By CultureBanx Team
- The Mosaic Genius Exchange is a membership-only platform created to connect underserved founders with access to capital
- U.S. Black entrepreneurs only received $324M of venture capital dollars in the second quarter of 2022
The global need to address access to capital inequities is greater than ever and it lies with putting entrepreneurs and investors of color in the forefront. This is where Christal Jackson’s Mosaic Genius Exchange, a membership-only platform created to connect underserved founders with access to capital, is poised to disrupt the traditionally vanilla-laced investor sector. When venture capital dollars that are expected to reach $584.4 billion by 2027 start to diversify, so will the capital commitments to founders of color who are shifting the business paradigm and building economically solvent companies.
Why This Matters: In The World Economic Forum’s “Global Risks” Report they determined it’s vital for global economic stability to address the inequity in access to capital. This sentiment around access to capital is echoed by Jackson who said “Our mission is to improve a system that is not working for all by creating a space for connecting resources to Genius with the final goal of creating a healthy economy.”
Head and Heart Philanthropy launched the Mosaic Genius Exchange with the help of the Surdna Foundation, during a time when U.S. Black entrepreneurs only received $324 million of venture capital dollars in the second quarter of 2022, according to Crunchbase data. While there is no shortage of genius, there are far too many barriers to creating an inclusive economy that’s sustainable for underserved entrepreneurs.
“When it comes to entrepreneurs of color, you have to be willing to venture outside of traditional spaces to identify talent, meet people where they are and build an ecosystem of support around them,” Jackson told CultureBanx.
What makes the Mosaic Genius Exchange unique is the network Jackson has amassed over 20 years in the social impact space. She has carefully curated a network of Founders, VC’s, Fund Managers, Corporations, Foundations, Non-Profits, Government Officials, Celebrities and Influencers to build a unique ecosystem.
Working across sectors to advance initiatives that deploy restorative capital back into Black and brown communities and advocating for policies that impact systems changing is key. “A primary example is the fact that out of trillions of institutional assets, only 1% are allocated to diverse fund managers, despite research showing that diverse fund managers outperform their counterparts, Jackson said.” Yes, it is possible for these venture capitalists to meet the financial challenges and goals of the people backing them, while achieving the desired social returns and help to close racial equity gaps.
Situational Awareness: The need for growth stage impact investments is extremely high and has spurred investors and corporations to act on systemic racial and gender inequalities, particularly when it comes to access to capital and economic opportunities. Both Citigroup and Bank of America made $1 billion pledges to address the racial wealth gap. Softbank launched a $100 million fund for entrepreneurs of color. PayPal is putting $530 million toward supporting Black and underrepresented minority businesses and communities.
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