About (CLONE)

[qodef_elements_holder holder_full_height=”no” number_of_columns=”one-column” switch_to_one_column=”” alignment_one_column=””][qodef_elements_holder_item item_padding=”0 24%” item_padding_1367_1600=”0 20%” item_padding_1025_1366=”0 20%” item_padding_769_1024=”0 0%” item_padding_681_768=”0 0%” item_padding_680=”0 0%”][qodef_section_title title_type=”” position=”” title_tag=”h1″ disable_break_words=”no” enable_animation=”yes” title=”Why create a pitch competition ?” title_color=”#3b3b3b” square_color=”#ec40ff”][/qodef_elements_holder_item][/qodef_elements_holder][qodef_section_title title_type=”” position=”” text_tag=”” text_font_weight=”” enable_animation=”yes” text=”For Black startup funders and founders, the participation gap is staggering. Only 1% of venture-backed companies have Black founders. Just 3% of investment partners at VC firms are Black. When it comes to access to funding, Black women experience the compounding effects of race and gender with 2.7% average VC funding compared with white males. As a consequence investors are missing opportunities to fund the next big growth idea – ideas which likely also tap into cultures, problems, and solutions unfamiliar to the typical investor. There are exciting matches to make in this space. We also created this competition to support Black founders. The majority of ventures are funded with personal and family money, putting Black founders at a distinct disadvantage considering the median Black household has 3 cents per dollar held by the median white household. Pitch is our response after listening to the community of Black founders and investors, who suggest two actions based on their needs and experiences: hire Black investors and fund Black founders.”]

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