NEW HORIZONS
Supporting Women- & People of Color-Owned Businesses Contributing to another’s success won’t ever dampen yours TRANSFORMING THE SHAPE of
the corporate world means change at every level — and that includes buying. Supporting women- and people of color- (POC) owned businesses makes our communities stronger and promotes equality.
By Sarah Alter, President & CEO, Network of Executive Women
owners received just 2.6 percent of venture capital funding in 2020. If VC funding is not an option, how do these businesses flourish?
With only 38.2 percent of businesses owned by women and people of color, the support of a large organization can make or break their success and the positive impact they bring.
By relying mostly on consumers to keep their doors open. Because most VC funding is provided to Caucasian men, buying with these businesses not only keeps them up and running, but also provides jobs for women and BIPOC.
The Issue: Lack of Funding
Growing Interest
Women- and POC-owned businesses are less likely to receive venture capital (VC) funding compared to their counterparts. According to a study by Crunchbase, the percentage of venture capital funding received by women business owners fell from 2.8 percent to 2.3 percent in 2019. Additionally, Black and Latinx business
Major brands and personalities are already advocating for more support, and bringing the lack of funding these businesses face into the public eye. Serena Williams, a recent guest at NEW’s 2021 Leadership Summit, created an early-stage venture capital fund, Serena Ventures, and has provided funding for
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