breaking down barriers to capital: overcoming racial … · breaking down barriers to...
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CherylDorsey,EchoingGreenJeffBradach,TheBridgespanGroupDonGips,SkollFoundation
BREAKINGDOWNBARRIERSTOCAPITAL: OVERCOMINGRACIALBIASINFUNDING
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Technologynormsforthissession
Pleasemute youraudio
Chatquestionsatanytime
Feelfreetoturnonyourvideo
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Introducingthehosts
CherylDorseyPresident
EchoingGreen
JeffBradachManagingPartner&Co-founder
TheBridgespanGroup
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Objectivesfortheconversation
Sharethemotivationandinsightsfromour
forthcomingresearchonrace-based“barrierstocapital”– buildingonconversationsatSkollWorldForumand
elsewhere
Understandyourquestionsand
reflections ontheresearchandpotential
actionsteps
Offerourlatestthinkingonwhatthefundingcommunitycandotoremovethosebarriers,includingworkunder
wayatourownorganizations
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Leadersofcolorandracialequitypractitionershavebeenpointingoutrace-basedbarrierstocapitalfordecades
ThereasonyouseeBlackpeoplestrugglingtoraisemoney,buildacompany,orstartamovement,isnotbecausetheyaren’tgoodatit.It’scertainlynotbecausetheyaren’tascapableaspeoplewhohavetheresources.It’sbecauseofthewaythisallstartedout.TheU.S.wasfoundedonandcontinuestooperatewiththeexploitationofBlacklabor.Ifyouunderstandthat,you’llcometothisworkmorehumbleasafunder.”BrandonAnderson,FounderofRaheem
“
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Weheardmultiplereasonswhyfundershaven’tyetaddressedthesebarriers,sowearecollaboratingtospurgreaterprogress
Fundersthinkfundingdisparitiesareduetofactorsotherthanrace
Fundersdon’tseetheimportanceofbarrierstocapitalasamajorimpedimenttoimpact
Fundersaren’tsurehowtotakeactionbeyondcollectinganddisaggregatingdata
Fundersaren’tbeingreachedbytheexistingmessengers
TheproblemFundersaren’ttakingactionduetolackof:
OurroleWe’velaunchedajointcampaignto:
Leverageourorganizations’distinctrelationshipswithfunders,andbuilduponCheryl’sexperienceasaspeakerandadvocateonthisissue
Conductdata-drivenanalysistobetterunderstandthemagnitudeofrace-baseddisparities,drawingonEchoingGreen’sdata
Clarifythedriversofrace-basedbarrierstocapital,advocateforpotentialactionsteps,andincorporatefindingsintoourownwork
Sharedataandstories, centeringthevoicesofleadersofcolorandequitypractitioners,tohighlighttheimplicationsofrace-baseddisparities
Awareness:
Understanding:
Motivation:
Clearsteps:
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Weusedquantitativemethodstobetterunderstandthemagnitudeofrace-basedbarrierstocapital
Financialdatafrom160+U.S.socialventureswhowereselectedassemifinalists,finalists,orfellowsfromEchoingGreen’sapplicantpool,averagingdatafromthethreeyearsfollowingtheirapplication
Keyfindings
RevenuesoftheBlack-ledorganizationsare
24%smallerthantherevenuesoftheirwhite-ledcounterparts
Thispatternholdsforleadersdoingsimilar typesofwork andwiththe same educationlevels,andisevenmorepronouncedforwomenofcolor
UnrestrictednetassetsoftheBlack-ledorganizationsare
76%smallerthantheirwhite-ledcounterparts
Quantitativedata
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Interviewselevatedfourkeybarrierstocapitalfacedbyleadersofcolor
Funderslackunderstandingofculturallyrelevant
approaches
Interpersonalbiasmanifestsas
mistrustandmicro-aggressions
Leadershaveinequitableaccesstosocialnetworksinphilanthropy
Issuesresurfaceingrantrenewalprocesses(e.g.,
mistrust)
Gettingconnected
Buildingrapport
Securingsupportfororganization
Sustainingtherelationship
Sustainablefunding
Leadersofcolor
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Theexperiencesofbiasthatleadersofcolorfacetakebothapersonalandprofessionaltoll
• Decreasedtimeforotherorganizationalpriorities
• Decreasedconfidenceinleadershipability
Personal
Professional
“Itdoestakeatollemotionally…I’velearnedthat ifyouwanttomakeprogressthenyouhavetofindwaystotakecareofyourself – throughprayer,throughhavingavision,throughbeinginrelationship.WhenI’mcompromisingin[philanthropicspaces],Itrytobalancethatwithselfcare”
AnonymousNativeLeader
“TheheatthatIfelt[frommyboardandfunders]mademenotthebestchiefexecutiveinyearonefor[mycolleagues]…Iwasveryfocusedexternally.‘Let’smakesuretheworldsaysnothingaboutthevulnerabilities.Let’smakesuretheyfeelconfident’…ThatwasprobablyattheconsequenceofmyinternalteamnotfeelingIwasprovidingthedirectionthatIneededtoprovide”
AnonymousAsianLeader
• Fatigue
• Emotionalhardship
• Pressuretocompromiseonvalues
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Bias
PowerActivelyshare,cede,andbuildpower(valuingproximityandensuringaccountabilityfordoingso),whichmayinvolveworkingtorepairharm
Deliberatelyandtransparentlycounterinterpersonalandsystemicbiases
Ourresearchtodateshowsthatdismantlingthesebarriersrequiresfunderstoaddressthreeunderlyingdrivers
RiskRedefineriskbyrevisitingassumptionsaboutwhatisnecessarytoachievesocialimpact (e.g.,seekopportunitiestobuildcapacityratherthanpunishingunder-investment)
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JeffBradachManagingPartner&Co-founder,TheBridgespanGroup
DonGipsCEO,SkollFoundation
CherylDorseyPresident,Echoing
Green
Reflectionsonourownpractice
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Questions?(UseZoomchatbox)