a reflection by Nikki McCord, founder of McCord Consulting Group & McCord Speaks, dedicated to organizations looking to energize, innovate, and pursue new paths beyond the status quo.
Samuel Bankman-Fried.
Elizabeth Holmes.
Parker Conrad.
There is a systemic problem in entrepreneurial investment.
Collectively, we have decided that only certain people will be given a chance to fail. Not to succeed, but to fail.
Bad actors, like the entrepreneurs referenced above, seek out mentors for advice and funding.
These mentors will spend countless hours making introductions to their networks and investors will pour millions into flashy presentations and empty promises – only for these ‘unicorns’ to defraud the public and their investors. After jail, fines, and a little bit of public shaming, these tarnished ‘unicorns’ reenter the startup space with a new venture.
Understanding that bad actors exist, organizations like the Fearless Fund are created to provide financial investment to Black women – a group that consistently receives less funding and support than their white counterparts. The courts have ordered organizations like the Fearless Fund to shut down for correcting a well-documented problem in the entrepreneurial community – Black, Brown, Indigenous, and historically excluded groups are not receiving their proportional share of investment to launch successful, fraud-free, proven innovations and businesses.
How do we address this systemic problem so that we focus our efforts on supporting historically excluded founders – giving them an opportunity to succeed – instead of pouring our efforts into failure?
As part of the Bridge for Billions ecosystem, you have a specific role to play in championing historically excluded entrepreneurs whether you are a program funder, a program instructor, a mentor, or a participant.
Don’t Fund the Status Quo: Bridge for Billions programs
The ability to change starts with you because you have the power to fund the change. If the story of the shuttering of the Fearless Fund has taught us anything, it is that there is a concerted effort to eliminate funding that purposefully caters to those entrepreneurs who have been historically, intentionally excluded.
In the United States, that means communities made up of Black, Indigenous and Brown individuals, women from these specific groups, and women in general. Outside of the U.S., that means indigenous, rural, and women groups. No matter your location, there is a community that has been historically excluded from entrepreneurial opportunities.
Technical assistance (TA) is one of the most effective methods for building the capacity of entrepreneurs. The tools that entrepreneurs learn through TA also help them to develop credibility and legitimacy with potential customers, clients, and partners, as well as network with service and capital providers and other small businesses.
However, most incubators are located in higher-income, less diverse communities, limiting the support structures available for these entrepreneurs. When you fund the status quo, you continue to give money to those who have had the most access and the most opportunity.
To live your corporate responsibility pledges, you must break the status quo and use your money to fund those ventures that have been historically left behind – indigenous, rural, and women majority owned organizations.
My experience as a Mentor
I served as a Bridge for Billions mentor for the Boeing Employee Credit Union cohort in September 2024. I hosted two sessions for participants to prepare them for their pitch competition at the end of the month. Each session provided general information about the content and timing of their slides as well as ways to persuade the audience. It is a similar presentation I give to groups and individuals who seek out my services to prepare them for presentations. But, with Bridge for Billions, I went the extra mile.
Being an entrepreneur in both the United States and internationally, I know first-hand the challenges that face Black people and women when it comes to starting and scaling a business. So, for my cohort, I set up one-hour one-on-one meetings for all twelve members of the cohort. During our hour session, participants were able to present, receive feedback, make changes, and get encouragement. It was a lot more time on my part, but from my experience doing this work, I know that the one-on-one feedback is crucial for entrepreneurial success. And, I was right! All three grand prize winners of the pitch competition spent one-on-one time with me receiving individualized feedback to improve their pitch.
As a Bridge for Billions mentor, we are working with entrepreneurs who will not be afforded the opportunity to fail. Therefore, it is our responsibility to take the extra time to pass along our knowledge to ensure success.
The entire ecosystem of Bridge for Billions – from funders to participants – has a part to play in the success of entrepreneurship in historically excluded communities. Entrepreneurship changes the economic outcomes of people, families and communities. We all have a responsibility to change conditions so that more people have equal access and opportunities. Evaluate your practices as a sponsor, instructor, and mentor to determine whether you are serving these historically excluded communities in a way that speaks to their unique experiences.
For more information on presentation preparation, follow Nikki on Instagram.
For more information on ways in which she can motivate your team, follow along on Instagram, YouTube, and TikTok.
