Venturing Toward Change: How Shelly Bell of Black Girl Ventures Is Changing The Venture Capital Landscape For Good
Shelly Bell, Black Girl Ventures, Founder & CEO
The world of venture capital is a competitive one. Business owners and aspiring entrepreneurs have to claw their way through round after round and pitch after pitch just to get a chance for investors to notice them - and unfortunately, there is a great deal of racial and gender bias in this industry.
In spite of these widespread systemic and social barriers, however, women of color are opening their own businesses at an unprecedented rate. They represent the fastest-growing demographic when it comes to new entrepreneurs, and each year we see more and more black, brown, indigenous, LGBTQ+, and other women enter markets all over the world.
Shelly Bell is an activist, entrepreneur, and all-around badass who saw the challenges women of color - women like her - face when they try to get funding for their businesses. She decided to tackle the problem head-on and founded the award-winning Black Girl Ventures foundation. Shelly and her dedicated team have had an enormous impact on the investment landscape, and they now represent the largest ecosystem builder for black and brown women on the East Coast.
We were excited to get the opportunity to sit down and talk to Shelly ourselves, thanks to our partners over at Akytech Consulting. Ms. Bell was gracious enough to share her story with us and provide insight, widsom, and information about her work and mission.
Many thanks to Shelly and the Black Girl Ventures team for giving our readers some of your time!
Q: Starting an organization like Black Girl Ventures must have required an incredible amount of personal investment, not only in funding but also in time and effort. As someone deeply inspired to do this work, how did you prepare yourself for the world of capital, business, and finance when you first started. What were the steps you had to take to meet your major goals?
A: I learned by doing. I started my entrepreneurial journey by building a tent in my living room and putting it up on AirBnb. After that, I launched a series of ventures including Made By A Black Woman, a marketplace for products made by Black women, and MsPrint USA, an apparel printing company, before launching Black Girl Ventures Foundation (BGV). Experience has been the best teacher. Every step you take, you learn how to be a better entrepreneur. You can’t figure out entrepreneurship just by reading books, you have to get out there into the ring. I always say, entrepreneurship is a boxing match. There is blood, sweat and tears. You’re going to take some hits, but you have to pick yourself up, learn from your mistakes, and keep fighting.
Q: Have you faced any resistance, or hesitation, about organizations such as Black Girl Ventures which are focused on specific demographics? We’ve all encountered the perspective of, “well, why do you need to start something to specifically help women of color/BIPOC? Isn’t that divisive?” Unfortunately that attitude hasn’t gone away in 2021.How would you respond to people who bring those questions up, whether they do it directly or indirectly? How can people like me or our viewers refute this attitude in a constructive way when we encounter it?
A: The numbers are clear. Black and Brown women founders receive less than 1% of venture capital funding despite being the fastest growing demographics of entrepreneurs nationally. Women of color have been historically excluded from accessing social and financial capital, therefore we must find creative solutions to address this gap. It’s not about being divisive or favoring a particular demographic, it’s about righting a historical wrong. It’s about building a more equitable world through inclusive startup ecosystems. We are working to change the perception of what an entrepreneur looks like, because for too long, that image in the media has been white, male, Ivy-league educated. That simply does not reflect the reality of entrepreneurship. Systemic change starts with representation, and we’re going to keep fighting until Black and Brown women have an equal shot in business.
Q: Black Girl Ventures has now funded over 264 women of color as they set out to start their own businesses - which, by the way, is incredible, and to put that into context for our viewers it represents over $10 million in revenue and over 3,000 jobs in communities all over the country. But from your website and the way you’ve talked about BGV before, it seems like things are just getting started. How do you measure success and the aim of your organization? Is it a specific number, or do you look at this as more of a broad, consciousness-shifting movement you’ve started?
A: We are proud of what we have accomplished so far, but this is just the beginning. At BGV, we’re focused on the long game. Our goal is to direct flows of capital to Black and Brown woman-identifying founders, and ultimately to build generational wealth in Black and Brown communities through entrepreneurship that will result in a more equitable society. We’re pushing for systemic change and working to build more inclusive local economies across the United States. We want to see more Black and Brown women-owned products on the shelves, and we also want to see more Black and Brown women in the boardroom. We’re starting to see a shift in the collective consciousness, but this is not the time to get complacent. There remains so much work to be done to change the face of entrepreneurship and narrow the wealth gap.
Q: On the other hand, 2021 has been a year of immense change. With the support we’ve seen for the BLM and related movements, and the shifts we’ve witnessed as far as conversations regarding identity and race, it seems like this is a time of huge potential for BGV and organizations like it. How are you and your team taking advantage of the press, the dialogue, all of this focus people have on race and diversity in America? How can we, your audience, support that momentum in our own lives?
“Our goal is to direct flows of capital to Black and Brown woman-identifying founders, and ultimately to build generational wealth in Black and Brown communities through entrepreneur-ship that will result in a more equitable society.”
~ Shelly Bell
A: In the past year or so, we have received an outpouring of support which has led to significant growth and momentum. We’re working with some of the biggest brands in the world, including Nike, Visa and Paypal. All I can say is, it’s about time. We’ve been ready. BGV and many others have been doing this work for a long time. We’re staying focused. Systemic inequities run deep - Black and Brown people face disadvantages in jobs, health care, education, housing, and more. We’re encouraged by the cultural conversations that are happening, but changing the system will require more than one-off performative corporate gestures of allyship. We choose to work with partners who have demonstrated long-term engagement in this work to sustain growth over decades. On an individual level, we can continue to affect change with our voices and our dollars. It’s so important to purchase from and invest in Black and Brown businesses, which have been hit the hardest during the pandemic. Our collective liberation is inextricably tied to economic empowerment. We can also make a difference by withdrawing our support from companies and leaders who don’t align with our values.
Q: So there’s a core value all of us at The Fem Word share, and it’s the understanding that women of all identities and backgrounds don’t just impact their own immediate lives and social circles when they succeed. We’re often the major change-makers in society...but some stories really stand out on that front. When you seek out funding for someone through BGV, how do you identify the best candidates when it comes to the broader good they can do for their communities and beyond?
A: We really focus on the pitch, because founders only have a few minutes to share their story and persuade someone to invest capital in their business. What is their vision? Why did they create this product or service? How does it make their community better? What is their business model? What sets them apart? How are they going to generate revenue after they secure capital? Do they know their audience? That all has to come across in a three minute pitch. It doesn’t matter how good your idea is if you can’t communicate your value. Our signature pitch competitions are designed to help Black and Brown woman-identifying founders practice and perfect their storytelling, because that’s what makes all the difference in securing funding.
Q: When you go through the process of choosing candidates, you and your team take the time to consider the areas where women of color really need support: your website mentions that these are access capital, access to influential networks, and the ability to hire new, qualified employees.
You also have mentioned and celebrated the fact that despite these challenges, women of color have been finding creative ways to succeed for many decades. How do you incorporate that creativity and determination into your own work?
A: At the BGV, creativity is in our DNA. When I started BGV, I didn’t have a playbook. There were no rules. I just knew that women who looked like me struggled to access the social and financial capital they needed to take their businesses to the next level. I did what I could with what I had at the time. Inspired by the African-American rent parties of the early twentieth century, I brought together 30 women in a house in Washington, D.C. We heard a series of pitches and collected money in jars. That’s how our crowdfunded pitch competitions were born, and it all grew from there. When I was starting out, there were a lot of doubters and naysayers, but I listened to my inner voice and stuck to what I believed in. It paid off. Today, I continue to use creativity as a tool in our work. One example is a partnership we’re doing with Nike to create murals in several cities celebrating the achievements of Black and Brown women in business.
Q: Looking back at all the incredible women who have struggled and made it in America before you - women like Madame C.J. Walker, who have become even more recognized and talked about recently as major networks pick up their stories and depict their lives - who are your biggest inspirations to keep doing what you do?
A: We stand on the shoulders of giants, and I am thrilled to see businesswomen like Madam C.J. Walker finally get the recognition they deserve. I am inspired by my community. Every day, I talk to brilliant, creative, resilient Black and Brown woman-identifying founders who are passionate about growing their businesses and eager to help each other succeed. It gives me hope for the future.
Q: Describe a moment when you felt powerful.
A: The more I can do for my community, the more powerful I feel. Whether I’m coaching a founder to perfect their pitch or securing a multi-million dollar grant, it’s all about creating opportunities for my community.
We hope you enjoyed this inspiring story, and if you want to learn more about Black Girl Ventures and their vital work, check out their website. Thanks again to Shelly and to our partners at Akytech for making this interview possible!
This interview is made possible by our partner Akytech Consulting, a minority, woman-owned consulting company in the DC area which allows The Fem Word to highlight women leaders.
The views, thoughts, and opinions expressed in this article belong solely to the author, and do not necessarily reflect the position of The Fem Word organization. Any content provided by our authors are based on their opinions and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything.