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 women and minority-owned businesses.
The organization has funded more than 50 companies in a multitude of industries.
Rihanna and H.E.R have provided funding for Partake Foods, a vegan cookie company owned by Denise Woodard. According to Forbes, “Woodard is the first woman of color to raise $1 million for a food startup, and her business is scaling quickly.”
Also, designer Tory Burch has created the ‘Tory Burch Foundation’ to help female entrepreneurs succeed. The Foundation has already granted roughly $25 million to woman-owned startups.
The benefits are clear
Businesses built by under-represented groups offer unique goods and services created from fresh perspectives. But supporting women and POC-owned businesses means so much more than a unique business opportunity – it means doing the right thing, and building a thriving network of diverse businesses around the country that offer fresh opportunities to these communities.
Network of Executive Women (NEW) is a professional community committed to advancing women in the workplace, transforming the face of business. It represents more than 14,000 professionals representing nearly 900 organizations across North America.