The headlines were everywhere. Mattress, sofa, luggage, and shoe companies raised millions. Led by Ivy League grads, these startups promised to revolutionize the consumer goods industry. It was the middle of the 2010s, and the party was raging. Venture capitalists were pouring money into these companies. Their ads ran on subway and bus terminals in the world’s biggest cities. I launched my luxury clothing business in 2017. I wasn’t sold on attending the VC party, but like anyone who’s worked hard and feels accomplished, I expected an invitation. It never came. Were the other founders smarter? Did they work harder? Were their ideas better? Or did money make their companies shine–with bigger ads to make more noise, and deep-pocketed investors aiming to make returns?
Less than one percent of venture capital went toward minority businesses then, an embarrassingly low figure that still holds true today. People say grit is the key to entrepreneurial success. But it's money that keeps this party going–and Black founders have been left off the guest list.
