Erin Gallagher’s Post

The system is not broken — it's working as designed. The recent decision by the 11th Circuit U.S. Court of Appeals to block the Fearless Fund from awarding grants exclusively to Black women is an example of the systemic oppression faced by Black women and the critical need for intervention. In 2023, Black women received less than 1% of the $215 billion available in venture capital funding. Yet, Black-led and Black-benefitting organizations are under attack by conservative activists while simultaneously navigating the reality of the systemic disparities undergirded by white supremacy and apathy. This decision underscores the pervasive challenges within our society and highlights the urgent need to address inequities in venture capital and philanthropy head-on. The Fearless Fund, founded by Black women to support Black women entrepreneurs, has worked to funnel much-needed capital into underrepresented communities. We stand in solidarity with the countless Black women striving to realize their dreams. The fight for justice and equity continues. Source: https://lnkd.in/gCnjJYPd #FearlessFund #SupportBlackWomen #Philanthropy #DEI #SocialJustice #VentureCapital #SystemicOppression #BlackEntrepreneurs #StrategicDisruptionConsulting

Do you ever find yourself worrying about the "what ifs" and losing sleep over the problems you're tackling? You're not alone! I recently wrote myself an encouraging note to remind myself of what's at stake. Sure, there's always a risk of failure, but I know what success means for the women I'm supporting across the world. By succeeding, I could make a direct impact on the local and national economy, increase the funding for women, improve the success rate of start-ups, increase the number of women in board positions, raise the fees paid to women for speaking, improve the mental health of home workers, and shape the future of young women. And that's just the beginning! There's so much work to be done, including addressing issues like human trafficking, supporting women coming out of prison, and helping young people start their own businesses. I invite you to be a part of this journey by supporting our crowdfunding campaign at https://lnkd.in/e2-J_DZK. Together, we can make a difference and create a better future for women everywhere.

Although Black women make up less than 10% of the U.S. population, we have become the fastest growing demographic of #entrepreneurs. I believe the #burnout that many of us experience in corporate culture is pushing us to branch out on our own. Black women face many barriers to success, particularly when it comes to raising funds. Black business owners applying for funding have a rejection rate 3x higher than that of White business owners, which has in turn has resulted in many (61%) Black women being forced to self-fund their #startup capital. How can we work to fix this? Support Black women-owned businesses, address bias in funding, and improve #DEIB in the workplace.

Fearless Fund was built to support founders like me. Now they're being dragged through the court system to defend their work and their grant-making processes. Y'all...no one is coming to save us. We have to build community-driven tactics into our business plans. We will network differently, building scale on our terms. It's beyond time. "Historically, Black women entrepreneurs receive a fraction of what other founders get. Between 2009 and 2017, only 0.0006% of VC funding went to businesses started by Black women, according to nonprofit advocacy group Digitalundivided. Black founders — men and women — receive only about 1% of U.S. venture capital funding, according to Crunchbase." https://lnkd.in/eTybkPqA

I am more than heartbroken at this news about Fearless Fund. I am intimately aware of the reality most black women have to face when fundraising. Between 2009 and 2017, only 0.0006% of VC funding went to businesses started by Black women. Between 2008 and 2009 I was one of the fortunate black women to be in that tiny tiny tiny percentage of funding that went to us, having raised $10 million. A couple of years ago I tried to do a little fundraising with my current start up, but gave up when I realized it was a full-time job that had very little chance of success. The outcome of this case is horrific, but sadly not surprising. How do we avoid feeling hopeless, which is a very disempowering feeling? I advise all the women that I mentor that it's a waste of time to look for funding from external sources and that time would be better spent looking for new customers. That's been my strategy, and with frustrating about it is that it makes scaling so much more difficult for those of us in tech. Bootstrapping is great and has a lot of advantages, not the least of which is the opportunity to avoid VCs who really don't get us and who are ruled by herd mentality and lack any understanding of the tremendous solutions we can create from our lived experiences. So what can we do? One of the ideas behind our Climate Resilience Salons has been to help women build powerful networks of diverse stakeholders – government, NGOs, academic institutions, companies, and other partners – who can support the solutions and the women to achieve planet saving scale. If women can't, especially black women, have access to financial capital then we need to open our networks to support them with network capital. Please talk about this in the comments, how are you feel, what you think, what solutions you see, and support for all of the women who are being impacted by this recent decision, and compassion for the fearless fund founders. https://lnkd.in/e-xiArvF #blackwomen #VCs #bootstrapping #racism

Consider this: Women of color are the most founded entrepreneurial demographic yet are the least funded. Given this disparity, one might wonder why the Fearless Fund program's proactive efforts in supporting women-founded businesses serving the BIPOC communities were discriminatory. Black women are leading the way in entrepreneurship, with 17% of Black women starting or running new businesses, compared to 15% of white men, according to https://lnkd.in/ewgW96rs. The significant growth in entrepreneurship is evident, with African American women-owned businesses growing by 258%, Latina women-owned businesses by 180%, and Asian American women-owned businesses by 156%. This trend is further highlighted by https://lnkd.in/ei_eiwGt. However, despite these impressive numbers, women of color still face substantial challenges, particularly in accessing capital and sustaining their businesses. Considering the marginalization of underserved communities and women of color getting equitable funding, why are women of color still facing substantial challenges accessing capital and sustaining their businesses? This question prompts the need for more significant support and equality in entrepreneurship for women of color. Watch more insights shared by Fearless Fund CEO on the challenges women of color face in fundraising in this video. Although I recommend doing your research, here are three links to women of color grant programs: https://lnkd.in/eFyj3j7Z, https://lnkd.in/e3qshWUS, and https://lnkd.in/ey84zfJk If you know of any leads or resources, please add more to inspire and help other women in need. #Inspire #BeAnInspiration #VentureCapital #FundingWomensEntrepreneurship #itistimetoinnovate

Black women receive just 1% of all VC funding. On Monday 3 June US federal courts banned the Fearless Fund providing grants exclusively to black women on the basis that it is “discriminatory”. Here’s why it’s such a terrible decision. #vcfunding #fearlessfund #womeninbusiness #blackwomeninbusiness #fundinggap #womenandmoney

For those committed to transforming the fundraising environment, I strongly recommend supporting the Fearless Fund and Arian Simone, particularly in light of the legal challenges they currently face. With women of colour receiving less than 1% of venture capital funding, the efforts to obstruct the work of the Fearless Fund are highly unjustifiable. Being a founder who has faced both gender and racial biases in the fundraising landscape, I’ve found that initiatives like the Fearless Fund are instrumental in levelling the playing field. To put things into context, many of you may not know that my business partner and I self-funded EATO during our feasibility phase. In 2023, we were at a critical point and needed to raise capital to keep EATO alive. Fortunately we were able to secure bridge funding from 2 black female investors, a crucial aid in an investment world that often disproportionately funds mediocre white male entrepreneurs. This highlights the vital role of investment funds led by women, particularly those spearheaded by black female investors, in nurturing black-owned enterprises. My name is Margaret Debrah, and I stand with the Fearless Fund! #fearlessfund #investing #femalefounders #equality

As a proud advocate for inclusivity and empowerment at StellarOne, we are sensitive to initiatives like the Goldman Sachs' One Million Black Women initiative. Here is a recap of the main pillars... Empowering Black Women in Business & Beyond Goldman Sachs is making strides with the deployment of over $2.1 billion in investments. Grants That Make a Difference Through the Black Women Impact Grants, investment isn't just monetary; the objective is to state that Black women's work, vision, and impact are invaluable and essential to building a more inclusive economy. Partnerships for a Powerful Future The collaboration with Echoing Green aims to propel Black women into social entrepreneurs and is exactly the kind of alliance that moves society forward. Investing in Education and Equity The initiative emphasizes investing in critical areas like education, healthcare, and financial literacy. A Step Towards an Equitable Economy From scaling Black women-led nonprofits to investing in HBCUs and launching initiatives for racial equity, these are the initiatives that are mentioned. We are looking forward to hearing about the success stories. #OneMillionBlackWomen #BlackWomenInBusiness #Empowerment #Investment #Education #Equity

In today's Ellevate Network's Mobilize Women 👩🏾Summit 2024 on the topic of Harnessing Women's Economic Power, the recent ruling (https://lnkd.in/gPbiq5wP) against the Fearless Fund was discussed. Championing The Fearless Fund and the Legacy of Generational Wealth The recent court ruling regarding the Fearless Fund is more than just a legal setback; it's a reminder of the ongoing struggle for equality in the entrepreneurial landscape. The Fearless Fund has been a beacon of hope and support for minority women-owned businesses, providing capital and the promise of generational wealth and security. Generational wealth is not merely about financial prosperity; it's about creating a legacy that transcends time, offering stability and opportunities for future generations. The Fearless Fund's commitment to fostering this wealth among African American women entrepreneurs is a testament to their vision of a more equitable future. Despite the challenges, the importance of organizations like the Fearless Fund cannot be overstated. They are the architects of a future where generational wealth is accessible to all, ensuring that the next generation inherits a foundation of financial security and empowerment. As we stand in support of the Fearless Fund, let's reaffirm our commitment to building a world where every entrepreneur has the chance to create a lasting legacy. Let's continue to fight for a society where generational wealth is not a privilege but a right for all. #GenerationalWealth #FinancialSecurity #WomenInBusiness #LegacyBuilding