BlackStartup: The African American Solution To Crowdfunding

In the past five years, crowdfunding sites like Kickstarter and Indiegogo have revolutionized the way entrepreneurs go about raising capital for new business ventures. Although these sites have helped turn countless of startup pipe-dreams into a reality, a significant number of entrepreneurs, Blacks in particular, aren’t necessarily feeling the same love…until now.

BlackStartup recently made its debut with a crowdfunding platform that focuses on funding projects and ideas benefiting African Americans.

Founders Nathan Bennett-Fleming, Olugbolahan Adewumi, Aaron O. Brien, Kyle Yeldell, and Christopher Hollins are determined to close the “Black startup gap,” as they call it, by attempting to fix the root cause: lack of capital.

“I think it is important that we encourage non-profits and social enterprises to raise resources on our platform to address social problems facing the African-American community,” BlackStartup CEO Nathan Bennett-Fleming told NewsOne.

BlackStartup takes a standard approach to crowdfunding: Each project featured on the platform is accompanied with a project description, specific goals, and a background on the founders. And similar to other sites, participants only receive the money if they reach their complete goal. ”There is no specific type of businesses that we are attempting to promote. We want to support projects, ideas, and causes that are broadly connected to the African-American community,” said Bennett-Fleming.

The site’s Monday launch premiered with seven projects, including a math curriculum taught through playing the piano, a family business that makes homemade hair products, and a website featuring social commentary on daily news.

The Washington, D.C.-based company has had no problem gaining praise and capital, with the site snagging the coveted Yale Entrepreneur Institute’s Fellowship, which doles out $20,000 in capital seed money, an elite mentor, and a 10-week boot camp in New Haven, Ct.

While BlackStartup focuses primarily on supporting Black causes through funding, Bennett-Fleming says he and the founders have the ultimate goal of expanding to help other marginalized groups. ”We are considering broadening our approach to include other minority groups on our platform,” he said. ”We want to use these new technologies to address the Black entrepreneurial gap, the Black opportunity gap, and other economic challenges facing the Black community as well as other marginalized communities.”
Source: Defender – BY NEWS ONE

HEADLINE NEWS

FortuneUncensored Social Network Gab Raises $1 Million in Crowdfunding CampaignFortuneA crowdfunding campaign for Gab, a Twitter-like social network that touts its commitment to freedom of speech, surpassed $1 million yesterday. The company claims it is politically neutral and committ [...]

U.S. News & World ReportNo Cash for Hate, Say Mainstream Crowdfunding FirmsU.S. News & World ReportThe block on mainstream crowdfunding is just the latest blow to far-right activists operating online. In the last 24 hours, neo-Nazi website the Daily Stormer had its domain regi [...]

Baltimore SunHarford still opposes crowdfunding sites for school donationsBaltimore SunRaising money through online crowdfunding sites is an ideal way for teachers to find the funds to purchase classroom materials and should be restored, the head of the Harford County teachers' u [...]

FortuneDreamHost Sets Up Crowdfunding Page to Aid Trump Government FightFortuneThe Los Angeles-based web host DreamHost, which is fighting the Department of Justice over its attempt to seize records of visitors to an anti-Donald Trump website, has launched a crowdfunding campaign to a [...]

DualShockersBounty Battle Rolls out the White Carpet with Successful Crowdfunding CampaignDualShockersWhen we last checked in with the indie-obsessed fighting game, Bounty Battle, it was halfway through its $30,000 crowdfunding goal. Now with 3 days left to go, it's surpassed thi [...]

Crain's Cleveland Business'Smaller' gifts can go long way for Clinic's crowdfunding platformCrain's Cleveland BusinessFor an institution accustomed to securing multimillion-dollar donations, Cleveland Clinic's latest fundraising effort has some relatively [...]

GeekZing Smart Light Passes Crowdfunding Goal With Flying Colors ...GeekAt age 31, I still prefer to keep a light on in the hallway, illuminating my way to the bathroom in the middle of the night. (God forbid I step on the creeping cat—or ...and more » [...]

Business.comYou Oversold Your Crowdfunding Campaign – Now What?Business.comIf you've oversold, there's no way to go back in time and prevent it. Your next step should be to streamline what you can control. Crowdfunding can be an unpredictable, exciting experience. But reachi [...]

LITTLE GUIDANCE FROM IRS ON TAXING CROWDFUNDING CONTRIBUTIONSBloomberg BNAWhether it's a musician raising money to produce an album, an inventor with a great idea, or a family in distress that needs help, crowdfunding through platforms such as Indiegogo and Kickstarter has become [...]

ForbesWhat Works In Equity Crowdfunding -- Insights From ResearchForbesAs we have recently celebrated the fourth anniversary of the signing of the JOBS Act into law, it is a good time to take stock of the effect that the legislature had on equity crowdfunding in the United States. It [...]

CFB Finance

Marketwired

  • Crowdfunding
  • Crowdfund
  • Peer to Peer Lending
  • FinTech
  • Reg A+
  • Reg CF
  • Crowdfunding USA

Press Release

Live Crowdfunding .tv

What's Next Step in Regulation A+ JOBS ACTS Title IIII :L Interview : Steve Cinelli with Brian Korn Securities and Crowdfunding/Peer-to-Peer Lending Lawyer, Watch more video library | Conference | Interview | Campaign Showcase | Research | Education |