A new crowdfunding site, currently in beta, is focusing on getting funding and capital for African-American entrepreneurs. BlackStartup.com was started by a group of Morehouse College alumni, all Omega Psi Phi fraternity brothers, and is accepting applications from companies and organizations founded by African Americans.
The companies will use the site as a crowdfunding platform, and BlackStartup.com also has resources and a blog to support business owners. CEO Nate Bennett Fleming, who is an adjunct professor of law at the University of the District of Columbia’s School of Law, researched crowdfunding and African-American business, determining that while African Americans have a lot of business ideas, they often lack the access to capital to get the ideas off the ground.
“I wanted to create a solution to address that problem,” he said. “At this point, we do the crowdfunding and address increasing access to capital and as we expand, we’ll create partnerships with on-ground organizations that look to encouraging entrepreneurship and support entrepreneurs to help with mentoring.”
So far, the for-profit BlackStartup.com has received more than 10 applications over the past couple weeks from businesses ranging from technology companies to nonprofits to artistic endeavors.