FORGING MORE EQUITABLE PATHWAYS TO ENTREPRENEURSHIP IN NEW ORLEANS
We’re celebrating Black entrepreneurs in New Orleans and the organizations in our ecosystem that specifically work to uplift Black founders and break down the barriers Black entrepreneurs face as a result of centuries of systemic and institutionalized racism. New Orleans owes itself to Black history: to use the words coined by local artist Phlegm, “Everything you love about New Orleans is because of Black people.”
Photo + words from @MyNameIsPhlegm
The things that are beloved about our city-- the music, the food, the festivals (some of which to this day take place in historical locations like Congo Square, where enslaved people would gather on Sundays to dance and sing), the traditions like second lines and Mardi Gras Indians, and many more--are all rooted in Black history and Black culture.
Photo from @mardigrasindiancouncilofficial on Instagram.
Pictured: Chief Lil Pie w/ Monogram Hunters & 2nd Chief Joe w/Golden Eagles
Mural by Brandan Bmike Odums
INEQUITIES FACED BY BLACK ENTREPRENEURS
Black people in New Orleans face serious inequities, and the tech entrepreneurial space is no exception. Nationally, Venture firms invest over $130 billion per year, yet only 3% of venture capital investors are Black, and only 1% of startups receiving venture capital have Black founders. Locally, the 2020 Greater New Orleans Startup Report details some of the inequities founders of color face in New Orleans--firms owned by BIPOC entrepreneurs are half as likely to receive debt financing via traditional bank loans as white-owned firms, and they also receive equity investments less than half as often in the earliest round. In general, it’s known that startup communities have a diversity problem that stems from inequality in the tech sector, educational institutions, and access to capital.
Looking at entrepreneurship beyond tech startups also paints a troubling picture. Black people make up 60% of the New Orleans population, yet only 24% of our city’s businesses are Black-owned, and these businesses receive only two percent of total sales receipts--and these staggering statistics are from before the hardships brought on by the pandemic. Across the nation, Black-owned businesses were hit hardest by COVID-19, dropping 41% during the first months of the crisis.
As an organization, we know we must do better and have committed to the following initiatives:
INCREASING PATHWAYS TO THE TECH INDUSTRY
A big component of increasing diversity in the tech startup scene is increasing opportunities for more people to get into the industry in the first place. And with COVID-19 greatly impacting the service industry and the thousands of people who rely on it for work, it has never been more important to break down barriers to entry and showcase the organizations that offer support for people seeking to enter into the tech industry. This was top of mind for us while curating the programming for the annual New Orleans Entrepreneur Week, and this year we’re excited to team up with several incredible leaders and organizations that are doing this work.
There will be a NOLA Tech Talent Pipeline Panel at NOEW this year, curated by Courtney Williams from Upriver Solutions and moderated by Sabrina Short of NOLAvate Black, the New Orleans Black Tech Collective. This panel will take place on Wednesday, March 24th from 2:30-3:30 PM CT and will highlight the network of local organizations that support the technology workforce pipeline in our community, like Operation Spark, which seeks to increase prosperity for low-opportunity individuals by presenting the fastest route to a career in software development. There will be a discussion about how to build the skills needed for success in the various technical and nontechnical positions within tech companies.
Sabrina Short, founder of NOLAvate Black, the New Orleans Black Tech Collective
Another segment of the entrepreneurial scene that needs to do better is in Venture Capital—people of color make up only 3% of VCs. NOEW attendees will be able to tune into a discussion with Marlon Nichols, a founding managing partner at MaC Venture Capital, and David Barksdale, Principal at Alluvian Capital, where Nichols will be discussing his journey as a Venture Capitalist.
We are also proud to be hosting our partners at JP Morgan Chase for a panel discussion surrounding their Advancing Black Pathways initiative. The panel will highlight the company’s current efforts to create pathways towards economic success and empowerment for Black businesses, entrepreneurs, and community members. Attendees will learn about the specific initiatives that Advancing Black Pathways has put in place to meet their goals in sectors such as education, career support, business development, and personal financial success in Black communities.
Additionally, NOEW will feature a panel titled “Unprecedented Possibility: Laying the Foundation for the Future for the Owner/ Chef/ Entrepreneur in New Orleans and Beyond.” This panel will examine how the industry has had to reinvent itself, bear the threat and risk of health, cultivate adaptability, navigate uncertainty, remain open, and feed the city. The discussion will be moderated by Lauren Darnell, the executive director of the Made in New Orleans Foundation and will be a candid discussion with primarily POC industry change-makers who are committed to transforming New Orleans one plate at a time. Panelists include Chef Byron Bradley and Chef David Hargrove of 2Brothers1Love, Chef Caron Garel of Afrodisiac, chef Benoit Angulo of La Cocinita, and Robért LeBlanc of LeBLANC + Smith. And locals who want to support these chefs can order specialty meals each night of NOEW to be delivered while tuning into programming.
And be sure to share a toast throughout the week with Turning Tables, a local organization with a mission to create a foundation for equity, diversity, leadership, and career pathways in the bartending and hospitality community.
PARTNER ORGANIZATIONS AT NOEW
We know that a big component of uplifting Black founders includes listening, learning from, and uplifting leaders who are doing this work. We are committed to supporting the organizations in our ecosystem that are working to create more equitable pathways to entrepreneurship, support BIPOC founders, and dismantle barriers to entry that uphold inequalities in all industries. You can hear from some of these organizations during NOEW in your Neighborhood segments, where local organizations are curating their own pieces that highlight their work in these realms, including:
Good Work Network serves women and minorities who have an entrepreneurial mindset, a developed concept, and an aspiration to grow.
Fund 17 expands opportunities for under-resourced entrepreneurs in the Greater New Orleans region by providing radically accessible business services, capital, and workspace.
Healthy Community Services is a nonprofit organization based in the 7th Ward that empowers residents and business owners to understand urban stormwater management techniques.
Trufund Financial Services promotes and fosters economic development within underserved communities and among disadvantaged populations.
Other partner organizations at NOEW in your Neighborhood this year include the New Orleans Business Alliance, the St. Bernard Economic Development Center, trepwise, LaunchNOLA, NOLA Chamber of Commerce, and Teach for America.
You can register for NOEW 2021 and catch all of this programming and more for free HERE.
CELEBRATING BIG WINS
While the New Orleans tech startup scene has a long way to go, we want to celebrate some of the recent big wins from Black leaders and organizations who are breaking ground and leading the way:
Sevitri Wilson is the founder and CEO of Resilia and has made history as the first Black woman in New Orleans to raise over $1 million in venture capital, and one of only 11 Black women to raise over $3 million. We’re honored to have her as a VILLAGEx alumni.
Dr. Trivia Frasier is the founder and CEO of the New Orleans Biotech firm Obatala, which recently received a major financial investment from Oschner.
Quentin Messer, CEO of the New Orleans Business Alliance was recently named CEO of the Year by Biz New Orleans
A group of 28 Black-led organizations were awarded $1 million to boost racial equity and close racial wealth gaps.
We’re grateful to be part of the city and culture built by Black people and we are dedicated to doing better in our efforts to uplift Black founders in our industry and beyond. Our ecosystem is abundant with groups, individuals, and leaders dedicated to this work, and we’re grateful to work alongside them.