2. How does the funding journey
for Black founders compare
to non-Black founders?
Our research group
323 Black founders
2,193 non-Black founders
In 2022, we explored the funding journeys for
Black founders and saw that they still receive
less than 1% of funds invested in the US—even
amidst historic VC levels.
One year later, in 2023, we followed the same
group to see how their experience compared.
3. Black founders
1.7x more deals
That’s good news, right?
Unfortunately, not so much.
Black Founders (n=323) | Non-Black Founders (n=2193)
Average number of total deals
4. “The problem is not getting the funding. The
problem is when I get the funding, it's much
less. That puts significantly more burden on
your life because you're not going to be able to
spend on the company or your cost of living at
the same quality as your white counterparts.”
6. “The dedicated capital available to Black
founders isn't that big. That ends up
confining you to what you think is
attainable… it puts you in a smaller box.”
7. How can VCs help close the gap?
The lack of equitable funding to Black founders from 2016-
2020 resulted in a $67B loss in business opportunities—
impacting enterprises and Black generational wealth.
Moreover, when innovation is not seeded by diverse
sources, everyone misses out.
Here’s what the VC ecosystem can do:
Support Black founders in early funding stages
Help Black founders advance from Series A to
Diversify VC decisionmakers to create more
opportunities for Black founders
8. “Even when Black founders are funded,
they're not funded correctly. They're not
given the correct valuations, and
ultimately it decreases their opportunity
9. What can Black
With less funds available, Black founders
cannot wait for institutional change. These
actions can help improve their chances of
success in today’s environment:
Build a strong “effective network”
of the advisors and investors who value diversity
Evaluate investor needs to better position
yourself to secure funds and “sell equity”
Learn from successful founders how to navigate
nuances in pitching, facilitate warm introductions
and negotiate better terms with investors
Set empowering milestones dependent only on
yourself, your team and your product
Be authentic and never feel the need to code-
switch to appease or play to anyone’s
About the Black Founders
Accenture’s Black Founders
Development Program aims to level the
playing field for Black entrepreneurs
through access to venture capital,
corporate mentorship, and strategic
connections with Accenture’s business
partners, clients and people. The
initiative is led by Accenture Ventures.