Black Women-Led Businesses Are Underfunded, but Consider Something Better Is Changing That
Amid the racial injustice protests happening all over the world, one thing is clear: there is a long overdue need for change, not just in the way of police reform, but in all industries. Systemic racism runs rampant in our country, but many newly formed groups and activists are trying to change that. One of the latest organizations making waves is Consider Something Better.
Started by Whitney Brown, CEO and founder of Meet The Owner, and Lauren Napier, celebrity makeup artist and founder and CEO of Lauren Napier Beauty, on June 8, 2020, Consider Something Better is fighting for economic equality for Black women-led businesses that are historically underfunded and receive less access to capital. Their goal is to raise $5M in funding for Black entrepreneurs and calling on major corporations and conglomerates to take part in the cause.
Forbes calls Black women the fastest growing group of entrepreneurs in the U.S., but, "they receive less than 2 percent of the billions of dollars deployed to startups annually," Brown and Napier said in a joint statement to POPSUGAR. "Generally, Black founders do not have the generational wealth to support friends and family rounds of funding to support a start-up. It's inconceivable for some to understand that a $5K investment might be a sacrifice to a family."
But that isn't the only obstacle that Black business founders experience when trying to launch a new company. "There are other factors at play, Black women earn $.63 for every dollar their white colleagues earn making it risky to leave a career to launch a business," the statement said. "With all those factors at play, Black women are still launching brands. We find, for ourselves and our contemporaries, the greatest challenge is scaling our brands. Black women-led businesses need capital."
That's where their new initiative comes in. "Consider Something Better challenges corporations and conglomerates to tear down a racially biased system and honor the fiduciary responsibility to communities by creating economic and racial equality; giving equal access to funding to the next generation of Black female founders."
All Black women-led businesses, service providers, and creatives are eligible to apply for funding. "We know the hurdles that Black women face when seeking funding and access to capital," the statement said. "We aim to make the process as painless as possible. We are not requiring any submission of proprietary information, our mission is to simply provide funding."
Unlike some funding initiatives, Consider Something Better is not seeking investment into anyone's business; they're simply looking to help companies get the capital they've deserved all along.
The ultimate goal of Consider Something Better is to raise $5M in funding to provide grants to as many Black women-led businesses as possible. "Businesses are launching new initiatives daily. While it's encouraging to see the doors being opened, we want to see the deployment of funds reach those who are in need."
Since launching on June 8, they've already gotten over 300 requests for funding. "The response to this initiative is something that it much needed," the statement concluded. "It is clear from private messages that it is a conversation but also a call to action that is much needed. Black women-led businesses are an afterthought. This is why Consider Something Better exists."