For Black and Latino entrepreneurs, there’s only one direction to go — forward. This is the message driving Square‘s small business accelerator program for Black and Latino entrepreneurs, FORWARD. The accelerator, launched in partnership with Social Change Fund United (SCFU), 1863 Ventures, and American Express, aims to provide Black and Latino entrepreneurs with the education, mentorship, coaching, and capital needed for their businesses to thrive. Black and Latino Americans are the fastest-growing group of entrepreneurs. In 2022, Black and Latino Americans filed more than 5 million new business applications, more than any other group.
Silicon Valley Bank’s (SVB) collapse has reignited debates about whether the US government is doing enough to regulate financial institutions – but another debate is brewing. Here’s an excerpt from a Wall Street Journal opinion piece published on March 12: “Was there regulatory failure? Perhaps. SVB was regulated like a bank but looked more like a money-market fund. Then there’s this: In its proxy statement, SVB notes that besides 91% of their board being independent and 45% women they also have “1 Black,” “1 LGBTQ+” and “2 Veterans.” I’m not
After days of turmoil, Silicon Valley Bank (SVB) customers are now able to access their money held in the bank. What happened to SVB? It took just 24 hours for US tech’s favorite bank to fall from grace. SVB served nearly half of US VC-backed tech startups and investors, according to the FT. But interest rates rose, bond values shrank, and with the tech industry slowdown, deposit withdrawals rose too. In a crude oversimplification: companies and investors pulled their money out of SVB amid economic uncertainty. To meet depositor demands for
According to a new survey from Shopify, Black businesses contribute significantly to the company, yet they still struggle to get funding. The barriers Black-owned businesses face Black-owned businesses face many barriers that limit their growth, including a need for more access to capital funding and investments. Not only does this make it harder for them to succeed, but it also limits their growth potential. Despite racial and social justice movements catalyzing public support for Black businesses over recent years, minority founders have been left with unfulfilled promises of investments from banks,
Miiriya has been flooded with messages of support after the online marketplace for Black-owned businesses announced its upcoming closure. The brainchild of Lamine Loco, Miiriya is a platform connecting Black-owned businesses with consumers – kind of like an Etsy or Amazon for Black businesses. The name comes from Loco’s native language, Bambara/Dioula, and means “thoughts” or “ideas.” Committed to the circulation of the Black dollar, Miiriya lets vendors sign up without transaction or listing fees. They also pay credit card and PayPal fees out of pocket, so vendors receive 100% of
According to Her Agenda, for the first time in Fortune’s 68-year history, women are leading more than 10% of Fortune 500 companies. A historical moment for women in business The report shows that this milestone was reached after five new women began their roles as CEOs of Fortune 500 companies – pushing the percentage balance to 10%. “Women as CEOs isn’t an oddity anymore,” said Jane Stevenson, global leader for the CEO succession practice at Korn Ferry. “It’s not the majority, but it’s not an oddity. So, 10% makes it more
From podcast host to launching his own VC fund, Steven Bartlett is gearing up to invest in the development of the next generation. Steven Bartlett, star of Dragons’ Den and host of the most downloaded podcast in Europe, The Diary of a CEO, has set his sights on a new mission. The entrepreneur has announced the launch of the Flight Story Fund – a $100 million VC fund dedicated to advancing early-stage companies. Bartlett has spent the past two years working towards the launch of this fund. Over this time, he
Governor Kathy Hochul has announced a $30 million pre-seed and seed matching fund program to help early-stage startup companies. The funding for the program will come from the State Small Business Credit Initiative to provide extra support to small businesses owned by historically marginalized individuals, including Black and brown entrepreneurs and traditionally disadvantaged individuals. The initiative, part of New York’s $500 million federal investment, aims to help small businesses recover from the pandemic and rebuild local economies. As a part of the program, Governor Hochul will offer early-stage startup companies
Black-owned AI entertainment company tap. is on a mission to change the entertainment business for good. The pre-seed funding round The funding round aims to enhance tap.’s products by introducing more efficient ways for people to come together and connect. In collaboration with productions such as Marvel DC, HBO, and Disney, tap.’s primary goal is to deploy the right machine-learning technology to enhance users’ experiences. “We are excited to grow out network of support around the tap. app through the latest funding round, which will enable us to execute our strategic company
A lack of inclusive and welcoming work environments is contributing to poor retention rates among young diverse tech workers, finds a new report by Wiley Edge. In a survey of 2,000 18 to 24-year-old UK tech workers, only 1 in 5 said they liked their company’s culture. Another 1 in 5 felt welcomed by their colleagues. Black respondents were the least—and white respondents the most—likely to say they liked and felt welcome in their company’s culture. When asked why they had ever left or wanted to leave a tech role,
