Do Your Thing, Sis!

Historically, America has ignored one of its most promising investments: Black women. The “how” and “reasons why” this is the norm is an important conversation to have for sure, but we want to focus on why this overlooked part of our community is the most promising.

We've Got Receipts…

First, let’s look at a few facts – because facts matter – about real #BlackGirlMagic happening in America today, okay?

It’s true, and if you didn’t know, now you know.

  • Black women represent 42% of new women-owned businesses and 36% of all Black-owned businesses.
  • The majority of Black women-owned firms grew 67% from 2007 to 2012, compared to 27% for all women and 50% overall from 2014 to 2019. This is the highest growing segment of the female demographic.
  • Black women are better represented in the funded Black founders subset, making up about one-third of Black start-up founders compared to single-digit percentages for women founders as a whole.

When Black women face hurdles in corporate America, we create our own corporations!

  • Less than 1% of all venture funding spent in the United States in 2021 has gone to Black female entrepreneurs. (0.34% is the specific number, in case you were curious just how below 1% we’re talking here.) Total venture funding for women in 2020 was at 2.3% in 2020 compared to male counterparts.
The Power of Change

People often confuse entrepreneurship (we see you sole proprietors) and entrepreneurial efforts with start-up companies that are funded by venture capital. VC funded companies are at the complete other end of the spectrum when compared to entrepreneurship, and in this comparison informal entrepreneurship, professional services, and small business diversity are hardly ever considered. Women make up most of these businesses, changing the narrative on what it means to be an entrepreneur.

Sustainability is the primary concern when looking at Black female businesses. How do we get Black female business owners to pass the 5-year mark that signals maturation? While there are a large number of Black women who enter into entrepreneurship each year, few of us receive the support needed to maintain and grow our businesses. It is not a lack of skill, grit, or wit that keeps us from running the whole world, its access to resource, funding, and infrastructure.

Melissa Bradley – managing partner of 1863 Ventures – saw a 97.5% survival rate in the companies run by Black women within the groups’ accelerator program compared to the 40% of Black businesses that did not survive during the same timeframe.

The Essence of #BlackGirlMagic

Must we even say more?… The richness of the talent is evident, the excellence is top tier, and it’s undeniable. The essence of Black Girl Magic is in its alignment with community, passion for inclusion, and legacy of tenacity. With deep ties to our local communities and understanding of our unique struggles, Black female businesses reach back and pull us all forward.

A reckoning is on the horizon as we shrink inequality in the boardroom and executive roles. By closing the gap in access to resources, mentorship, and capital, and combining that with our own efforts to #BuyBlack, we see how Black women are changing the game in Corporate America.

So, do your thing, sis, and let your #BlackGirlMagic be an inspiration and unstoppable force to #BuildBlack!

OneUnited Bank

OneUnited Bank, the nation’s largest Black-owned bank and FDIC insured, understands we have to focus on money and technology to close the racial wealth gap. With your support, by simply opening and actively using a OneUnited Bank account, we will continue to accomplish our mission!

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