The WELL is inspiring confidence by building a community of powerful Black Women entrepreneurs who collaborate and grow together!
Black business owners have 12 times more wealth than Black non-business owners. And, Black women are starting more businesses than anyone!
More and more, Black women are betting on themselves; choosing entrepreneurship and pursuing their dreams and economic freedom like no other time in history. We make up the fastest growing demographic of new businesses. While the number of women-owned businesses grew 21% from 2014 to 2019, Black women grew even faster at 50%! We represent 42% of new founders and own nearly 2.7 million U.S. businesses.
AND YET…
Black women are met with extraordinary barriers to starting and scaling businesses. We call it, the “Net Divide.”
Net Revenue - In 2023, Black women business owners average annual revenues of $47,300 compared to $$192,600 average annual of all other women owned businesses. (according to SCORE)
Network - Black women business owners report a lack of quality, experienced mentors, sponsors, and networks of peers who understand and champion their needs. These barriers result in either slow to scale businesses or even worse, a short business lifespan.
Net Worth - Black women face significant barriers when seeking to raise or borrow capital. Due to pay inequity, lack of generational wealth, and a 3 times higher rejection rate when seeking capital, Black women have among the lowest net worth. AND YET, Black women entrepreneurs "bootstrap" or personally fund their businesses at overwhelmingly higher rates than other groups.
We deserve so much more! Where we once sought to fit in and gain a seat at tables, we are now boldly and unapologetically leveraging our best and most reliable asset - each other. We will not wait for the world to catch up. We know what it will mean for our families, our communities, and the country for us to succeed. It’s time.
