Today’s Black investors of private capital still face much of the same skepticism over their business model when they choose to solely (or primarily) invest in minority-led companies.
Decades ago, raising traditional venture capital was virtually off limits to Black entrepreneurs — but some pioneering organizations like the Boston-based Urban National Corp., founded in 1971, proved it was good business.With just 1.3% of venture capital invested in Black-led startups last year, many of today’s Black entrepreneurs are facing the same funding gap their predecessors did 50 years ago.
Enter the Urban National Corp. in 1971. It started out with $5 million from institutional investors including Harvard, Mobil, the Ford Foundation, Aetna, Salomon Brothers, Yale and MIT, among others .
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