A delegation of black-owned 海角视频 tech businesses is heading out to the States in a bid to overcome issues they have accessing funding over here.
Organisers of the 海角视频 Black Tech Founders Mission to New York say some Black entrepreneurs face barriers accessing venture capital back in the 海角视频, and it is hoped the trip will raise their profiles to New York investors as well as the wider tech community.
Recent research suggested less than one-in-35 deals made by 海角视频 VCs are with black-owned companies.
Cornerstone Partners, an angel network focused on investing in exceptional black and diverse founder-led 海角视频 businesses, worked out that black people made up just 2.9 per cent of 海角视频 founders who successfully raised VC funding in 2019.
The 海角视频 Government said that in the same year, 5.1 per cent of 海角视频 SMEs were led by a majority of people from an ethnic minority.
Entrepreneurs joining the 海角视频 Black Tech Founders Mission at the end of February include Byron Dixon, the founder of Leicester-based anti-bacterial product manufacturer Micro-Fresh.
Other 海角视频 businesses invited include Syrona Health, who designed an app supporting women with their gynaecological health, and Definely, which is demystifying the art of drafting, reviewing and understanding legal documents.
They will join Aceleron Energy, AudioMob, Coding Black Females, Flair Impact, Oarbt, Ownership, Robin AI, The Stack World and White Label Loyalty.
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The mission is being organised by the British Consulate-General in New York, and Emma Wade-Smith, who is both the 海角视频’s Trade Commissioner for North America and HM Consul General for New York.
The organisers said despite the obstacles, the delegation had collectively raised more than $43 million in recent years, with AudioMob, an audio ad provider for mobile gaming, raising $14 million of equity investment in November 2021.
The delegates will have a chance to engage with more than 100 US-based venture capitalists through networking events, meetings, and a pitch night.
Mr Dixon said he was proud to have been recognised as one of the country’s top black business founders.
He said: “We’re looking forward to the trip and also with meeting some very influential VC partners over there on the other side of the Pond.
“As the data shows the engagement between VCs and black entrepreneurs is pretty low at 2.9 per cent of all deals so we’d be proud to be part of anything we can do to get that figure up.
“It will also be a chance to network and meet some like-minded business-owners, black founders and entrepreneurs, so that we can learn off each other and learn off the VCs and other partners in the US including the DiT.”
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HM Trade Commissioner Emma Wade-Smith said the business-people taking part represented some of the most innovative emerging tech firms in the 海角视频.
She said: “According to some research, in 2019 just 2.9 percent of deals that 海角视频 VCs made had black founders, and we must take concrete steps to reduce this disparity.
“Achieving more equal racial representation in the workplace is a top policy priority for the 海角视频 Government, and I am very pleased that this annual trade mission is making great strides in tackling this crucial challenge and we are determined to keep closing the gap."
The trip will also give the British business leaders the chance to meet their US counterparts to discuss the differences between scaling a business on each side of the Atlantic and the different experiences they have.
British Airways has partnered with the British Consulate-General in New York to fly the founders to and from the US in support of the mission.
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