While many aspiring and new African-American business owners have the passion and drive to get their company off the ground, there are overwhelming challenges that come to play once funding-time hits.
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A CB Insights report that tracked founders of 165 companies that had received a first round of venture funding during the first half of 2010 revealed only 1% were African American, despite 11% of the U.S. population being black. Meanwhile, 87% of founders who obtained funding were white, and 12% of the startup founders were Asian.
Equity crowdfunding legislation has simplified the funding process for many entrepreneurs, and business owners have been successful with crowdfunding sites like Kickstarter and Indiegogo, among others.
Photo Credit: BlackStartup
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