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Supporting BIPOC Entrepreneurs: A Pathway Forward
As a funder, you have the power to make a significant impact on the lives of Black and minority-owned businesses. Despite the challenges posed by recent lawsuits and regulatory uncertainty, it’s essential to persist in delivering critical equity capital to these entrepreneurs.
Three Effective Options for Funders
- Establish Intentionally Inclusive Investment Criteria: Define your investment criteria in a way that prioritizes BIPOC-owned startups. This can include focusing on companies with founders who attended or graduated from historically Black colleges and universities (HBCUs), live in or grew up in low- or moderate-income communities, or have at least one founder or member of the company management be of minority background.
- Support Mentorship Initiatives: Look for initiatives that provide mentorship to BIPOC entrepreneurs, such as the Polesky Center at the University of Chicago, the Russell Innovation Center for Entrepreneurs in Atlanta, and the Center for Urban Entrepreneurship and Economic Development at Rutgers.
- Develop Intentionally Inclusive Investment Criteria That Typically Relate to BIPOC-Owned Startups: These criteria may include entrepreneurs who attended or graduated from HBCUs, live in or grew up in low- or moderate-income communities, or have at least one founder or member of the company management be of minority background.
By adopting these strategies, you can help create a more inclusive and equitable investment ecosystem that benefits both BIPOC entrepreneurs and your investors.
