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A Simple Guide To Angel Investing For Black Women To Thrive
Two years ago, Hannah Bronfman, heiress, social media influencer, entrepreneur, and author of Do What Feels Good, shared her IVF, pregnancy, and motherhood journey with xoNecole, but she's also shared her experience with another amazing journey: becoming a passionate angel investor.
Last month, via her TikTok, she shared that she has invested in more than 70 companies in the past five years, and that angel investing “sits at the intersection of basically everything I do.”
@hannahbronfman Angel Investing Pt 2. Turning Obstacles into Opportunities #startup #investing #finance #business #womeninbusiness #entrepreneur #angelinvestor #blackgirlmagic #cpg #startuptalk
She continued with details on how she once co-founded a venture and faced challenges with getting funding. “I had a difficult time fundraising and was met with all the ‘isms,’ so I just wanted an opportunity to share those learnings with other founders,” she added in the video. (Her Beautified app would eventually get $1.2 million in seed funding and give StyleSeat some tough competition.)
“It was notable that a young Black female started a beauty tech company back in 2013 and the world wasn’t ready for it. And the world isn’t ready for more people of color in the venture capital world. So I’m here to just use my platform to open doors and share knowledge.”
This month, she dropped more jewels, schooling her more than 100,000 TikTok followers about what it takes for a business to qualify for angel investment and highlighting Topicals, a mega-successful skincare company co-founded by Olamide Olowe, the youngest Black woman ever to raise $10 million in funding. The company is one that Bronfman has invested in. (Oh, by the way, other investors in Topicals include Gabrielle Union, Kelly Rowland, entrepreneur and former Netflix exec Bozoma Saint John, and Yvonne Orji.)
@hannahbronfman The topic is Topical 👏🏽👏🏽 @TOPICALS @Olamide Ayomikun Olowe #startup #investing #finance #business #womeninbusiness #entrepreneur #angelinvestor #startuptalk #cpg #blackgirlmagic #skincare #beauty
Some of you might be reading all of this—heiress, Hollywood’s Black Elite, and millions of dollars—and saying to yourself, “Well, that’s for rich folk,” and you’d be somewhat right. The average net worth of an angel is $1 million (or at least $200,000 in annual salary). On top of that, Black and Brown women founders often face unique struggles when it comes to getting funding for their businesses, including biases associated with race and sex, and make up a small drop in the bucket when compared with the funding successes of startup entrepreneurs getting millions of dollars from their affluent white-male (and very well-connected) peers to make their entrepreneurial dreams come true. And even many of the Black women-led exceptions get funding from celebrity friends or other well-connected links to big money.
But there are indeed everyday professionals, entrepreneurs, and activists seeking to balance the playing field when it comes to investing in the ideas and startups of Black and Brown women, and they're rallying together to create opportunities for others to join them.
This is where some of us can do our part to get involved, put our money where our mouths are, and fund the next billion-dollar Black-owned empire (while building our own generational wealth off the dividends). Let’s get into a few basics of angel investing:
First Off, What Is Angel Investing?
Well, it’s not to be confused with family and friends donating money to help you make your side hustle the main one. Angel investing involves a savvy and committed investor—taking a high risk and expecting a high gain—who goes into a legal agreement to offer funds for the upstart and/or growth of a new business, particularly when the founder can’t get a traditional loan or funding by other means. The practice was made infamous by Broadway producers who relied on “angels” to support and fund their productions.
There’s typically an expectation of equity or the value of an investor’s stake in the company. Also, angels are more likely to invest in a great idea, unlike a venture capitalist firm, which requires a business to be a proven hit in the market (among other things). Forbes reports that oftentimes, angels invest after a startup company’s initial investment and before they need larger sums from venues like venture capitalists.
Today, angel investing has become a powerful method for funding Black and Brown women-led businesses since these enterprises have seen a decline and are often shut out when it comes to venture capital funding. Angel investing is a great way for everyday citizens to put their dollars behind a business they see is viable, has a solid business plan, has an actual market to serve, and can offer something in a way that solves a problem. (In Topical’s case, for example, had all of those elements in its favor when it launched in 2020, offering inclusive science-based solutions for common skin issues like eczema and featuring everyday models in their ads, embracing imperfections and normalizing depictions of a diverse range of natural aesthetics relatable to the masses.)
Who Can Become An Angel Investor?
While the net worth of the average angel investor is quite high, the minimum amount someone can invest in a company as an angel can vary (like this woman, who started with a $7,000 investment in NasaClip, a company founded by a savvy Black woman ER physician.)
And while accreditation is encouraged (and sometimes required based on some platform’s requirements related to income and other factors), it’s not a legal requirement for an individual to be an angel investor. Everyday professionals, philanthropists, and entrepreneurs, basically classified as non-accredited) get involved via angel investment groups, equity crowdfunding, or angel networks. Some groups have membership fees, while others bring together like-minded women who want to support one another in researching, vetting, and investing in promising budding businesses.
Source: Pexels
Look into networking events, pitch competitions, bootcamps, or courses offered by organizations and platforms like the Institute for Entrepreneurial Leadership, Black Women Talk Tech, Pipeline Angels. AfroTech, The Black Enterprise Disruptors Summit, Level, or Black Girl Ventures.
With angel investing, the risks are high—which these types of investors are often well aware of—and there are challenges and pitfalls, but if you have the disposable income to offer, and you're willing to do lots of networking, conduct lots of research (on groups, investment platforms, and the companies), and commit to intentional, strategic planning of how often and how much you're willing to invest, angel investing is a great way to build wealth while supporting the growth and survival of Black and Brown businesses.
And who knows, maybe you can gather your network and their coins and create an angel investment support group or firm yourself. With Black women’s buying power still standing strong at $1.5 trillion and a collective move to support women entrepreneurs through actual schmoney, a change is certainly on the horizon.
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Featured image via Pexels
This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
Feature image courtesy
'Love Island USA' Star JaNa Craig On The Reality Of Black Women On Dating Shows
Love Island USA just wrapped up its sixth season, and it has been the talk of the town. According to Nielsen, it's the No. 1 show on streaming, proving it's just as entertaining as the UK version. One of the reasons this season has been successful is due to the authentic relationships formed between the islanders in the villa.
You have the sisterhood between Serena Page, JaNa Craig, and Leah Kateb, aka PPG, and the real relationship moments between couples like Serena Page and Kordell Beckham, who were named the winners of this season. The other finalists include Leah Kateb and Miguel Harichi, Nicole Jacky and Kendall Washington, and JaNa Craig and Kenny Rodriguez.
While JaNa made it to the finale with her boo Kenny, her journey in the villa was far from perfect. Viewers saw the Las Vegas native get her heart stomped on a few times after many of her connections didn't work out.
At one point, it even looked like she was getting kicked off the island. While she had a lot of support from people watching the show, it was clear that she was in a position that many Black women on reality dating shows find themselves in: not being desired.
It has been an ongoing conversation among Black women watching reality dating shows as we see time and time again that non-Black women or racially ambiguous-looking women are often chosen over Black women, especially dark-skinned women. In a discussion with Shadow and Act, JaNa opened up about the support she received from viewers.
@cineaxries i love them 🤧 #janacraig #janaandkenny #loveislandusa #foryou #peacock #loveisland #janaloveisland #xybca #kennyloveisland #janaedit #loveislandedit #janaedits #loveislandusaedit #viral #loveislandusaseason6 #foryoupage #peacocktv
"You know what’s so crazy? I’m so grateful, because when I got my phone, the way they’re making us The Princess and The Frog…I felt honored. I will be that beautiful chocolate queen if I need to be. And the comments like 'beautiful chocolate girl,' I’m like, all Black women are beautiful. There’s the whole light skin versus dark skin, which breaks my heart. I just really don’t understand that, but I will take pride and represent us well," she said.
She also candidly discussed her experience as a dark-skinned Black woman on the show. JaNa and Serena had been in the villa since the first episode, and they were the only dark-skinned Black women there. As new men aka bombshells came into the villa, they found themselves not being wanted by many of them.
"Me and Serena literally had a heart-to-heart before Kenny came in and she’s like, I just don’t think it’s fair that the Black girls don’t get enough fair chance.' Every islander that came in, we were not their top pick. And we just [thought], maybe because we’re Black girls, and the dark-skinned Black girls. It sucked," she said.
"I’m like, 'Serena, we know what we bring to the table. We’re great personalities. A guy’s going to come in for us.' That’s when we manifested what we wanted, and that’s when I manifested Kenny."
@ashleyvera__ We love to see it 🥰 #loveislandusa #loveisland #loveisland2024 #janaandkenny #loveislandseason6 #peacock #realitytv #fypage
After many failed connections, Kenny came in and immediately turned JaNa's experience around. America watched the model get the care and attention that she deserved.
"I’m not going to hold you. When I was in the bottom for a quick second, I’m like, ‘There’s no way America doesn’t [ride for us]. I know Black America had to ride for me, but maybe because I’m a dark-skinned … hmm … maybe … you feel me? And you saw the Casa Amor lineup. Beautiful, beautiful light-skinned [women]," she said.
"We looked at each other like, 'Damn, Love Island did their big one with this. And every single Casa Amor girl was like, 'You girls are gorgeous, you guys are stunning.' They expressed love. You guys are beautiful and it felt good."
Although she and Kenny came in third place, JaNa is happy that she got her man in the end. "I think the thing I’m most grateful about is the fact that this is a beautiful love story like you guys complement each other and there’s no hate toward the skin color. It’s all love and support. I love that more than anything," she said.
"That’s why I was like, 'I won,' even though I didn’t win. And the fact that Serena won, we were like, 'Yeah, run that.' Either way, we won. And I love the support from all communities."