‘Shark Tank’ contest raises business funding for women of color

‘Shark Tank’ contest raises business funding for women of color

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When Shelly Bell determined to launch her T-shirt line and screen-printing store in Virginia, her journey as an entrepreneur was a lonely one.

“I spent quite a lot of time studying classes,” stated Bell, who had to determine the enterprise world on her personal as a Black girl whose preliminary seed cash got here from her mom’s retirement account.

Struck by how tough it’s for ladies of colour to search out enterprise capital and a community of assist for his or her new companies, Bell based Black Lady Ventures. The nonprofit holds competitions throughout the nation the place entrepreneurs make a enterprise pitch and on-line supporters vote with their donations to decide on the winner.

“It’s like Kickstarter meets ‘Shark Tank,’” Bell stated.

Eight Houston-area enterprise house owners entered the competitors Saturday. Every contestant appeared in a dwell, Zoom-style video and made rapid-fire pitches to a panel of three judges whereas potential donors watched on-line.

“Your organization is your child,” stated Valarie Jefferson, one of many judges overseeing the competitors. “Communicate with enthusiasm, eye contact and know your product.”

ShantaQuilette Carter Williams pitched her toxin-free private care model, Lady B Pure. Brieanna Lightfoot Smith pitched her on-line studying and networking platform, Activate.

Derreka Shelton pitched a enterprise that caters to college students and alumni of traditionally Black faculties and universities. Shelton’s firm, Completely HBCU, sends containers of school-themed merchandise each month to clients, and each field is tailor-made to the subscriber.

“Each merchandise inside that field is actually catered to you,” Shelton stated. “If you open that field on the within, you’re coming residence, cousin.”

“I prefer it,” Jefferson stated.

Donors have one week to determine which corporations deserve their contribution. Along with the cash all of the contestants win by crowdfunding, the highest three winners obtain as much as 10,000, together with $3,000 in Google Cloud enterprise providers and coaching and mentoring supplied by Black Lady Ventures.

Bell stated the nation is in a spot the place extra individuals are understanding the necessity for such a contest. The dying of former Houston resident George Floyd sparked a nationwide reckoning with racism. Bell stated discrimination has seeped into aspects of life that go far past policing.

It wasn’t that way back that minorities have been banned from shopping for property in sure neighborhoods or opening accounts at sure banks, depriving generations of households the chance to construct wealth. The online price of a typical white household in America is sort of 10 occasions better than that of a Black household, in accordance with a February 2020 report by the Brookings Establishment.

“We’re speaking about establishments on this nation which are tons of of years outdated,” Bell stated. “And the Black neighborhood has actually solely had about 60 years to create enterprise uninterrupted. To truly have a good shot.”

Bell stated she’s hopeful now that extra individuals are speaking in regards to the alternatives that have been misplaced — and in search of methods to create new ones.

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