Afripreneur
3 ways minority founders can increase access to capital
Phone Credit: Mark Filus
I’m truly obsessed with the overarching problem of “a lack of access to capital”. It’s a truly complex one deeply rooted in systemic racism, misogyny, classism, and unconscious bias. Over the last few years of building ecosystems, I’ve compiled thoughts, observations, and data collected as a means of making a hint of sense of this problem.
A lack of access to capital can be broken down into 3 Barriers to Entry (what I’m coining as B2Es):
B2E 1) Lack of know-how/knowledge: what makes a company “investable”, “investment-ready”, or “sexy enough to invest in”
B2E 2) Lack of social capital/network: the sheer ability to be seen, recognized, or connected to people who could then connect us to investment
B2E 3) Lack of resources: tangible products/opportunities that get founders to the next level
From what I’ve learned, resilience and persistence are key in the way we approach these B2Es. I took a survey and asked 150 Black Female Founders what they thought the lead component in a lack of access to capital was. One answer stuck out to me above the rest.
“It’s definitely a lack of know-how. Our people are resilient and adapt to anything. Historically, we have be deprived of this knowledge. But once we understand and get access to it, we’re resilient enough to figure it out on our own.”
I always want to be a solution and a vehicle for providing others with a concrete solution. As such, I thought it would at minimum be helpful to share 3 ways I feel we, as minority founders can start combating these B2Es:
Why? Because once we know how, “we’re resilient enough to figure it out on our own.”
B2E 1) Lack of know-how/knowledge
B2E 1) Google “what makes a start-up investment ready”: Understand what first makes a start-up “investment-ready” or “investable” can increase our awareness around the layered and complex components that go into decision-making for investors. This also gives us insight into WHY an investor may not give you their time. Maybe our industry/sector doesn’t fit into their investment strategy? Maybe our traction isn’t high enough. What will help us best is to avoid making assumptions. Do your research first. 2 words: YouTube University.
B2E 2) Lack of social capital/network
B2E 2) Connect with people on LinkedIn and/or Attend Local Meetups: LinkedIn has been an extremely useful tool in helping me connect with founders, operators, and investors alike. This platform gives us a ton of access to people worldwide. Read what other thought leaders are writing, slide into investors’ DMs, and set up some virtual or in-person coffee dates. While I get super consumed in my work, I’ve also been forcing myself to attend more local tech meetups/events as a way of increasing my network. Just remember: No one person is unreachable–if you want it badly enough, you’ll find a way to get in contact with them.
B2E 3) Lack of resources: tangible products/opportunities that can help us get to the next level
B2E 3) Seek and you shall find: Now, more than ever, there are a TON of development and pitch programs (especially for minorities) in which we can participate to increase our own access to resources and opportunities. BLCK VC has one. Lightship Capital has one. AMEX has one. The list goes on. They’re out there–trust me. We just must be disciplined enough to find them. Use solutions from B2Es #1 and #2 as a means of doing this.
I’m not saying that these solutions are the end-all be-all. But it’s a start. What I’ve learned from my own experiences is this: Avoid carrying the burden of external experiences and forces that are beyond our control. All we can control is ourselves. The more we look at “a lack of access to capital” as this huge, overbearing, insurmountable problem, is the moment we throw in the towel and sell ourselves short.
The steps above are things we can do daily to help us decrease the inequality gap, if even just within ourselves.
Article by Jeanine Suah, Co-founder of Thynk Global
As part of Veuve Clicquot’s ongoing commitment to supporting and celebrating women in business, the Maison has created the Bold International Barometer in 2019 to shed light on and provide meaningful insights into the evolution of female entrepreneurship. Now in its 3rd year, the Barometer continues to lead the conversation around women and their presence in business, offering a deep dive into the data on female entrepreneurship in South Africa.
In 2023, over 49,000 women and men from 25 countries were surveyed. Encouragingly, South Africa’s data results speak to a robust female-led industry. The survey, which was self-administered online, asked respondents to give their views on several statements relating to the nuances of being a business owner and entrepreneur. Taking a global look first, the survey suggests that the rate of female entrepreneurship has slowed and is even diminishing in some countries. In some cases, this is due to both external—such as ongoing geopolitical crises—and internal factors, like striking a fair work-life balance.
This, however, is not the case in South Africa, where the data suggests a dynamic environment for women, fueled by a contagious desire among them to become entrepreneurs. Amanda Dambuza, Founder and CEO of Uyandiswa and the 2017 winner of the International Businesswoman Award by Veuve Clicquot says, “I am forever impressed by the spirit of South African female entrepreneurs. Despite the many challenges they face, they get up and back themselves to ‘bring home the bacon’. Next to Nigeria, we stand shoulders above the rest with high numbers of females identifying as entrepreneurs.”
In short, female entrepreneurship in South Africa is flourishing. South Africa stood out as one of the global leaders in female entrepreneurship where, currently, 61% of women self-identify as entrepreneurs (primarily aged between 20 to 29). According to the survey, they tend to be better educated and have higher incomes than their male counterparts. Yet they remain concentrated in lower-income sectors like beauty, food, retail, and fashion, while men dominate tech. However, in industries such as transportation, finance, and real estate, there is relatively equal representation, suggesting there could be potential for more women to succeed in these fields, should they want to diversify.
WHAT’S MOTIVATING WOMEN TO BECOME ENTREPRENEURS?
According to the data, 39% of female respondents said ‘that being your own boss’ was the biggest driver for becoming an entrepreneur. Despite this, most women and half of men agree that it is more difficult for women to become entrepreneurs. Further to this, most women concur that securing business funding is easier for men, a view that remains consistent with previous years.
“This finding resonates deeply with me,” says Morongwe Mokone, the 2024 Bold Woman Award by Veuve Clicquot winner and Co-Founder of Mo’s Crib.
“It highlights the persistent gender and structural barriers that women face.” She continues by commenting on the need for strong role models among respondents, with most women and men agreeing on their importance. This emphasizes the need for female visibility and representation,” Morongwe adds. 72% of aspiring South African female entrepreneurs can name a successful woman they admire, surpassing the global average.
Refilwe Sebothoma, 2024 Bold Future Award winner and Founder of Hakem Energies adds, “It remains our responsibility to keep forging a way for those who come after us. In this way, success doesn’t become a too far-fetched idea but a reality which can be attained by fellow women entrepreneurs.”
However, as glowing as some of these statistics may be, women still face challenges that, in many cases, their male counterparts don’t experience. In addition to difficulties accessing funding, women also must navigate balancing work and family, with 63% of women and 56% of men agreeing this is harder for female entrepreneurs. Further to that, since the conversation about working women can’t happen without mentioning their families, half of the female respondents believe that female entrepreneurship disrupts family life, compared to only 25% who feel the same about male entrepreneurship.
“Women must know without a shadow of a doubt that despite cultural and family pressures, they deserve to pursue their dreams of entrepreneurship,” says Amanda.
Further to this, two-thirds of women say that managing entrepreneurship with family life is harder for women, and about half say that working full-time affects family life. This indicates that while entrepreneurship is thriving amongst women in South Africa, there is still much work to be done to support women getting into business, as well as helping them stay there. “It is encouraging to see the growth and resilience of women in this field despite economic challenges,” says Morongwe. “However, it is essential to focus on breaking down the barriers that limit women’s participation in higher-revenue sectors and ensure equal access to funding opportunities. By addressing these issues and promoting diverse role models, we can further empower women and drive sustainable economic growth.”
“Authenticity, resilience, and just being ourselves is very important. As women, we need to keep making a difference, no matter how insignificant we think it is because when that impact is replicated, women will change the world,” concludes Refilwe.
Balladjigui FOFANA, a young Franco-Malian entrepreneur based in France. Passionate about law for several years, he is a lawyer and founder of MYJOBHELP.FR, a platform specializing in international recruitment, international mobility and the completion of administrative formalities for the employment of foreign employees.
Balladjigui has always believed that talent has no borders, and that it should be within everyone’s reach, no matter where they are in the world. In terms of training, he holds a Master 2 in Corporate Law and another in Management and Human Resources Management. He has had several experiences including at the Mutualité Française, then at Couleurs de Tollens and TGS France.
Driven by an entrepreneurial soul and a desire to impact his community, he decided to launch his own company: “MyJobHelp” in October 2022. Convinced that he had found his way, he decided 2 years later (in July 2024) to focus 100% on his career as an entrepreneur.
MyJobHelp makes it possible to secure the recruitment of foreign workers to offer French and international companies access to competent profiles from all walks of life. Work permits, changes of status, visas, residence permits, recruitment, expatriation… MyJobHelp takes care of everything! From now on, don’t worry about paperwork. By trusting MyJobHelp, you are choosing to work in complete serenity and security.
Brown T is a family business launched by two women, sisters, Soraya and Melissa Saidi, and afro-feminists. Born and raised in France in an environment where black/mixed-race women were underrepresented. Having both had the same educational background, they progressed in the world of nursing in order to help and safeguard the health of their neighbors.
However, Soraya and Melissa have always known that they had a mission within their community. To participate in its elevation, particularly with the emancipation of women in all its forms. Their background has allowed them to acquire skills in terms of listening and analyzing the needs of the population and they have therefore decided to use them in the world of marketing to meet the needs of Afro-descendant women.
Brown T wants to encourage the upliftment of black women from an economic, social and cultural perspective. To do this, Brown T is committed to exclusively highlighting Afro-descendant women designers. By giving them exclusive visibility, Brown T wants to be a pillar in the circular economy within the Afro community.
In addition, Brown T is socially engaged by focusing on creating a caring Afro-centered and feminine community that aims to help women on a daily basis feel better about themselves, accept themselves and embrace their differences and their history. Brown T aims to become the benchmark marketplace that offers a solution adapted to the specific needs of Afro women while favoring healthier products that are respectful of the environment and promote overall well-being and self-confidence.
Brown T marketplace offers more than just hair and body products; it provides a holistic experience that values health, natural beauty, Afro entrepreneurship, and sustainability. The brand provides opportunities for Afro women to care for themselves holistically, with a focus on their health, well-being and cultural identity.
