The Black Economic Alliance (BEA) Foundation, a leading organization mobilizing Black business leaders and advocates, announced the submission of an amicus brief advocating against a preliminary injunction to halt the Fearless Foundation, a foundation that aids women of color in securing venture capital for their startups, mainly focusing on Black women entrepreneurs.
BEA CEO Samantha Tweedy emphasized the importance of entrepreneurship, highlighting its pivotal role in achieving the American dream and economic prosperity. She noted the systemic obstacles Black entrepreneurs, particularly Black women, faced in establishing and expanding their businesses. “Fearless Fund helps Black women overcome those barriers, which is good for Black work, wages, and wealth and good for our economy as a whole,” Tweedy wrote in a statement on Monday, Sept. 11.
The legal action against Fearless Fund represents a broader trend of attempts to roll back advancements in racial diversity within the business sector, civil rights advocates stated. Recent polling shows widespread support for businesses promoting racial diversity in America. The support is robust across different races, ideologies, and generations. It is also rooted in the belief that diversity drives greater profitability and innovation.
Renowned civil rights advocate Ben Crump and others have vowed to combat Blum’s actions. Founded in 2019 by three Black women, Fearless Fund has championed economic empowerment and opportunity for women of color. Their flagship initiative, the Fearless Strivers Grant Contest, has provided substantial financial support to Black women entrepreneurs, with awards reaching up to $20,000.
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