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Black founders often face disparity and discrimination as leaders in the venture capital industry.
As some Black founders find success adjacent to wealthy white men, they may become less inclined to help Black businesses.
This article originally appeared on The Plug, a news and information platform examining the Black innovation economy.
One of the earliest documented Black-owned and operated venture capital firms, Syncom Venture Partners, set up shop in 1977. Headquartered in Silver Spring, Maryland, the firm is responsible for some of the earliest investments made in well-known formerly Black-owned telecommunications and media companies, including Black Entertainment Television (BET) and RadioOne Interactive.
Harry Alford.
Sam Hurd
Harry Alford and his team at Humble Ventures have funded more than 50 Black-owned businesses in 2020 alone, some of which include a social network that centers communities of color and a fast-casual restaurant whose mission is to redefine healthy and affordable food for all.
Alford said the Black Lives Matter movement validated his company s mission and gave him added motivation to keep investing in Black entrepreneurs and entrepreneurs of color. While he is optimistic about 2021, he thinks leaders in the business community will need to keep their focus on advancing racial diversity, equity, and inclusion. I don t believe the problems that surfaced in 2020 will disappear with the shift of administrations, he said. We must continue to do the work. We need to listen. We need to learn. We need to speak up when we see injustice.