Amazon and Fearless Fund offer $1 million in grants for Black women entrepreneurs
The funds are part of an investment by the Fearless Foundation and Amazon.
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There's a new initiative formed by Amazon and the Fearless Foundation that is targeting Black women entrepreneurs with grants between $10,000 and $20,000. The total amount of funds for the program is $1 million. It also includes an enrollment in Amazon's Black Business Accelerator (BBA), a program dedicated to providing growth opportunities for Black-owned companies that sell through Amazon. In total, 75 products from businesses owned by Black women will benefited and receive promotion.
Arian Simone, co-founder and general partner of Fearless Fund, noted:
We are excited to enroll business grant recipients in Amazon’s Black Business Accelerator, giving each brand access to an unparalleled network of mentors that will allow them to reach their professional goals.
The Fearless Foundation, the philanthropic arm of the Fearless Fund, the first venture capital fund created by women of color, for women of color, said its multi-phase grant program will bolster proprietary consumer products of Black women, marking a significant opportunity for greater representation in retail, as only 6% of U.S. retail businesses are Black-owned, despite 14% of U.S. adult population being Black, based on 2020 data.
Amazon’s Black Business Accelerator
As part of a four-year, $150 million commitment made in 2021, the program is designed to help generate sustainable growth in Black-owned retail businesses by providing access to capital, business guidance, mentorship, and marketing support.
“Mission-driven partnerships are critical to stimulating economic growth. We are excited to partner with the Fearless Fund to support 75 incredible Black women entrepreneurs in achieving their dreams. By participating in Amazon’s Black Business Accelerator, founders will access a suite of resources, including financial assistance, business education and coaching, and marketing support,” said Danyel Surrency Jones, director and head of Amazon’s Black Business Accelerator.
Seeking investment from The Fearless Fund in 2023? Hear from our Founders Ayana Parsons and @ariansimone on what we look for when investing!— FearlessFund (@FearlessFund) January 6, 2023
P.S don’t forget to register for the 2023 VC SUMMIT. https://t.co/xLAwlQrxAO pic.twitter.com/l2O8dadVDe
Developed with guidance from Black sales associates, mentors and advisors, the BBA helps grow Black-owned businesses by providing access to a suite of benefits and resources tailored to meet their unique needs and assist Black-owned business owners to succeed as sellers on the Amazon marketplace.
Get to know: The Fearless Foundation
It is the philanthropic arm of the Fearless Fund and a nonprofit with the mission to advancing people of color by reducing racial inequities and providing access to capital. Through strategic partnerships, grant programs, educational programs, and college scholarships, the Fearless Foundation creates opportunities to encourage and assist those in need of equitable and sustainable support.
“We believe, when we knock down barriers for Black-owned businesses, through those learnings, we unlock the door for all small businesses to thrive. We stand firm in our vision to target systemic barriers and leverage our entire community to create sustainable pathways to equity that build generational wealth for not only Black-owned businesses and Black women-owned businesses, but all underserved businesses,” added Surrency Jones.
Click here to see the full list of recipients.