Women, and black women in particular, have an uphill battle for funding no matter how innovative and successful they are.
while proving black women-led Tech startups can secure substantial financing.
Angel Rich helped generate more than $6 billion for her former employer, Prudential, as a Global Market Analyst. According to reports, Rich’s bonus for her efforts was $30,000 and an offer to pay tuition for her MBA at Wharton. She left in 2012, and began developing an app, Credit Stacker that she believes will revolutionize financial literacy education while closing the gap between the haves and have-nots.
The financial literacy app that using gamification techniques, became her signature product when in 2013, Rich founded “The Wealth Factory, Inc., a technology company based in DC. The firm designs financial literacy and work force development technology games. 4 years later, as one of those counted in the 4 % black women-led tech startups; Rich is finding raising significant funding can be difficult. Rich says she could front her business with white men but she’s determined to prove black women can raise capital for their tech startups. Rich says “there is a big money to be made by helping people become financially literate.”
Source: Credit Stacker
Black women led businesses generated more than $44 billion in year revenues (AMEX 2015) Yet, a mere 0.2. of venture deals from (2012-2014) went to black women business owners. It seemed Black women founders, who own a majority of Black businesses, are invisible in the startup world. Until now.
60,000+ startups examined.
350 Black women-led companies submitted.
88 Black women-led startups studied.
#ProjectDiane is digitalundivided’s proprietary research study about the state of Black women in tech entrepreneurship in the United States.
Source: Project Diane