Ripple Effect of Investing in Black Women

No Black women made the list. Black women dominate industries like media, beauty, and culture, which generate billions of dollars in economic impact. Yet in venture capital, where influence shapes the future, our absence from 2024’s rising stars list tells a deeper story: we’ve been focused on creating the product while ignoring the power of controlling the capital. The real oversight isn’t theirs. It’s ours. While we’ve been busy driving value in other spaces, we’ve underinvested in the one place that controls who gets funded and who doesn’t. If we want real power, we must own the money, not just the ideas. The future is about ownership. Build micro-funds to back founders disrupting traditional markets. Use blockchain to create investment systems we control. Stop building industries we don’t own equity in. Reinvest in industries we’ve historically controlled but rarely owned. Trade ideas with other Black women quietly, not publicly. Partner across sectors to create funding ecosystems powered by us. Tokenize investments for faster capital movement and transparency. Lead syndicates focused on high-growth, untapped industries. What would happen if we invested in ourselves first? #business #blackwomen #venturecapital #innovation

Unlocking Capital, Unlocking Potential: A Reflection on Power, Participation, and Purpose in Gender-Smart Investing After years working across the African entrepreneurship ecosystem, one truth is clear. Women are not lacking in capability, they are under capitalized. The Mastercard Foundation Africa Growth Fund Investment Thesis and the Global Gender-Smart Fund by Triple Jump signal an important shift. Investing in women is central to building inclusive economies. Financial inclusion is too often framed as access. But power matters more than presence. Women need control over capital, tools that match their realities, and decisio making authority. I have seen what happens when women receive timely loans paired with business support, they grow their businesses and gain agency. Everything changes, they begin to think of new possibilities! I attest to a lot of the truths in these lessons and reports. Over 70 percent of Africa’s workforce operates in the informal sector, yet many investment models aim to formalize instead of build on what works. Informality is not a flaw, but rather a resilient, community driven economy. Most tools ignore local realities, using English, requiring smartphones, and overlooking women’s barriers. At Nsimbi Impact, we are testing voice-powered, multilingual, mobile-first models to deliver capital in ways that meet women where they are. Capital alone won’t solve informality, but paired with the right tools, it can be transformative. Crises are constant, not exceptions. Women entrepreneurs, especially in rural areas, remain resilient and adaptive. Yet they are penalized by systems that equate informality with risk and offer inflexible products. This must change. Resilience is not a liability it is a signal for investment. The Dutch Good Growth Fund (DGGF)'s research further reinforces this. Tailored support business development services designed for an entrepreneur’s stage and type leads to better results. Whether through hybrid models, cost-sharing, or stage specific interventions, BDS works best when contextualized. The most impactful programs combine financial and non-financial tools to unlock scale and impact, not just for high growth firms, but for dynamic and livelihood-sustaining businesses as well. There is no single African market and no one-size-fits-all model for women entrepreneurs. What works in Nairobi may not work in Gulu. Whether it is e-commerce logistics, voice-based financial literacy, or shared infrastructure, we must scale through specificity. The thesis also names gender based violence as an investment risk (I can write a book about this!) Unsafe environments suppress economic participation. Investing in safety is not only right it is necessary for economic performance. These frameworks remind us that transformative investment requires care, context, and commitment. The question is no longer if we invest in women, but whether we do so with depth, discipline, and urgency.

This Juneteenth, I’m celebrating progress and reflecting on the long road ahead for true freedom and equity for Black founders. Here are the stats: - Black-founded startups received less than 0.5% of the $140.4 billion in venture funding all U.S.-based startups received last year. - Funding for black founders has declined every year since 2021 - a 86% drop. - The statistics are even more abysmal for women: less than 0.1% went to Black and Latino women founders. Of the total capital under management by Black VCs, Black women only managed 0.03%. - Unfortunately the story isn’t any better in the impact investment world. A Village Capital study found that only 10% of capital in East Africa went to startups with local founders, with the majority of dollars going to expats. Here is what it all means: - I’ve seen the consequences of statistics play out in our community - particularly among my Black women founder friends. These statistics translate to high rates of burnout. - They mean unique, world-changing ideas and community programs aren’t realized. - They mean better-for-you and better-for-the-planet products don't reach enough store shelves. - In short, when we underinvest in Black founders, we all lose. What can you do? - Investors: Hire and promote more Black (particularly Black women) decision makers to deploy and manage capital. Reach out to Black founders for recommendations of underrepresented founders who deserve investment dollars. - Customers and Retail Buyers: Continue to support Black founders and seek out Black brands long after the trend has passed. - Business Leaders: Leverage your network and customer relationships to support Black founders with social capital. As a 2023 report from McKinsey put it “Underrepresented founders are often tokenized; they tend to be offered a barrage of programs to mentor or support them, but don’t provide meaningful help, connections, or long-term contracts.” With Love, Kwami Williams Co-Founder & CEO, True Moringa

Being a Black woman in the world of angel investing is not just a career—it's a calling. It’s about more than just funding businesses; it's about reshaping the landscape and ensuring that Black entrepreneurs, both in America and across the global African diaspora, have the resources, support, and opportunities they deserve. It’s about seeing the potential in communities often overlooked, creating spaces where Black excellence can flourish, and betting on all things Black because I believe in the power of our people. The data backs me up. Black-owned businesses are the fastest-growing segment of small businesses in America, yet they receive only 1% of total venture capital funding. This gap represents a massive opportunity—one that, if addressed, could unlock $1.6 trillion in economic output for Black entrepreneurs in the U.S. alone. This isn’t just a statistic—it’s a call to action. And the opportunity doesn’t stop at American shores. Africa’s startup ecosystem is booming, with African tech startups alone projected to secure $75 billion in funding by 2030. In 2021, over $5 billion was invested into African startups, a record high. Cities like Lagos, Nairobi, and Cape Town are emerging as global innovation hubs, and the potential for growth is immense. Yet, African startups receive only 3% of global venture funding. This is where we come in—to support the next generation of Black entrepreneurs who are shaping Africa’s future. Beyond technology and business, Africa’s importance in global conversations about climate adaptation and renewable energy cannot be overstated. Africa’s population is expected to reach 2.5 billion by 2050, making it the world’s fastest-growing region. This demographic shift is accompanied by a rising need for sustainable development, especially in the face of climate change. Africa is on the frontlines of climate adaptation, with nations experiencing rising temperatures, droughts, and extreme weather events. Yet, Africa is also uniquely positioned to lead in renewable energy solutions. The continent is rich in resources like solar, wind, and hydro energy—offering enormous potential for green energy innovation. Africa is projected to have 75% of the world’s renewable energy capacity by 2050. As an angel investor, I’m betting on Black talent and innovation not only in the U.S. but across Africa and the diaspora. When we invest in Black entrepreneurs, we fuel individual success, create generational wealth, and unlock an untapped global market. My portfolio isn’t just about dollars; it’s about power, impact, and legacy. It’s about breaking cycles, building foundations, and making sure the future of entrepreneurship—locally and globally—is rooted in the brilliance and potential of Black communities. So here’s to betting on all things Black—from the U.S. to Africa and beyond.

“Confronting the earnings gap for Black women could create 1.2–1.7 million US jobs and raise annual GDP by 1.4–2.1% — or $300–450 billion.” — Goldman Sachs, Black Womenomics Report* Look, Goldman Sachs is not in the business of wasting money. They’re in the business of making (a lot of) it. So when they set out to invest in 1 million Black women, they didn't do so as a feel-good, give-back initiative. It's absolutely a business strategy, and I commend that. When Black women founders succeed, the entire economy succeeds. These past 3 months in the Black in Business program were pivotal. It’s been a tough economic and professional climate for Untapped Leaders — just this past week, our $24k government contract was canceled (and an Office of Racial Justice defunded) amid mounting pressures. It’s been make-or-break. And I’ve had moments where folding seemed like a real possibility. But Goldman’s Black in Business program came right on time. With the strategic and precise support of NYU Stern School of Business professors, my incomparable business advisor, Karen Carr-Crawford, MPA, my fellow growth group entrepreneurs: Karissa U., Chivonne Hyppolite, MS, CWP, DES, Tanji Johnson Bridgeman, Domonique Brown, MBA, my accountability partner Erika Williams (Rogers), CPCC, and the many brilliant minds across the broader cohort — I received the exact injection of clarity, guidance, and motivation I needed to navigate this turbulence. I also have to say this: Black women are building companies with vibrancy, resilience, joy, and intention. And that is exactly what our economy needs right now. Congratulations to all Cohort 7 graduates. We did that — and we will continue to do it. *Link to the GS Black Womenomics Report in the comments.