during the pandemic.
A lot of black professionals stepped up to
help communities and get thousands of people vaccinated.
Dr King's Makita Corbett
made headlines. She was praised as a key scientists behind the vaccine.
DR Corbett was a leading scientists at the National Institutes of
Health and she even worked with Moderna to create their vaccine.
COVID-19 also brought to light the longstanding systemic and structural racism
that drives poor health care outcomes in black communities in this country
nationwide. Black people
died at 1.4 times the rate of that of white people.
That's according to data from the Covid racial
tracker and also from the Census Bureau.
Black people also accounted for 15% of covid deaths where race was known
Now though,
these numbers may not surprise a lot of
people understanding the factors that contribute to these disparities
no doubt will help organize organizations and
leaders address these issues head on here.
All right, well, switching gears,
there are so many incredible black women who have changed the beauty
industry for the better for makeup artists to entrepreneurs and scientists.
The industry is constantly growing with diverse talent.
Last year, black entrepreneurs raised a record amount of venture capital,
but despite that momentum,
VC going to black founders still remains disproportionately small.
So joining us now to discuss this and so much more is Kendra Bracken Ferguson,
founder of Brain Trust founders Studio.
Such a pleasure to have you here. Thank you so much for joining us.
So what are some of the biggest challenges we're still seeing today that
black entrepreneurs are facing when they're trying to land that VC funding?
Um, you know, thank you for having me on the show to talk about this.
It's such an important moment in history for black founders, black entrepreneurs
and as much progress as we have made, there's still ways for us to go.
You mentioned it when we talk about um VC funding and how were still lacking,
even though black founders created more businesses in
the last year than in any other race.
So we're looking at things like access, access to a network, access to capital,
access to mentorship,
especially education and so what I've been focused on is our brain trust
Founder Studio where we are creating an ecosystem to address those challenges,
but also provide solutions and to be a pathway for founders and entrepreneurs,
particularly in media and wellness to make
strides and create successful sustainable businesses.
So, Kendra, for the black entrepreneurs that are watching this right now,
how can they sort of stand out and land that VCS funding?
What are some tips that maybe they can
have during that really important pitch meeting here?
Well, you know, baker,
I think the first thing is really understanding the
types of capital um that your business needs.
You know, not everyone is ready for VC funding.
There are programs that are based around that equity.
Um there are loans and so I think the fundamental first
step is to really do a deep analysis of your business.
You know, we've made it a point to help our founders really assess their business,
their model, um their products, their inventory,
where are the holes and what type of inventory.
Um do they need, what type of capital do they need to really feel their businesses?
So, you know, we talk about the products being different,
there is going to continue to be products that claim to do the same thing,
so understanding your value proposition, understanding,
does this product do what it says, it's going to do?
What is my personal story as a founder that makes this product unique?
And then really painting the picture,
really telling the story of why your product
should be funding and I think it really does
all start with what is the right type of capital that that my business really needs.
Absolutely no.
Listen, that is spot on advice and you, by the way, started this company,
Brain Trust Founder studio
last year, I mean you did this in the middle of a pandemic.
What made you decide that you wanted to do this and start
this company also while doing it in the middle of a pandemic.
I can only imagine how challenging that probably was.
You know, it was challenging and invigorating.
Um this is the fourth company that I co founded.
I've raised money from my first,
I sold my second and really what I found is that no matter who you
are and where you are in terms of your journey of being an entrepreneur,
you still need support and black founders in particular.
We are still lacking in terms of the support and the mentorship.
And so Covid in the midst of Covid and George Floyd and black lives matter,
it really became a time to say, let's band together, let's make impact,
let's make change.
And so I really wanted to launch the Brain
trust founder studio to be that catalyst of change.
To create a place where founders could come, no what,
no matter if they're starting their business,
they're growing their business or they're accelerating their business,
but we can give them the tools that they need to be successful.
And I really believe that it's going to take the work that we're doing,
the work that the founders are doing our corporate partners?
You know, we are very fortunate.
We're launching a pitch competition um,
with clear coat called clear pitch for founders to pitch
their businesses for a chance to win $75,000 in grants.
So now is the time for the black community to come together,
support our founders and change the landscape, especially in the beauty industry.
Um, what do you feel like the, the industry is doing?
You know, the beauty industry when it's when it's when it,
when it comes to inclusion, are they doing a better job now?
Um, and what still needs to be done when it comes to inclusion here.
You know, I think we're in a fortunate time the conversations are happening.
Um, we've exposed what used to be talked about in in private boardrooms,
that this is a conversation that we all have to hold hands to change.
I do believe that when you look at the 15% pledge pull up for change,
there has been tremendous efforts to get
that conversation going and now it becomes,
how do we fulfill those commitments?
How do we make sure that it goes beyond just putting 15% of the brands on the shelf,
but that we are going from 3% bipac in the beauty industry to parity to equity.
When you think about the fact that black women spend nine
times more than their other counterparts on hair care products,
you know, we have to look through this lens and say,
how do we make sure that we are creating a safe space in our industry for diversity?
You know, I think about afterpay and what we're doing with them.
You know,
they have created a safe inclusive space
for black founders to promote black founders
to support them and then to give back into the work that we're doing.
So if we can hold hands together, it's a long road, it's it's not overnight.
But if we can have the conversation, if we can put the founders interest first,
then we can create really sustainable change and we can have
impacts and the industry at large can really reach that equity.
Well, I know I speak for a lot of us, were so grateful for the work that you're doing.
Kendra bracken, Ferguson, founder of Brain Trust, founders Studios.
Such a pleasure to have you here, Kendra. Thank you.