Black women are among the fastest-growing segment of entrepreneurs in the U.S. but receive only a fraction of the funding they need and deserve. According to ProjectDiane, at the start of 2018, only 34 Black women had raised $1 million or more in outside investments for their businesses. Although these numbers are slowly shifting up, we have a long way to go before Black women entrepreneurs are on a level playing field.
As a part of their ongoing mission to help foster racial wealth equity, Capital One Business, in partnership with Boss Women Media, launched the Black Girl Magic Pitch Competition earlier this year to offer Black woman–owned businesses the funding and resources needed to grow. The two-day Black Girl Magic Digital Summit announced its winners on August 22, 2021, who were awarded grants totaling $50,000.
Each finalist pitched their business ideas to a panel of Capital One judges, including Dayna Fleming, Director, Small Business Card; Emmanuel Offiong, Vice President & CTO, Small Business Bank; and Zainep Mahmoud, Senior Director, Small Business Card.
“At Capital One, we know how important it is to invest in diverse communities and businesses, and support organizations that expand economic opportunity,” said Mahmoud. “We are proud to continue our partnership with Boss Women Media and to engage women business owners through this pitch competition.”
The two-day summit invited thousands of attendees, including a network of women who are corporate professionals, entrepreneurs and student changemakers at Historically Black Colleges and Universities (HBCUs), to take ownership of their careers and financial futures. As the lead corporate sponsor for the second consecutive year, Capital One activated its network of executives, community partners, as well as finance and career experts to discuss topics related to financial well-being, generational wealth, small business, career development and more.
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SOURCE: ESSENCE, Jasmine Browley