizes that our system has been finely tuned and engineered to ensure economic power is unequally distributed and whenever programs (be they privately funded or otherwise) aim to right those systemic wrongs, the system reverts to homeostasis—it’s racist and misogynistic foundation—to ensure the erosion of any ability to accrue wealth is denied. “Black-owned companies generally attract only about 1% of VC funding despite African Americans making up about 14% of the U.S. population. In 2021, the year after the police killing of George Floyd and as businesses committed to investing in more Black-owned businesses, venture funding of African American companies reached a high-water mark nationally and in Atlanta. VC investments in Black-owned startups reached nearly $5 billion in the U.S. in 2021. That figure plummeted by more than half to $2.4 billion in 2022. Crunchbase found in 2023, just $705 million in venture funding went to Black-owned startups, the first year that figure was less than $1 billion since 2016.”

I've never been comfortable with the term "investor." But when I see attacks on initiatives like the Fearless Fund, which provided $20K grants to Black female entrepreneurs, I'm reminded why embracing this label matters. https://lnkd.in/dBv5fgMY Context is key. In 2023, US-based startups received $140.4 billion in venture funding, yet less than 0.5% went to Black-founded startups. To shift these entrenched power dynamics and support underrepresented groups, we must redefine what it means to be an investor. https://lnkd.in/dsw4TqMm. To me, being an investor means using money to better our communities by: - Funding underrepresented founders and leaders - Counteracting biases in capital markets that favor certain groups Continue reading here: https://lnkd.in/dqBeBYHZ

Breaking Barriers in Fundraising 🚧💼: Debunking Myths and Confronting Race-Based Challenges For many minority founders building companies we know the cycle of trying to raise funding. Adonica Shaw CBE, INHC, CIHC debunks the myth that black and brown founders have access to "more money" or "extra money" from black venture capitalists, emphasizing that venture capital are merit-based rather than racially biased. She also points out that black venture capitalists are often investing money from limited partners (LPs) who are not people of color, and their investment decisions are driven by the potential for returns rather than racial solidarity. Thanks to Adonica for the reminder to black and brown entrepreneurs to challenge the status quo, pursue funding from major firms. Go Hard 🔥🔥 Richard Venegar Samantha Katz Samella Watson Evan Leaphart Will Stringer Giselle Melo #blackbusiness #blackfounders

🎉 Happy Juneteenth! 🎉 Yesterday , we commemorated the end of slavery in the United States and celebrate the freedom, resilience, and contributions of Black communities. Juneteenth is a powerful reminder of the ongoing journey toward equality and justice. This Juneteenth, let's move beyond words and take meaningful action. Support Black-owned businesses by purchasing their products and services. Your support helps to uplift communities, foster economic empowerment, and create lasting change. Here are a few ways you can make a difference today: 📍Shop Local: Find and support Black-owned businesses in your community. 📍Spread the Word: Share your favorite Black-owned businesses on social media. 📍Invest in Black Entrepreneurs: Consider supporting crowdfunding campaigns or investing in Black startups. Every purchase you make is a step towards a more equitable and inclusive future. Let’s celebrate Juneteenth by making a tangible impact. Digital Storytellers Ink - Reality By Design #Juneteenth #SupportBlackBusiness #EconomicEmpowerment #Equality #ShopBlack #BuyBlack #BlackExcellence #CommunitySupport #CelebrateFreedom #Tech #AI #Video

TechCrunch reported that funding for Black founders continues to decrease. The already slow faucet drip that was funding for Black founders has slowed to a mere trickle. The performativeness of the post-George Floyd funding "boom" has become all too clear. And yet, despite funding being on a rapid and steady decline, there are still full-out frontal assaults on investors such as Fearless Fund who are trying to provide funding exclusively for Black founders. This really makes me wonder why. Why is it that despite the clear and obvious data that shows that Black founders are underfunded, there are forceful steps being taken to eliminate those who seek to provide capital to them? I keep arriving at one answer: Fear. I believe that there are really only two emotions in life: love and fear. All other emotions are just nuanced expressions of those two. When people are angry, it's because they fear that they aren't being listened to or respected. When elated, it's because they love they way something makes them feel. So when people like Edward Blum make a concerted effort to ensure that the already dismal funding figures become non-existent, fear is the only logical motivator for their actions. But what exactly is it that people like Blum are afraid of? Is it the fact that Black people have a history of doing more with less in the face of terrible adversity? Or that Black founders could end up driving the innovation culture in the same way that Black artists drive entertainment culture? I think that what they are afraid of is a world where the most talented people increasingly don't have to get their stamp of approval in order to thrive....one in which they can no longer be gatekeepers who get to decide who makes it and who doesn't. The destiny of any group of people is tied to their ability to reach economic independence. The funding of Black and Brown founders is like a turbocharger towards wealth creation in those communities. Along with that newly created wealth comes increased power and influence on issues that matter most to those communities. And that is what people like Blum are trying to kill. The cross-cultural investment in underrepresented founders, the hope that persists in the face of ever-present oppression, and the power that comes from the innovation that moves society to more equitable systems, are all things that they fear will diminish their standing in American society. As investors, we must stand forcefully against these coercion tactics. And we must call on others who say that they value the contributions of Black innovators to society to double down on their investments rather than reduce them out of fear. If we allow fear to win, society as a whole will be the true loser. #vc #vcfunding #blackfounders https://lnkd.in/dQ9tMAjA

“How to Think about Supporting Black Business Differently,” offers reflections and approaches for effectively supporting Black-owned businesses. It emphasizes the importance of understanding the unique challenges and opportunities they face. The racial wealth gap in the United States continues to widen, presenting a persistent challenge despite decades of efforts to mitigate it. At its core lies the disparity in household wealth and asset ownership, particularly in historically low-income communities. While entrepreneurship has long been celebrated as a means to generate wealth, create jobs, and sustain local economies, black entrepreneurs in disinvested communities often face systemic barriers that hinder their access to essential resources. To read the full article click here.