Startup Aims To Provide New Entrepreneurs Access To Capital
Greater New Orleans Inc. launched a new program, Startup Noir NOLA, to help New Orleans business owners obtain greater access to capital funding, according to NOLA.
Startup Noir NOLA offers an internship to HBCU students to help teach the ins and outs of venture capitalism and investments. The organization has curated educational meetups and professional networking sessions to help entrepreneurs share knowledge. The functions also serve as a space to connect business owners with potential investors.
Black businesses have a steep hill to climb when trying to access capital. A study by FastCompany states that Black businesses received only about, “1% of more than $200 billion in venture capital funding in 2022.”
Startup Noir NOLA hopes to make Greater New Orleans a fertile ground for new Black-owned startups.
“We want to be conveners for the entire startup ecosystem with an emphasis on Black founders,” said Daphine Barnes, who runs the initiative. “We are committed to providing a space for founders to have access to capital and to know there’s a space for them to launch and scale their ventures in Greater New Orleans.”
New Orleans is a city where Black excellence thrives. Home to 3 HBCUs and an eclectic music and food culture, Startup Noir Nola welcomes budding business owners to plant their roots in the crescent city.
BLACK ENTERPRISE recently reported on FUZE Fund, a Black-owned venture capital firm that is also trying to help uplift Black businesses. FUZE Fund just celebrated the launch of its $30 million fund approved by the U.S. Securities and Exchange Commission. FUZE fund is “dedicated to providing capital, strategic support, and resources to heighten minority-, veteran-, and women-led startups.”
Dr. T.J. Breeden, founder of Fuze Fund, wants to ignite potential in the Black business community. Formerly an employee of Emerging Entrepreneurs, Inc., Breeden saw the lack of resources for underrepresented communities, veterans, and women.
Dr. Breeden’s goal is much the same as Startup Noir Nola. The CEO wants to create a “comprehensive ecosystem where diverse founders have the guidance, resources, and partnerships they need to navigate and scale growth.”
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