Created as a part of the better motion for inclusivity amid the racial reckoning of 2020, Brown Lady Jane and SheaMoisture are persevering with their grant program for Black magnificence founders for a second yr.
Introduced on Wednesday, this yr’s grant program is providing $150,000 to 12 Black feminine magnificence founders together with enterprise mentorship. Ten winners will likely be chosen to obtain $10,000, and two will obtain $25,000. The initiative is a part of SheaMoisture’s assist for Brown Lady Jane’s #BrownGirlSwap marketing campaign that launched final yr, which asks customers to swap 5 of their typical merchandise for these from BIPOC-owned manufacturers.
“Funding is a matter, so we knew we needed to begin there,” stated Nia Jones, Brown Lady Jane’s co-founder and chief affect officer. With Black girls receiving less than 1% of VC funding, providing grants is “a part of the answer,” she stated. “We additionally know that, with funding, notably small companies want some help networking. All of these mentorship items [are needed] in an effort to actually leverage that grant.”
Whereas there have been requires extra startup funding for Black girls over the previous yr, they nonetheless solely obtain 0.34% of all U.S. enterprise capital, in keeping with Crunchbase. In 2021, startups with no less than one Black lady as a founder raised $494 million as of July, up from $484 million in whole in 2018.
“There may be nice worth in collaboration, mentorship
Winners will likely be chosen by Brown Lady Jane, SheaMoisture, and a web based vote, and will likely be introduced on the #BrownGirlSwap Black Magnificence and Wellness Summit occurring October 14-16. “We didn’t need it to be simply our choice,” stated Jones. “We wish to make it possible for the group and prospects have their say.”
Manufacturers with income below $1 million are invited to use. Candidates will likely be evaluated for innovation, group, social affect and worth proposition. Final yr, the grant program provided $250,000 to a complete of 16 founders, selecting 10 winners to obtain a grant for $20,000 and providing $5,000 to the remaining recipients. The 2020 program acquired over 1,000 entries in 2020.
For the mentorship portion, Brown Lady Jane is providing recommendation as a rising startup with $2 million in income and a current launch in Nordstrom, with two further retail launches deliberate. A number of winners from the 2o2o grant have subsequently secured new retail partnerships. Make-up model Vary Magnificence launched in Goal, whereas skin-care model Base Butter launched at Macy’s.
The #BrownGirlSwap marketing campaign can be persevering with, which is “extra about altering a mindset the place individuals can notice how straightforward it’s to actually shop various and purchase manufacturers that you simply perhaps wouldn’t even learn about,” stated Jones.
https://www.shiny.co/magnificence/brown-girl-jane-and-sheamoisture-double-down-browngirlswap-grant-competition/ | Brown Lady Jane and SheaMoisture double down #BrownGirlSwap grant competitors – Shiny