It’s difficult for Black female founders to get their foot in the door, especially when it comes to raising capital for their business. However, billionaire businessman Mark Cuban told ESSENCE that Black women shouldn’t necessarily be looking for funding. Instead, he believes they should take a different approach, one that he has personally followed in his own journey. Why should founders stop looking for funding? The Shark Tank investor spoke with ESSENCE at SXSW in Austin, Texas, ahead of his panel discussion on entrepreneurship with Tabitha Brown and entrepreneur Justin Fenchel.
DEI Under Fire is our monthly series that keeps you up-to-date on the latest DEI announcements and changes from the nation’s leading companies. This month, Reuters reported that some retailers, including Target, Amazon, and Tractor Supply, have ended their DEI initiatives in writing but are quietly maintaining select efforts, like funding LGBTQ+ Pride and anti-racism events and backing resource groups for underrepresented staff workers. Here are some of the latest changes we think you should know about. Remember to revisit this page throughout March for updates. Companies are listed in
On Friday, 7 March, South Africa rejected Elon Musk’s statement that his Starlink satellite company could not operate in the country because he is not Black. The country’s telecoms regulator shared that Starlink had not applied for a license, according to Reuters. The founder of Starlink, who was born and went to school in South Africa, wrote on X, “Starlink is not allowed to operate in South Africa, because I’m not black.” Senior official at the foreign affairs department Clayson Monyela responded, “Sir, that’s NOT true, and you know it!
Equator, an Africa-focused venture capital firm, secured $55 million for its first fund to support climate tech startups, particularly in their early stages, as reported by TechCrunch. Africa has less than 3% of global energy-related CO2 emissions but suffers from some of the worst climate impacts. Equator seeks to address that, saying it invests in deals “addressing economic and sustainability challenges emerging from these impacts.” Funding African climate tech startups In African countries, climate tech startups have to navigate a difficult funding landscape compared to their peers in more developed
LOréal USA has announced the sale of Carol’s Daughter to its founder and new President Lisa Price and finance veteran Joe Wong, initially only referred to by L’Oréal as an unnamed independent beauty entrepreneuer. Wong has several former L’Oréal brands under his belt, including Ambi Skincare, AcneFree, Baxter of California, and Dermablend. L’Oréal USA selling Carol’s Daughter This new move highlights L’Oréal’s belief in Price’s leadership and the new partner’s ability to honor the brand’s heritage, values, and commitment to its loyal customers. “At the heart of this legacy is
FanUp, a hub for Gen Z and female sports fans, has announced an exclusive strategic financing round with Tru Skye Ventures and 9.58 Ventures. Tru Skye Ventures, the $100 million sports tech fund co-founded by NBA Champion Metta World Peace and former Boost Mobile CEO Stephen Stokols, teamed up with 9.58 Ventures, a high-grade set of investors and trendsetters promoting groundbreaking technological innovation across society. Traditional sports betting currently only serves less than 9% of American fans. FanUp engages a more expansive and expanding audience through a creative, free-to-play model that provides users
Dr. Bernard Harris, the first African American to walk in space, will be inducted into the Astronaut Hall of Fame on May 31 at the Kennedy Space Center Visitor Complex in Cape Canaveral, Florida. The Astronaut Hall of Fame The Mercury 7 astronauts (the first astronauts selected by NASA) created the Hall of Fame to celebrate and highlight astronauts’ accomplishments. Harris is one of two 2025 inductees, the other being Peggy Whitson. “What a tremendous honor to induct them into the US Astronaut Hall of Fame at Kennedy Space Center
Anthropic has deleted commitments made during the Biden administration in 2023 to encourage safe and “trustworthy” AI, from its website according to The Midas Project. However, Jack Clark, co-founder of Anthropic, has since stated that the company still intends to honor its voluntary commitments. Biden-Era AI Policy Commitments In July of 2023, Anthropic and other companies like OpenAI, Google, Microsoft, and Meta agreed to comply with specific voluntary AI safety commitments suggested by the Biden administration. The initiatives included internal and external security tests of AI systems before release, investing
Over 100,000 people have pledged to boycott Target for 40 days in protest of the company’s rollback of DEI initiatives. The boycott, which began on Wednesday, March 4, was organized by Pastor Jamal Bryant. According to The Washington Post, the movement spans cities including Atlanta, Houston, Jacksonville, Florida, and Alexandria, Virginia. The “Target Fast” occurs simultaneously as Lent, when some Christians commit to fasting and will be the latest boycott against one of the biggest retail companies in the US. Why are people boycotting Target? In January, Target announced that
Zeal Capital Partners has announced that Stefanie Thomas-Martin has been promoted to Partner. Since joining the company in 2023, Thomas-Martin has led the Barclays Black Formation Investment (BBFI) vehicle, a $50 million pre-seed investment platform that supports Zeal Capital’s Inclusive Investing™ strategy. She also pioneered the firm’s inaugural scout program. On the Zeal Capital website, Thomas-Martin says she joined the team to “continue backing exceptional teams with a mission orientation towards delivering value for underserved communities.” Stefanie Thomas-Martin makes partner “Stefanie has consistently demonstrated a commitment to our mission and
