We remain disappointed that the Fearless Fund’s efforts to increase opportunities for Black women founders were undermined by the case brought forth by the American Alliance on Equal Rights, and the subsequent injunction issued by the 11th U.S. Circuit Court of Appeals, but we are pleased the litigation has concluded and the Fearless Fund can once again get back to their mission of helping under-resourced business owners.
The Fearless Fund, like many other conscious venture capital firms and charitable organizations, is looking to close the unconscionable and indefensible funding gap that exists for Black entrepreneurs. Their work is critical now more than ever and we are happy to see the Fearless Fund and others refine their focus to continue closing this gap.
Considering that of the $288 billion allocated in the venture capital space, less than 1% goes to Black founders, we must continue to expand their access to capital. By devaluing and defunding Black entrepreneurs, we lose out on the next innovative company with products and services that would otherwise transform the future for the better.
It is clear we cannot ignore the problem and we look forward to continuing to work with the Fearless Fund, and organizations like it, to expand access to capital for minority-owned businesses as we look to achieve our goal of increasing annual MBE revenue to $1 trillion by the end of 2030.
“While NMSDC’s most recent Minority Businesses Economic Impact Report showed immense progress for certified-Black owned businesses, it also illustrated the need and disparities they, especially Black women, continue to face,” said NMSDC CEO and President Ying McGuire. “Capital Venture firms like the Fearless Fund are essential to addressing these disparities and we look forward to their continued support of the businesses we serve.
NMSDC remains committed to accelerating the growth of minority businesses and creating the long-lasting, generational wealth for communities of color needed to build a more resilient and inclusive economy that benefits us all. Growth for MBEs is growth for all.
Learn more about the Fearless Fund at www.fearless.fund.
