Founder Marceau Michel was chopping it up with Scout Savvy’s Kathryn Brown. Both realized during their conversation that they were having issues with securing funds for their tech projects. Statistics support their truths: fewer than one percent of funded startups are black-owned, according to TechCrunch.
“A lot of lip service is given to diversity and inclusion but the actual practicability of it lacks,” Michel said.
Now he is taking matters into their own hands with Black Founders Matter; the organization hopes to invest $10 million into black-owned startups in the next two years.
“If there’s a brick wall that is standing between minorities and their dreams as entrepreneurs, how can we help the regular person help us in dismantling the wall between us and our dreams?” Michel asked.
In order to get funds for investment, Black Founders Matter is selling T-shirts and sweatshirts for $49.99 to $69.99. The group has already sold $10,000 worth of apparel.
Michel is currently building a committee to help decide where to allocate the funds Black Founders Matter has collected. Michel, who runs the startup Werk Horse, believes his movement will benefit the entire industry.
“What we’re trying to do is create something I think the whole world needs,” Michel said. “I’m not just trying to solve a problem for black people, but for everyone.”
If you’re interested in supporting Michel’s mission and copping some Black Founders Matter merch, hit up its website.