The article also highlights the decreasing funding for Black founders in the U.S., with Crunchbase data showing a decrease for the third year in a row in 2023. The founders interviewed express their experiences of being overlooked by investors and venture capitalists, and the additional hurdles they face compared to their white counterparts. Despite these challenges, they remain optimistic about the impact of their businesses and encourage other people of color to pursue entrepreneurship.
Key takeaways:
- Black founders in the fashion and technology sectors face significant challenges in raising funds and are often underestimated, despite their significant contributions to the industries.
- Startups like Efitter, Looks AI, and Spooler are leveraging technology to revolutionize the fashion industry, from predicting garment sizes to promoting cause-related designs.
- Funding for Black founders in the U.S. has decreased for the third year in a row, with Black founders receiving just 0.48 percent of at-large startup funding in 2023.
- Despite the challenges, Black founders remain optimistic and determined, with some choosing to build their businesses without external funding and others seeking to create opportunities for themselves and future founders of color.