diversity, Inclusion

My Personal Pledge to “Grab My Sister Girl”…and Add More Color to Any Room

Intro: Let me get some things out the way…..

Ahem. So the featured picture in this blog post may have you going “wha….” as it seems counter to the title of this blog post. First, let me give some photo identifications to this fabulous group of people then I will explain. Going from left to right: Rep. Doreen Carter (Treasurer of Georgia Legislative Black Caucus), Bernie Dixon (President of Atlanta Tech Angels), Dana Ugwonali (President of Black Tech Foundation), Stephen Hassett (Chair of the TAG Corporate Development Society), Chrissa McFarlane (CEO of Patientory), Allyson Eman (Executive Director of Venture Atlanta), yours truly and Mrs. Jennifer Callender, (Vice President of Membership of Minority Access To Capital, Inc.) Lots of women. Lots of people of color. I smiled a lot that day.

So what’s up with the photo?

Minority Event_Get Your Ticket Today (9)

To provide some clarity, this was a joint event held at the Georgia World Congress Center between the Technology Association of Georgia’s Corporate Development Board (where I serve on the board), my non-profit Minority Access to Capital, Inc. (where I am Founder and Board Chair) and the Georgia Legislative Black Caucus (where I serve as Chair of the Economic Development committee). It was a wonderful event focused on “Capital Raising & Growth Strategies for Women and Minority Owned Companies”—-so the marketing targeted…you guessed it…women and minority owned companies. So it’s not surprising that we had a room full of black people (let’s be honest) and women. But this focused event is the EXCEPTION to the rule and frankly, I’m tired of it.

Story of my life: The only black woman

“Dar’shun, what exactly are you tired of?” Answer: Being the only black woman in a room when money is being discussed at non-targeted events. That’s right—I said it. I went to an event to bring an international angel investor group to Georgia at the beginning of August. I was the only black woman out of about 100 people that attended this presentation. I also attended an event just last Friday on corporate venture capital funding with some of Atlanta’s top corporate leaders in venture capital. It was probably 150 people in the room at the Commerce Club BUT, low and behold, I was the only black woman. As many of you know, my outlet for venting my frustration is Facebook so I posted these (see below) at the time of both events….and yall, I am tired of making these same posts because this is NOT the first time I have made similar posts.

Rant RE corporate VC only BW.png

Rant RE Kiretsu only BW

Now I did NOT write this blog post to point blame at anyone or any organization for this too often recurring situation that I find myself. However, I am placing blame on myself and holding myself responsible for making sure this happens as less as possible in the future. I tried my best to reach out to a diverse group of people to attend both events but I MUST DO MORE if I want to see black women at these events. Therefore, I am personally pledging to pick up the phone and personally invite black women. I am personally pledging to send as many follow up emails as necessary. And I am personally pledging to even pick my sister girls up on my way to the same event. I have never been one to complain about a situation and expect others to solve it. I must do more and I will do more.

Why This Matters to Me

Some of you may be saying “What’s the big deal? You see them [black women] at targeted events.” Well…well…well…

A few responses to that:

  1. I serve on a volunteer board of the largest tech organization in the southeast, the Technology Association of Georgia. There is no reason why I should be the only black woman “in the room” and “at the table”. I need to invite others that look like me to enjoy the meal as well. It is 2017. We can go where we please so we need to show up!
  2. This is not an exclusive offer. What I mean is that just because I am trying to get more black women to join me at certain non-targeted events doesn’t mean they cannot attend or shouldn’t continue to attend more targeted events. We are women—we can walk and chew gum at the same time.
  3. Optics matters. Ever heard the phrase “perception is reality.”? Well, it’s true in business and true in life. ALL presenters at both of the aforementioned events were white males, except 1 male at the corporate venture capital event. I am CONVINCED that there would be a different group of panelists and a more diverse discussion if black women had a significant presence in the room.

In closing, my self-inflicted “Call to Action”

And there you have it. I have put out what I will personally do the next time I am invited to a “non-targeted” event that I think should have the presence of black women to contribute to the discussion and the optics. I ask that each of you hold me accountable. Make sure that I do what I say I will do. It’s important, especially in these perilous times in the United States, that a diverse group of people talk with each other, respect each other and interact with each other in the same room. I hope you will join me in lighting up any room with a variety of colors and perspectives.

Upcoming Events & Initiatives

  • August 31st- Deadline to apply for GA Path Program, an initiative to expose more minorities and women to careers in Governmental Affairs (lobbying)
  • November 8th– 1st EVER Georgia Blacks in Tech Policy Conference. Registration opens Sept. 1st. Sign up for my enewsletter to receive early registration link.
  • Outstanding RFP– Looking for an organization with strong corporate ties to develop a program to train and expose minorities and women to PAID corporate board positions. More information HERE.

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About Me

I am Chief Diversity Activist and Consultant of Kendrick Advisory & Advocacy Group, LLC. We curate and execute customized initiatives, programs and events for organizations to meet their specific diversity & inclusion objectives and provide results. I practiced private securities law for over a decade before this transition to more meaningful work. I was featured in the Huffington Post as 1 of 25 People Poised to Scale Atlanta’s Growing Technology Start Up Ecosystem for Black Americans and Beyond. 

I serve as a board member of the Technology Association of Georgia’s corporate development society founder and Board Chair of Minority Access to Capital, Inc., a non-profit dedicated to educating and empowering minorities on how to access capital to grow their business and create generational wealth. I have been elected to the Georgia House of Representatives since 2010, serving over 54,000 Georgians in DeKalb and Gwinnett counties under the Georgia State Capitol each year.

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Economic Development, Policy, Uncategorized

The State of Minorities’ Access to Capital (2017): Call to Action!

You have heard how severally underrepresented minorities are in the pool of those that have received capital. But you have probably rarely ever seen the statistics behind that statement or the details of what that means.

Setting the Stage

Below is the text of a presentation I gave January of this year. This speech was given at Minority Access to Capital, Inc. (my non-profit’s) first meeting which was titled “The State of Minorities’ Access to Capital”. Some of the information below MAY shock you; unfortunately, others will not. But I believe that knowledge is power. So, it’s necessary to have a starting part of knowledge in order to be able to come up with deliverable metrics by which to measure minority progress in the area of capital access.

Minorities: How do we measure up?

The Minority Business Development Agency states in a 2012 survey that there are almost 8 million minority firms in the United States. They have combined gross receipts of $1.4 trillion, a 38% increase since 2007. However, only 11% of minority-owned firms have paid employees compared to 22% for non-minority firms. Other takeaways include:

  • According to an Ewing Marion Kauffman Foundation report, businesses started by people of color perform differently than white-owned businesses as white-owned businesses had double the number of sales. One of the reasons includes industry difference, with black-owned businesses being overrepresented in less successful industries. But entrepreneurs of color also started their business with less capital than their white counterparts. Additionally, this Kauffman brief revealed that education was an impediment as well. Asian and white Americans were more likely to have college degrees—50% and 29% respectively–and therefore more likely to have sales, than their black and Latino counterparts (18% and 13% respectively).
  • More than 2/3 of entrepreneurs use personal savings as a source of funding and more than 1 in 5 rely on family for funding.
  • Research also suggests that approximately 15% of the difference in startup rates among black and white Americans can be explained by differences in assets.
  • According to the Annual Survey of Entrepreneurs, about 82% of firms that started with at least $100,000 in capital were white-owned, 13% Asian-owned, 4% Hispanic-owned, and 1% are black-owned.

Women: How do we measure up?

As of 2016, it is estimated there are over 11.3 million women-owned businesses in the U.S. generating over $1.6 trillion in revenues. (The sources for the information below: From American Express OPEN: The State of Women-Owned Businesses Report (2016) and National Women’s Business Council Report (2012))

  • The growth in the number of women-owned firms surged in the aftermath of the recession. (Growth was 9.2% for non women-owned firms and 45.2% for women-owned firms)
  • Among women of color, Latinas lead the way in the growth of number of firms, Asian-American women lead in employment and revenue growth. African American women-owned firms constitute a 61% majority of African American owned firms.
  • In a 2012 report, the National Women’s Business Council found that on average, men start their businesses with nearly twice as much capital as women ($135,000 vs. $75,000). This disparity is slightly larger among firms with high-growth potential ($320,000 vs. $150,000), and much larger in the Top 25 firms ($1.3 million vs. $210,000).
  •  The same report found that high-growth potential firms started with about twice as much capital as other firms, and were more likely to rely on outside financing, both debt and equity. However, controlling for other variables including growth potential, men still used significantly higher levels of capital than women from 2005 to 2007.
  •  The biggest difference in amount of capital between men and women was with regard to outside equity, even controlling for other factors. Women received only 2% of total funding from outside equity, compared to 18% for men. This gap also occurred in both the high-growth potential firms and the Top 25 firms. As growth potential increases, so does the dollar amount of external equity used—this is true for both men and women, although the rates of increase differ.
  • Regarding demand for credit (i.e. outside debt), women were more likely to be discouraged from applying for loans due to fear of denial, particularly during the financial crisis of 2008–2010. This fear was somewhat justified: in 2008, women-owned firms were much more likely to have their loan applications denied than their men-owned counterparts.

What am I doing about this?

For anyone that knows me, you know I am a DOER instead of a complainer. So this is why Kendrick Advisory & Advocacy Group, LLC was started—to provide a unique experience for minorities to engage with one another and others in accessing capital. You can join the cause too! You can sign up for our enewsletter, follow us on social media, volunteer or DONATE to the cause. It takes all of us doing our part to make this happen.

Here are some IMMEDIATE opportunities to get involved below:

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My name is Dar’shun Kendrick and I am a business attorney and owner of Kendrick Law Practice, helping businesses raise capital the LEGAL way. I have 2 B.A.s from Oglethorpe University, a law degree from the University of Georgia and an M.B.A. from Kennesaw State University. Additionally, I have been elected to the Georgia House of Representatives (East DeKalb/South Gwinnett counties) since 2011 and I serve on the committees of Juvenile Justice, Interstate Cooperation, Judiciary Non-Civil and as the ranking Democrat on the Small Business and Job Creation Committee. I am also a board member of the Technology Association of Georgia’s corporate development board, a writer for Black Enterprise magazine and featured in the Huffington Post as one of 25 people in Atlanta to improve diversity in the ecosystem for African Americans in technology.

I am also the founder and Board Chair of a non-profit organization to EDUCATE and EMPOWER minorities called Minority Access to Capital, Inc. Furthermore, I am an Economic Justice Advocate and Owner of Kendrick Advisory and Advocacy Group L.L.C. providing consulting and advocacy services on policy and initiatives across the nation for those that want to reach minorities. More information can be found online at www.DarshunKendrick.com about my platform.

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