TLDR:
- A three-member panel ruled that the Fearless Fund violated the Civil Rights Act by awarding grants to Black women
- Less than 1% of venture capital goes to Black and Hispanic women-owned businesses
Key points from the article include:
On June 2, a three-member panel of the U.S. Court of Appeals for the Eleventh Circuit ruled that the Fearless Fund violated the Civil Rights Act by awarding grants to Black women. The judges cast doubt on the future of diversity, equity, and inclusion (DEI) programs, despite the fund’s efforts to address racial disparities.
The need for programs like the Fearless Fund is evident in the numbers, with less than 1% of venture capital going to Black and Hispanic women-owned businesses. This ruling is part of a larger conservative push led by Governor Ron DeSantis to dismantle DEI programs in Florida and other states, impacting marginalized communities.
Despite setbacks, advocates like Fearless Fund CEO Arian Simone continue to fight for underrepresented groups. There is a call for Black people to use their spending power to support start-ups, businesses, and development projects to address systemic inequities.
