Category: Business/Finance

business and finance

Michael B. Jordan Teams With Warner Bros. to Launch Diversity and Inclusion Policy for All Future WarnerMedia Productions

Michael B. Jordan will star in “Just Mercy.” (Carolyn Cole / Los Angeles Times)

WarnerMedia, the parent company of Hollywood studio Warner Bros., announced Wednesday a company-wide policy aimed at increasing diversity and inclusion in front of and behind the camera. The initiative, established in partnership with actor Michael B. Jordan, is to apply to all productions going forward, beginning with Jordan’s “Just Mercy.”

“The WarnerMedia family has introduced an approach that accomplishes our shared objectives, and I applaud them for taking this enormous step forward,” Jordan said in a statement. “I’m proud that our film, ‘Just Mercy,’ will be the first to formally represent the future we have been working toward, together. This is a legacy-bearing moment.”

Since April Reign and #OscarsSoWhite took over headlines beginning in 2014, the entertainment industry has openly grappled with calls for more accurate and representative portrayals of more communities.

But it was, for many, Frances McDormand’s fiery speech at the 2018 Academy Awards ceremony (she won an Oscar for her lead role in “Three Billboards Outside Ebbing, Missouri”) highlighting the concept of inclusion riders that drove some people to action.

(First coined by Stacy Smith, director of USC’s Annenberg Inclusion Initiative, an inclusion rider is a provision that can be placed in stars’ contracts to mandate equity in casting and beyond.)

“Inclusivity has always been a no-brainer for me, especially as a black man in this business,” Jordan said. “[But] it wasn’t until Frances McDormand spoke the two words that set the industry on fire — inclusion rider — that I realized we could standardize this practice. It allowed me to formally pledge my production company, Outlier Society, to a way of doing business.”

WarnerMedia’s policy, which will also apply to HBO and Turner, focuses on having women, people of color, members of LGBTQ communities, folks with disabilities and other underrepresented groups in greater numbers in front of and behind the camera.

Along with the help of his agent, Phillip Sun at WME, Jordan worked with WarnerMedia to launch the policy with “Just Mercy.” Jordan is also an executive producer on the film, which is set to begin production in Atlanta this week.

“I’m proud that Warner Bros., and our sister companies HBO and Turner, are willing to state unequivocally that this is where we stand on diversity and inclusion,” Kevin Tsujihara, Warner Bros.’ chairman and CEO, said in a statement.

“Our policy commits us to taking concrete action to further our goals, to measure the outcomes and to share the results publicly,” he added. “I’m also thrilled that we were able to work with Michael B. Jordan to craft a meaningful policy and framework that will apply to all of our productions, across all of our divisions, going forward.”

Though the policy as written does not include specifics, the company does commit to “in the early stages of the production process, [engaging] with our writers, producers and directors to create a plan for implementing this commitment to diversity and inclusion on our projects, with the goal of providing opportunities for individuals from under-represented groups at all levels.”

“And, we will issue an annual report on our progress,” it said.

“Just Mercy” is a legal drama about a gifted young lawyer’s defense of the most vulnerable in this country and his fight for equal justice in a flawed legal system. It’s based on the book Just Mercy: A Story of Justice and Redemption” by Bryan Stevenson.

Source: http://www.latimes.com/entertainment/movies/la-et-mn-warner-bros-michael-b-jordan-20180905-story.html

Serena Williams Tops ‘Forbes’ List as Highest-Earning Woman Athlete

Serena Williams (Photo by Jed Leicester/AELTC – Pool/Getty Images)

by Lydia Arevalo via vibe.com

Despite a 14-month maternity leave, Serena Williams has topped Forbes’ “Highest-Paid Female Athlete” list for the third consecutive year.

Due to her pregnancy in January 2017, Williams was off the court for the majority of the past year, leaving her with only $62,000 in winnings. Still, the 23-time Grand Slam champion collected twice as many off-court coins than any other female athlete.

Earning $18.1 million in endorsements, Williams was able to top the list by over $5 million, with Australian Open winner Dane Caroline Wozniacki second in line.

Though Forbes did not include a woman in their ranking of the world’s top 100 highest earning athletes of 2018 after Williams’ earnings fell by approximately $10 million since the year prior, only 16 male athletes earned more than Williams in sponsorship money over the last 12 months.

In addition to over a dozen sponsors including Nike, Intel, Audemars Piguet, JPMorgan Chase, Lincoln, Gatorade and Beats, Williams also launched her first solo fashion compilation, Serena, in May.

Williams is currently gearing up to match Margaret Court’s 24 grand slam title record at this year’s US Open.

Check out the full list of rankings below.

  1. Serena Williams (tennis) — $18.1m
  2. Caroline Wozniacki (tennis) — $13m
  3. Sloane Stephens (tennis) — $11.2m
  4. Garbine Muguruza (tennis) — $11m
  5. Maria Sharapova (tennis) — $10.5m
  6. Venus Williams (tennis) — $10.2m
  7. P. V. Sindhu (badminton) — $8.5m
  8. Simona Halep (tennis) — $7.7m
  9. Danica Patrick (race car driving) — $7.5m
  10. Angelique Kerber (tennis) — $7m

Source: https://www.vibe.com/2018/08/serena-williams-tops-forbes-as-highest-earning-woman-athlete/

How Four Millennial Entrepreneurs Established Tupuca, Angola’s 1st Food, Grocery and Pharmaceutical Delivery Startup

Erickson Mvezi and Wilson Ganga (Photograph — Ventureburn)

by Hadassah Egbedi via venturesafrica.com

Erickson Mvezi, Wilson Ganga, Patrice Francisco and Sydney Teixeira set up Tupuca in 2015, Angola’s first food delivery platform that allows users order food from multiple restaurants straight from their smartphone. Fast forward to the present; Tupuca has added groceries and pharmaceutical delivery to their services.

Originally, the idea was to create a clothes delivery platform but legal and market issues forced them to place the project on hold. After a while, influenced by a personal need to always order food, Mvezi, who is also CEO of the startup, began a research on how food delivery platforms operated outside Angola.

“It was then that I took the model on hold, adjusted it by replacing the fashion stores with restaurants, and then started doing some feasibility studies and noticed that it would be a profitable thing, and then Tupuca was born,” Mvezi said in an interview.

“We realised that people living in Luanda had a difficult time going around to pick up food and other essentials. Tupuca has validated many assumptions in the delivery industry in Angola. Many people were sceptical about the readiness of the market,” Mvezi told Disrupt Africa.

Since its establishment four years ago, the startup only managed to get a total of $200,000 from two investors, U.S. businessman Rohit Daswani who lives in Nigeria and a local restaurant owner Pramod Asija. Prior to those investments, funding for the startup was bootstrapped.

As at Q3 2017, Tupuca had a total of 30 employees. In a bid to minimise costs, the delivery drivers(Tupuquinhas) have to bring their own motorbikes, while the startup supplies backpacks and smartphones, along with insurance. “That way it minimises our costs… and they get a cut from the commission we make from the delivery fees,” Mvezi said.

According to the founders, the initial set up phase wasn’t easy. It took six months to get their first client signed on. But once they were able to convince the first, second and third restaurant, which happens to be well known, everything got easier from there. Currently, the platform has over 100 restaurants signed up and over 20,000 users with orders increasing from 400 monthly in January 2017, to 8000 monthly in January 2018.

In 2016, Tupuca was selected as one of the top 10 startups in Angola by Seedstars World, Luanda. And last year, the startup won the Angolan leg of the global Seedstars World competition, the world’s biggest startup competition in emerging markets. Now, the startup is getting solicited by investors and entrepreneurs from neighbouring countries like Congo and Mozambique to replicate the model by franchising, something the founders have said they would consider.

For founders, Mvezi, Ganga, Francisco and Teixeira, Tupuca is unfazed by increasing competition in Angola’s food delivery space instead the startup is focused on guaranteeing quality service, setting the market trend by introducing new services and inspiring young entrepreneurs across Africa.

Source: http://venturesafrica.com/how-4-millennials-established-tupuca-angolas-first-food-grocery-and-pharmaceutical-delivery-startup/

“Black-ish” and “Grown-ish” Producer Kenya Barris Signs $100 Million Netflix Deal

Kenya Barris (photo via deadline.com)

by Daniel Holloway via Variety.com

Kenya Barris has become the newest big-ticket addition to Netflix’s lineup of television producers.

The “Black-ish” creator has signed a three-year overall deal with the streaming service that will see him produce series exclusively for Netflix. According to a source with knowledge of the negotiations, the deal, which carries an option for an additional two years, is valued at roughly $100 million — putting Barris in the same ballpark as recent Netflix recruits Shonda Rhimes and Ryan Murphy.

Barris’ departure from ABC Studios, where he was under an overall deal, became official last month. But according to insiders, his release from his ABC deal had been secured several months ago, and the basics of his new Netflix agreement had also been in place for some time.

Barris’ relationship with ABC began to show signs of strain in March when Variety reported that the network had indefinitely shelved an episode of “Black-ish” that he wrote and directed, titled “Please, Baby, Please,” which touched on current events, including controversy over athletes kneeling during performances of the national anthem. Barris told Variety at the time, “Given our creative differences, neither ABC nor I were happy with the direction of the episode and mutually agreed not to air it.”

According to a source with knowledge of the situation, Disney-owned ABC’s concerns were related to comments that characters made in the episode about President Donald Trump, not to the football storyline.

A month later, reports surfaced that Barris was being courted by Netflix for an overall deal. But his ability to pursue a Netflix deal was complicated by the renewal of his ABC agreement that he signed last year, and which ran through 2021. Barris had to secure an exit from ABC before moving to Netflix.

With his departure from ABC Studios last month, Barris stepped away from his post as co-showrunner of “Black-ish,” but will continue to serve as executive producer. Barris also has “Black-ish” spinoff “Grown-ish” at Disney cable channel Freeform, where he will continue to be an EP.

“Black-ish” has been a rarity among broadcast comedies in recent years — drawing solid ratings and robust critical praise, particularly for episodes addressing complex social issues. It also, when it premiered in 2014, was the first broadcast comedy in years to feature an African-American family. It has been nominated for 12 Primetime Emmy Awards over its run, and this year received its third Emmy nomination for outstanding comedy series. It received a Peabody Award in 2016, and a Golden Globe Award in 2017 for actress Tracee Ellis Ross.

“Kenya Barris is one of our great modern storytellers,” said Cindy Holland, vice president, original content at Netflix. “Kenya uses his voice to make audiences more aware of the world around them, while simultaneously making them laugh. His honesty, comedic brilliance and singular point of view, combined with the creative freedom he will enjoy at Netflix, promises to create powerful new stories for all our members around the world.”

Barris added, “When my agents reached out to me about this little garage start-up called Netflix, I wasn’t sure what to think. But after I talked to Ted and Cindy, I started to believe that maybe this mom-and-pop shop with only 130 million subscribers might just be something… so I decided to take a swing… a leap of faith if you will, and take a chance with the new kids on the block.”

With his new agreement, Barris joins the ranks of television’s highest paid creators. In the last year, Netflix has signed Rhimes and Murphy to nine-figure deals as it continues to grow its original-programming volume in an increasingly robust challenge to the traditional pay-TV business. The streaming service last month revealed an initial programming slate from Rhimes that includes eight new series projects.

Read more: https://variety.com/2018/tv/news/kenya-barris-100-million-netflix-deal-1202907726/

THIS WAY FORWARD: John Legend Teams Up with New Profit to Help Formerly Incarcerated Entrepreneurs Succeed via Unlocked Futures Program

by Dena Crowder

“I care deeply about issues of incarceration and criminal justice reform,” says Tulaine Montgomery, managing partner at New Profit, a philanthropic venture capital fund. It’s a passion she shares with Grammy award-winning singer/songwriter John Legend.  Like Legend, whose mother cycled “in and out of jail for charges related to drug addiction” when he was growing up, Montgomery has seen the impact of prison on families firsthand.

“This idea that there is a group of people we can *other*…that we cannot advocate for – that’s not something I’ve been able to entertain,” she explains. Montgomery believes that when someone who’s been incarcerated faces barriers preventing successful re-entry into society, it doesn’t just damage them alone.  On the contrary, it wreaks havoc on their extended family, community and nation, often for multiple generations. 

In addition, she says that treating entire groups of people as “expendable” and “counting them out” of making productive contributions makes zero economic sense. The USA spends $80 billion a year to keep people behind bars. Once paroled, even non-violent, first-time offenders struggle to find housing, jobs, or chances for further education.  Feeling locked out of opportunity and unable to sustain themselves, many end up right back in prison.  It’s a costly revolving door. Providing a path to success rather than creating a class of “throwaway people” is not only morally redemptive, it’s also economically sound. 

Tulaine Montgomery, New Profit’s Managing Partner (Photo Courtesy of New Profit)

Transforming inequities and imbalances in the criminal justice system is part of the larger mission behind Unlocked Futures, a partnership between New Profit, John Legend’s Free America campaign, and Bank of America. A 16-month accelerator program that supports entrepreneurs who have been previously incarcerated, Unlocked Futures provides funding, leadership training, business skills building, executive coaching, content development and peer support to eight members or cohorts. 

The program identifies innovative entrepreneurs whose businesses solve problems that affect those impacted by the criminal justice system.  They are uniquely qualified to address the “most pressing challenges” and break down barriers, precisely because they’ve been there, Montgomery says.   

It’s her belief that “someone who has served time—one of the most dehumanizing conditions we pay federal dollars to create—and emerged mentally intact and ready to lead a business, that’s a leader I want to know.

Topeka Sam is one of the eight inaugural Unlocked Futures cohorts and a case in point. Her organization, Ladies of Hope Ministries, helps women transition from incarceration back into meaningful participation. She knows the terrain and has insight into how to navigate the road to re-entry because she’s lived it.  

Marcus Bullock, CEO of Flikshop, a mobile app company that delivers postcards to inmates from loved ones, says the idea came to him because it was “connection” with family and his mother in particular that gave him a thread of hope during imprisonment.

Every dollar invested in correctional education returns $19.76 back to society,” according to Dirk Van Velzen, founder of the Prison Scholars Fund. Van Velzen’s organization helps inmates gain degrees and skills that are marketable in the job sector because he knows that if they’re employable, they’re far less likely to commit new crimes. The statistics are staggering: national recidivism stands at 68%. For graduates of the Prison Scholars’ Fund, that rate plummets to 4%. 

When Unlocked Futures kicked off at the end of last year, John Legend joined New Profit and the eight cohorts for a round table discussion. After listening to their stories, Legend remarked “with people like you working tirelessly to change the system and the narrative, I’m optimistic.” Continue reading “THIS WAY FORWARD: John Legend Teams Up with New Profit to Help Formerly Incarcerated Entrepreneurs Succeed via Unlocked Futures Program”

Monsanto Ordered to Pay $289 Million to Dewayne Johnson, 46, as Jury Rules its Weedkiller Roundup Caused His Cancer

DeWayne Johnson listens during the Monsanto trial in San Francisco last month. (Photograph: Reuters)

by Sam Levin and Patrick Greenfield via theguardian.com

Monsanto suffered a major blow with a jury ruling that the company was liable for a terminally ill man’s cancer, awarding him $289 million in damages.

Dewayne Johnson, a 46-year-old former groundskeeper, won a huge victory in the landmark case on Friday, with the jury determining that Monsanto’s Roundup weedkiller caused his cancer and that the corporation failed to warn him of the health hazards from exposure. The jury further found that Monsanto “acted with malice or oppression”.

Johnson’s lawyers argued over the course of a month-long trial in San Francisco that Monsanto had “fought science” for years and targeted academics who spoke up about possible health risks of the herbicide product. Johnson was the first person to take the agrochemical corporation to trial over allegations that the chemical sold under the brand Roundup causes cancer.

In the extraordinary verdict, which Monsanto said it intends to appeal, the jury ruled that the company was responsible for “negligent failure” and knew or should have known that its product was “dangerous”.

“We were finally able to show the jury the secret, internal Monsanto documents proving that Monsanto has known for decades that … Roundup could cause cancer,” Johnson’s lawyer Brent Wisner said in a statement. The verdict, he added, sent a “message to Monsanto that its years of deception regarding Roundup is over and that they should put consumer safety first over profits”.

Speaking in San Francisco on Friday, Johnson said that the jury’s verdict is far bigger than his lawsuit. He said he hopes the case bolsters the thousands of similar lawsuits pending against the company and brings national attention to the issue.

Johnson’s case was particularly significant because a judge allowed his team to present scientific arguments. The dispute centered on glyphosate, which is the world’s most widely used herbicide. The verdict came a month after a federal judge ruled that cancer survivors or relatives of the deceased could bring similar claims forward in another trial.

During the lengthy trial, the plaintiff’s attorneys brought forward internal emails from Monsanto executives that they said demonstrated how the corporation repeatedly ignored experts’ warnings, sought favorable scientific analyses and helped to “ghostwrite” research that encouraged continued usage.

Continue reading “Monsanto Ordered to Pay $289 Million to Dewayne Johnson, 46, as Jury Rules its Weedkiller Roundup Caused His Cancer”

Chance The Rapper Buys Media Outlet Chicagoist to Combat Racism and Promote Local Journalism

Chance the Rapper (photo by Santiago Bluguermann / Getty Images)

by Selena Hill via blackenterprise.com

Chance the Rapper dropped a new single on Wednesday boasting about his recent purchase of a news website in order to run “racists b—–s out of business.”

The 25-year-old Chicago native announced in a song titled “I Might Need Security” that he now owns the Chicagoist.com, a local news, food, and culture outlet, rapping:

“I got a hit-list so long I don’t know how to finish, I bought the Chicagoist just to run you racist b—-s out of business.”

In the politically charged song, Chance raps over a vocal loop of Jamie Foxx repeatedly singing “f–k you” and calls for the resignation of Chicago’s embattled mayor, Rahm Emanuel. The entertainer also accuses Emanuel of granting paid suspensions to police officers who’ve fatally shot unarmed black people.

According to the Chicagoist’s sister site the Gothamist, Chance’s newly formed company, Social Media LLC, purchased the site from New York Public Radio’s WNYC station, which acquired both the Chicagoist and the Gothmaist as well as the other -ist network of sites in February. Terms of the deal have not been disclosed.

“I’m extremely excited to be continuing the work of the Chicagoist, an integral local platform for Chicago news, events and entertainment,” said Chance in a statement. “WNYC’s commitment to finding homes for the -ist brands, including Chicagoist, was an essential part of continuing the legacy and integrity of the site. I look forward to relaunching it and bringing the people of Chicago an independent media outlet focused on amplifying diverse voices and content.”

Laura Walker, the president and CEO of New York Public Radio, also released a statement, saying:

“We are delighted that the Chicagoist assets are finding a new home in the hands of a proud Chicagoan. WNYC has a strong commitment to local journalism and building community, and we are pleased that these assets will be used to support local coverage in the great city of Chicago.”

In addition to combatting racism, Chance’s nonprofit SocialWorks has helped the homeless, empowered Chicago public school students learning how to code, and funded college-bound high school students. Now, with Social Media LLC, Chance promises to promote local investigative journalism, diversity, and representation for people of color in the media.

Source: http://www.blackenterprise.com/chance-the-rapper-media-racism/

Natural Hair Care Maven and Curls CEO Mahisha Dellinger to Guide Female Entrepreneurs on Summer Series “Mind Your Business With Mahisha” on OWN

Mahisha Dellinger(image courtesy OWN)

by  via deadline.com

The Oprah Winfrey Network (OWN) has greenlighted new unscripted series Mind Your Business with Mahisha, featuring Curls CEO and creator Mahisha Dellinger, for premiere Saturday, August 11 at 10 PM.

In the hour-long series, Dellinger focuses on helping female entrepreneurs take their business to the next level. In each standalone episode, Dellinger meets with entrepreneurs and guides them with inspiration and a little bit of tough love. She tests their passion and determination while demanding that they give it their all – just like she did – in order to reach their goals.

This series will feature successful businesswomen including: Gloria Williams, Founder and CEO of Footnanny pedicure products and known as Oprah’s personal pedicurist; Bad Girls Club star Mehgan James, owner of 800 West clothing line; Lia Diaz, owner of The Girl Cave, a three-store chain of beauty bars and beauty supplies in Southern California; and Chef Shalamar Lane, owner of My Father’s BBQ, a family run BBQ restaurant in Carson, California.

Dellinger of South Sacramento, California, turned a creative idea into the multi-million-dollar hair company, Curls, a family of organic hair care products targeted for women embracing their natural textures.

Mind Your Business with Mahisha will follow Iyanla: Fix My Life, (9 p.m. ET/PT) for an all-female led
Saturday night lineup on OWN, the No. 1 network on Saturday nights for African American women.

Read more: https://deadline.com/2018/07/curls-ceo-mahisha-dellinger-summer-series-own-mind-your-business-with-mahisha-1202423965/

The A.M.E. Church and 19 Black-Owned Banks Team Up to Launch New Partnership for Longterm Black Wealth

Leaders of the AME Church announced the partnership late last month. (Photo by Klarque Garrison/Trice Edney News Wire)

The African Methodist Episcopal Church, the first independent Black denomination in the U.S., has teamed up with 19 Black-owned banks across the nation to form a partnership aimed at bettering financial vitality among Black Americans.

Bishop Reginald T. Jackson announced the new partnership at the 2018 Council of Bishops and General Board Meeting in Atlanta on June 26, pegging the initiative as an opportunity to “increase Black wealth,” business development and homeownership.

“This initiative will strengthen Black banks across the U.S. and increase their capacity to lend to small businesses, to secure mortgages, to provide personal lines of credit, and to offer other forms of credit to AME churches and our members,” said Jackson, president of the Council of AME Bishops. “This, of course, includes enabling members and their families to become homeowners.”

Jackson explained the partnership was inspired by an initiative formed in Washington, D.C. in 2015, called Black Wealth 2020, which he said “… is providing an economic blueprint for Black America.”

Through the initiative, faith leaders and bank presidents hope to increase deposits and loans with Black-owned banks; up the number of Black businesses from 2.6 million to 4 million; and grow Black homeownership to more than 50 percent nationwide, according to a press release.

Speaking to The Atlanta Voice, General Board Chair Bishop Vashti Murphy McKenzie said she believes the church-bank collaboration is especially important for African-American youth.

“We want to be able to teach fiscal responsibility before [students] get to high school,” she said. “[It’s important] to learn the value of saving, the value of investing.”

Michael Banks, former head of the National Bankers’ Association, said he sees the partnership as imperative in regards to growing Black homeownership.

“We are educating ourselves and not only teaching our people how to get a home but also how to stay there,” Banks told the newspaper. “We worry about gentrification, but we have more power than we realize. (It’s important) to (buy) a home, and hold on to a home, and then encourage all young people to do the same.”

With over 6,000 AME churches across the U.S., faith leaders say the partnership is a real opportunity to boost wealth among Black Americans if everyone takes part.

Read more: http://atlantablackstar.com/2018/07/08/ame-churches-black-owned-banks-team-up-to-launch-new-partnership-for-longterm-black-wealth/

SheaMoisture Founder Richelieu Dennis Launches $100 Million New Voices Fund For Women Entrepreneurs of Color at 2018 Essence Festival

Richelieu Dennis (photo via blackenterprise.com)

by  via blackenterprise.com

On Thursday, SheaMoisture haircare and skincare products founder Richelieu Dennis announced a $100 million fund for women entrepreneurs of color at the 2018 Essence Festival. The announcement surrounds the New Voices Fund that he’s been prepping for the past year.

“About six months ago, we announced that we were launching the new voices fund,” Dennis told the audience at the press conference during the Essence Festival. “I’m proud to say that we get to officially launch the $100 million New Voices Fund for women of color entrepreneurs here at Essence Festival this weekend. Over the past six months, we have already either invested in or committed to, over $30 million in black women entrepreneurs.”

As reported previously, Dennis sold SheaMoisture to Unilever in 2017. As part of the deal, he vowed to use the capital to create an investment fund for minority entrepreneurs, specifically women of color. Unilever and Sundial Brands, creators of SheaMoisture, agreed to contribute an initial investment of $50 million to the fund.

In addition to creating the fund to provide investment opportunities, Dennis wants to equip entrepreneurs with other resources to help contribute to the success of their companies. “We are going to leverage the businesses that we’ve built—many of you know, Shea Moisture, Nubian Heritage, Madame CJ Walker,” he said.

There has been a push of late to find ways to invest and provide women of color the funding they need to launch businesses. Women founders received less than 3% of VC dollars in 2018. Investment in black female founders—who in recent years have been starting businesses at higher rates than any other group, so they’re not hard to find—was barely discernible, at .02%.

Recently, Arlan Hamilton, founder and managing partner of the venture fund Backstage Capital, announced that her new $36 million fund will invest exclusively in black women-led startups.

“When you talk to a group of white, affluent male investors and tell them you’re investing in women of color, the first thing that comes out is, `Oh, that’s really nice of you. That’s a great mission.’ They immediately correlate us to needing a helping hand,” Hamilton said in an interview with Fortune several months ago. “This is not that.”

Yet, women of color have been making progress in landing business funding. A recent study shows that more black women have gained access to venture capital since 2016. According to the new report, which was conducted in collaboration with digitalundividedJPMorgan Chase, the Case Foundation, and the Ewing Marion Kauffman Foundation, the number of black women who have raised upwards of $1 million from VC firms has more than tripled from 11 to 34. The number of startups founded by black women has also increased 2.5 times from 2016 to 2018, jumping from 84 to 227.

The New Voices Fund provides a way for women of color entrepreneurs to approach Dennis for capital infusion. Because of the parameters of the fund, he is likely looking at businesses that are looking to scale and not just an idea on a sheet of paper.

All of the information is located on the site. If you think you’re ready, log on and apply.

Source: http://www.blackenterprise.com/shea-moisture-founder-100-million-fund-essence-festival/