Black women have become the fastest-growing demographic of entrepreneurs
Female business owners of color are diversifying the boy’s club of Silicon Valley.
African American women have become the fastest-growing demographic of entrepreneurs, owning nearly 60% of all black businesses over the last two decades, Vanity Fair reports.
The magazine featured 26 black lady bosses whose businesses received $1 million or more in funding, according to start-up accelerator DigitalUndivided. It’s a substantial achievement considering 81% of businesses in the tech industry fail, the glossy notes.
The tech businesses focus on a range of products and services in industries like health, beauty, design, environmental science and construction. The leading ladies include: Reham Fagiri, the co-founder and C.E.O. of AptDeco, a forum to buy and sell used furniture; Asmau Ahmed, the founder of Plum Perfect, a beauty site that matches makeup to skin tones; Helen Adeosun, co-founder and C.E.O. of Care Academy, a training site for caregivers; and Etosha Cave, founder of Opus 12, a clean energy startup, to name a few.
These females are making major strides in an industry where only 11% of women hold executive positions at Silicon Valley companies, and where black women earn 65% of what their male counterparts make.
What’s more, while 82% of men in startups believed their companies spent enough time addressing diversity, nearly half of women (40%) disagreed, saying “not enough time was devoted,” a hidden bias study by Level Playing Field Institute shows.
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