Hey ya’ll, Kim here.
I’m the CEO & Co-Founder of CurlMix.
Guess what? It’s Black Business Month.
Some folks are tired of the random holidays and months, but we aren’t.
If you invested in Listener Brands, you probably saw me dancing to trendy songs on social media or read an article about our historic crowdfund.
First, thank you!
You are helping to combat the inequities around funding businesses and being the change you want to see.
We successfully raised $1.5M this spring. We were shy of the $5M we hoped to raise, but the economy is tough.
Despite our success, many Black entrepreneurs face severe challenges in securing funding.
It's like trying to run a marathon with weights on your ankles.
So, why is it so challenging?
Well, here are a few reasons:
- Network Gaps: Imagine trying to get your foot in the door when you don't even know where the door is. Black entrepreneurs often lack access to the networks that can connect them with investors and mentors. This is one of the reasons I travel to so many events, post on social media, and launched a podcast about funding. It has expanded my network tremendously. But I don’t want you to see my story and think it’s normal. I’ve had a TON of community support and luck. I’m grateful, but that’s not the typical story for Black people at large. Growing up on the south side of Chicago, I didn’t meet or know a SINGLE entrepreneur. AT ALL. Not until I went to college.
- Bias and Discrimination: It’s frustrating, but bias still plays a huge role. Investors tend to fund people who look like them, often meaning Black entrepreneurs miss out. If they don’t understand our market, they don’t invest. In the short term, this may not seem like a big deal, but over decades, it further increases the wealth gap in brown communities.
- Economic Hurdles: Generational wealth (or the lack thereof) is a big one. Many Black business owners start with less capital because of historical economic disparities. Imagine running a marathon, and someone gets an hour-long head start. You'll never catch up unless you get a rocket boost. Black women earn 65 cents for every dollar a white man earns. The disparities are griping.
- VC Funding Disparities: Even though diverse teams are shown to outperform, Black-led startups get a tiny slice of the venture capital pie. We get less than 1% of all venture capital, and women less than 3%. It’s a real missed opportunity for innovation and growth. Many people celebrate me raising millions in crowdfunding because it’s a real “pull yourself up by your bootstraps” kinda moment. Still, it certainly distracted me from focusing on growing the business. Crowdfunding takes about 6 - 9 months of work, and I have done it twice. We could probably be 2-3 times as big if all I had to focus on was the growth of the business.
I hate to be so doom and gloom; I just want you to know the facts.
So, how can we make a difference? By supporting Black-owned businesses!
Every dollar spent is a vote for the world we want to live in.
Click Here To Support Our Black-Owned Business
When you support Black-owned businesses like CurlMix, you're not just buying a product or service – you’re investing in communities, fostering innovation, and helping to level the playing field.
Next time you need something, consider checking out a Black-owned business first. It’s a small step that can make a significant impact.
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