Share to Facebook Share to Twitter Share to Linkedin Ayana Parsons, cofounder of Fearless Fund, speaking in Washington, D.C. on September 21, 2023.
When Ayana Parsons, cofounder and general partner of The Fearless Fund , took the stage today at the ForbesBLK Summit in Atlanta, it was an emotional moment. She was there alongside political leader Stacey Abrams and Dr. Sesha Joi Moon, chief diversity officer for the 117th and 118th Congresses.
“Anytime you are surrounded by Black women, they are going to pour into you,’’ Parsons said. “So, when I walked on this stage, these eyes were watering because they understood the heavy burden that is on all of us in this country.’’ Part of the heavy burden on Parsons these days is a preliminary injunction issued earlier this month by the U.
S. Court of Appeals for the 11th Circuit blocking the Fearless Fund from awarding grants exclusively to Black women entrepreneurs –it’s very purpose. The court determined that this practice likely violates Title 42 of the U.
S. Code, which prohibits private parties from discriminating on the basis of race when making or enforcing contracts. While less than 1% of start-ups with employees receive venture capital investment to get rolling, VC dollars play a crucial role in the highest growth start-ups.
Moreover, businesses who receive VC money enjoy related benefits, including alternative funding sources, valuable mentorship and industry connections, and increased representation in the busin.