Lets face it, raising money to start a business is intimidating. You have to sell your idea over and over again to strangers, and convince them that your idea, concept or product is worth the value that you’ve placed on it. However, that’s only half the battle; you also have to prove that YOU are worth the investment.
It’s hard enough to pitch yourself, imagine doing it with a bias placed on you as soon as you walk into the room. This struggle is all too familiar for black entrepreneurs looking to secure funding for their startups.
HubSpot Video Series for Black Entrepreneurs
With that in mind, Hubspot created a video series dedicated to helping Black Entrepreneurs across all industries understand the data specific to minorities during raising rounds. Fun Fact: In pretty much every imaginable way, there is a Funding Gap between minority owned businesses and other business owners. What’s that mean? That means, there is a consistent gap between the financing that non-minority small business owners receive and the financing that minority owned small business owners receive.
For example, the average loan amount of minority owned businesses is $149,000, compared to the $310,000 average loan that white owned businesses receive. To help bring light to this situation, HubSpot enlisted ShearShare co-founders and dynamic duo, Dr. Tye and Courtney Caldwell to give some insights into what they’ve experienced during fundraising through the Series A round.
Dr. Tye and Courtney, recount some of the ups and downs they’ve faced as black entrepreneurs and the hurdles they’ve had to overcome on their way to raising almost $4 million dollars through the first few rounds of fundraising. It has definitely been a rewarding road, but not an easy one.
To learn more about ShearShare’s experience and to learn some amazing statistics around fundraising as a minority business owner, watch this video and follow the entire series produced by HubSpot.
