The New Majority Summit will be held in Houston at the Ensemble Theater on Tuesday, Nov. 12 and will feature workshops, panels and networking sessions with industry leaders.
By Marilyn Marshall
As America becomes more diverse, the non-white population continues to increase. The growth of this “new majority” can be seen in the business world, where entrepreneurs of color must bridge the equity gap.
Undercapitalization remains a challenge, and one organization is working to “accelerate Black and Brown entrepreneurs from high potential to high growth through rigorous leadership training and strategic market access.”
1863 Ventures is a Black-led, Washington, D.C.-based national business nonprofit accelerator and venture capital fund for new majority founders who have been historically underestimated. It supports more than 3,200 entrepreneurs across the U.S.
Kara Cotto, program manager of 1863 Ventures, said there are two pathways to participation: Standard Accelerator Programs, where entrepreneurs can join their alumni network after program completion, and Mobile Accelerator Programs, such as the New Majority Summit which will be held in Houston on Tuesday, Nov. 12.
Melissa Bradley, founder and managing partner of 1863 Ventures, noted the types of businesses at the top of the list for funding.
“We continue to see growth in technology companies, consumer packaged goods and business services,” Bradley said. “We continue to see founders create businesses in areas where they see a tremendous need and have experience. Founders with strong technology backgrounds lead the way in AI platform development. Trained scientists are now creating patentable and FDA-approved technologies.”
Bradley addressed how technology and automation are impacting Black-owned businesses.
“Technology has allowed the acceleration of Black businesses for those who embrace it,” she said. “Automation tasks have improved marketing campaigns. AI has helped shorten timelines for essential processes. Technology can increase efficiency, save money and improve customer satisfaction.”
One of the potential challenges facing entrepreneurs of color is the current assault on DEI (diversity, equity and inclusion) programs by conservative lawmakers and the Supreme Court’s decisions on affirmative action.
“There has already been one case where the SBA was challenged on its programs for ‘socially disadvantaged’ business owners,” Bradley said. “The case of Ultima Servs. Corp. v. U.S. Dep’t of Agriculture claimed that the SBA’s 8(a) Business Development Program discriminated against Celeste Bennett, the owner of Ultima Services Corp., because she is white.
“The court’s decision required the SBA to stop using the presumption of social disadvantage in the 8(a) program. Depending on the outcome of the elections, I expect the cases to continue and/or the programs to be terminated,” she said.
Regardless of the challenges new majority founders face, 1863 Ventures is working to reduce barriers and risks across the nation. For more information visit 1863ventures.net.
TWO HOUSTON CONFERENCES
New Majority Summit
This is a part of the 1863 Ventures’ Mobile Accelerator Series which includes workshops, panels and networking sessions with industry leaders. The summit focus areas are building a growth-oriented mindset, connecting with target audiences and financial sustainability.
Tuesday, Nov. 12
9 a.m.-5 p.m.
Ensemble Theatre, 3535 Main St.
Registration $120; $50 for students
Info: newmajoritysummit.com
AfroTech Conference
The largest Black tech conference of the year connects a global community of 20,000+ innovators during digital and in-person events. Includes emerging trends, networking opportunities with industry leaders and conversations with top tech recruiters.
Wednesday, Nov. 13 – Saturday, Nov. 16
George R. Brown Convention Center
Tickets start at $450
Info: afrotechconference.com
Small business funding
Do’s & Don’ts
Melissa Bradley, founder and managing Partner of 1863 Ventures, offers the following advice:
DO…
Know your numbers and the amount needed over what period.
Research on the potential funding partners.
Run a financial model assuming funding to understand repayment for debt or dilution for equity.
Prioritize investing in strategies that generate revenue.
Prepare best, worst and likely case scenarios so the funders understand the impact of their investment.
DON’T…
Fudge your numbers; be exact and accurate.
Assume they understand your business, so connect the need for funding to business growth.
Let others develop your financial models for you; you are the founder, so know your numbers.
Take money from anyone. Investigate the best funding options for your business.
Forget the funder is now a part of your business. Keep them informed on the good and the challenges as they are invested in your success.
Kara Cotto, 1863 Ventures
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New Majority Summit speakers
Kim Roxie, LAMIK Beauty
Gina Woods, Donna’s Recipe
Greg Campbell, Rainmaker, Inc.
Staci LaToison, Dream Big Ventures
Khaliah Guillory, Nap Bar
Preston James II, DivInc
