The lack of capital for Black-owned businesses and founders, a well-documented fact, is an enormous issue that negatively impacts black businesses and the black community. Since the passing of the JOBS Act of 2012 and the new 2021 rules in the Reg CF space specifically, many of these Black businesses and founders want to enter this space. Many Black-owned companies and founders move into this space without the proper guidance and understanding of how the space works operationally.
Creating Black Crowdfunding Ecosystem
This is why Crowd-Max has partnered with The American Dream Marketplace to create the Free Crowdfunding for Black Businesses group and the two paid tracks. The “CrowdFit” Accelerator for Black-owned businesses that have a crowd they have not engaged and the “CrowdFit” incubator for Black founders and enterprises starting this process with little to no background in the crowdfunding space. This partnership has already received a mention in the Wall Street Journal.
Crowdfunding Education and Training
Our goal is to provide culturally-specific guidance in the form of financial consultants, legal advisors, and technical assistance providers to fill the knowledge gap that exists in this rapidly growing and disruptive space that has the power to democratize early-stage funding for Black-owned businesses and founders. As a crowdfunding consultant and strategist, I encounter many Black-owned businesses and founders that are not prepared for the rigors of raising capital using investment crowdfunding. Many of these businesses end up starting strong only to fizzle out and see their campaign fail because they’re heading out to raise money armed with traditional pitch decks. After all, “that’s the way it’s always been done. I am working with other Black Professionals in the Reg CF space in a collaborative effort with the National Black Chamber of Commerce (NBCC) to create a national Black Crowdfunding Coalition.
Building A Black Business Ecosystem
This collaborative effort serves a two-fold purpose: to help Black-owned businesses and founders raise capital using Reg CF. The other is to increase Black B2B revenue and jobs in the rapidly expanding industry that is disrupting the traditional funding spaces. The ADM plays a vital role by providing a single digital platform where Black-owned businesses can thrive together. The networking opportunity is unprecedented and the ability to share in advertising revenue with the platform is something no other online social networking platform offers.
Cheree Warrick and Tawana Rivers, the co-founders of The 10K Project, have envisioned a platform where fifty to one-hundred thousand Black professionals, business owners, and service providers are educated and ready to invest in well-vetted Black-owned businesses and founders. This ecosystem is something that has never before existed or been attempted on this scale. The ADM is the platform that will facilitate this historic effort in collaboration with the NBCC and the Black Crowdfunding Coalition. For more information, create your personal and business profile on the American Dream Marketplace.